Key data from the pricing session in Shanghai on Wednesday March 11. Key drivers Cautious downstream buying following a plunge in futures prices on Monday pushed the metal price down, though most consumers have resumed normal operations.Market participants anticipate an oversupply in the domestic market...Read More
Here are five Fastmarkets stories you might have missed on Wednesday March 11 that are worth another look.The enlargement of the quarantine zone in Italy to a nationwide reach has already started to affect steel output, with at least two long steel mills announcing production stoppages, sources told Fastmarkets on March 11.The first deal for second-quarter aluminium ingot supply to Japan has been...Read More
Share this articleTORONTO - The Metro Toronto Convention Centre should have been bustling Wednesday with guests at a two-day retail, marketing and technology conference, but the event's plans changed with the news that a Sudbury man who visited the venue last week had contracted a novel form of coronavirus.DX3 organizers said Wednesday that they had cancelled the second day of their annu...Read More
Today is Wednesday, March 11, 2020, and this is your daily gold market update. Let's look at the latest price of gold, value of the dollar, gold/silver ratio, Commitment of Traders data, and exchange-traded fund (ETF) prices to get a sense of how the yellow metal is faring today.Gold PriceThe price of one troy ounce of gold in U.S. dollars today is $1,640.55. It's down -0.80% from yesterday and up...Read More
The enlargement of the quarantine zone in Italy to a nationwide reach has already started to affect steel output, with at least two long steel mills announcing production stoppages, sources told Fastmarkets on Wednesday March 11.On March 9, Italian authorities extended the lockdown from northern areas across the whole country in an attempt to control the outbreak of the 2019-nCoV coronavirus.Long...Read More
Today is Wednesday, March 11, 2020, and this is your daily energy stocks roundup. Today we're looking at the valuations of Helix Energy Solutions Group (NYSE: HLX), ProPetro Holding Corporation (NYSE: PUMP), and Apergy Corporation (NYSE: APY).Helix Energy Solutions Group (NYSE: HLX)Helix Energy Solutions Group (NYSE: HLX) is a $364.41 million company today with a one-year return of -62.09%. Let's...Read More
Domestic prices for hot-dipped galvanized coil (HDG) have been unchanged across Europe this week despite a decrease in prices for hot-rolled coil feedstock, sources told Fastmarkets on Wednesday March 11.Fastmarkets' weekly price assessment for steel HDG, domestic, exw Northern Europe, was unchanged over the week at ?,?600-610 ($681-692) per tonne ex-works on March 11.The assessment was based on d...Read More
Oil prices crashed to as low as $27.34 per barrel last Sunday.If that wasn't enough to make the entire sector collectively cringe in pain and immediately avert their eyes from their screens, I don't know what would.But this isn't our first rodeo, is it?Back in 2014, we had to watch helplessly as OPEC waged a brutal price war against U.S. shale companies. If you were spared that carnage, then you d...Read More
Here is what's new on INK Ultra Money. Canadian Insider Ultra Club members have access to both premium and free content. If you are asked to sign in, select Canadian Insider as your subscription website. If you are not a Canadian Insider Club Ultra member, get full access to Real Vision and INK Research premium videos by joining us. Use coupon code SPRING20 for a $100 discount off a new 2020 memb...Read More
Here are five Fastmarkets stories you might have missed on Wednesday March 11 that are worth another look.The enlargement of the quarantine zone in Italy to a nationwide reach has already started to affect steel output, with at least two long steel mills announcing production stoppages, sources told Fastmarkets on March 11.The first deal for second-quarter aluminium ingot supply to Japan has been...Read More
The enlargement of the quarantine zone in Italy to a nationwide reach has already started to affect steel output, with at least two long steel mills announcing production stoppages, sources told Fastmarkets on Wednesday March 11.On March 9, Italian authorities extended the lockdown from northern areas across the whole country in an attempt to control the outbreak of the 2019-nCoV coronavirus.Long...Read More
Prices for hollow steel sections in both Northern and Southern Europe have moved down this week following the nationwide lockdown in Italy intended to control the spread of the 2019-nCoV coronavirus infection, sources told Fastmarkets on Wednesday March 11.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?600-630 ($681-715) per tonne on W...Read More
China's iron ore imports rose by 1.5% year on year to 176.84 million tonnes in January-February 2020 amid the Lunar New Year shutdown and coronavirus (2019-nCoV) spread, the country's General Administration for Customs said.Before the Chinese New Year holiday, iron ore demand from China is typically quite good because steel mills prefer to restock material while blast furnaces (BFs) continue to wo...Read More
Turkish steel mills remained inactive in the deep-sea scrap import markets on Wednesday March 11 because of firm prices and weak billet and rebar markets, sources said.Although there have been no new bookings so far this month, suppliers have kept their offers largely stable.Offers for HMS 1&2 (80:20) from the United States remained at $280 per tonne cfr, while offers for similar material increase...Read More
Japanese export ferrous scrap prices have declined for a second consecutive week with a stronger yen making material from the East Asian country less attractive, sources told Fastmarkets on Wednesday March 11.Fastmarkets' price assessment for steel scrap H2 export, fob main port Japan, settled at ?22,500-23,000 ($215-220) per tonne on Wednesday, down by ?500-800 per tonne week on week from ?23,...Read More
Iranian export billet and slab prices remained unchanged in the week to Wednesday March 11, with a slowdown in domestic demand limiting trading activity while the country approaches the Persian New Year holiday on March 20.The increased demand in the local market in recent weeks was a result of the loss in the exchange-rate value of the national currency against the US dollar, with local traders h...Read More
China's northern coastal province of Hebei will remain the key steelmaking hub in the country even though its production capacity is shrinking and new facilities are being added in south China, market sources told Fastmarkets this week.China has introduced sweeping capacity replacement plans over the past couple of years, compelling producers to upgrade their steel production facili...Read More
China's domestic rebar prices maintained their upward momentum on Wednesday March 11 on strengthening end-user demand. Eastern China (Shanghai): 3,440-3,470 yuan ($495-499) per tonne, up 30 yuan per tonne Northern China (Beijing): 3,300-3,340 yuan per tonne, up 30 yuan per tonneIn China, some 111,900 out of a total of 192,500 housing and infrastructure projects - 58.2% - have resumed construction...Read More
Join Fastmarkets' free webinar on how the steel supply chain in Asia has responded to the novel coronavirus (2019-nCoV) outbreak, and what the next moves could be for the steel industry and its upstream raw materials. Register here for the webinar.Date Wednesday April 8 Time 9:30-10:30am (London time) Topics The impact of the coronavirus outbreak on China's and Asia's steel industry as w...Read More
By Gary Savage$SPX in oversold conditions, this is not a new perma-bear market. The market will start pricing in the corona virus dying out. Still another 10-15 years in this bull market to go..https://blog.smartmoneytrackerpremium.com/Read More