Domestic prices for hot-rolled coil in Northern Europe have dropped again due to low market activity, sources told Fastmarkets on Monday April 20.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?445.00 ($483.66) per tonne on Monday, down from ?,?453.33 per tonne last Friday.Domestic HRC prices in the region have fallen due to poor demand, and the negative price...Read More
Prices for flat steel in Russia's Central Federal District around Moscow stabilized over the past week with trading activity limited due to the Covid-19 pandemic, sources told Fastmarkets on Monday April 20.Buying in Russia's flat steel market was slow over the assessment week, with traded volumes minor amid the pandemic, sources said."The number of new orders dropped, with some buyers trying eith...Read More
Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK Canadian Insider Index continued its winning ways, adding 8 points or 1% to close at 851.33. The Index is now up almost 40% from its March lows.MACD pulled back 11.26 points to close at 21.42. RSI rose 1.41 points to 52.12.Support moves up to 778 (20-day moving average)...Read More
Defaults among overseas buyers have become a problem for Chinese steel exporters in recent weeks, with falling prices and weakening demand triggered by the Covid-19 pandemic leading to an increase in export credit insurance claims.When contacted by Fastmarkets two weeks' ago, a source at a steel mill in northern China said he was having to deal with a shipment of 5,000 tonnes of hot-dipped galvani...Read More
Both cold-heading quality (CHQ) and high-carbon (HC) wire rod prices have fallen due to declining raw material costs and a downturn in demand due to the Covid-19 pandemic, Fastmarkets has learned.Fastmarkets' price assessment for steel wire rod cold-heading quality, ddp settled at $36 per hundredweight ($720 per short ton) on Friday April 17, down by 4% from $37.50 per cwt during the previous mont...Read More
The price of steel rebar in Russia's Central Federal District around Moscow was stable week on week, while buying remained slow due to the Covid-19 restrictions, sources told Fastmarkets on Monday April 20.Activity in construction, the key rebar consuming sector, slowed down gradually, while a majority of construction sites have been closed since April 13, sources said."Only strategic projects suc...Read More
Defaults among overseas buyers have become a problem for Chinese steel exporters in recent weeks, with falling prices and weakening demand triggered by the Covid-19 pandemic leading to an increase in export credit insurance claims.When contacted by Fastmarkets two weeks' ago, a source at a steel mill in northern China said he was having to deal with a shipment of 5,000 tonnes of hot-dipped galvani...Read More
Here are five Fastmarkets stories you might have missed on Monday April 20 that are worth another look.Last month, analysts started warning that oil prices could fall below zero. On Monday, they did.Iron ore fines output at Brazil-based miner Vale fell by 18.2% year on year in the first quarter of 2020, while the company has cut its guidance of iron ore and pellet production for 2020, the company...Read More
Turkish steel producers exited the deep-sea scrap import market on Monday April 20, after booking seven cargoes last week, sources told Fastmarkets.The seven deep-sea scrap cargoes totalled almost 220,000 tonnes."I think Turkish steel producers have booked enough cargoes for now. This week will probably be slow for trading," a source in Turkey said.Another...Read More
COLORADO SPRINGS, CO, April 20, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO) (the "Company") reports preliminary consolidated production results for the first quarter ended March 31, 2020 of 10,142 gold ounces, 407,625 silver ounces and significant copper, lead and zinc. Gold Resource Corporation is a gold and silver producer, developer and exp...Read More
"After all, the chief business of the American people is business. They are profoundly concerned with producing, buying selling, investing and prospering in the world." John Calvin Coolidge Jr., American politician, lawyer, 30th President of the United States 1923-1929, Republican; 1872-1933 "The diseconomies of capitalism are treated as the public's responsibility. Corporate America skims the...Read More
By Clint SiegnerInvestment demand for physical gold and silver is unrelenting. Buying activity actually picked up slightly last week as paper gold and silver prices drifted sideways to lower.Once again, anyone simply watching the gold price on CNBC would be shocked to know just how many people are buying gold.The Fed, and the cabal of Wall Street Banks it represents, are undoubtedly relieved to...Read More
Strengths? The best performing metal this week was platinum, up 3.45 percent despite hedge funds cutting their net-long positions to an eight-month low. However, platinum mines in South Africa are to remain closed for time being. ETFs added 73,044 troy ounces of gold to their holdings in the trading session ended Thursday - marking the 19th straight day of inflows. Gold rose towa...Read More
By RambusAfter a long term bear market in most commodity related stocks we are starting to hear analyst talk about inflation. From a Chartology perspective the deflationary scenario is still in play but how much lower can this sector go? In tonights Weekend Report, I'm going to update some long term commodity charts we've been following for years to see where they are currently trading in their...Read More
By: Avi GilburtI know the title may sound unusual and almost unrealistic to those following the media cycle. With unemployment skyrocketing, GDP projections in the tank, bankruptcy expectations running sky high, and the average person on Main Street struggling terribly, how is this action even possible?So, before I outline my analysis, which is actually rather simple right now, I want to re-post...Read More
The news media and the pundits flailed around over the weekend trying to come up with reasons why the broad averages have rallied to within 10%-20% of record highs even though the global economy could be headed into a depression. ZeroHedge is usually able to provide plausible answers to such questions, but here's an attempt that fell short. It places commodity trading advisors at the center of...Read More
Today and tomorrow's close is the key to gold prices. If it falls till tomorrow then gold will move into a short term bearish phase. If not then gold prices will form a medium term bottom. Investment demand is there for gold. But investors will wait if gold prices fall today. Silver, copper and industrial metals will see higher demand from factories as more and more nations open up. World will o...Read More
Turkish domestic auto-bundle scrap prices increased over the past week due to rising imported ferrous scrap costs, sources said on Monday April 20.Deep-sea scrap import prices increased by more then $15 per tonne at the beginning of last week because of the limited supply coming from Europe and the United States, sources said.Following the upturn in the deep-sea scrap values, auto bundle scrap...Read More
China's domestic rebar prices softened on Monday April 20 on lower trading activity amid declining futures. Eastern China (Shanghai): 3,430-3,460 yuan ($485-489) per tonne, down by 20 yuan per tonneNorthern China (Beijing): 3,450-3,470 yuan per tonne, narrowed downward by 10 yuan per tonne Downtrending rebar futures sapped buying interest in the spot market, which pushed down spot prices.But...Read More