The prices paid for steel rebar and billet in the United Arab Emirates continued to increase this week, although buying was moderate, market sources said on Tuesday August 11.Domestic rebarThe country's rebar producers were still offering the product at 1,770-1,773 dirhams ($482-483) per tonne ex-works for August-production orders, Fastmarkets understandsLocal producers are due to announce new reb...Read More

Domestic prices for hot-rolled coil in Northern Europe were fairly stable day on day on Tuesday August 11, due to the normal seasonal demand slowdown.But steelmakers insisted on higher offers, and deal prices were likely to rise in September, when market activity traditionally revives after the summer lull.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculate...Read More

Flat steel import prices in the United Arab Emirates and Saudi Arabia continued to increase over the past seven days, with demand better than last week, when market participants were just returning from the Eid al-Adha religious holiday, sources told Fastmarkets on Tuesday August 11.Some deals were heard for re-stocking purposes, and buyers said that more price increases were expected because of g...Read More

Offers for steel slab from the Commonwealth of Independent States (CIS) surged in the week to Monday August 10 amid supportive market fundamentals, sources said.Fastmarkets' weekly price assessment for steel slab, export, fob Black Sea, CIS was $425-430 per tonne on Monday, up from $400-405 per tonne a week earlier.One of the reasons for higher prices was the reduced availability of material amid...Read More

Turkish steel producers have slowed down their deep-sea scrap purchasing, after the domestic long steel market was affected by the weakening of the country's lira, sources said on Tuesday August 11.Mills in Turkey booked a number of cargoes last week, with the most recent transactions for material from the US and Baltic Sea at $285 per tonne cfr for HMS 1&2 (80:20).But the mills then paused their...Read More

China is turning to mergers, acquisitions and mine shutdowns to maintain its drive toward energy reform and the use of fewer fossil fuel resources.Shanxi is the country's second-largest coal-producing province. It plans to shut down 32 coal mines with total capacity for 20.74 million tonnes per year in 2020, as part of the country's drive to reduce pollution and overcapacity in the coal sector.The...Read More

Seaborne premium hard coking coal prices were relatively flat on Tuesday August 11 due to a lack of transactions, but the premium mid-volatility hard coking coal price was under pressure, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $104.51 per tonne, down $0.05 per tonne Premium hard coking coal, cfr Jingtang: $115.84 per tonne, down $0.04 per tonneHard coking coal, fob DBC...Read More

Seaborne iron ore prices rose on Tuesday August 11, with supply concerns developing because the Chinese government may extend the processing time for import licenses, while the high price for mid-grade fines has pushed mills to adjust their brand usage.Fastmarkets iron ore indices(Comparisons with August 7 due to National Day holiday in Singapore on August 10.)62% Fe fines, cfr Qingdao: $121.09 pe...Read More

Prices for seaborne iron ore concentrate and pellets went up last week amid an uptrend in the futures market, though demand remained weak, sources told Fastmarkets.Fastmarkets iron ore indices66% Fe concentrate, cfr Qingdao: $124.47 per tonne, up $9.91 per tonne65% Fe blast furnace pellet, cfr Qingdao: $131.04 per tonne, up $5.68 per tonne Key driversMarket participants said surging iron ore futur...Read More

China's domestic rebar prices rose on Tuesday August 11 to regain losses of a day earlier amid a strengthening of demand.Domestic Eastern China (Shanghai): 3,640-3,670 yuan ($523-527) per tonne, up by 30 yuan per tonneBuyers raised their procurement rates in the earlier part of the day amid rising futures. The increased demand pushed up spot rebar prices.But demand dropped in the late afternoon af...Read More

Key data from the pricing session in London on Tuesday August 11.Key driversMetal prices moved higher with prices in the $14s no longer available for either alloy-grade or standard-grade metal. Lower bids went untapped and sellers successfully raised their offer prices against a backdrop of high raw materials...Read More

The cobalt standard grade, in-whs Rotterdam trade log including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies. Fastmarkets assessed the price of cobalt standard grade, in-whs Rotterdam, at $15-15.30 per lb on Tuesday August 11, 20...Read More

The cobalt alloy grade, in-whs Rotterdam trade log including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it...Read More

Stainless steel cold-rolled sheet prices in the United States mostly moved in line with surcharges in August, with some buyers remaining on the sidelines until demand improves. Fastmarkets' price assessments for stainless steel 304 cold-rolled sheet, fob mill US and for stainless steel 304L cold-rolled sheet, fob mill US both rose by 50 cents per hundredweight to $117.50 per cw...Read More

Many Canadians are continuing to face a significant drop in their regular income due to COVID-19-related factors. To add to their worries, some government benefits — that they’ve been receiving for months — are set to end soon.The Canada Emergency Response Benefit (CERB) scheme would expire in the first week of October. The Justin Trudeau administration announced the scheme in Ma...Read More

The Canadian stock market has been resilient, despite the fear of an economic slowdown. The rising COVID-19 infections and the weak economic outlook suggest that the market could shed most of its gains. However, that is not happening, as investors’ optimism over the reopening of the economy and increase in economic activities continue to lend support and protect the downside.Amid such an env...Read More

After a stupendous bull run, gold stocks lost significant value overnight. Gold prices were up 35% year to date, and it seemed investors decided to book profits in the yellow metal. This resulted in a sell-off, as investors offloaded gold mining companies, which sent stocks spiraling downwards.Gold prices rose from $1,519.5 an ounce in December 2019 to over $2,000 an ounce in the last week. Gold p...Read More

Gold has been a superb investment in the last couple of years. Since 2019, gold fund SPDR Gold Trust has appreciated about 47% even after the latest dip.Yesterday, the gold spot price slipped 2%, SPDR Gold Trust fell 5%, and gold stocks fell even more. Here’s to name a few:Newmont stock fell +7%Barrick Gold stock fell +8%Franco-Nevada stock dropped +6%Kirkland Lake Gold stock declined +6%Wha...Read More

When it comes to gold stocks, Barrick Gold (TSX:ABX)(NYSE:ABX) is the gold standard. But as I’ve been warning investors in many prior pieces, shares look absurdly overvalued, especially given that gold prices are above and beyond that of their mid-cycle levels (around US$1,200-$1,300 per ounce).While it’s a good idea to have some exposure to alternative assets (that’s alternative...Read More

Gold was worth almost $1,920/oz on the spot market earlier, having been about $2,104/oz at this time yesterday.Producers Barrick Gold, Kinross Gold and Yamana Gold all lost 9% or more on the Toronto Stock Exchange.Silver, which this week briefly rose over $29/oz for the first time since 2013, was at $25.17/oz on the spot market at the time of writing."Some people have attributed this to the fact t...Read More