Broader markets are mixed this morning, Wednesday March 4, with markets in Asia generally weaker, while the London Metal Exchange base metals and western equities are recovering after having taken fright from the United States Federal Reserve's rate cut on Tuesday. The US central bank's emergency 50-basis-point rate cut led the Dow Jones Industrial Average (DJIA) to close down by 2.94% on Tuesday,...Read More

Cobalt trade log including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per lb on an in-warehouse basis. Delivered prices are netted back. Fastmarkets prices Click here for Fastmarkets' price assessment for standard-grade cobalt, in-whs Rotterdam, $/lb. Click here for Fastmarkets' price assessment for alloy-grade cobalt, in-whs Rotterdam, $/l...Read More

Production of nickel-cobalt-manganese (NCM) lithium-ion batteries at South Korean battery maker LG Chem is not being affected by supply disruptions at L&F, one of its local cathode materials suppliers, a company source told Fastmarkets."L&F is not a major supplier to LG Chem," the source said. "LG Chem's own battery cathode operations can make up for the disrupted feedstock supply at L&F."Located...Read More

Domestic prices for heavy steel plate in Europe have inched down over the past week due to poor demand, sources told Fastmarkets on Wednesday March 4.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Northern Europe, was ?,?510-525 ($568-585) per tonne ex-works on March 4, down by ?,?5 per tonne week on week from ?,?515-530 per tonne on February 26.The assessment was based...Read More

Have we averted an oil crisis?All this week, it's been nothing but dead cats and learning how to shake hands with your feet.Some see the doom-and-gloom ahead for the markets as the number of cases in China swells to nearly 100,000, with more than 3,200 succumbing to the virus.Look, we can talk all day about faux fracking bans and the latest pipeline protests, but when it comes to oil, no other cat...Read More

Domestic prices for cold-rolled coil in Northern Europe have inched down under pressure from competitive import offers, sources told Fastmarkets on Wednesday March 4.Fastmarkets' weekly price assessment for steel CRC, domestic, exw Northern Europe, was ?,?535-560 ($596-624) per tonne on March 4, down by ?,?10 per tonne week on week from ?,?545-570 per tonne. The assessment reflected deals and achi...Read More

Domestic prices for hot-rolled coil in Northern Europe were expected to remain largely stable over the week, supported by a lack of competitive import offers and good order books at domestic steelmakers, market sources told Fastmarkets on Wednesday March 4.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?484.55 ($540.04) per tonne on March 4, up by only ?,...Read More

Here is what's new today on INK Ultra Money. INK Research subscribers have access to both premium and free content. If you are asked to sign in, select Canadian Insider as your subscription website.1. A near million-dollar bet on healthier days - INK ResearchThe coronavirus is serving up a wide range of risks. In this report, INK Research looks at Teck Resources (TECK), a stock that could perform...Read More

The United States Department of Commerce has announced an affirmative preliminary circumvention ruling against imports of steel concrete reinforcing bar from Mexico.Imports of straight rebar that is bent at one or both ends, produced and/or exported to the US by Deacero SAPI de CV, circumvent the existing anti-dumping duty order on rebar from Mexico that is in straight or coil form,...Read More

The prices of mesh-quality wire rod in the European domestic markets have widened downward slightly over the past seven days amid competition among sellers, Fastmarkets heard on Wednesday March 4.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, was ?,?455-470 ($507-524) per tonne on March 4, down by ?,?5 per tonne on the low end.The corre...Read More

The price of steel rebar in the Italian domestic market was lower this week because of concerns that the coronavirus (2019-nCoV) outbreak will significantly and negatively affect the economy, sources told Fastmarkets on Wednesday March 4. "The market in Italy is quiet and coronavirus is going to stop the economy," one distributor said. The construction industry has not slowed, but buyers are actin...Read More

Here are five Fastmarkets stories you might have missed on Wednesday March 4 that are worth another look.Brazilian mining company Vale has decided to halt operations indefinitely at its Fazend??o iron ore mine in the south-eastern state of Minas Gerais, after an expansion permit was revoked in February by the local environmental development council.Market participants avoided sending aluminium fro...Read More

There were new bookings reported in the Turkish deep-sea scrap market on Wednesday March 4, with steel mills expected to hold out until the end of the week, sources told Fastmarkets.The steel mills went quiet at the start of last week, after buying around 750,000 tonnes in February with no new cargoes booked so far in March.The last cargo reported sold, was on Monday February 24,&nb...Read More

Weaker domestic demand and a number of traders in short-selling positions have led to a drop in Japan export scrap prices over the past week, market sources told Fastmarkets.Lower offer prices from Japanese exporters resulted in increased sales activity from the country to South Korea and Taiwan during the week.Fastmarkets' price assessment for steel scrap H2 export, fob main port Japan, was ?23,...Read More

By: David HaggithThe Federal Reserve on Tuesday gave the market a double-dose of exactly what it thought the market needed, and the market just about died! On the theory that, if a little is good, more is better, the Fed gave a double cut of interest. It did not go as planned.At first, the medicine hit like nitroglycerin tablets, and the patient's heart leaped. You can see how instantly the pati...Read More

Oops, the coronavirus expanded into a bubble of illness and deaths. Like all bubbles, financial or otherwise, this one will expand, burst, collapse and cause collateral damage. When will the "everything" bubble collapse? When will the coronavirus be contained? How much damage will these bubbles inflict upon the economy, people and personal savings? We don't know. Stay tuned.BUBBLES IN THE PAST...Read More

Avi GilburtEarly Tuesday morning, I put out an update to our members that noted that the 3135 region as the top of our resistance region, which can point us lower once struck.Now, we all know that the "surprise" rate cut by the Fed should have been viewed as a positive to the market. In fact, most expected the Fed to act soon, and were certain how this would send the market soaring again.Howeve...Read More

In the latest update to the Rick's Picks home page, I've revised an interest rate forecast for the 30-year bond to better sit down for this 0.73%. This is an implied recession/depression away from the current 1.60%, so you may want to jot the new number down. I got a wake-up call on this from my friend Doug Behnfield, whose name will be familiar to anyone who has followed Rick's Picks for...Read More

Trading activity in the Iranian export billet market was limited in the week to Wednesday March 4 because of a mismatch between mills' offer prices and the bids placed by customers.Iranian billet producers continued to insist on export offers at $390 per tonne fob, referring to strong demand in the domestic market.The increased demand seen in the local market in recent weeks was the result of the...Read More

Steve St. Angelo, SRSrocco Report The Fed injected a record amount of liquidity this morning via its Repo Market Operation to supply dealers in the interbank market. While investors may be reassured by the huge 1293 point rally on the Dow yesterday, the global contagion and its impact are just beginning. Don't be surprised to see a 40-50% correction in the Dow Jones over the next month. I'...Read More