Major holidays in Turkey resulted in thin spot liquidity in the global scrap markets in the week ended Friday November 1, with US exporters seeing limited sales to the major import market.But prices in Asia have surged following those in the rest of the world, with Vietnamese buyers accepting higher prices. Taiwanese demand eased slightly after the flurry of purchasing activity last week. Turkey m...Read More
Austenitic alloy steel scrap prices in the UK domestic market narrowed downward this week amid continued weak demand, sources told Fastmarkets on Friday November 1.Fastmarkets' weekly price assessment for stainless steel scrap 18/8 solids, domestic, delivered merchants UK, was ?750-780 ($970-1,009) per tonne on November 1, down by ?20 per tonne on the high end.Similarly, Fastmarkets' price...Read More
The price of ferrous scrap imported into India has risen for the fourth consecutive week, mirroring a similar trend in nearby Pakistan, sources told Fastmarkets on Friday November 1Fastmarkets' calculation for the steel scrap, shredded, index, import, cfr Nhava Sheva, India, was $276.57 per tonne on Friday, up from $268.23 per tonne a week earlier.Deals for shredded material into India t...Read More
A summary of the production results of Russian multi-metal miner Norilsk Nickel (Nornickel) for the third quarter and first nine months of 2019.In briefNornickel's copper and nickel production both rose by 6% in January-September 2019 from a year earlier owing mainly to productivity improvements.The increase in copper output in the first nine months of the year was primarily the result of the ramp...Read More
Ontario's government is supporting industrial?EUR?steel beam manufacturing in Sault Ste. Marie with an investment in SIS?EUR?Manufacturing Corp., creating 12 new jobs.Today, Ross Romano, MPP for Sault Ste. Marie, announced an investment of $528,394 on behalf of Greg Rickford, Minister of Energy, Northern Development and Mines. With this funding, SIS?EUR?Manufacturing Corp. will expand its producti...Read More
Cobalt trade log including business, bids and offers reported to Fastmarkets. Cobalt trade log including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per lb on an in-warehouse (in-whs) basis. Delivered prices are netted back. Fastmarkets prices Click here for Fastmarkets' price assessment for standard-grade cobalt, in-whs Rotterdam, $/lbClick here for...Read More
Government subsidies are a necessary part of early electric vehicle adoption but EVs will have mainstream usage without the need for incentives in the long term, panelists said at the LME Metal Seminar this week. EV adoption has come at a slower pace than previously expected, coinciding with cuts in government subsidies in China. In March this year, Beijing announced a 50-60% reduction in subsidie...Read More
A mixture of trends were forecast for steel, iron ore and coking coal prices in 2020 at the London Metal Exchange Ferrous Focus session this week."Steel is going to drift a bit lower, but not collapse," Citi research analyst Tracy Liao told delegates on Thursday October 31, "[and] iron ore will go quite a bit lower, whereas coking coal prices will go up." Liao said that wh...Read More
They don't build 'em like they use to.And that's on purpose.My First ConspiracyI remember the very first conspiracy theory I ever heard. My grandmother told me someone long ago invented a carburetor that would enable a vehicle to get over 100 miles per gallon.She said oil companies bought the rights to the invention to suppress the technology, ensuring more repeat business and higher revenues.Of c...Read More
Demand for flat steel was soft in Turkey in the week ended Friday November 1, with import prices for both hot-rolled coil and cold-rolled coil going down, although domestic and export prices remained unchanged.Flat steel buyers wanted to see if producers will insist on high prices when demand is weak and whether any increases will stick, given the poor demand from final-product users. They were ex...Read More
In our latest Insights newsletter, we observe the monetary crosswinds that are battering the reflation trade. Meanwhile, our broadcast of the week features a veteran gold stock picker, while our insider of the week pulled a Halloween trick on the Canadian oil patch. Click here to read.Read More
Turkish prices for hot-dipped galvanized coil (HDG), and color-coated coil or pre-painted galvanized iron (PPGI), were stable in the week ended Friday November 1 with demand remaining weak, sources told Fastmarkets.A recent increase in raw material prices had given rise to the possibility of higher coated flat steel prices, but buyers said they believed this would not be accepted by the market due...Read More
Brazilian rebar prices climbed further in October as a previously attempted increase from producers is slowly being implemented, according to market participants.Fastmarkets assessed the price for steel reinforcing bar (rebar) domestic monthly, delivered Brazil, at 2,220-2,320 Reais ($555-580) per tonne on Friday November 1, up in comparison with 2,165-2,300 Reais per tonne a month before.Although...Read More
A mixture of trends were forecast for steel, iron ore and coking coal prices in 2020 at the London Metal Exchange Ferrous Focus session this week."Steel is going to drift a bit lower, but not collapse," Citi research analyst Tracy Liao told delegates on Thursday October 31, "[and] iron ore will go quite a bit lower, whereas coking coal prices will go up." Liao said that wh...Read More
Indian domestic secondary billet prices gained 500 rupees ($7) per tonne in the week to Friday November 1 due to long steel producers increasing their semi-finished steel buying.Fastmarkets' price assessment for steel billet domestic, ex-works India, rose by 500 rupees per tonne to 26,500-26,700 rupees per tonne on November 1, compared with last week's 26,000-26,200 rupees per tonne...Read More
Brazilian iron ore export volumes and revenues dropped year-on-year in October due to supply disruptions, according to figures released by the country's economy ministry on Friday November 1.Export volumes of iron ore declined to 31.20 million tonnes in October, down by 16.1% from 37.19 million tonnes a year earlier.Iron ore shipments from the country fell this year in an annual comparison, becaus...Read More
A mixture of trends were forecast for steel, iron ore and coking coal prices in 2020 at the London Metal Exchange Ferrous Focus session this week."Steel is going to drift a bit lower, but not collapse," Citi research analyst Tracy Liao told delegates on Thursday October 31, "[and] iron ore will go quite a bit lower, whereas coking coal prices will go up." Liao said that wh...Read More
Major holidays in Turkey resulted in thin spot liquidity in the global scrap markets in the week ended Friday November 1, with US exporters seeing limited sales to the major import market.But prices in Asia have surged following those in the rest of the world, with Vietnamese buyers accepting higher prices. Taiwanese demand eased slightly after the flurry of purchasing activity last week. Turkey m...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 335,42358,90865,405176,997478,213577,825602,526 Change from Prior Reporting Period 12,506-4,877-1,7845,66811,52716,3904,866 Traders 20575755651284182 Small Speculators LongShortOpen Interest 65,61740,916643,442 1,52413,04817,914 non report...Read More
The gold miners' stocks have surged in 2019, blasting higher after gold's first bull-market breakout seen in several years. That powerful summer rally left them really overbought, necessitating a correction to rebalance exuberant sentiment. That grinding consolidation lower has set them up nicely for their winter rally, this sector's seasonally-strongest time of the year. These seasonal...Read More