Domestic rebar prices in Poland have decreased over the past week due to declines in monthly ferrous scrap contracts, sources told Fastmarkets on Friday September 20.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Poland, was 2,070-2,090 zloty ($527-532) per tonne on September 20, down by 10-40 zloty per tonne from 2,080-2,130 zloty per tonne one week earlier....Read More
China's domestic rebar prices continued maintained their downward trend on Friday September 20 amid high selling interest. Domestic Eastern China (Shanghai): 3,620-3,650 yuan ($511-515) per tonne, down 50 yuan per tonneNorthern China (Beijing): 3,560-3,600 yuan per tonne, down 20 yuan per tonneStockists were actively selling rebar to draw down their inventories on expectations of higher production...Read More
Export prices for pig iron from Brazil have gone down on the influence of weak global scrap pricing and fading demand, sources told Fastmarkets during the week ended Friday September 20.Fastmarkets' weekly price assessment for pig iron, export, fob Vitorio/Rio, Brazil, was $285-300 per tonne on Friday, down from $305-310 per tonne last week.Suppliers were heard to cut their prices, but were not re...Read More
Global scrap prices continued to fall in all major markets during the week ended Friday September 20, under pressure from persistent negative sentiment and with market participants seeing no prospect of relief. Turkey import prices fall further; suppliers accept lower prices US export prices down for cargoes sold off both coasts Asian import prices decline on oversupply Indian import prices down i...Read More
The import market for pig iron in the United States fell in the week ended Friday September 20, with buyers still not ready to resume purchases and expecting lower prices because of the weak scrap sector and planned maintenance outages in December.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was $320-325 per tonne on September 20, down from $330-340 per tonne the wee...Read More
Brazilian slab export prices remained unchanged in the week ended Friday September 20, with no deals agreed while buyers and sellers battled to establish a new price.Fastmarkets' weekly price assessment for steel slab, export, fob main port Brazil, was $420-435 per tonne on September 20, unchanged week-on-week.The price corresponded to the most recent deals closed, to the West Coast of the United...Read More
CIS producers of steel billet have kept their offer prices stable despite mounting downward pressure from the poor international scrap trading environment and limited demand, market sources told Fastmarkets on Friday September 20.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $357 per tonne on September 20, compared with $356 per tonne a day earlier.Steelmakers have been of...Read More
All three benchmarks logged their first weekly loss in a monthThe Dow traded in a 268-point range on quadruple-witching expiration, eventually slumping to a triple-digit loss. U.S.-China trade headlines drove today's price action, with stocks initially rising after President Donald Trump revealed a lengthy list of Chinese goods exempt from tariffs. However, the Dow pivoted sharply lower in afterno...Read More
Reports the company could explore a sale are driving FIT higherFitbit Inc (NYSE:FIT) call options are flying across the tape today, with roughly 19,000 contracts exchanged so far -- already almost doubling the stock's average full-day volume of 9,991 contracts, per Trade-Alert. Front-month options expiration is just hours away, and traders are keying in on FIT's soon-to-expire September 4 call, wh...Read More
Prices in Southeast Asia's steel billet market fell on Friday September 20 on expectations that prices could soon sink below the psychological floor of $400 per tonne cfr Southeast Asia, a level not breached since May 2017.Bearish sentiment has been exacerbated by the decline in the price of ferrous scrap in the bellwether Turkish market - a major indicator because the country is th...Read More
Oil had its best day in over a decade on MondayThe week started off with a bang, as oil prices staged their biggest one-day surge in a decade following airstrikes on Saudi Arabian crude production facilities. The stock market's reaction was negative, though, with the Dow snapping its eight-day winning streak. The blue-chip index continued to struggle as the week wore on, and appears on pace to log...Read More
Bofa-Merrill Lynch downgraded Xilinx, while Etsy was upgraded at RBCStocks are mixed at midday, as investors eye the latest U.S.-China trade updates. Three specific stocks on the move are tech issue Xilinx, Inc. (NASDAQ:XLNX), laser manufacturer II-VI, Inc. (NASDAQ:IIVI), and e-tail name Etsy Inc (NASDAQ:ETSY). Below, we'll look at what's driving the shares of XLNX, IIVI, and ETSY. CFO Resignatio...Read More
Stainless steel prices in Europe were stable this week amid expectations of dramatically increased alloy surcharges for October, sources told Fastmarkets on Friday September 20.October alloy surcharges will be based on nickel prices between August 21 and September 20. During this time, the average price for nickel, 3-months, London Metal Exchange Daily Official, was $17,178 per tonne, up by $2,183...Read More
The White House ordered sanctions against the Central Bank of IranThe Dow Jones Industrial Average (DJI) is slightly higher at midday, propped up by encouraging U.S.-China trade rhetoric. In addition to releasing a list of exempted Chinese goods, President Donald Trump told reporters that the U.S. is "making a lot of progress" on a trade deal -- with these moves suggesting to some that the adminis...Read More
The amount of global debt with negative yields soared to $16 trillion, or more than 25 percent of the market. This number has nearly tripled since October 2018. In July, even the 30-year German government bonds went negative for the first time ever, while Nordea Bank, a leading Danish bank, said it will begin offering 20-year fixed-rate mortgages with zero interest, as well as 30-year mortgages at...Read More
After the automaker's sharp pullback, one spread trader adjusted a four-legged tradeOptions are unusually active today on Italian automaker Ferrari NV (NYSE:RACE), with call volume surging to 3,155 in the first 90 minutes of the session -- nearly nine times the stock's average daily volume of just 355 contracts. In focus are a pair of out-of-the-money October strikes, with some of the volume tied...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 341,51158,91265,382163,008481,407569,901605,701 Change from Prior Reporting Period 7,397-5,4774,3456,94719,73518,68918,603 Traders 21167785256291177 Small Speculators LongShortOpen Interest 61,08925,289630,990 -2,452-2,36616,237 non report...Read More
The Federal Reserve's endless machinations really affect the gold price, sometimes confounding traders with seeming illogicalness. This week the Fed cut rates again, which has really boosted gold in the past. Yet it plunged 1.7% in less than an hour after this latest decision! While gold's Fed reactions often look capricious, there's a method to this madness. Traders need to understand...Read More
Michael Pento Ph.D. & Chris Waltzek Ph.D. - September 19th, 2019. * .Mp3 format.HighlightsMichael Pento, President and Founder of Pento Portfolio Strategies LLC returns to Goldseek.com. The duo concur that the US PODUS is attempting improve the position of the domestic economy. The EU and related economies may be on the cusp of a new Great Recession. The EU enacted QE operations via 20 bil...Read More
GE stock has run up to its 120-day moving averageGeneral Electric Company (NYSE:GE) stock rallied hard off its late-August lows near $7.80, and is now pacing for its fourth straight weekly win, up 0.2% at $9.43, at last check. The surge is running out of steam near the psychologically significant 200-day moving average, while just above here is GE's 120-day trendline, which has had bearish implica...Read More