Today, the Honourable Greg Rickford, Minister of Energy, Northern Development and Mines, issued the following statement on the East-West Tie Line Project:"Ontario's Government working for the People has taken decisive action to designate NextBridge as the transmitter to build a 450-kilometer, double-circuit transmission line from Thunder Bay to Wawa, known as the East-West Tie Line Project, to ens...Read More
Domestic prices for hot-dipped galvanized (HDG) coil in Europe resumed their downward trend this week, but have now "reached the bottom," sources told Fastmarkets.Market participants said that prices moved down this week on slow trading because buyers have sufficient stocks.Demand, however, is expected to improve due to the restocking that is expected to start in February."Buyers will be maki...Read More
China's hot-rolled coil prices were unchanged on Thursday January 31, with few participants still active in both the domestic and export markets ahead of the Chinese New Year holiday next week.DomesticEastern China (Shanghai): 3,780-3,800 yuan ($563-566) per tonne, unchangedNorthern China (Tianjin): 3,720-3,740 yuan per tonne, unchangedA Shanghai-based trader said that his company sold a very smal...Read More
They say it'll generate $3.1 billion a year in sales.I think it'll be more.According to the comptroller of New York, cannabis sales in the Empire State will exceed $3 billion a year after the legalization of recreational cannabis.And if you haven't been paying attention, New York is on the cusp of legalization.During his inaugural address, Governor Andrew Cuomo pledged to legalize cannabis. He eve...Read More
Golden Rim Resources Limited (ASX: GMR), is an emerging West African gold developer, focused on its near term Kouri Gold Project, located in north-east Burkina Faso. The Kouri Gold Project contains 1.4Moz in defined Mineral Resources, with significant upside potential to grow. We learned from Craig Mackay, Managing Director of Golden Rim Resources, that they are in the process of acquiring more la...Read More
Domestic prices for hot-rolled coil (HRC) in Europe have moved down slightly over the week due to slow trading, sources told Fastmarkets."Demand is weak as buyers have enough material in stocks," a Northern European source said.In the meantime, import offers of the material have increased, mainly due to higher prices for HRC in Turkey where steelmakers increased their offers due to highe...Read More
OPEC is imploding day by day.Right now, no other catalyst weighs heavier on the 14-member oil cartel than the collapse of Venezuela's oil industry.I wish I could tell you that nobody saw this coming.Truth is, everyone did.We've seen the writing on the wall for more than a decade... ever since Hugo Ch??vez seized all oil assets held by major oil players like ExxonMobil and ConocoPhillips.This was t...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday January 31 that are worth another look.United States President Donald Trump strengthened Buy America requirements for infrastructure in an executive order on Thursday January 31, in a potential boost to domestic iron, steel and aluminium industries, among others. Lawmakers in the United States have introduced legislat...Read More
I haven't been this popular since I lived slope-side at a ski resort in Colorado. Despite the fact that I was a ski bum living in a studio apartment, Navy, high school, and college buddies traveled great distances to stay with me.Back then, I had dreams of making a living with Warren Miller. Today, my popularity has to do with puppies. I'm at that age where my offspring are seeking fulfillment in...Read More
There is a clear and well-established hierarchy of metals.And if you've ever participated in or even seen any sport or competition, you've seen an example of this ranking system:We give bronze medals for third place, silver for second, and gold for first.Why is that?Well, in short, it's an expression of real and perceived values inherent to each of the metals, including their chemical properties,...Read More
Steel billet import prices in Egypt increased this week on higher offers, and the market is expecting rebar prices to increase as well, sources told Fastmarkets on Thursday January 31.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $450-455 per tonne cfr on Thursday, rising from $425-440 per tonne cfr last week.Billet producers in the CIS were offering material to Egy...Read More
China's domestic rebar prices were unchanged for a fourth day on Thursday January 31, while export prices were also flat for a third due to little activity ahead of the Chinese New Year holiday next week. Domestic Eastern China (Shanghai): 3,710-3,750 yuan ($552-558) per tonne, unchangedNorthern China (Beijing): 3,700-3,740 yuan per tonne, unchangedTransactions were hard to come by during the day...Read More
It's that time of year again where everyone starts to think about filing their tax return.But let me ask you a simple question:Why do we pay taxes?What's the point?What is the reason for taxes?You might be thinking something like: Well, duh, Luke. Taxes obviously pay for things like roads, police, teachers, military, firefighters, libraries, park rangers, and countless other social services... don...Read More
In Switzerland, it's illegal to walk down the street smoking a joint.But that's not stopping the wealthy elite from doing million-dollar cannabis deals at this week's World Economic Forum.It is here where a select group of cannabis companies and politicians will meet for a three-hour lunch at the world-famous H??henweg restaurant, which is only accessible by cable car.While this small bit of infor...Read More
A decade ago, China quietly turned the small city of Yunfu into an alternative energy juggernaut.What was once barren hills is now an industrial park that churns out hundreds of electric cars and buses each year.You and I both know why the Chinese are concerned about air pollution.Back in October 2013, China issued its first red alert for smog, the most serious level on its air quality index.And s...Read More
The pig iron export market in the Commonwealth of Independent States (CIS) was confused by the opposing price directions taken by the raw materials and finished steel products markets during the week ended Thursday January 31.Fastmarkets' price assessment for CIS exports of high-manganese pig iron was $315-325 per tonne fob Black Sea on January 31, down from $320-330 per tonne a week before."The s...Read More
In 2008, when gasoline prices were around $4 a gallon, I went looking for a new car. "What about these Mustangs?" I asked the dealer."Take your pick," he said, while he stuffed his cigarette through the hole in the tall plastic ashtray. "These will be the last muscle cars you'll ever see. Make me an offer; we have dozens of them."No one was buying the gas-guzzlers back then because the thought was...Read More
Turkish deep-sea scrap import prices moved down on Thursday January 31 following more bookings done at slightly lower levels, sources told Fastmarkets.Four more bookings add to the 16 other bookings that have come to light this week. A steel mill in the Samsun region booked a US cargo comprising 28,000 tonnes of HMS 1&2 (90:10) and 6,000 tonnes of shredded at an average price of $316 per tonne cfr...Read More
What is the world's best long-term electricity play?It's debatable. Some people might say coal or natural gas. Others might say nuclear, solar, hydrogen fuel cells, or something else related to electricity generation.Still others might say the best electricity play isn't related to generation but instead storage. And they might say lithium batteries are the best long-term electricity play.So what...Read More
The price of palladium is breaking records.And the financial media is buzzing about the white metal.But before you get sucked into the palladium hype, there are a few things investors should know.Palladium Price 1-YearIn the past five months, palladium prices have increased by almost 60%. Yesterday, the price of palladium soared to over $1,400 an ounce, an all-time high for the metal.That's $100 m...Read More