Domestic prices for hot-rolled coil have been fairly stable across Europe due to the limited trading activity that has resulted from the 2019-nCoV coronavirus pandemic, sources told Fastmarkets on Wednesday March 25.This price stability, however, has mainly been supported by the lack of trading and prices were likely to drop sharply when buyers return to the market, they added.To compensate for th...Read More
China's hot-rolled coil exporters were forced to cut offers on Wednesday March 25 due to cheaper material abroad, even as domestic prices gained.DomesticEastern China (Shanghai): 3,390-3,410 yuan ($479-482) per tonne, up 30 yuan per tonneNorthern China (Tangshan): 3,280-3,300 yuan per tonne, widening upward by 20 yuan per tonneSellers raised domestic prices on Wednesday on a futures rebound in the...Read More
Prices for hollow steel sections moved down across Europe over the past week, despite trading activity continuing, sources told Fastmarkets on Wednesday March 25.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?595-620 ($643-670) per tonne on Wednesday, down from ?,?600-630 per tonne one week previous."We are still working and are trying...Read More
The price of steel mesh-quality wire rod in the European domestic markets was unchanged this week with trading activity reported close to zero due to coronavirus (2019-nCoV) concerns, sources told Fastmarkets on Wednesday March 25.Trading stalled in Italy this week, following the new measures to combat the Covid-2019 pandemic introduced by the authorities.The Italian government issued a new decree...Read More
Steel rebar prices in Northern Europe have increased on limited availability, triggered by tightened quarantine measures in Italy and high transportation costs, while trading was reported to be slowing down with the 2019-nCoV coronavirus pandemic clouding the markets, sources told Fastmarkets on Wednesday March 25.Rebar prices in the region were heard at higher levels compared with last week due t...Read More
The global spread of the novel coronavirus (2019-nCoV) is seriously limiting deep-sea scrap trading in Turkey, with market players also struggling with mill closures, sources said on Wednesday March 25.A number of steel mills in Turkey have stopped or reduced production because of the pandemic. "I heard a steel mill in the Iskenderun region halted production and two steel mills in the Izmir region...Read More
Are you looking at the oil sector the wrong way?I know it looks ugly from the outside.And I certainly wouldn't blame anyone for being cautious, especially when your eyes turn toward a chart of oil prices in 2020.I should warn you, it's about as bad as it gets:But just because the bears are in full control doesn't mean you can't turn low prices to your advantage. No matter how low oil goes from her...Read More
Here is what's new today on INK Ultra Money. Canadian Insider Ultra Club members have access to both premium and free content all the time.1. Insiders buy as auto stock crashes - INK ResearchInvestors have been pricing in a lot of fear into auto stocks. Insiders at Martinrea International (MRE) appear to be signalling that the pessimism is probably overdone.Buybacks halted 2 When the everything...Read More
Export prices for Japanese ferrous scrap continued to fall over the week to Wednesday March 25, but tighter supply offered some support to prices for Shindachi busheling, market sources have told Fastmarkets.Japanese scrap traders expected difficulties in procuring Shindachi material in the short term after carmaker Toyota closed several production lines for 3-9 days from Wednesday. And fellow car...Read More
National lockdowns in India and South Africa raised concerns about supply in the seaborne iron ore market on Wednesday March 25 and caused prices to rise for two consecutive days after a massive drop on Monday. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $87.34 per tonne, up $3.37 per tonne 62% Fe low-alumina fines, cfr Qingdao: $88.82 per tonne, up $3.32 per tonne 58% Fe fines high-gr...Read More
The Iranian export market for steel billet was largely inactive in the week to Wednesday March 25, with a sharp drop seen in demand both in the domestic market and most export outlets, Fastmarkets has heard.The decline in demand was a result of the time given to celebrations of the Iranian new year on March 20-23, and a state of semi-lockdown announced in the country for the next two weeks due to...Read More
Small, induction furnace mills producing secondary billet and rebar in India have started shutting down their meltshops amid the lockdown mandated by prime minister Narendra Modi on March 24 to control the spread of the novel coronavirus (2019-nCoV)."I have received notification from some of these mills that they will stop production," a steel trader handling Indian cargoes said on March 25.Howeve...Read More
China's domestic rebar prices regained some strength on Wednesday March 25 on a pick-up in buying activity amid rising futures. Eastern China (Shanghai): 3,470-3,500 yuan ($491-495) per tonne, up 20 yuan per tonne Northern China (Beijing): 3,380-3,400 yuan per tonne, narrowed upward by 20 yuan per tonne A trader in eastern China said his sales volume during the day was about a third higher th...Read More
The trading of metals into India is likely to be severely affected by difficulties in opening letters of credit (LCs) now that the country is locked down to contain the spread of the novel coronavirus (2019-nCoV), sources told Fastmarkets on Wednesday March 25.The Indian government imposed the 21-day nationwide lockdown beginning Wednesday, which includes strict curfew measures on the country's 1....Read More
In recent days the Fed has made it plain that it is prepared TO BUY ANYTHING AND EVERYTHING to prevent imminent total collapse, and you don't have to join many dots to see that this will extend to BUYING STOCKS, and it's not that hard for them - all they have to do is enter a few keystrokes, add a few 0s and it's sorted - and as Gregory Mammarino repeatedly points out, the more debt they iss...Read More
Steve St. Angelo, SRSrocco Report Today, the global gold spot markets broke down as prices varied considerably from the different exchanges. Moreover, U.S. Mint sales of Gold and Silver Eagles surged again this week. Gold Eagle sales are so strong in March; they jumped 1,700% compared to February!! At one point, the gold price was up more than $100 during early trading. I was busy earlier...Read More
Avi GilburtYesterday really did not happen. How could we have seen a 10% rally when there was nothing to cause it?Did we see an announcement about the eradication of the coronavirus? No. But, we did get more news of rising numbers of infected.Did we see the passage of the Congressional bill? No. But, we did see more dithering by our wonderful representatives in Congress.And, when the Fed announ...Read More
Why is there such a huge gap between spot price and future price in gold/silver?1. Mines are closed or closing. There will be no new supplies.2. Global lockdown is preventing physical gold and silver to be transferred from one nation to another. 3. Lack of alternate safe investment avenue and availability of free money to fund managers and large corporates has resulted in shor...Read More
The market crashes from the pandemic has shown that some assets are "fake" said best-selling author Robert Kiyosaki, as "manipulated" assets are finally showing the American public how corrupt the capitalist system is."The good thing is, people as they sit in quarantine, as they lose their jobs, their homes, their pensions, their businesses and all this, I think they're waking up at [the fact that...Read More
TOPICS IN THIS INTERVIEW:2:25 - This calamity was brought on by a fragile infrastructure...5:25 - The Fed didn't learn anything from 2008.8:25- Trillions of dollars worth of buying happening in 10 days.17:55- Response to Covid 1919:50 Capitalism doesn't have a death wish23:25 Boeing handouts or hands chopped off momentDavid Stockman is a former Republican congressman from Michigan and was Presiden...Read More