U.S. equity index futures were lower this morning. S&P 500 futures slipped 5 points in pre-opening trade.Index futures moved slightly lower following release of September Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.3% versus a revised gain of 0.6% in August. Actual was a drop of 0.3%. Excluding auto sales, consensus was an increase of 0.2% versus no change in August. Actual was...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday October 15 that are worth another look.China's sustained presence as a buyer in Southeast Asia's spot billet market has been boosting prices in the region, sources told Fastmarkets.An oversupply of manganese ore weighed on seaborne manganese ore prices cif China, causing some producers to make multiple lower offers to attra...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.Johnson & Johnson gained $2.56 to $133.28 after reporting higher than consensus third quarter earnings. The company also raised guidance.JP Morgan added $2.14 to $118.59 after reporting higher than consensus third quarter earnings. The company also raised guidance. Goldman Sachs droppe...Read More
A few weeks ago, we talked about a recent offer that I received in the mail - one that promised a dirt-cheap trip to Kauai for two hours of my time.It was a good deal, but as I mentioned in that article, I was just in Kauai less than a year ago, so it wasn't some must-do thing.Meanwhile, I'm in Italy right now - taking my mom and daughter across the country from Rome to Venice.Based on these littl...Read More
One hundred years old is an age most people, including the average American, won't reach yet certain areas in the world are hotspots for centenarians.In 2012, National Geographic and a research team headed by Dan Buettner set out to learn why do people in some parts of the world live so much longer than others?What they discovered were five "Blue Zone" regions, where the people not only lived long...Read More
Seaborne coking coal prices were steady on Thursday October 17, with market participants in China indicating that import restrictions at Chinese ports had become less stringent.Fastmarkets indicesPremium hard coking coal, fob DBCT: $150.73 per tonne, down $0.87 per tonnePremium hard coking coal, cfr Jingtang: $164.76 per tonne, up $0.51 per tonneHard coking coal, fob DBCT: $123.13 per tonne, uncha...Read More
Seaborne mid-grade iron ore prices continued to stay below the $90 per tonne mark on Thursday October 17. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $87.06 per tonne, down $0.80 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $86.10 per tonne, down $0.80 per tonne.62% Fe low-alumina fines, cfr Qingdao: $85.84 per tonne, down $0.54 per tonne.58% Fe fines high-premium,...Read More
Yesterday we hazarded a defense of free trade. Here was the rock of our argument:A free man - even an American - enjoys the right to purchase his wares at the lowest price he can obtain them.That is, we stood upon "that right which man has to purchase his sustenance where he can obtain it cheapest."But today we vacate the defense counsel's table. Instead we don the black robe... and take our impar...Read More
BHP has reported a 9.6% year-on-year drop in metallurgical coal output in the three months to September, a period during which fob Australia prices for premium hard coking coal fell amid Chinese import restrictions and weak demand outside of China.The miner produced 9.35 million tonnes of met coal during the period, which also marked a 21% quarter-on-quarter drop, it said on Thursday October 17. B...Read More
Is there a nationalist case for free trade?That is the question we tackle today, as our thoughts turn to trade…United States and Chinese trade officials are presently huddled at Washington.Talks had also been scheduled for Friday. Markets took fright yesterday when it appeared China's negotiators would back away this evening.But this morning the president announced he will meet with China's...Read More
Domestic prices for steel wire rod across Europe continued to stagnate over the past week, with the possibility of a weakening of the market leaving participants uncertain whether to make purchases, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe was ?,?440-450 ($486-497) per tonne on Wednesday October 16, unchang...Read More
Turkish steel mills continued to stay away from the deep-sea scrap markets awaiting clarity in the finished steel markets, sources said on Wednesday October 16.Late on Monday October 14, US president Donald Trump said he would impose a 50% tariff on imports of steel from Turkey in response to its military actions in Syria.Following the news, Turkish steel mills suspended their bookings o...Read More
Domestic prices for ferrous scrap in Italy have declined over the past month in line with a fall in international scrap values, sources told Fastmarkets on Wednesday October 16.Fastmarkets' monthly price assessment for steel scrap, No E3 (old thick scrap), domestic, delivered mill Italy, was ?,?200-205 ($220-226) per tonne in the middle of October, compared with ?,?210-230 per tonne in the middle...Read More
The year is 1921...America is less than three years removed from triumph on the Western Front. The twenties are set to roar... and the Jazz Age is in swing.Warren Gamaliel Harding sits at the presidential desk. And the nation is sunk in depression...U.S. industrial production plunged 31% between 1920 and 1921. Stock prices plummeted 46%. And corporate profits, a crushing 92%.Unemployment ran as hi...Read More
Seaborne mid-grade iron ore prices, as represented by Fastmarkets' index for iron ore 62% fines, cfr Qingdao, fell below the $90 per tonne mark on Wednesday October 16 for the first time since September 3, due to a rapid downturn in the futures markets.Fastmarkets' iron ore indices62% Fe fines, cfr Qingdao: $87.86 per tonne, down $5.14 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $...Read More
China's hot-rolled coil prices continued to fall on Thursday October 17, with sentiment hurt by a continual weakening of rebar futures despite a drop in inventory levels for the flat steel product.DomesticEastern China (Shanghai): 3,500-3,510 yuan ($493-495) per tonne, down 20-30 yuan per tonneNorthern China (Tangshan): 3,500 yuan per tonne, down 20 yuan per tonneMills lowered their offers in the...Read More
Domestic rebar prices in eastern China continued to trend downward on Thursday October 17 amid weakening end-user demand.Domestic Eastern China (Shanghai): 3,620-3,640 yuan ($510-513) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,570-3,600 yuan per tonne, unchangedTrading houses in eastern China were actively selling rebar on expectations that supply in the region would increase...Read More
Stainless steel prices in China continued to rise over the past week on higher production costs due to elevated nickel prices.Prices for the alloying metal had remained at relatively high levels following the recent move by Indonesia to bring forward its ban on nickel ore exports to 2020 from 2022."Stainless steel prices have maintained an uptrend despite the recent dip in nickel prices because mi...Read More
Base metals on the Shanghai Futures Exchange gave a largely subdued performance during the morning trading session on Thursday October 17, amid persistent macroeconomic uncertainty that continues to weigh on the complex.A general sense of uncertainty and bearishness in global markets is keeping investors cautious this morning, with the SHFE base metals exhibiting mixed movements as a result.Factor...Read More
British ferro-alloys producer FE Mottram, the biggest producer of ferro-titanium in Europe, has restarted production after a fire damaged its plant in April, according to an industry source. The company had intended to restart production in the third quarter of this year. FE Mottram, which is owned by Belgium-based ferro-alloys and metals trader Metraco, stopped production at its plant in She...Read More