Steel billet prices in the majority of regions around the world weakened in the week to Friday March 13 amid a bearish outlook for the ferrous scrap market and reduced demand due to the rapid spread of the novel coronavirus (2019-nCoV) outside of China.Meanwhile, China was the only market to see an improvement in prices amid production cuts.ChinaNorthern China's steel hub of Tangshan will cut 1.6...Read More

China's domestic rebar prices moved up on Wednesday March 18 amid falling inventories at mills and on the spot markets, Fastmarkets heard.Eastern China (Shanghai): 3,530-3,560 yuan ($503-507) per tonne, up 20-30 yuan per tonne Northern China (Beijing): 3,390-3,430 yuan per tonne, up 10 yuan per tonneSteel stock has decreased in the past week or two, with more end-users returning to the market, sou...Read More

Bob Moriarty of 321gold discusses the current situation with physical metals and paper markets. Every time the price of gold and silver go down in a big way, the manipulation/conspiracy crowd come creeping out of their rat holes to start preaching about naked short selling and a disconnect between physical metals and paper markets. As you will see, both issues tend to reveal how little these guys...Read More

Key data from Fastmarkets' pricing session in Europe on Wednesday March 18.Key drivers Firm production at ferro-titanium plants supports alloy and titanium scrap prices against similar demand in end-user markets. Titanium scrap prices steady against strong alloy production. Market sources expect little change near term ahead of a...Read More

All three major indexes experienced big lossesStocks saw drastic losses again today, triggering yet another trading halt andnew lows for the Dow, SPX, and Nasdaq, as COVID-19 continues to influence a highly volatile market. The blue-chip index closed 1,300 points lower, as uncertainty over fiscal responses and the need for bailouts mounted. All three indexes also plunged to fresh annual or multi-y...Read More

Boeing requests at least $60 billion in government aidBoeing Co (NYSE:BA) is down 24.3% to trade at $94.05 at last check, earlier touching a nearly seven-year low of $89, despite the Trump Administration announcing $50 billion loan plan for airlines. The aerospace firm is seeking government aid in the form of around $60 billion for itself and the entire aviation industry. Smaller requests from ai...Read More

The $20 level is a key pivot point for GDXHistorically, gold and mining names have been considered safe havens for market participants, but the recent waterfall selloff in equities took no prisoners. While gold remains near positive territory for 2020, miners weren't spared, shedding about 16% of their value so far this year. Despite rallying over $9 off the lows seen on Monday, VanEck Vectors Go...Read More

DAL options traders are targeting puts at a rapid rateNear the bottom of the New York Stock Exchange (NYSE) today are the shares of Delta Air Lines, Inc (NYSE:DAL), down 24.1% to trade at $24.10 at last check. The airline stock continues to struggle amid the spreading coronavirus and travel fears associated with the pandemic. Delta recently announced its bookings have fallen by more than 30% while...Read More

Another "limit down" was triggered this morning Amid uncertainty surrounding a fiscal response and the need for bailouts, the Dow Jones Industrial Average (DJI) is continuing to lose ground, down over 1,300 points at its session lows. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both deep in the red too -- triggering another "limit down" trading halt before the bell -- amid the r...Read More

Prices for hollow steel sections in Europe were unchanged this week despite a slowdown in trading while the 2019-nCoV coronavirus spread across the region, sources told Fastmarkets on Wednesday March 18.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?600-630 ($664-697) per tonne on Wednesday, unchanged week on week."It's becoming more a...Read More

The automaker said it hopes to resume production on some of its higher profiting vehicles by early next monthWhile many companies are shutting their doors in response to the rapid spread of the coronavirus, Ford Motor Company (NYSE:F) said it plans on restarting production on some of its more profitable vehicles, such as its F-150 full-sized pickup, as early as April 6. The automaker also said it...Read More

BTIG raised DNKN from "neutral" to "buy" In an effort to protect its customers from the ongoing spread of COVID-19, Dunkin' Brands Group Inc (NASDAQ:DNKN) restaurants have began limiting their service to drive-thru, carry-out, and delivery only. Though U.S. restaurant stocks are falling between 5% and 30% on the broad-market coronavirus scare, DNKN was raised to "buy" from "neutral" at BTIG this...Read More

By: Ira EpsteinGold is trendless, it is looking what to do next. Gold has downside bias with resistances around $1550 and $1615:Read More

On Sunday, the Federal Reserve cut interest rates andrestarted quantitative easing to stimulate economy hit by the pandemic ofCOVID-19. That’s already its second move prior to this Wednesday’s FOMC. Whatdoes it imply for gold? It’s Serious, Really.Winter is not coming. Winter ishere already. The situation does not look too good. Although the epidemic seemson the way out in China...Read More

Target stock fell after it announced reduced store hours Target Corp (NYSE:TGT) announced it will reduce store hours across the U.S. in response to the coronavirus outbreak. In addition to the reduced hours, the retail giant will reserve the first hour of operation each Wednesday for "vulnerable guests," which primarily consists of older adults and those health concerns. In response, TGT shares ar...Read More

Dow futures are eyeing a steep early morning dropFutures on the Dow Jones Industrial Average (DJI) are headed toward an open deep in the red, with the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) following closely behind. Talks of the varying U.S. stimulus packages to aid the economy during the COVID-19 crisis also has Wall Street on edge, triggering a "limit down" halt in the indexes before...Read More

Taking a look at how stocks and commodities have reacted during past bear markets A couple weeks ago, I wrote about a 10% correction for the S&P 500 Index (SPX). Now we've graduated to a 20% pullback, often referred to as bear market territory. This week, I'll go over prior bear markets to see how this one compares and hopefully it will give us insight into what to expect going forward.From High t...Read More

Sales of passenger cars in the EU dropped by 7.41% year on year in February 2020, the second consecutive monthly decline.New car sales in Europe totalled 957,052 vehicles in February 2020, down from 1,033,608 units sold in the corresponding month of 2019, the European Automotive Manufacturers Association (ACEA) said on Wednesday March 18."This...Read More

Automotive manufacturers in Europe have announced temporary production shutdowns at sites throughout the continent, because of the problems being created by the measures taken by governments to restrict the spread of the 2019-nCoV coronavirus outbreak.The latest suspensions followed a raft of announcements made at the beginning of this week.Rolls-RoyceUK-based Rolls-Royce Motor Cars will suspend p...Read More

More European steel producers have announced production cuts and equipment stoppages because of the measures being taken to combat the 2019-nCoV coronavirus pandemic, sources told Fastmarkets on Wednesday March 18.The outbreak continues to hamper steel output in Europe with more producers announcing either stoppages or production slowdowns this week, sources said.The largest European steel produce...Read More