Mexican steel scrap prices decreased in the week ended April 17, with some buyers applying the first round of a series of price cuts planned for the month, and a second group of buyers keeping their prices stable.In Mexico's central Baj?-o region, steelmakers applied price cuts of 200-400 pesos ($8-17) per tonne last week, and have announced a second round of price cuts of 200 pesos per tonne to s...Read More
The Turkish steel producers went through the second working day of the week with no deep-sea bookings and they were expected to remain quiet for the rest of the week, sources said on Tuesday April 21.The mills in the country booked at least seven deep-sea cargoes last week, totaling almost 220,000 tonnes.Market participants believed that those cargoes will be enough to cover mills' urgent needs."I...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were weaker this morning, Tuesday April 21, and Asian-Pacific and pre-market major western equity indices were weaker too. On Monday we had thought poor corporate earnings data had the potential to rattle markets, but it seems that negative oil futures prices were the catalyst that caused traders concern. The soon-to-exp...Read More
Share this articleTeck Resources Ltd. is reporting a first-quarter loss attributable to shareholders of $312 million as it takes a $474-million writedown on its share in the Fort Hills oilsands mine.The Vancouver-based miner's loss in the three months ended March 31 compares with a profit of $630 million in the same period of 2018.The company reported an adjusted profit of $94 million, or 17 cent...Read More
The lockdowns imposed due to the Covid-19 pandemic were offering automotive manufacturers a rare opportunity to take a step back and to re-evaluate their long-term strategies, the chief executive officer of Eurasian Resources Group has said.Benedikt Sobotka said that although the world is currently facing distressing times, it was also a chance to restructure supply chains and to take more decisiv...Read More
Yesterday the May 2020 contract for oil fell to negative $35 at the close from $20 at the open. That is, in theory, the oil producers would have to pay you to take it.When I first started trading there was always a secondhand story about some guy who didn't get out of his coal/pork bellies/corn futures contract in time and when he came home there were three tons of unprocessed bacon on his lawn.Ye...Read More
Chinese lithium producer Tianqi is exploring asset or equity sales, or the possibility of bringing in new domestic or foreign investors, due to continuing problems with liquidity, it has announced.The Shenzhen-listed firm said on Saturday April 18, however, that a final decision had yet to be taken.Earlier in April, the company announced that it expected to report a net loss of 450-510 million yua...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 21 that are worth another look.The lockdowns imposed due to the Covid-19 pandemic were offering automotive manufacturers a rare opportunity to take a step back and to re-evaluate their long-term strategies, the chief executive officer of Eurasian Resources Group has said.Italian long steel producer Alfa Acciai Group has resum...Read More
In the latest free Canadian Insider Insights newsletter, we suggest a cautious approach towards the April rally. However, we continue to believe that Canadian mid-cap stocks have an important role to play as we move through the COVID-19 pandemic.On INK Ultra Money, we hear Vincent Deluard explain how society is essentially asking the poor and its youth to make sacrifices for the benefit of the ri...Read More
Domestic prices for hot-rolled coil in Northern Europe were stable day on day on Tuesday April 21, although sentiment in the market remained downbeat, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?445.63 ($484.15) per tonne on Tuesday, up by only ?,?0.63 day on day from ?,?445 per tonne on...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia were stable this week, with market activity close to none because of the precautions taken due to the Covid-19 pandemic, sources told Fastmarkets on Tuesday April 21.No deals or new prices were heard during the week and steel consumption was very slow because of the curfew orders in the UAE and Saudi Arabia, sources said.The UAE...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 21 that are worth another look.The lockdowns imposed due to the Covid-19 pandemic were offering automotive manufacturers a rare opportunity to take a step back and to re-evaluate their long-term strategies, the chief executive officer of Eurasian Resources Group has said.Italian long steel producer Alfa Acciai Group has resum...Read More
Italian long steel producer Alfa Acciai Group has resumed production this week following a month of downtime, sources told Fastmarkets on April 17.Last week Alfa Acciai had resumed steel product deliveries from stock, while this week the company has restarted production, several sources confirmed to Fastmarkets.The company is currently running at "more or less 20%" capacity utilization rate, the s...Read More
Steel billet and rebar prices in the United Arab Emirates remained unchanged over the past week, largely because of the lockdown introduced to fight the Covid-19 pandemic, market sources said on Tuesday April 21.The UAE introduced a two-week, 24-hour lockdown on April 4 and extended it for another week starting from April 17.Saudi Arabia, meanwhile, has been subject to a&n...Read More
Mexican steel scrap prices decreased in the week ended April 17, with some buyers applying the first round of a series of price cuts planned for the month, and a second group of buyers keeping their prices stable.In Mexico's central Baj?-o region, steelmakers applied price cuts of 200-400 pesos ($8-17) per tonne last week, and have announced a second round of price cuts of 200 pesos per tonne to s...Read More
By Craig HemkeAfter watching front month NYMEX crude oil futures collapse into negative pricing on Monday, you should be sure to consider the possibility of an exact opposite scenario playing out one day soon in COMEX gold futures. What happened Monday in NYMEX crude oil? It can be summarized this way: The May20 crude oil contract was scheduled to go off the board and into delivery on Tuesday, A...Read More
Graceland UpdatesBy Stewart Thomson 1. The US stock market is once again in imminent danger of a major collapse. Please click here now. Double-click to enlarge this disturbing daily chart of the Dow.2. A rally towards resistance has taken the shape of a bear wedge. The rally failed to even reach that resistance zone, and now there's an ominous breakout to the downside.3....Read More
By Keith Weiner In mainstream economic thought, there is one primary way that the economy can go screwy. Prices can rise too fast, and this is called bad inflation. This is to be contrasted with good inflation, when prices are rising at the Goldilocks-just-right rate. Diehard Keynesians (and monetarists) do fret about falling prices. But as Ben Bernanke's infamous "helicopter money" speech demo...Read More
By Steve St. AngeloWhile I forecasted Negative oil prices were on their way last month, it's still SHOCKING to see it happen to such a degree. Today, the May WTIC futures contract saw the price drop to a stunning NEGATIVE $38 a barrel. Gosh, I thought we might see slightly negative oil prices, especially in the Canadian Oil Sands or Shale Oil, but I never imaged it falling to $38 with a MINU...Read More