"Don't Look Back. Something Might Be Gaining on You."MMT or the Magic Money TreeA Fundamental Change in the US/China RelationshipBone-Penetrating ExhaustionMontana and Back to Puerto RicoI am back from my 14th annual Maine fishing camp and the mood was decidedly different this year. The private event at Leen's Lodge is generally called Camp Kotok in honor of David Kotok of Cumberland Advisors w...Read More
The Turkish steel producers have started what was expected to be another quiet week because of the sluggish demand for finished long steel during the summer holiday period, sources said on Monday August 19.The Turkish market and those in other Middle Eastern territories were closed August 12-15 for the Islamic Eid al-Adha celebrations, and many market participants were also away for summer holiday...Read More
Domestic auto bundle (DKP-grade) scrap prices in Turkey have fallen over the past seven days because of the weak finished steel market, sources said on Monday August 19.A number of steel mills in the country have reduced their buy prices for the material by TRY20-40 ($4-8) per tonne.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,550-1,...Read More
Imperial Metals has completed the sale of a 70% stake in its wholly-owned Red Chris copper and gold mine in British Columbia, Canada to Newcrest Mining, creating a joint venture with Newcrest as the operator.The deal, initially announced in March, aims to use Melbourne, Australia-based Newcrest's block-caving expertise to mine the deep resource beneath the current open pits and exploit high grades...Read More
A wave of risk-on is flowing through broader markets this morning, Monday August 19, on expectations that central banks will provide stimulus going forward to cushion moves toward recession.The problem is that while this may provide some relief to markets, it is only being done because the global economy is slowing and that is bad for commodity demand.Asian equites are in positive territory, led b...Read More
The entire world is on the verge of a huge upgrade...The fifth generation of wireless communication will be hundreds of times faster and handle thousands of times more data.With these speeds and capacity, 5G technology will birth a technological shift that's set to disrupt every industry on the planet.Global IT firm Teralink Solutions says:The biggest impact of 5G connectivity won't only affect th...Read More
Mirasol Resources Ltd. (TSX-V: MRZ, OTCPK: MRZLF) is a premier project generation company that is focused on the discovery and development of profitable precious metal and copper deposits, operating via a hybrid joint venture and self-funded drilling business model. Strategic joint ventures, with precious metals producers, have enabled Mirasol to maintain a tight share structure, while advancing i...Read More
Flat-rolled steel import prices were pressured further in South America during the week to August 19 on the continuing downtrend in Chinese flat steel prices and amid new discounted deals and offers in the region.There were reports of short selling in the market, while weak demand prompted more aggressive offers, according to sources. The Galvalume market was still the most dynamic in the flat-ste...Read More
China's hot-rolled coil prices gained some more strength on Monday August 19 on news of a revamp in interest rates as well as tighter steelmaking restrictions in the country's northern region.DomesticEastern China (Shanghai): 3,730-3,740 yuan ($530-531) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,730 yuan per tonne, up 10 yuan per tonnePrices in Shanghai rose as high as 3,740 yuan...Read More
High-carbon wire rod prices in the United States have fallen due to weaker market conditions, while cold-heading quality (CHQ) wire rod defied similar downward pressure to post gains alongside higher raw material costs. Fastmarkets assessed steel wire rod (high carbon), fob mill US, at $37 per hundredweight ($740 per short ton) on Friday August 16, down by 1.3% from $37.50 per cwt one month a...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 CIN rolled over and tumbled 22.67 points or 2.1% to close at 1071.01. The Index has now fallen over 44 points in three weeks. MACD dropped 0.7 points to -4.45 points. RSI slipped 3.46 points to 33.12. If there was a positive to point out, it is that RSI went sub 30 and...Read More
Egypt's Administrative Court has once again postponed its session to discuss the country's import safeguard duties, but did not indicate any reason for the delay, Egyptian sources told Fastmarkets on Sunday August 18.The session had originally been scheduled for August 4 but was postponed to August 17. It will now be held on August 24.In April, Egypt imposed a temporary additional import duty on r...Read More
China's domestic rebar prices increased on Monday August 19 amid rising futures stimulated by plans unveiled by the central Chinese government to lower borrowing costs for companies.Domestic Eastern China (Shanghai): 3,700-3,730 yuan ($525-530) per tonne, up 30 yuan per tonneNorthern China (Beijing): 3,620-3,640 yuan per tonne, up 10 yuan per tonneChina will implement "market-oriented reform measu...Read More
The Turkish steel producers have started what was expected to be another quiet week because of the sluggish demand for finished long steel during the summer holiday period, sources said on Monday August 19.The Turkish market and those in other Middle Eastern territories were closed August 12-15 for the Islamic Eid al-Adha celebrations, and many market participants were also away for summer holiday...Read More
Domestic auto bundle (DKP-grade) scrap prices in Turkey have fallen over the past seven days because of the weak finished steel market, sources said on Monday August 19.A number of steel mills in the country have reduced their buy prices for the material by TRY20-40 ($4-8) per tonne.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,550-1,...Read More
Seaborne iron ore prices retreated on Monday August 19 amid lingering pessimism reflected by futures losses.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $88.40 per tonne, down by $1.17 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $88.78 per tonne, down by $1.17 per tonne. Fastmarkets' index for iron ore 62% Fe low-alumina fines, cfr Qingdao: $88...Read More
Import prices for steel slab in Southeast Asia and East Asia tumbled over the past week after producers accepted lower prices amid a bearish sentiment in the downstream flat steel markets, sources said on August 19.For instance, a flurry of short-selling activity has applied downward pressure to hot-rolled coil prices in Vietnam, with India-origin HRC actively trading due to sluggish demand in its...Read More
China's domestic rebar prices increased on Monday August 19 amid rising futures stimulated by plans unveiled by the central Chinese government to lower borrowing costs for companies.Domestic Eastern China (Shanghai): 3,700-3,730 yuan ($525-530) per tonne, up 30 yuan per tonneNorthern China (Beijing): 3,620-3,640 yuan per tonne, up 10 yuan per tonneChina will implement "market-oriented reform measu...Read More
StrengthsThe best performing metal this week was palladium, up 1.88 percent, despite hedge funds cutting their net bullish positions to a 10-week low. Gold bulls outnumbered the bears in the weekly Bloomberg survey of traders and analysts for a second week as the metal notches a third weekl...Read More
"A severe depression like that of 1920-21 is outside the range of probability." The Harvard Economic Society, Nov. 16, 1929 "In an economy that is overleveraged to historic proportions, economic stimuli will not do the trick." Kenneth Eade, American attorney, environmental and political activist, author political and legal thrillers, from Terror on Wall Street, a Financial Metafiction Novel; b....Read More