The price of alloy steel scrap in the UK and Europe increased this week with tight supply outweighing low demand, Fastmarkets heard on Friday April 24.Both supply and demand in the stainless steel scrap markets have decreased substantially because of the Covid-19 pandemic and the measures taken to combat it.Initially, there were fears of a collapse in the downstream stainless steel market, which.....Read More

The inter-merchant spot price for light iron scrap in the UK has been stable over the past week amid quiet trading activity, while tracking a similar trend in European export markets to Turkey and the Indian subcontinent, sources said on Friday April 24.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, was ?50-60 ($62-74) per tonne on Ap...Read More

Base metals prices were mixed this morning, Friday April 24, after markets had to absorb weak flash purchasing managers' index (PMI) data on Thursday, especially in the services sector where readings were 11.7 in the European Union and 27 in the United States, while manufacturing readings were also weak. Broader markets were for the most part weaker this morning with losses seen in Asian-Pacific a...Read More

Share this articleBarrick Gold Corp. says it will pursue all legal avenues to prevent what it's calling the "nationalization without due process" of its Porgera gold mine in Papua New Guinea.Barrick, the operator, and Zijin Mining Group of China each own 47.5 per cent of the open pit and underground gold mine.In a news release, Barrick says it applied for an extension of its special mining lease...Read More

Today is Thursday, April 23, 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 $1,735.65. It's up 0.18% from yesterday and up 36....Read More

Ubique Minerals (CSE: UBQ, OTCMKTS: GRNBF) is a zinc exploration company, focused on further exploring and developing their Daniel's Harbour zinc properties, strategically situated in Newfoundland, Canada. We learned from Dr. Gerald Harper, Director and CEO of Ubique Minerals, that Daniel's Harbor is a past-producing, very high-grade zinc mine that produced eight million tons of premium zinc conce...Read More

Today is Thursday, April 23, 2020, and this is your daily energy stocks roundup. Today we're looking at the valuations of Baker Hughes (NYSE: BKR), QEP Resources (NYSE: QEP), and Green Plains Partners LP (NASDAQ: GPP).Baker Hughes (NYSE: BKR)Baker Hughes (NYSE: BKR) is a $13.98 billion company today with a one-year return of -51.17%. Let's look at its price-to-earnings (P/E) ratio, its enterprise-...Read More

An overview of the battery raw materials markets and their price moves from the past week.Read More

Gold bulls rejoice!Bank of America just increased its 18-month price target for gold to $3,000 an ounce in a report this week titled, "The Fed Can't Print Gold."Analysts at BOA were already calling for higher gold prices, forecasting a record $2,000 per ounce. But due to an extreme amount of stimulus from central banks around the world stemming from the COVID-19 response, BOA now predicts the gold...Read More

The United States and European lithium carbonate price fell by 2.6% in a market plagued by coronavirus-related shutdowns, with suppliers there turning to the seaborne Asia market to offload stocks.European, US lithium suppliers targeted Asian seaborne market, pulling down an already weak spot carbonate price there.  Chinese domestic prices stabilized, with market focus turning to the latest N...Read More

China will cut its new energy vehicle (NEV) subsidies progressively between 2020 and 2022, with a 10% reduction planned for this year, the country's ministry of finance announced on Thursday April 23.Compared with the 50% cut to subsidies in 2019, future reductions in principle will be done so at a slower rate of 10% in 2020, 20% in 2021 and 30% in 2022.This comes after Chinese Premier Li Keqiang...Read More

Global markets are contracting in the face of the Covid-19 pandemic, and the prices for flat steel products continue to retreat, with prices for coated steels down by a further 5% since late March in most of the markets that Fastmarkets tracks.The latest edition of Fastmarkets' Galvanized Steel and Tinplate Market Tracker, for April 2020, is now available to view.Further price falls are almost cer...Read More

Domestic hot-rolled coil prices in Northern Europe fell on continuing bearish sentiment, sources told Fastmarkets in Friday April 24.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?443.13 ($478.42) per tonne on Friday April 24, down by ?,?3.87 per tonne from ?,?447.00 per tonne on April 23.Official offers have been heard at ?,?455-465 per tonne ex-works, ...Read More

Anemic demand stemming from the Covid-19 pandemic resulted in another round of import price decreases for flat-rolled steel in South America, with the majority of customers reported as skipping orders for June shipments, market sources said."There is no market right now, no matter the price I offer," a Brazil-based trader source said."Most South American importers are out of the market at the mome...Read More

Apparent steel consumption in Brazil totaled 1.61 million tonnes in March 2020, falling by 11.1% from 1.82 million tonnes in the corresponding month of 2019, the national steelmakers' association, Instituto A??o Brasil, said on Friday April 24.Aside from December, which is a traditionally weaker month for steel demand because of holidays, this was the lowest figure reported since January 2019. Som...Read More

More Italian steel producers restarted their operations in the week ended Friday April 24, but one French flat steel producer plans to temporarily idle its remaining equipment, Fastmarkets has heard.European steelmakers have been reducing output and temporarily idling equipment due to the poor demand resulting from lockdown orders and other quarantine measures implemented across the region with th...Read More

Gold COT Report - FuturesLarge SpeculatorsCommercialTotalLongShortSpreadingLongShortLongShort282,26332,69240,929116,808396,881440,000470,502Change from Prior Reporting Period -4,354-1,4247,591-31-3663,2065,801Traders19960705759287160 Small Speculators (C) GoldSeek.com LongShortOpen Interest 53,15822,656493,158 -13-2,6083,193 non reportable positionsChange from the pre...Read More

By Mike Gleason The metals complex showed relative stability this week as the oil market suffered a historic meltdown. West Texas Intermediate Crude crashed 70% at one point this week on the continuous contract, bringing prices briefly below $7 per barrel. By Thursday, prices were trading between $14 and $18 per barrel. The volatility on the May futures contract was even more extreme. On Monda...Read More

The gold miners' stocks surged to a major bull-market breakout this week! Powering decisively above their years-old secular resistance is a hugely-important technical event. It proves this gold-stock bull is alive and well, greatly improves sentiment, and puts this high-flying sector on countless more traders' radars. New bull highs fuel self-feeding bullish psychology, as speculators and...Read More

By Hubert Moolman 24 April 2020 After a more than 50-year bear market in gold stocks, things are coming together to create virtually perfect conditions for gold stocks. Gold prices are at (or near) all-time highs in most currencies, and will likely continue to rise over the coming years. Commodity prices are at lows and still falling. Deflationary pressures are enormous and will likely persis...Read More