Here are five Fastmarkets stories you might have missed on Tuesday February 25 that are worth another look.European steel producers, represented by regional steel association Eurofer, hope to achieve a further toughening of the region's existing safeguard measures on steel product imports, market sources told Fastmarkets on February 25.The US Midwest aluminium premium reversed a more than nine-mon...Read More
Domestic prices for hot-rolled coil in Northern and Southern Europe were fairly stable day on day on Tuesday February 25, sources told Fastmakets.Although a lack of 'workable' import offers and good order books from European mills have been supporting bullish sentiment in the market, market participants have become more concerned with the negative effects that the coronavirus outbreak in Italy mig...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia fell this week, with buyers waiting to see prices hit bottom before placing orders, sources told Fastmarkets on Tuesday February 25.Some market participants expected prices to fall because of weak demand, while others said demand could soon improve because stocks are low.UAEChinese hot-rolled coil was on...Read More
Rebar producers from the Commonwealth of Independent States (CIS) region tested higher offers in the market in the week to Monday February 24, following the surge in raw materials prices in the global market, particularly ferrous scrap, market sources said.Offers for Ukraine-origin rebar were reported within the range of $445-450 per tonne fob Black Sea, against $440 per tonne heard a week earlier...Read More
Rebar prices in the Central Federal District around Moscow, Russia, increased this week after Tula Steel announced a reduction in supplies due to a planned stoppage its main pig iron supplier, Tulachermet. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, including 20% VAT, was 33,000 rubles ($506.42) per tonne on Tuesday February 25, u...Read More
Prices for steel rebar and billet in the United Arab Emirates have gone down over the past week, but buyers expected them to fall even further because of weak demand, market sources said on Tuesday February 25.Local rebar producers announced new monthly domestic prices on February 25.Emirates Steel is now offering rebar at 1,897 dirhams ($516) per tonne ex-works, down from the previous 1,951 dirha...Read More
Turkish steel producers maintained their silence in the deep-sea scrap import market, leaving prices unchanged, sources told Fastmarkets on Tuesday February 25.Steel producers in the country booked eight deep-sea cargoes at rising prices last week, totaling some 250,000 tonnes.With last week's bookings, Turkish imports of scrap so far this month have included 21 deep-sea cargoes adding up to&...Read More
Seaborne iron ore prices were down on Tuesday February 25 amid heightened concerns about the novel coronavirus (2019-nCov) outbreak outside China and the resulting risk averse attitude of traders. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $90.83 per tonne, down $1.05 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $91.84 per tonne, down $0.98 per tonne. 58% Fe fines high-premium, c...Read More
A Pakistani mill that recently made a rare purchase of a bulk cargo of ferrous scrap from the United States West Coast will now likely buy such shipments with greater frequency, according to sources Fastmarkets spoke to.The trade - involving 30,000 tonnes of shredded scrap priced at $306 per tonne cfr Port Qasim - only came to light on Monday February 24, against the background of global economic...Read More
The CIS steel billet export market strengthened this week after higher-priced bookings came to light on Tuesday February 25.A large cargo of Ukrainian material was sold to Latin America at $402 per tonne fob Black Sea, sources said.And the same producer sold 10,000 tonnes of billet to Ethiopia at $401 per tonne fob Black Sea, they added.Fastmarkets' daily steel billet index, export, fob...Read More
Prices for steel rebar and billet in the United Arab Emirates have gone down over the past week, but buyers expected them to fall even further because of weak demand, market sources said on Tuesday February 25.Local rebar producers announced new monthly domestic prices on February 25.Emirates Steel is now offering rebar at 1,897 dirhams ($516) per tonne ex-works, down from the previous 1,951 dirha...Read More
High inventory levels weighted on China's domestic rebar market on Tuesday February 25 while concerns over overseas demand also led to a drop in export prices.Eastern China (Shanghai): 3,450-3,480 yuan ($491-495) per tonne, down 10 yuan per tonne Northern China (Beijing): 3,380-3,420 yuan per tonne, widened downward by 10 yuan per tonne A pile-up of finished steel due to weak demand and transporta...Read More
To Watch Update #31, CLICK HEREAs 19th century German philosopher Arthur Schopenhauer claimed, "All truth passes through three stages: First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as self-evident." After weeks of denial, and attacks on voices like Peak Prosperity who dared question the "Everything is fine!" narrative, world governments and their mass media partner...Read More
In February, Mohamed El-Erian, chief economic advisor at Allianz, said that he would advise resisting the temptation to buy the initial coronavirus dip. He joins "Squawk Box" by phone to discuss his position following Monday's market sell-off.Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer o...Read More
To Watch Update #30, CLICK HEREOK...despite more worldwide infections than ever, the WHO has decided to stop using the (technically very accurate) term "pandemic" to describe covid-19, presumably because they don't want to scare folks. The CDC is claiming that the US is not seeing "community level" spreading of the virus. But of course it isn't, because it's NOT testing at the community level. And...Read More
Bob Kudla joins SGT Report to discuss how the coronavirus might bring the world economy and global stock markets to their knees.Bob's website: tradegeniusacademy.comRead More
All major indexes down and looking weak.Dumb money is piling into treasuries. Safe-haven money is moving to gold.CNBC still obsessed with bitcoin. Remains silent on record breaking gold prices.Warren Buffet thinks Bitcoin is garbage and it's going to $0.Baby Boomers sowed the winds for socialism.If you thought Obama was bad with executive orders, just wait for a President Sanders.The markets will...Read More
"The U.S. economy is a giant bubble...There are some much deeper problems than the coronavirus." Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. Schiff made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted o...Read More
A prime example of how out-of-control government regulations hit small business owners the hardest. Continue...Read More
The ruling class doesn't want you to think, they want you to simply accept the nonsensical stories they tell you. By contrast, I don't want readers to blindly accept any of my conclusions, rather, I want Continue...Read More