The market for pig iron exports from the Commonwealth of Independent States decreased again on new sales to China booked at lower prices during the week to Thursday April 9.Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS, was $265-275 per tonne on April 9, down from $277-282 per tonne a week earlier.Several sales of Ukraine-orig...Read More
By David HaggithBy its close yesterday, the market provided exactly the example of the head slamming I said bulls were going to get in the article I was writing all day yesterday because the "Stock Market Bulls are Delusional in Face of Great Depression."Monday's stampede proved how utterly disconnected from reality the market's bulls remain, and that means they're going to get their heads pound...Read More
By: Ira EpsteinGold daily chart shows the massive move from $1450-1740's within a 5 week period, wow!Read More
Prices for imported steel billet in Egypt increased in the week to Thursday April 9, however, market activity was very weak because of the Covid-19 pandemic, sources told Fastmarkets.Domestic demand is weak, but even then steel billet stocks were low, so buyers booked some material, sources told Fastmarkets.Local rebar prices have not changed in the country since late February, when some Egyptian...Read More
Turkish steel billet prices have gone up sharply over the past week due to the rebound in deep-sea scrap import values, sources said on Thursday April 9.Commonwealth of Independent States (CIS) billet sellers managed to achieve higher prices this week on the significant rise in the steel scrap segment amid the reduced availability of the material due to the effects of the coronavirus pandemic.Some...Read More
China's domestic rebar prices increased on Thursday April 9 amid reports of a drop in inventory levels at mills and the spot market. Eastern China (Shanghai): 3,400-3,430 yuan ($481-486) per tonne, up by 30 yuan per tonneNorthern China (Beijing): 3,350-3,380 yuan per tonne, up 10-20 yuan per tonneSteel stocks continued to drop over the past week due to good demand. Data showing this decline releas...Read More
Great Bear Resources is continuing its drilling program, following strict safety protocols to protect its crews. Great Bear Resources Ltd. (GBR:TSX.V; GTBDF:OTCQX) announced in a news release that all assays returned from drilling thus far at the LP Fault target intersected gold mineralization. The LP Fault is part of the company's Dixie project in Ontario's Red Lake District. Chris Taylor, presi...Read More
Ron Struthers of Struthers' Research Report takes a look at the investment thesis for Ridgestone Mining. The correction in gold ended with the drop to the $1,460/ounce area. We see these spikes up of higher highs. It is like the gold market is a pressure cooker, trying to explode upward, and soon it will. Ridgestone Mining Inc. (RMI:TSX.V)New, well-structured deal with strong shareholder base; St...Read More
An operational update on Victoria Gold is provided in a BMO Capital Markets report. In an April 7 research note, BMO Capital Markets analyst Andrew Mikitchook reported that Victoria Gold Corp. (VGCX:TSX; VITFF:OTCMKTS) is expected to increase gold production significantly at its Eagle mine in the Yukon, with commercial production starting in late Q2/20 or early Q3/20. The latter "remains a key de...Read More
The price of stainless steel in the European domestic market was largely unchanged this week with low nickel prices and a mill restart in Italy preventing further significant increases, Fastmarkets heard on Thursday April 9.Fastmarkets' weekly price assessment for stainless steel cold-rolled sheet, 2mm, grade 304, transaction domestic, delivered North Europe, was ?,?2,090-2,105 ($2,271-2,287) per...Read More
Stainless steel prices in China declined over the past week amid poor demand from both downstream industries within the country and overseas buyers. Market participants said that stainless steelmakers were limited in their ability to slash prices any further because of the recent stability in the price of nickel. The three-month nickel contract on the London Metal Exchange has remained rangebound...Read More
The Dow finished the the week up 12.7%The Dow finished the last day of the holiday-shorted week up over 280 points, losing some of its midday rally after Democrats in congress blocked McConnell's bid to unanimously add $250 billion in small-business aid. However, the Fed announced new programs directed at small and medium-sized business, totaling up to $2.3 trillion. This news was enough to out...Read More
Stocks chugged higher as the government responded to the coronavirus crisis with more funding While the first full trading week of April was a short one, it was jam-packed with market-moving headlines, which, for the most part, kept the major indexes chugging higher. On Monday, the Dow extended its Friday rally as news over slowing coronavirus cases in New York and Europe encouraged investors. Som...Read More
The Federal Reserve proposed an additional $2.3 worth of financial aidThe Dow Jones Industrial Average (DJI) is heading into the holiday weekend on a hot streak, up almost 400 points at midday. Today's rise comes after the Federal Reserve pumped another $2.3 trillion into businesses and revenue-pinched local governments. Fed Chair Jerome Powell, in a video press conference earlier, acknowledged...Read More
Bank stocks will kick off earnings season next week Investors will return from a long weekend to the start of yet another earnings season, with bank stocks taking center stage this week. Blue chips JPMorgan Chase (JPM) and Goldman Sachs (GS) will start it off, while sector peers Morgan Stanley (MS) and Wells Fargo (WFC) will also attract investor's attention. Dow component and healthcare issue Uni...Read More
BlackRock's massive Aladdin software will be hosted on Microsoft's platformLast night BlackRock, Inc (NYSE:BLK) announced Aladdin, its investment management and operations platform, will be hosted on Microsoft's (MSFT)Azure cloud network. In response, Deutsche Bank hiked its price target to $478 from $462, and Jefferies moved to $525 from $514. At last check, BLKis up 6.1% to trade at $478.24.BLK...Read More
The company pulled their quarterly and full-year outlookStitch Fix Inc (NASDAQ:SFIX) is up 23% to trade at $16.68, despite at least three analysts cutting their price targets today, including one to $11 from $15 from Piper Sandler. This surge came after SFIX became the latest company to pull its third quarter and full-year outlook due to the coronavirus outbreak. However, the e-tailer stated thei...Read More
Rio Tinto's 40-day moving average has had bearish implications in the past Copper prices have taken a backseat to gold amid the global COVID-19 pandemic. That hasn't stopped mining stockRio Tinto plc (ADR) (NYSE:RIO) however, from joining in on the broad-market rally. RIO is up 31% since its March 23 bottom of $35.35, but this rally has taken the copper name to a trendline that, if history is any...Read More
Thedebt-to-GDP ratio is an important metric economists use for comparing acountry’s total debt to its gross domestic product (GDP). The percentagearrived at by dividing the country’s total GDP by its total debt indicates thecountry’s ability to pay back its loans. The higher the percentage, the higherthe risk of a country being unable to pay the interest on its debt, andtherefore...Read More