Export slab prices from the the Commonwealth of Independent States (CIS) picked up again in the week ended Monday June 1 on a revival in demand from China, Fastmarkets has learnt.Increases in the cost of iron ore and an upswing in China's domestic hot-rolled coil market supported demand for import slab.A cargo of Ukrainian slab was reported sold to China at $385 per tonne cfr, equivalent to around...Read More
*This interview was recorded on 5/28/20Grant's Interest Rate Observer Founder and Editor James Grant and CNBC's Rick Santelli discuss the consequences of unprecedented policy.James "Jim" Grant is an American writer and publisher and the founder of Grant's Interest Rate Observer, a twice-monthly journal of the financial markets. He is the author , most recently, of The Forgotten Depression: 1921: T...Read More
During this 120+ minute interview, Jason and George discuss the moral hazard the Fed has created and how any type of deflation, especially in asset prices, seems to no longer be allowed.George has some very interesting insights he shares about the global macro situation, inflation, the Fed and gold.To wrap up the interview, Jason asks George what lessons he has learned from interviewing so many su...Read More
Jordan discusses Silver, fundamentals, key levels, potential targets and upside potential.Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association.. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for the sophisticated investor, as well as TheDailyGold Global, an add-on service f...Read More
In a Wedensday manuscript detailing how high-risk COVID-19 patients should be treated, Risch notes that the combination of hydroxychloroquine (HCQ) and the antibioticContinue...Read More
Silver futures posted a gain of nearly 24% for the month of May, the largest since 2011.Continue...Read More
China's domestic rebar prices moved up on Monday June 1 following early gains in the futures market that emerged in response to positive data on downstream demand.Domestic Eastern China (Shanghai): 3,570-3,600 yuan ($500-504) per tonne, up by 40 yuan per tonneChina's steel purchasing managers' index for May was 50.9 points, which is 5 points higher than that for April, the China Federation of Logi...Read More
The European Commission (EC) plans to replace general annual quotas for hot-rolled coil with quarterly country-specific quotas and introduce some other strict measures to existing safeguard restrictions against imported steel, Fastmarkets understands.The EC sent a notice listing the changes to the World Trade Organization on May 29. The EC initiated a second review of the existing safeguard measur...Read More
Prices in the European high-carbon and low-carbon ferro-markets increased in in the week ended Friday May 29.In high-carbon trading, industry sources reported deals agreed for more than 1,000 tonnes of alloy that raised the upper end of the price assessment. And deals for about 350 tonnes of more refined-grade material were reported, which had the same effect on the price range in that market.In a...Read More
Brazilian flat and long steel producer Companhia Sider??rgica Nacional (CSN) has halted the No2 blast furnace at its Usina Presidente Vargas (UPV) unit, aiming to adapt its steel production to weak demand conditions, the company said late on Friday May 29.The affected equipment has capacity for 1.50 million tonnes of crude steel per year. CSN did not say how long the stoppage will last. In mid-May...Read More
Here are five Fastmarkets stories you might have missed on Monday June 1 that are worth another look.Mining company Rio Tinto has apologized for destroying one of Australia's oldest Aboriginal heritage sites in order to expand an iron ore project and said that it was urgently reviewing plans at other sites in the Juukan Gorge area.Aluminium producer Norsk Hydro and battery cell maker Northvolt hav...Read More
The premium for direct-reduced (DR) iron ore pellet for the second quarter of 2020 remained provisional, and suppliers were unlikely to revise it downward retrospectively in the way that had been expected, Fastmarkets has heard.Fastmarkets' assessment of the iron ore DR-grade pellet premium to 65% Fe fines index, Middle East reference, was $31 per tonne on Friday May 29, up by $1 per tonne month o...Read More
The European Commission (EC) plans to replace general annual quotas for hot-rolled coil with quarterly country-specific quotas and introduce some other strict measures to existing safeguard restrictions against imported steel, Fastmarkets understands.The EC sent a notice listing the changes to the World Trade Organization on May 29. The EC initiated a second review of the existing safeguard measur...Read More
Fastmarkets is proposing to extend the delivery window for its aluminium P1020A (MJP) spot premium, cif Japan. The current methodology reflects cargoes sold on a cif basis for delivery to the main Japanese ports of Yokohama, Nagoya and Osaka within four weeks from the date of the transaction. Fastmarkets invites comment from market participants to determine whether extending the delivery window to...Read More
Here are five Fastmarkets stories you might have missed on Monday June 1 that are worth another look.Mining company Rio Tinto has apologized for destroying one of Australia's oldest Aboriginal heritage sites in order to expand an iron ore project and said that it was urgently reviewing plans at other sites in the Juukan Gorge area.Aluminium producer Norsk Hydro and battery cell maker Northvolt hav...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Monday June 1, needing only a further slight push to rise above $5,500 per tonne - a level it has not breached since March 11 - while a smaller-than-expected fall in US monthly construction spending also supported the base-metals complex.Copper's underlying price on the LME closed at $5,484 per tonne on...Read More
The London Metal Exchange has formally canceled this year's LME Week, which was due to take place in London later this year, "due to the Covid-19 pandemic."All of its official events related to the annual gathering will not happen this year, the exchange said in a notice to members on Monday June 1."In the interests of ensuring the safety of all attendees from across the metals industry, the LME h...Read More
Seaborne iron ore prices mostly decreased on Monday June 1 after the surge on Friday May 29, with market participants waiting for a clear trend. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $100.45 per tonne, down $1.94 per tonne.62% Fe low-alumina fines, cfr Qingdao: $103.89 per tonne, down $1.11 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $91.93 per tonne, up $4.63 per to...Read More
Sentiment in the CIS export market for steel billet improved over the weekend of May 30-31 with higher bids heard from customers in China.The increased cost of iron ore, together with an upswing in the East Asian country's domestic rebar market and production cuts planned in Tangshan province, supported interest in imported billet.Fastmarkets' daily index for iron ore 62% Fe fines, cfr Qingdao, wa...Read More
Northern European hot-rolled coil producers still face poor demand for flat steel, sources told Fastmarkets on Monday June 1.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?402.50 ($446.83) per tonne on Monday June 1, up by ?,?1.79 per tonne from ?,?400.71 per tonne on May 29.Monday's index was calculated based on the latest deals, "workable" pri...Read More