Chinese hot-rolled coil exporters expressed growing concern over thin trading caused by the global spread of the novel coronavirus (2019-nCoV) on Thursday March 12, despite improved control of the outbreak within China.DomesticEastern China (Shanghai): 3,500-3,520 yuan ($503-506) per tonne, widening downward by 10 yuan per tonneNorthern China (Tangshan): 3,330-3,340 yuan per tonne, widen...Read More
Here are five Fastmarkets stories you might have missed on Thursday March 12 that are worth another look.Two more steel producers in Italy have stopped operations following the recent nationwide extension of the country's coronavirus-related quarantine area, and more stoppages were expected, sources told Fastmarkets on March 12.Ball Corporation is to acquire Tubex Industria E Comercio de Embalagen...Read More
Two more steel producers in Italy have stopped operations following the recent nationwide extension of the country's coronavirus-related quarantine area, and more stoppages were expected, sources told Fastmarkets on Thursday March 12.On March 11, Italian Prime Minister Giuseppe Conte signed a decree tightening the Italian lockdown from the conditions set out in a previous decree on March 9. While...Read More
Daniel R. Amerman, CFAThe traditional reason for investing in gold is to protect from inflation, but history shows that gold has far more valuable uses than if it were just a mere inflation hedge. In this chapter, using six stages of analysis, we will explore a powerful and highly consistent historical relationship between gold and stocks that offers investors the ability to use gold in ways tha...Read More
Stefan GleasonAs the coronavirus spreads fear, sickness, and death, a specter haunts investors - the specter of deflation.Despite central bankers' attempts to push inflation rates higher, equity and commodity markets are collapsing. Inflation expectations as reflected in tanking U.S. Treasury yields, meanwhile, appear headed toward zero - and perhaps even below."I think that we have a real dange...Read More
By: Ira EpsteinGold 18 week moving average near $1,542, trying to hold the lows here but now need to see what the market does..Read More
A USA Today headline this morning indicated that the Dow was diving as virus concerns counter hope for fiscal steps.U.S. stocks teetered on the edge of a bear market Wednesday as worries persisted over economies reeling from the coronavirus outbreak.""Concerns have grown that a prolonged outbreak may bring on a recession.""Goldman Sachs forecast that the longest ever bull market "will soon end...Read More
Dave KranzlerMake no mistake, the financial system is collapsing under one giant margin call being issued to banks and hedge funds. How big? No one knows. The Fed obviously was preparing for something when it commenced its money printing in September. But it had no idea of the scale of the underlying systemic problems. Coronavirus is not the cause of what's unfolding in the markets - it mere...Read More
David Haggith(March 11, 2020)The bear roared today, ripping the ears off everyone, as the Dow and Russel 2000 both landed more than 20% below their last peak. Their 19-session rampage landed a record as the, steepest, fastest downhill bear run in the history of the US stock market.The market's waterfall run over the cliffs now looks like El Capitan.Of course, the rise of the bear also means the...Read More
Today, after another devastating day in the markets we are going to stand back and take a "big picture" view of what is going on.This is not some ordinary run-of-the mill bearmarket that is starting here - it is the beginning of a devastating collapse that is necessary to clear the system of all the accumulated dross that has built over many years. A "reset" is an apt word to describe it.The rot...Read More
By: Ira EpsteinGold breaking below the 18-DMA with support coming in below at..Read More
Prices for imported steel billet in Egypt decreased in the week ended Thursday March 12 but demand remained soft, sources have told Fastmarkets.Some Egyptian rebar producers increased their prices on February 26.Egyptian rebar producers were still offering rebar at E ?9,600-10,100 ($610-641) per tonne ex-works including 14% VAT,...Read More
Turkish deep-sea scrap import prices have gone down in the latest deal for a Baltic Sea cargo, with steel producers still trying to cover their urgent needs with short-sea deals instead, sources said on Thursday March 12.A steel mill in the country was heard booking a Baltic Sea cargo from Poland at the beginning of the week at $273-273.50 per tonne cfr for HMS 1&2 (80:20). The cargo breakdown was...Read More
Seaborne iron ore prices moved up on Thursday March 12, with a bid for Brazilian Blend Fines coming in at $92 per tonne cfr China - lower than the previous traded price, but higher than some market participant estimates on Wednesday.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $90.75 per tonne, up $0.70 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $92.46 per tonne, up $1....Read More
China has resumed importing steel billet amid an open arbitrage window between international and domestic prices despite high levels of steel inventory within the country, sources told Fastmarkets.An Indonesian steelmaker was heard to have sold 20,000 tonnes of April-shipment 150mm billet produced using a blast furnace at $395 per tonne fob, or about $407-410 per tonne cfr China, based on an estim...Read More
Ron Struthers of Struthers' Resource Stock Report discusses the current market meltdown and the longer-term outlook for the markets and gold. Although I know of some great companies and stocks out there, it is best just to wait. Markets are going a lot lower and investors in the main indexes and techs won't have a recovery in their portfolios for many, many years. Gold is being sold down too at t...Read More
The highlights of Wesdome Gold Mines' 2019 are presented in an iA Securities report. In a March 11, 2020 research note, iA Securities analyst George Topping reported that Wesdome Gold Mines Ltd. (WDO:TSX) had "another strong year" in 2019.The analyst reviewed the highlights. Production in 2019 of 91,700 ounces (91.7 Koz) fell in the high end of guidance. Throughput was decreased but made up for b...Read More
Prices for imported steel billet in Egypt decreased in the week ended Thursday March 12 but demand remained soft, sources have told Fastmarkets.Some Egyptian rebar producers increased their prices on February 26.Egyptian rebar producers were still offering rebar at E ?9,600-10,100 ($610-641) per tonne ex-works including 14% VAT,...Read More
Genesis Metals Corp. reported it has launched phase 1 of its 8,000m diamond drilling program at its Chevrier gold project in central Quebec. Stock photoIn a news release, gold exploration company Genesis Metals Corp. (GIS:TSX.V; GGISF:OTC) announced that "it has commenced phase 1 of a staged 2020 diamond drilling program its Chevrier Gold project in the eastern Abitibi Greenstone Belt of Central...Read More
Steel billet prices in Turkey have gone down over the past week on falling steel prices and weak demand, sources said on Thursday March 12.The suppliers in the Commonwealth of Independent States (CIS) region have lowered their offers for billet to $400-405 per tonne cfr, from the $405-410 per tonne of last week.But customers in Turkey were only bidding $390 per tonne cfr for CIS billet, according...Read More