Here are five Fastmarkets stories you might have missed on Wednesday April 1 that are worth another look.Spain's Ministry of Industry, Trade & Tourism has finally confirmed the steel industry is considered "essential" and can continue operating, albeit at a slower pace, the Spanish steel distributors association, UAHE, said on April 1.Arconic Inc has completed its separation into two standalone co...Read More
Spain's Ministry of Industry, Trade & Tourism has finally confirmed the steel industry is considered "essential" and can continue operating, albeit at a slower pace, the Spanish steel distributors association, UAHE, said on Wednesday April 1.The Spanish government issued a royal decree on March 29, ordering the shutdown of all non-essential activities and businesses from March 30, with a rest...Read More
Prices for hollow steel sections in Northern and Southern Europe have moved down this week with trading activity continuing to decline, sources told Fastmarkets on Wednesday April 1.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?595-610 ($654-671) per tonne on Wednesday, narrowing downward from ?,?595-620 per tonne one week earlier."We...Read More
Turkish steel producers remained quiet in the deep-sea scrap import markets while suppliers were unwilling to sell at current price levels, sources said on Wednesday April 1.The mills were mostly shunning scrap purchases because of the coronavirus (Covid-19) outbreak, which brought steel trade to a halt and caused mills to close or cut production.After several steel mills in the Izmir region were...Read More
Prices for Japanese ferrous scrap continued to soften over the past week, but the scale of the decline was tempered by falling collection volumes, market sources told Fastmarkets on Wednesday April 1.Japanese H2 scrap prices have fallen by ?4,000 ($37) per tonne over the past seven weeks, and these weaker prices, together with slowing industrial activity due to the spread of the Covid-19 pandemic...Read More
Seaborne iron ore prices managed to stay above $80 per tonne cfr on Wednesday April 1 despite weakening from a day earlier amid a softening rebar market in China.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $82.49 per tonne, down $0.83 per tonne 62% Fe low-alumina fines, cfr Qingdao: $83.80 per tonne, down $0.28 per tonne58% Fe fines high-grade premium, cfr Qingdao: $71.48 per tonne, do...Read More
This morning we are going to look at an array of important factors pointing to another severe drop in the broad US stockmarket imminently, both factors external to it and indications on the charts for the S&P500 index (and other indices which we won't have time to look at). First it is well worth watching another classic video from Greg Mannarino posted yesterday: WOW.. ZERO Economic Activity in...Read More
COLORADO SPRINGS, CO, April 01, 2020 (GLOBE NEWSWIRE) -- via NEWWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO) (the "Company") announced today that the Mexican Ministry of Health proclaimed a national health emergency with an immediate suspension order of all "non-essential" public and private sector business in order to mitigate the spread and transmission of the COVID-19 viru...Read More
By Daniel R. Amerman, CFAWhen it comes to the recession that is being created by the pandemic lockdowns - then the U.S. government and Federal Reserve have no intention of just letting the market forces play out. Instead, the intention is to contain a potential deeper round of crisis with the most extreme interventions yet. One very real possibility is for the Fed to follow the European Central...Read More
Prices in the CIS export billet market continued to slide on Wednesday April 1, in line with lower bids received amid the reduced trading activity.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $330 per tonne on Wednesday, down by $5 per tonne day on day. This price was the lowest since October 2016.Customers in the major traditional markets such as the Middle East and Nort...Read More
Craig Hemke, TF MetalsWith mines, mints, and refineries closed around the world due to coronavirus, the demand for physical gold has blown through the roof. This has led to some drastic measures by the CME Group, which in turn may have unwittingly sealed the fate of the COMEX and the entire fractional reserve and digital derivative pricing scheme.This latest crisis began last Tuesday, when the s...Read More
By: Gary SavageThere are one of two ways this can go here, retest the lows soon and then followed by a sustained rally. Will depend on how countries implement covid response.Unemployment report on Friday. Market might get nervous into report, but odds are better that we don't undercut prior lows if we even do go down. The other possibility is..Recorded March 31, 2020https://blog.smartmoneytracke...Read More
Stewart Thomson, Graceland Updates 1. Gold is majestically postured now, because America's government and central bank continues to borrow, spend, and print money with surreal intensity.2. The light at the end of the tunnel is a stagflationary freight train.3. Please click here now. Double-click to enlarge. A beautiful inverse H&S bull continuation pattern is in...Read More
By: Ira EpsteinI was warning for an end of the quarter volatility as we finish out the first quarter. Can't wait for gold to get out of this pattern. This is where I am concerned..Read More
Reduction or normalization in gap between spot gold and Comex gold June futures is the prime reason for gold price to fall. Delivery uncertainties are over the immediate term. I expect physical gold to be in short supply this quarter. USA, UK and Europe are in a pathetic state of corona virus. India will soon become a largest home of corona virus, thanks to a Muslim congregation where hundreds o...Read More
Iranian steel billet producers have returned to the market after the Nowruz break for the country's new year celebrations, and they had new offer prices despite a state of semi-lockdown in the country due to the Covid-19 pandemic.The country's major billet producer, Khouzestan, issued a tender for 30,000 tonnes of billet scheduled for delivery in May, and claimed to have sold it at $350 per tonne...Read More
As is often the case, Jim Rickards has been one step ahead of mainstream analysts through the entire COVID-19 crisis. He predicted it would be global catastrophe in early February, well before markets caught the fever. So what does Jim see happening next? The answer is unsettling: A complete monetary system shutdown. Starting in the US. Then spreading outwards. At the end of such a scenario, the e...Read More
The Coronavirus continues to move markets around the world through the worst weeks since the financial crisis. Governments and central banks have announced hundreds of billions of stimulus packages. Is that leading to a blow-off rally? "No question that markets were overbought before", says Jim Rogers (77). The American investor thinks: "The debt is skyrocketing in the end. I can't think of a sing...Read More