India has announced that it will extend its countrywide lockdown under the Covid-19 pandemic for a second time, but the creation of high- and low-risk zones in the country has meant that some steel producers were now increasing production levels once more.Indian steelmaking giant JSW has started to ramp-up steel output again after receiving government approval and instituting social-distancing pro...Read More
Singapore's rebar import market continued to see limited trading activity in the past week due to an extension of Covid-19 measures.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) import, cfr Singapore, which mainly looks at cargoes sold into Singapore on a theoretical-weight basis, was $390-410 per tonne on Monday May 4, unchanged from a week earlier.Singapore has extended...Read More
Here are five Fastmarkets stories you might have missed on Monday May 4 that are worth another look.Flat-rolled steel import prices were mostly stable week on week in South America on Friday May 1, after deals became scarce and negotiations for June-shipment cargoes finished with low interest from clients.The European Commission's (EC) antitrust authorities granted Europe's largest copper smelter...Read More
TECHNICAL SCOOPCharts and commentary by David ChapmanChief Strategist, Enriched Investing Inc.Phone: 416-523-5454 Email: david@davidchapman.comdchapman@enrichedinvesting.comTwitter: @Davcha12May 4, 2020 "COVID-19. A pandemic or a surveillance and banker's dream? Anthony T. Hincks, aka Anthony Hawes, author, An Author of Life, Volume 1, and many more "Who benefits from all the money that is b...Read More
The Turkish deep-sea scrap import market opened the week quietly on Monday May 4 after an expected drop in prices late on Friday May 1, sources told Fastmarkets.On Friday, a steel mill in the Iskenderun region booked a European cargo comprising 17,000 tonnes of HMS 1&2 (80:20) at $236 per tonne cfr, and 7,000 tonnes of bonus at $246 per...Read More
Gold will remain firm on restarting US China trade tensions. Pre USA presidential drama has started. Trump has started blaming china for corona virus. Trump has restarted the trade war. The trade war is a political drama by Trump to divert mass attention from late reaction to CVOID crisis. There will be more such politically motivated things by Trump. Gold will remain firm till November. There c...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.The first quarter continued the trend of 2019 - for China to actively import relatively cheap metallics and semi-finished steel - but can this be sustained? The answer to this question will come down to the price competitiveness of the products, we believe. One additional incentive to continue to import metallics this year -...Read More
Brazilian slab export prices narrowed upward in the week to Friday May 1, with producers trying to push offers higher amid lower global slab supply.Fastmarkets' weekly assessment for steel slab export, fob main port Brazil, moved up by $10 on the low end to $330-345 per tonne, from $320-345 per tonne a week earlier.Offers from Brazil to Asia were reported within the range of $330-335 per tonne fob...Read More
Allianz Chief Economic Advisor, Mohamed A. El-Erian discusses the impact the coronavirus has has on the economy, the government's fiscal and monetary response and why the worst is not over.Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer of PIMCO, a global investment firm and one of the world...Read More
Import prices for steel slab in Southeast Asia and East Asia fell slightly over the past week amid sluggish trading activity.Market participants were also concerned about a decline in downstream hot-rolled coil prices.Fastmarkets' price assessment for steel slab imports, cfr Southeast Asia and East Asia was $345-355 per tonne on Monday May 4, down by $5 per tonne from $350-360 per tonne a week ear...Read More
Great Bear Resources finished drilling one-third of the planned holes for the LP Fault at its project in Ontario. Great Bear Resources Ltd. (GBR:TSX.V; GTBDF:OTCQX) announced in a news release the latest results from the LP Fault at its Dixie project in the Red Lake District of Ontario."As we approach the one-year anniversary of the discovery of the LP Fault and our 100th drill hole into this tar...Read More
Technical analyst Clive Maund charts the markets and discusses what he believes is ahead for stocks, the dollar and commodities. Notwithstanding the Fed's seemingly limitless ability to create money to throw at the stock market, which has caused it to rally in recent weeks in the face of a dead economy and apocalyptic jobs data and earnings, etc., all the charts we are going to look at here point...Read More
Sector expert Michael Ballanger reflects on how Rodney Dangerfield's famous one-liner applies to today's gold market. Rodney Dangerfield Wikimedia CommonsIn March 1967, for most of the adult population in North America, the most popular comedians were almost all television series personalities, such as Carol Burnett, Buddy Ebsen and Dick Van Dyke. These stars were the softcore comics enjoyed by...Read More
Pretium Resources' flagship mine continues to generate free cash flow. Pretium's Brucejack MinePretium Resources Inc. (PVG:TSX; PVG:NYSE) announced in a news release its Q1/20 results.With operations unaffected by COVID-19, according to the company, Pretium produced 82,888 ounces of gold at its Brucejack mine at an all-in sustaining cost (AISC) of $996 per ounce of gold sold. The number of tons m...Read More
Lion One Metals plans to have three rigs at work there during the dry season. In a news release, Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX) announced that three diamond drill rigs are being mobilized for the planned 2020 dry season exploration program at its Tuvatu gold project on Fiji. The aim of the upcoming drill program is to further confirm presence of a large-scale alkaline gold system w...Read More
Megastar Development agrees to extend the due date of the final payment until year-end 2020. In a news release, Megastar Development Corp. (MDV:TSX.V; MSTXF:OTC; M5QN:FSE) announced it amended its 2017 agreement that affords DeepRock Minerals the option to purchase a 50% interest in Megastar's Ralleau zinc-copper-silver property in Quebec's Abitibi Greenstone Belt.The companies made two changes t...Read More
Newrange Gold is preparing to restart operations as soon as COVID-19 restrictions are eased. In a news release, Newrange Gold Corp. (NRG:TSX.V; NRGOF:OTC) provided an update on operations at its Pamlico project in Nevada and its North Birch Project in Ontario, both of which continue to be affected by COVID-19 mandates.With the prospect of those restrictions being lessened in the near future, the...Read More
Big gains for the tech sector helped Wall Street pare steep lossesThe Dow pared a 250-point deficit at its session lows to finish marginally higher in the final minutes of trading. The S&P 500 and Nasdaq also clawed their way into the black, brushing off anxieties over newly bubbling tensions between the U.S. and China, as well as a dismal day for the airline sector. Big tech appears to have saved...Read More
Options bears are targeting AAL and DAL as the air line sector sells off The airline sector is reeling today, and dragging the broader market down with it, following Warren Buffet-owned Berkshire Hathaway's (BRK.A) decision to drop all of its airline sector holdings. This includes Delta Air Lines, Inc. (NYSE:DAL) and American Airlines Group Inc (NASDAQ:AAL). The news has sparked wild trading in th...Read More
AAPL sports attractively priced options to bootThe 20 stocks listed in the table below have attracted the highest weekly options volume during the past 10 trading days, with data courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Stocks highlighted in yellow are new to the list. One name that sticks out in particular is FAANG name Apple Inc (AAPL). Below, we'll take a closer look at...Read More