By: Ira EpsteinGold remains under the 18 week moving average, but had a good day yesterday..Read More
Do not think of 2020. Just focus on end January. January is significant for three reasons for financial markets (a) Trump and his impeachment proceedings (b) Chinese New year is around 25th January. Chinese retail demand numbers and Chinese demand for gold and silver will be the key. (c) Brexit and increase or decrease in global mass unrest in India, Hongkong etc. At this point all these factors...Read More
AM InvestCo, the consortium led by ArcelorMittal, has signed a non-binding agreement with the government-appointed commissioners of Italian plant Ilva, ArcelorMittal said on Friday December 20.The agreement "forms a basis to continue negotiations on a new industrial plan for Ilva, including discussions on a substantial equity investment by a government-controlled entity", the company said.The new...Read More
Brazilian apparent steel consumption dropped by 2.1% year on year in November, as an increase in long-steel demand was not enough to offset a quick decline reported for flat-rolled products, national steelmakers' association Instituto A??o Brasil said on Thursday December 19.Steel consumption totaled 1.72 million tonnes during November, down from 1.76 million tonnes a year before.Flat-steel use wa...Read More
Steel demand in North Africa is projected to grow by around 3% in the coming year to 23.5 million tonnes, delegates were told at Fastmarkets' Middle East Iron & Steel Conference in Dubai on December 9-11.Ramy Saleh, the chief business development officer at Egypt's El Marakby Steel cited gross domestic product and population growth as the main drivers of steel demand in the region, which, accordin...Read More
The pig iron import market in the United States has improved with several new deals heard, sources told Fastmarkets in Friday December 20.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US was at $330-335 per tonne on Friday, tightening upward from $328-335 per tonne a week earlier.Several bookings of Russia-origin pig iron with January shipment were...Read More
Brazilian slab export prices remained stable in the week to Friday December 20 amid continued strong demand and prices in most buying regions.Fastmarkets' weekly price assessment for steel slab export, fob main port Brazil was $395-405 per tonne on December 20, unchanged from the previous week.Deals were concluded within the assessment range, mainly to clients in Mexico, Canada and the United Stat...Read More
Prices for domestically produced structural tubing in the United States strengthened after a persistently higher Fastmarkets daily hot-rolled coil index convinced more buyers that tube mill price increases were legitimate. Fastmarkets' weekly price assessment for steel hollow sections ASTM A500 Grade B domestic, fob mill US climbed to $880-910 per short ton ($44-45.50 per hundredweight) on Thursda...Read More
Aluminium billet premiums remained under pressure in the week ended Friday December 20 despite low liquidity ahead of the holiday break. Market conditions aggressive in SpainUS premium holds at all-time lowBrazilian market uneventfulThailand premium steadyVery low bids in Europe not taken seriouslyThe billet premium in Germany fell on Friday to a record low since Fastmarkets began pricing it in 20...Read More
Christopher Lewis7 hours ago (Dec 20, 2019 5:44 PM GMT)Gold markets went back and forth during the week, doing almost nothing in order to excite the crowds. Having said that though, we have seen a little bit of resiliency over the last month or so as the $1450 level has been massive support. The 38.2% Fibonacci retracement level is right there as well, as is the top of the previous ascending trian...Read More
Christopher Lewis8 hours ago (Dec 20, 2019 5:01 PM GMT)Gold markets did very little during the trading session on Friday, as we are sitting just above the 50 day EMA. The market has done almost nothing all week and that’s not a huge surprise considering that there isn’t much in the way of news flow to get the markets moving. That being said, the market is very likely to continue to p...Read More
A string of long-term deals for cobalt hydroxide show that bullish forecasts for cobalt consumption from the electric vehicle (EV) sector are coming into play. Glencore will supply battery manufacturer SK Innovation with up to 30,000 tonnes of cobalt contained in hydroxide over six years, it said last week - a deal worth about $1 billion in today's market. And other deals also point...Read More
The spot main Japanese port (MJP) aluminium premium is likely to remain under pressure next year due to growing supply and weak demand amid a decline in global automobile sales, market participants told Fastmarkets.The premium, which is paid over the London Metal Exchange cash price, currently serves as the benchmark for most of the aluminium traded in Asia.Fastmarkets has been assessing the alumi...Read More
James Hyerczyk13 hours ago (Dec 20, 2019 11:44 AM GMT)Gold futures are trading lower on Friday, pressured by a firmer U.S. Dollar, rising interest rates and increased demand for risky assets. The market remains rangebound, which suggests investor indecision and impending volatility.Volume is extremely light ahead of the start of holiday season so the market may not move much today. Traders, howeve...Read More
Base metals on the London Metal Exchange broadly closed down in the afternoon on Friday December 20, once more capped by a stronger US dollar index, trading up 0.29% at 97.69 this afternoon, ignoring better-than-expected economic indicators from China.China's CB Leading index, an economic leading indicator intended to forecast future economic activity, was up three percentage points month on month...Read More
Seaborne cargoes of premium hard coking coal were sold to China below prevailing prices on Friday December 20.Fastmarkets indicesPremium hard coking coal, fob DBCT: $135.78 per tonne, up $1.66 per tonnePremium hard coking coal, cfr Jingtang: $147.47 per tonne, down $0.66 per tonneHard coking coal, fob DBCT: $122.33 per tonne, unchangedHard coking coal, cfr Jingtang: $134.99 per tonne, unchangedLow...Read More
Base metals prices on the London Metal Exchange were capped by a stronger US dollar, which traded up 0.03% at 97.43 during the morning session on Friday December 20, having absorbed any residual optimism from China's liquidity boost on Thursday. "Selling pressure has remained somewhat subdued this month," Fastmarkets research analyst Andy Farida said. The LME three-month copper price dipped below...Read More
South American flat-steel import prices continued to rise in line with the global uptrend this week, but mainly because most February-shipment deals have now been settled, sources told Fastmarkets.Fastmarkets price assessment for steel hot-rolled coil import, cfr main ports was $515-525 per tonne on Friday December 20, up from $500-515 per tonne a week earlier.Sales to the Pacific coast close...Read More
Pig iron export prices from Brazil continue to increase amid new sales, sources told Fastmarkets on Friday December 20.Fastmarkets' weekly price assessment for pig iron export, fob port of Vitoria/Rio was $310-313 per tonne on Friday, up from $305-310 per tonne a week earlier.One cargo was bought at $313 per tonne fob, although at the time of publication it was not confirmed wh...Read More
December2, 2019VANCOUVER, B.C. and TORONTO, ON- December 2, 2019 - NxGold Ltd. (TSXV: NXN) ("NxGold" or the "Company") and Mega Uranium Ltd. (TSX: MGA) ("Mega") are pleased to announce that, on December 1, 2019, they executed an arm's length binding term sheet (the "Term Sheet") which sets out the principal terms upon which it is proposed that NxGold will effect a change of business from a Tier 2...Read More