Here are five Fastmarkets MB stories you might have missed on Thursday January 30 that are worth another look.The Wuhan coronavirus will likely influence fundamentals in China's steel market and Chinese export trends in the near future, sources told Fastmarkets this week.Zinc's weak fundamentals are finally catching up with prices, after being softened by a selloff sparked by concerns about the co...Read More
Zinc's weak fundamentals are finally catching up with prices, after being softened by a selloff sparked by concerns about the coronavirus outbreak in China.London Metal Exchange 3-month zinc futures fell on Thursday January 30 to their lowest level since July 2016, trading at $2,182 per tonne, down by 10.5% since the market opened on January 22. Cash zinc prices on the bourse were down by 11.4% ov...Read More
A mixture of fears over supply disruptions amid the Wuhan coronavirus outbreak and low stocks in Rotterdam are giving European traders enough leverage to increase their offers substantially, which has already an effect on prices.Fastmarkets' manganese 99.7% electrolytic manganese flake, in-whs Rotterdam price assessment rose to $1,725-1,800 per tonne on January 29, up by 3.7% from $1,680- 1,720 pe...Read More
The Turkish deep-sea scrap import market has gone quiet since the recent slip in prices, sources told Fastmarkets on Thursday January 30.The daily scrap indices went down by almost $10 per tonne on Wednesday, when a US cargo was heard sold at $275 per tonne cfr for HMS 1&2 (90:10).But the mills have mostly been quiet in the wake of this cargo deal, because they were still focused on rebar and bill...Read More
Japanese scrap prices continued to tumble this week, pushed down by disappointing demand in both the domestic and export markets, sources told Fastmarkets on Thursday January 30. "Steel mill production and demand in Japan is not so good, so scrap prices are decreasing, but scrap generation is also poor," one scrapyard source said "So even though the local mills' buying prices are falling, I don't...Read More
John Meyer, Sergey Raevskiy and Simon Beardsmore of SP Angel clinched the top spot on the base metals leaderboard for the Apex fourth-quarter 2019 predictions, with an accuracy rating of 99.29%, while Rhona O'Connell of INTL FC Stone came top for precious metals with a rating of 99.26%.For steel raw materials, ABN Amro's Casper Burgering topped the leaderboard with a 97.44% accuracy score.Click on...Read More
Domestic prices for hot-rolled coil have been fairly stable in the north of Europe, but the mood is positive, supported by good order books at the steel mills and a lack of competitive import offers, sources told Fastmarkets on Thursday January 30.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?467.57 ($514.66) per tonne on Thursday January 30, up by ?,?0...Read More
The Wuhan coronavirus will likely influence fundamentals in China's steel market and Chinese export trends in the near future, sources told Fastmarkets this week.Industry sources have sketched out a number of scenarios that may happen, especially if the situation becomes drawn out and restrictions on travel and transportation persist into the foreseeable future."If logistical restrictions continue...Read More
Trade disputes and geopolitical uncertainties had already made the prospects for global economic growth uncertain. A coronavirus has now added to the challenges facing financial markets.The epicenter of the virus is Wuhan, an important commercial hub in China that is home to 11.9 million people, including the country's largest student population. It is also a manufacturing hub, with around 500 fac...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday January 30 that are worth another look.The Wuhan coronavirus will likely influence fundamentals in China's steel market and Chinese export trends in the near future, sources told Fastmarkets this week.Zinc's weak fundamentals are finally catching up with prices, after being softened by a selloff sparked by concerns about the co...Read More
Domestic rebar and wire rod prices in the Turkey dropped in the week to Thursday January 30, in response to falling imported scrap prices and limited demand, sources said.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey, was 2,960-3,000 lira ($497-504) per tonne on January 30, down from last week's 2,975-3,030 lira per tonne. ...Read More
Prices for steel billet imported into Egypt dropped again in the week ending Thursday January 30 amid weak demand, sources told Fastmarkets.Egyptian rebar producers were offering rebar at E ?9,650-10,000 ($610-632) per tonne ex-works including 14% VAT, unchanged since last week.Deals were heard at these prices.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar),...Read More
The Turkish deep-sea scrap import market has gone quiet since the recent slip in prices, sources told Fastmarkets on Thursday January 30.The daily scrap indices went down by almost $10 per tonne on Wednesday, when a US cargo was heard sold at $275 per tonne cfr for HMS 1&2 (90:10).But the mills have mostly been quiet in the wake of this cargo deal, because they were still focused on rebar and bill...Read More
Japanese scrap prices continued to tumble this week, pushed down by disappointing demand in both the domestic and export markets, sources told Fastmarkets on Thursday January 30. "Steel mill production and demand in Japan is not so good, so scrap prices are decreasing, but scrap generation is also poor," one scrapyard source said "So even though the local mills' buying prices are falling, I don't...Read More
Heavy rainfall in the Brazilian southeastern state of Minas Gerais has caused interruptions for some railway operators transporting iron ore for exports, but the impact has been minimal, companies told Fastmarkets on Wednesday January 29.January 2020 has had the highest rainfall rate in 110 years, the Minas Gerais' state governor office said on Wednesday. Vale, the world's largest iron ore pr...Read More
Prices in Southeast Asia's steel billet market fell during the week to Thursday January 30 with market participants adopting a bearish outlook amid weakening ferrous scrap prices and uncertainty surrounding the coronavirus outbreak in Wuhan City, China.Nonetheless, billet demand from the Philippines is likely to remain steady until the onset of the rainy season in late May, sources told Fastmarket...Read More
Trade disputes and geopolitical uncertainties had already made the prospects for global economic growth uncertain. A coronavirus has now added to the challenges facing financial markets.The epicenter of the virus is Wuhan, an important commercial hub in China that is home to 11.9 million people, including the country's largest student population. It is also a manufacturing hub, with around 500 fac...Read More
A new book put out by a so-called economic and political expert espouses the view that narratives shape reality and perception, which to some extent is true. But listen to Charles Nenner and learn about cycles. Perhaps it's the cycle that shapes the narrative and reality. Right now the narrative is all about the Coronavirus and its impact upon the economy. But perhaps, if it wasn't the virus, it w...Read More
Slides and Sources: https://www.itmtrading.com/blog/time-...A recent IMF survey of 17 advanced economies looked at every financial crisis between 1870 through 2013 and found that there is "a strong link between inequality and financial stability."In 1971 the average wage was $9,870. In 2019 the average was $48,672 according to the BLS (Bureau of Labor Statistics). Which would you rather have? But...Read More
*This video was recorded on 1/23/20This DoubleLine Event at the Peninsula in Chicago features Jeffrey Gundlach and Jeffrey Sherman as they discuss Macro & Markets, moderated by Sam Lau.Jeffrey Gundlach is the Chief Executive Officer and Chief Investment Officer of DoubleLine Capital. He is recognized as an expert in bond and fixed income investments. His investment strategies have been featured in...Read More