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Iron ore market to tighten briefly but surplus looms

April 20, 2020 / www.mining-journal.com

Iron ore inventory in China, the world's largest consumer, has seen a steady gradual decline since the end of January. Seaborne stockpiles at 35 major domestic ports fell to 108.Read More

Chinese portside manganese ore prices surge following South Africa's lockdown extension

April 21, 2020 / www.metalbulletin.com

Chinese domestic portside manganese ore prices of both high and low grades registered significant increases in the latest assessments on Friday April 17, after the country's ore traders raised offer prices notably in response to a 14-day extension of the lockdown in South Africa. On April 9, South African President Cyril Ramaphosa announced he would extend the nationwide lockdown in place sin...Read More

IN CASE YOU MISSED IT: 5 key stories from April 20

April 21, 2020 / www.metalbulletin.com

Here are five Fastmarkets stories you might have missed on Monday April 20 that are worth another look.Last month, analysts started warning that oil prices could fall below zero. On Monday, they did.Iron ore fines output at Brazil-based miner Vale fell by 18.2% year on year in the first quarter of 2020, while the company has cut its guidance of iron ore and pellet production for 2020, the company...Read More

GLOBAL SILICON SNAPSHOT: Chinese prices soften while US, Europe prices static on thin spot activity

April 21, 2020 / www.metalbulletin.com

Key data from the pricing sessions in Europe, the United States and Asia for the week ended Friday April 17.United States Silicon prices hold week on week in the US, with a standoff reportedly in effect between sellers and buyers. Producers are not lowering their quotes because they do not trust any business to materialize. Ongoing automaker shutdowns during...Read More

Can The Bears Come Back Roaring?

April 20, 2020 / news.goldseek.com

By: Avi GilburtI know the title may sound unusual and almost unrealistic to those following the media cycle. With unemployment skyrocketing, GDP projections in the tank, bankruptcy expectations running sky high, and the average person on Main Street struggling terribly, how is this action even possible?So, before I outline my analysis, which is actually rather simple right now, I want to re-post...Read More

If There Are No Bulls, Who Are the Buyers?

April 20, 2020 / news.goldseek.com

The news media and the pundits flailed around over the weekend trying to come up with reasons why the broad averages have rallied to within 10%-20% of record highs even though the global economy could be headed into a depression. ZeroHedge is usually able to provide plausible answers to such questions, but here's an attempt that fell short. It places commodity trading advisors at the center of...Read More

Asian Metals Market Update: April-20-2020

April 20, 2020 / news.goldseek.com

Today and tomorrow's close is the key to gold prices. If it falls till tomorrow then gold will move into a short term bearish phase. If not then gold prices will form a medium term bottom. Investment demand is there for gold. But investors will wait if gold prices fall today. Silver, copper and industrial metals will see higher demand from factories as more and more nations open up. World will o...Read More

DAILY SCRAP REPORT: Mills silent after last week's flurry of activity in deep-sea market

April 21, 2020 / www.metalbulletin.com

Turkish steel producers exited the deep-sea scrap import market on Monday April 20, after booking seven cargoes last week, sources told Fastmarkets.The seven deep-sea scrap cargoes totalled almost 220,000 tonnes."I think Turkish steel producers have booked enough cargoes for now. This week will probably be slow for trading," a source in Turkey said.Another...Read More

TURKEY FERROUS SCRAP: Costlier imports push up local auto bundle prices

April 21, 2020 / www.metalbulletin.com

Turkish domestic auto-bundle scrap prices increased over the past week due to rising imported ferrous scrap costs, sources said on Monday April 20.Deep-sea scrap import prices increased by more then $15 per tonne at the beginning of last week because of the limited supply coming from Europe and the United States, sources said.Following the upturn in the deep-sea scrap values, auto bundle scrap...Read More

INDIA LOCKDOWN: Steel demand forecast revised to shrink 7.7% in 2020 - ISA

April 21, 2020 / www.metalbulletin.com

The Indian Steel Association (ISA) has revised downward India's steel demand growth forecast for 2020 as a result of the Covid-19 pandemic in the country and the subsequent lockdown. The association, which represents some of the country's biggest steel companies, said predictions of steel demand growth of 5.1% this year - made in February - have now been revised down to -7.7%. The main downstream...Read More

IN CASE YOU MISSED IT: 5 key stories from April 20

April 21, 2020 / www.metalbulletin.com

Here are five Fastmarkets stories you might have missed on Monday April 20 that are worth another look.Last month, analysts started warning that oil prices could fall below zero. On Monday, they did.Iron ore fines output at Brazil-based miner Vale fell by 18.2% year on year in the first quarter of 2020, while the company has cut its guidance of iron ore and pellet production for 2020, the company...Read More

HOTTER ON METALS: Negative oil and the storage super contango

April 21, 2020 / www.metalbulletin.com

Last month, analysts started warning that oil prices could fall below zero. On Monday April 20, they did.The May futures contract for West Texas Intermediate (WTI) crude oil fell as low as minus $37.63 per barrel, the first time ever that the price of the commodity has entered negative territory. By contrast, the June WTI contract is trading at around $20 per barrel, marking the biggest perce...Read More

MORNING VIEW: Metals prices mainly firmer, wider markets mixed as corporate earnings loom

April 21, 2020 / www.metalbulletin.com

The base metals on the London Metal Exchange and on the Shanghai Futures Exchange were mainly firmer this morning, Monday April 20, but broader markets were mixed with equities braced for the release of corporate earnings. With some countries and regions looking to lift restrictions, while others are extending restrictions and with uncertainty about whether reopening will lead to second waves of t...Read More

5G Does Not Cause Coronavirus

April 20, 2020 / www.energyandcapital.com

There are lots of conspiracy theories surrounding COVID-19 out there:It's a human-engineered biological weapon...Disney released coronavirus so people would have to stay home and watch DisneyPlus...COVID-19 was released by hand sanitizer companies to generate more revenue...It was created by Netflix to tie into one of their new series...Bill Gates intends to use a coronavirus vaccine to track and...Read More

EUROPE HRC: Domestic prices continue to fall on poor demand

April 21, 2020 / www.metalbulletin.com

Domestic prices for hot-rolled coil in Northern Europe have dropped again due to low market activity, sources told Fastmarkets on Monday April 20.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?445.00 ($483.66) per tonne on Monday, down from ?,?453.33 per tonne last Friday.Domestic HRC prices in the region have fallen due to poor demand, and the negative price...Read More

RUSSIA FLAT STEEL: Market braced for coronavirus-led slowdown

April 21, 2020 / www.metalbulletin.com

Prices for flat steel in Russia's Central Federal District around Moscow stabilized over the past week with trading activity limited due to the Covid-19 pandemic, sources told Fastmarkets on Monday April 20.Buying in Russia's flat steel market was slow over the assessment week, with traded volumes minor amid the pandemic, sources said."The number of new orders dropped, with some buyers trying eith...Read More

INK Canadian Insider Index Rises 1%, rebound measures 39.5% from March lows

April 19, 2020 / www.canadianinsider.com

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK Canadian Insider Index continued its winning ways, adding 8 points or 1% to close at 851.33. The Index is now up almost 40% from its March lows.MACD pulled back 11.26 points to close at 21.42. RSI rose 1.41 points to 52.12.Support moves up to 778 (20-day moving average)...Read More

FOCUS: China's steel exporters grappling with defaults abroad

April 21, 2020 / www.metalbulletin.com

Defaults among overseas buyers have become a problem for Chinese steel exporters in recent weeks, with falling prices and weakening demand triggered by the Covid-19 pandemic leading to an increase in export credit insurance claims.When contacted by Fastmarkets two weeks' ago, a source at a steel mill in northern China said he was having to deal with a shipment of 5,000 tonnes of hot-dipped galvani...Read More

Scrap, demand drops hit US cold-heading quality, high-carbon wire rod prices

April 21, 2020 / www.metalbulletin.com

Both cold-heading quality (CHQ) and high-carbon (HC) wire rod prices have fallen due to declining raw material costs and a downturn in demand due to the Covid-19 pandemic, Fastmarkets has learned.Fastmarkets' price assessment for steel wire rod cold-heading quality, ddp settled at $36 per hundredweight ($720 per short ton) on Friday April 17, down by 4% from $37.50 per cwt during the previous mont...Read More

RUSSIA REBAR: Buying slows amid coronavirus, prices flat

April 21, 2020 / www.metalbulletin.com

The price of steel rebar in Russia's Central Federal District around Moscow was stable week on week, while buying remained slow due to the Covid-19 restrictions, sources told Fastmarkets on Monday April 20.Activity in construction, the key rebar consuming sector, slowed down gradually, while a majority of construction sites have been closed since April 13, sources said."Only strategic projects suc...Read More

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