Domestic long steel prices in Turkey have increased once again on the back of a weaker Turkish lira and costlier scrap, despite a decline in demand, sources told Fastmarkets on Thursday April 16.Turkish deep-sea scrap import prices had increased once again on Tuesday April 14 because of the reduced supplies coming from Europe and the United States. The daily scrap indices went up by more than...Read More
Brazilian mining output fell by 16.96% year on year in the first quarter of 2020, due to heavy rains and the impact of the global response to the Covid-19 pandemic, according to data released by the country's national mining institute Ibram. Total mine output reached 220.44 million tonnes in the January-March period, Ibram said on Wednesday April 15, compared with 265.45 million tonnes i...Read More
Turkish steel mills have continued to book deep-sea scrap, leaving prices fairly stable on Thursday April 16.A steel mill in the northern Turkey booked a US cargo late on Wednesday, comprising 20,000 tonnes of HMS 1&2 (90:10) and 10,000 tonnes of plate and structural scrap (P&S) at an average price of $262 per tonne cfr. This would put the HMS 1&2 (80:20) price...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.While downward pressure mounts on the steelmaking raw material markets, premiums for higher-grade iron ores have been sustained despite narrowing operating margins at Chinese steelmakers. Chinese mills are operating with shrinking margins since the end of last year but the premium for high-grade ores remains high. Historical...Read More
By Daniel R. Amerman, CFATwo extraordinary and unprecedented actions are being taken in the attempt to contain the economic damage from the national shutdown, and thereby attempt to prevent a depression. Each are on a scale we have never seen before, and each are almost certain to be very long lasting. Even if the actions are "successful" - a depression is prevented and a severe recession is sho...Read More
By Stefan GleasonThe metals markets are being pulled in multiple directions simultaneously like never before. The global virus-triggered economic freeze has caused industrial demand for all commodities to crater.At the same time, mining output is also crashing as virus fears force many mines around the world to suspend operations.What is the "right" equilibrium price for copper, silver, gold, an...Read More
Wednesday's session played out as a range day. Most of the downside action occurred during Tuesday night, and Wednesday's regular trading hours were spent bouncing from our key support zone in the 2750 area back to the middle of the range towards 2785/2800 on the Emini S&P 500 (ES). As we demonstrated in real-time in our ES Trading Room at ElliottWaveTrader, it was just a textbook feedback l...Read More
By: RambusI would like to show you some very long term charts for the PM complex I used to look at the big picture and big reversal patterns. I like to use the quarterly line chart as it takes out much of the noise a quarterly bar chart can make. A quarterly line chart only uses the quarterly close so the symmetry isn't there but the big reversal patterns still show up. Also I will switch back t...Read More
By: Ira EpsteinMasks are here for long to come. See what the Presidential briefing says. In Gold, Higher-highs, higher-lows. Support for June above $1670..Read More
By: Gary SavageI warned several weeks ago that this would be a V-shaped recovery followed by a regression to the mean. Every Central Bank around the world..Gary Savagehttps://blog.smartmoneytrackerpremium.com/Read More
Prices for imported steel billet in Egypt increased in the week to Thursday April 16, but market activity remained weak because of the response to the Covid-19 pandemic, sources told Fastmarkets.Demand is weak, and buyers have little interest in placing new orders since Egypt's Ministry of Trade and Industry announced a six-month delay to the proposed reduction in safeguard duties o...Read More
The price for Iranian steel billet exports continued to climb in the week to Wednesday April 15, supported by price rises in other markets which have followed the recent surge of scrap costs globally.Fastmarkets' weekly price assessment for steel billet, export, fob ports Iran, was $340-350 per tonne on April 15, narrowing upward by $10 per tonne.A cargo of Iranian billet was sold to Southeast Asi...Read More
China's domestic rebar prices were flat on Thursday April 16 although futures strengthened following word that Tangshan would likely impose restrictions on blast furnaces.Eastern China (Shanghai): 3,430-3,460 yuan ($486-490) per tonne, unchangedNorthern China (Beijing): 3,430-3,460 yuan per tonne, unchangedTrading activity was stable in the morning, which kept rebar prices unchanged.Some sellers r...Read More
*This interview was recorded on March 30, 2020Nassim Taleb, New York University distinguished professor of risk engineering, says a "white swan" event like the coronavirus pandemic was preventable."They're not bailing YOU out, they're bailing out investors and corporations...they are bailing out those who did not have a buffer."Nassim Taleb spent 20 years as a derivatives trader and, after closing...Read More
Here are five Fastmarkets stories you might have missed on Thursday April 16 that are worth another look.Toyota plans further cuts to output at its automotive plants in Japan in response to the Covid-19 pandemic, but has also pledged to support ventilator producers in the fight against the rising infection and death rates.Chinese stainless steel producers have withheld their offers since late last...Read More
Mining operations in South Africa may now operate at a reduced capacity of not more than 50% during the country's lockdown and can apply to restart and increase production beyond this level, according to a government minister. Dr Nkosazana Dlamini Zuma, South Africa's minister of cooperative governance and traditional affairs, said approvals will come from the minister of mineral resources and ene...Read More
Chinese stainless steel producers have withheld their offers since late last week and this has resulted in a recent surge in prices, multiple sources told Fastmarkets this week. Stainless steel mills including a major privately-held steelmaker resorted to a supply shock to arrest a rapid decline in prices after futile attempts to court customers with price discounts, a stainless steel trader in no...Read More
Great Panther Mining's activities during the year's first quarter are summarized in a ROTH Capital Partners report. In an April 13 research note, ROTH Capital Partners analyst Jake Sekelsky reported that Great Panther Mining Ltd. (GPR:TSX; GPL:NYSE.American) had strong Q1/20 production with limited effects from the COVID-19 pandemic.Sekelsky reviewed what the precious metals miner accomplished du...Read More