The price of steel rebar in the Italian domestic market was lower this week because of concerns that the coronavirus (2019-nCoV) outbreak will significantly and negatively affect the economy, sources told Fastmarkets on Wednesday March 4. "The market in Italy is quiet and coronavirus is going to stop the economy," one distributor said. The construction industry has not slowed, but buyers are actin...Read More
Here are five Fastmarkets stories you might have missed on Wednesday March 4 that are worth another look.Brazilian mining company Vale has decided to halt operations indefinitely at its Fazend??o iron ore mine in the south-eastern state of Minas Gerais, after an expansion permit was revoked in February by the local environmental development council.Market participants avoided sending aluminium fro...Read More
There were new bookings reported in the Turkish deep-sea scrap market on Wednesday March 4, with steel mills expected to hold out until the end of the week, sources told Fastmarkets.The steel mills went quiet at the start of last week, after buying around 750,000 tonnes in February with no new cargoes booked so far in March.The last cargo reported sold, was on Monday February 24,&nb...Read More
Weaker domestic demand and a number of traders in short-selling positions have led to a drop in Japan export scrap prices over the past week, market sources told Fastmarkets.Lower offer prices from Japanese exporters resulted in increased sales activity from the country to South Korea and Taiwan during the week.Fastmarkets' price assessment for steel scrap H2 export, fob main port Japan, was ?23,...Read More
By: David HaggithThe Federal Reserve on Tuesday gave the market a double-dose of exactly what it thought the market needed, and the market just about died! On the theory that, if a little is good, more is better, the Fed gave a double cut of interest. It did not go as planned.At first, the medicine hit like nitroglycerin tablets, and the patient's heart leaped. You can see how instantly the pati...Read More
Oops, the coronavirus expanded into a bubble of illness and deaths. Like all bubbles, financial or otherwise, this one will expand, burst, collapse and cause collateral damage. When will the "everything" bubble collapse? When will the coronavirus be contained? How much damage will these bubbles inflict upon the economy, people and personal savings? We don't know. Stay tuned.BUBBLES IN THE PAST...Read More
Avi GilburtEarly Tuesday morning, I put out an update to our members that noted that the 3135 region as the top of our resistance region, which can point us lower once struck.Now, we all know that the "surprise" rate cut by the Fed should have been viewed as a positive to the market. In fact, most expected the Fed to act soon, and were certain how this would send the market soaring again.Howeve...Read More
In the latest update to the Rick's Picks home page, I've revised an interest rate forecast for the 30-year bond to better sit down for this 0.73%. This is an implied recession/depression away from the current 1.60%, so you may want to jot the new number down. I got a wake-up call on this from my friend Doug Behnfield, whose name will be familiar to anyone who has followed Rick's Picks for...Read More
Trading activity in the Iranian export billet market was limited in the week to Wednesday March 4 because of a mismatch between mills' offer prices and the bids placed by customers.Iranian billet producers continued to insist on export offers at $390 per tonne fob, referring to strong demand in the domestic market.The increased demand seen in the local market in recent weeks was the result of the...Read More
Steve St. Angelo, SRSrocco Report The Fed injected a record amount of liquidity this morning via its Repo Market Operation to supply dealers in the interbank market. While investors may be reassured by the huge 1293 point rally on the Dow yesterday, the global contagion and its impact are just beginning. Don't be surprised to see a 40-50% correction in the Dow Jones over the next month. I'...Read More
Reduction in interest rate differential (after the Federal reserve interest rate cut of 0.50%) has resulted in US dollar index falling and gold/silver prices rising. Copper and crude oil are firm on hopes that negative economic impact will be short lived. All monetary measures will be useless in the very short term by central banks if the corona virus infects more and more people worldwide. Last...Read More
China's domestic rebar prices were mixed on Wednesday March 4, with those in the east of the country edging higher while those in the north moved down slightly on different trading activity.Eastern China (Shanghai): 3,420-3,440 yuan ($493-496) per tonne, narrowed upward by 20 yuan per tonne Northern China (Beijing): 3,280-3,320 yuan per tonne, down 10-20 yuan per tonneIn eastern China, some tradin...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday March 4. Key drivers: Prices move into March unchanged after four weeks, although participants report signs of renewed demand for second-quarter settlements from consumers in the steel sector.European suppliers expected to push...Read More
The Chinese ferro-silicon price continued to fall in the week to Wednesday March 4 due to high stocks and worsening magnesium price performance. Fastmarkets' price assessment for ferro-silicon 75% Si min, in-whs China was 5,800-6,000 yuan ($837-866) per tonne on Wednesday, down by 7.6% at the midpoint from 6,300-6,400 in the previous week. "The price has fallen back to where it was before the...Read More
The results should expand the resource and extend the mine life of the project co-owned by MAG Silver. JuanicipioIn a news release, MAG Silver Corp. (MAG:TSX; MAG:NYSE A) announced results from its 2019 diamond drill program at the Juanicipio property in Mexico.MAG owns 44% of Juanicipio, and Fresnillo, the operator, owns 56%.The 28-hole, 33,864-meter (33,864m) program expanded and upgraded the w...Read More
A buildup of manganese ore at Chinese ports is set to escalate in the coming weeks when a jump in fresh imports adds to a spillover of material into minor ports, manganese market sources predict. Manganese ore stocks in main Chinese ports stand at 4.64-4.85 million tonnes according to Fastmarkets' latest assessment on Monday March 2, compared with 4.52-4.64 million tonnes at the end of 2019....Read More
All three indexes bounced back with wins of 3.5% or moreThe Dow roared back to life today for an 1,173-point win that erased yesterday's sell-off. The blue-chip index took its cues from the political arena today, after former Vice President Joe Biden surged ahead of Senator Bernie Sanders in the wake of a resoundingly successful Super Tuesday. Wall Street also got a late-afternoon boost after Cong...Read More
Kroger is expected to reveal its fourth-quarter report before the open tomorrowWith fourth-quarter earnings due out before the open tomorrow, March 4, the shares of grocery store chain Kroger Co (NYSE:KR) are climbing higher, up up 3.4% at $30.33 at last check. This is due in part to Morgan Stanley's price target hike by $1 to $28 -- a slight discount to current levels. Today's pop places KR right...Read More
Upbeat jobs and manufacturing data are powering Wall Street today tooThe Dow Jones Industrial Average (DJI) is in the midst of a substantial rally today, thanks to political tailwinds created by former Vice President Joe Biden. His slew of Super Tuesday primary victories last night puts him ahead ofSenator Bernie Sanders in the delegate count, and healthcare stocks like UnitedHealth (UNH) are boom...Read More
MKM Partners is dismissing concerns over Cronos' delayed earnings report Cronos Group Inc (NASDAQ:CRON) is pushing off yesterday's two-year low of $5.14, up 3.2% at $5.49, after MKM Partners lifted its rating to "buy" from "neutral." The analysts' upgrade comes one day after the weed specialist said it would delay its fourth-quarter earnings report, garnering a downgrade from Stifel. MKM, however,...Read More