By: Avi GilburtOriginally published on Sat Sep 28 for our ElliottWaveTrader members: With the various charts we track unable to complete 5 waves up off the low struck two weeks, it would seem that we can count all of those charts as having just completed a corrective rally top, with more pullback likely to be seen. In fact, this is primarily why I have been stressing that I was treating the l...Read More
By: Ira EpsteinGold back to the 18-day moving average, the line in the sand..Read More
Sellers turned gutless Wednesday night after swinging a wrecking ball for most of the day. Shortly before midnight, index futures were trading moderately higher. Usually, prices move at night only when impelled by news that makes buying or selling over short stretches nearly riskless. It wasn't news that sent the Dow Industrials plummeting nearly a thousand points over the last two days, howev...Read More
Although prices for imported hot-rolled coil in the EU have been largely stable over the week to October 3, the market outlook remains gloomy, sources told Fastmarkets.Buyers expect further price reductions due to poor demand in Europe, which resulted in tough competition between European mills and imported material."Competition is tough because mills need orders and demand is poor. In addition, d...Read More
Turkish domestic and export prices for steel billet have gone down amid soft demand over the past week, while import billet prices mostly remained stable, sources said on Thursday October 3.Fastmarkets' weekly price assessment for steel billet, domestic, exw Turkey, was $360-375 per tonne on Thursday, down from the $380-390 per tonne of last week.Interest in the material was limited because of the...Read More
Prices for steel billet and rebar in Egypt fell in the week to Thursday October 3, on still-limited domestic demand, sources told Fastmarkets.However, Egyptian steel production is expected to increase because of reduced production costs in the country. "Egyptian prime minister Mostafa Madbouly approved the recommendations of a consultancy committee to reduce natural gas prices to some industries -...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday October 3 that are worth another look.Ukrainian steel billet producer Dneprovskiy Dzerzhinsky Metallurgical Plant (DMKD) has decided not to resume operations in part of its main production facility after a maintenance outage, due to the crisis in the global steel market, the company announced on Wednesday October 2.Fastmarkets...Read More
Netherlands-based logistics service provider Verbrugge International's chief commercial officer Anton Verburgge will leave his position at the start of next year, according to a notice released by the company on Monday September 30. Anton began his tenure at Verbrugge International in February 2016 after operations roles at Glencore and sustainably-focused delivery service Gnewt. He now plans to f...Read More
The increase in global freight rates caused by tighter emissions control regulations is putting pressure on steel product exporters already facing reduced demand and falling raw materials and steel prices, Fastmarkets has learned. From January 1, 2020, new International Maritime Organization (IMO) regulations come into force to help reduce air pollution from ships globally. Kno...Read More
It's been a busy week already for the stock market, gold & silver. Matt breaks-it down...by Matt from Silver Fortune via Silver FortuneSilver on the Verge of Lift Off (Stocks on Edge of a Cliff)It's been a busy week already for stocks and metals. Read More
The three-month lead price on the London Metal Exchange was higher at the close of trading on Thursday October 3, with the price closing above $2,100 per tonne amid thin volumes, while copper futures failed to test nearby resistance.Lead's outright price closed at $2,129 per tonne in the afternoon, its highest close since September 30 at $2,131 per tonne, which marked a seven-month high in lead fu...Read More
The 15-million-tonnes-per-year Olive Downs coking coal project in Australia's Bowen Basin has received environmental approval, its operator said amid a quiet seaborne market in the absence of Chinese participants.Premium hard coking coal, fob DBCT: $146.08 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $159.70 per tonne, unchanged Hard coking coal, fob DBCT: $123.13 per tonne, unchang...Read More
Turkish steel mills have continued to book deep-sea scrap cargoes for November deliveries, with prices recovering slightly on improving sentiment, sources said on Thursday October 3.A steel mill in the Marmara region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shredded and 5,000 tonnes of bonus at an average price of $225 per tonne cfr.The price of the HMS...Read More
Turkish domestic rebar prices have inched down over the past week despite demand remaining limited, sources said on Thursday October 3.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey was TRY2,730-2,780 ($478-486) per tonne on Thursday, widening down on the low end from TRY2,750-2,780 per tonne ex-works last week.Domestic...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday October 3 that are worth another look.Ukrainian steel billet producer Dneprovskiy Dzerzhinsky Metallurgical Plant (DMKD) has decided not to resume operations in part of its main production facility after a maintenance outage, due to the crisis in the global steel market, the company announced on Wednesday October 2.Fastmarkets...Read More
Netherlands-based logistics service provider Verbrugge International's chief commercial officer Anton Verburgge will leave his position at the start of next year, according to a notice released by the company on Monday September 30. Anton began his tenure at Verbrugge International in February 2016 after operations roles at Glencore and sustainably-focused delivery service Gnewt. He now plans to f...Read More
The three-month copper price on the London Metal Exchange was little moved during morning trading on Thursday October 3, with price action predominantly unaffected by a fresh inflow of some 36,175 tonnes.Copper's outright price on the LME was recently seen trading at around $5,670 per tonne, a drop of just 0.3% from Wednesday's closing price of $5,678 per tonne, while turnover was moderate with so...Read More
Brazil has decided to extend anti-dumping duties covering heavy steel plate from China, South Africa, South Korea and Ukraine for five years, the country's foreign trade and international affairs secretariat, Secex, said on Tuesday October 1.While South Africa remained on the restriction list, its anti-dumping tariff was suspended, the document, published in the federal official gazette,...Read More
While the US flat-rolled and plate import markets remained mostly quiet over the past two weeks, an increased number of low-priced hot-rolled coil offers were heard from overseas suppliers, reflecting expectations of continued softness in the domestic steel market.Hot band prices in the United States have fallen sharply because of a lack of demand, with major downstream steel consuming sector...Read More
Reinforcing bar prices in the United States have resumed their downward trek, propelled by declining ferrous scrap prices, slowing demand in certain regional markets and competitively priced imports. Fastmarkets' assessment for steel rebar, fob mill US was at $30-31 per hundredweight ($600-620 per short ton) on Wednesday October 2, down by 3.9% from $31-32.50 per cwt previously and the lowest...Read More