Turkish steel mills have continued to stay away from the deep-sea scrap markets on Thursday December 19 and are focusing on finished steel sales, participants told Fastmarkets.Mills in the country went quiet earlier this week after booking two deep-sea cargoes at steady prices of $299-300 per tonne cfr for Baltic Sea-origin HMS 1&2 (80:20).The offers for deep-sea scrap then increased to $305-310 p...Read More
Ukrainian steelmaker Metinvest plans to continue cutting pig iron shipments in 2020 and to further increase its slab and steel output, sales director Dmitry Nikolayenko told Fastmarkets on the sidelines of the Middle East Iron & Steel (MEIS) conference in Dubai last week.In 2020, Metinvest's pig iron shipments will be down by about 200,000 tonnes compared with 2019, the company said.Over the first...Read More
The European steel industry has welcomed the European Commission's recently launched European Green Deal although further policy and support are required to ensure competitiveness.The European Union plans to be the first climate-neutral continent by 2050 through key policies to cut emissions and invest in research and innovation for green technologies. The decarbonization and modernization of ener...Read More
Seaborne iron ore prices experienced a slight uptick on Thursday December 19 amid ferrous futures gains in China.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $93.77 per tonne, up $0.57 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $92.86 per tonne, up $0.57 per tonne.62% Fe low-alumina fines, cfr Qingdao: $93.66 per tonne, up $0.54 per tonne.58% Fe fines high-premium, cfr Qingdao: $...Read More
Seaborne coking coal prices remained largely rangebound on Thursday December 19 despite more deals being concluded.Fastmarkets indicesPremium hard coking coal, fob DBCT: $134.12 per tonne, down $1.55 per tonnePremium hard coking coal, cfr Jingtang: $148.13 per tonne, up $0.80 per tonneHard coking coal, fob DBCT: $122.33 per tonne, unchangedHard coking coal, cfr Jingtang: $134.9...Read More
What's in store for the steel and scrap markets in 2020? There is a good mix of opportunities and threats in the global ferrous trading environment in 2020, according to five major traders with supply chains out to the far reaches of the world. China's volatile policy changes, blooming markets in South Asia, a global trade war and excess steel supply will continue to have significant sway over the...Read More
China's domestic rebar prices moved up slightly on Thursday December 19 amid rising futures after the release of data pointing to a drop in output. Domestic Eastern China (Shanghai): 3,810-3,840 yuan ($544-548) per tonne, up 10 yuan per tonneNorthern China (Beijing): 3,500-3,540 yuan per tonne, up 10-20 yuan per tonneMajor steel mills produced 3.58 million tonnes of rebar in the week to Thursday,...Read More
Spot market prices for alloy-grade and standard-grade cobalt diverged in the first half of the week. Large spot inquiries continued to materialise for certain brands and shapes of metal, though sales of off-grade units have clouded any optimism in the standard-grade market so far.Fastmarkets' price assessment for cobalt, standard-grade, in-whs Rotterdam, fell 10 cents on the high and low of the ra...Read More
Two weeks of strikes in protest against government plans to reform pension arrangements have delayed some minor metals deliveries that will now be postponed until 2020."It's very difficult to get material in and out of France and this is practically the last week of the year to ship goods to customers," a European minor metals trader said. "From next week onwards, most manufacturers close or are...Read More
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Incitec Pivot CEO Jeanne Johns told the company's annual general meeting in Melbourne, Victoria, the "accelerating adoption of premium technology by the mining industry is driving strong demand for our electronic detonators and unique emulsion delivery systems".Core business unit Dyno Nobel, which produces about 54 million pounds of packaged explosives and more than 1.2 million tonnes of ammonium...Read More
Police departments around the country are warning car owners about a resurgence in a particularly annoying and costly crime for victims: catalytic converter thefts.In the past four weeks alone, police officials in at least 11 states from Delaware to California have cautioned car owners about an increase in reports of stolen catalytic converters and offered measures to help prevent thefts. And this...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 344,49358,218114,165202,432521,051661,090693,434 Change from Prior Reporting Period 15,324-3112,756-94215,39427,13828,119 Traders 21062725555290167 Small Speculators LongShortOpen Interest 55,89723,553716,987 -154-1,13526,984 non reportable positionsChang...Read More
The gold miners' stocks have suffered a lackluster few months. That's a disheartening contrast to their powerful summer upleg on gold's bull-market breakout. While this healthy gold-stock correction likely isn't over yet, the gold miners remain very undervalued relative to the metal they produce. That means they still have massive upside left in this secular gold bull. Sentiment just n...Read More
Jordan Roy-Byrne CMT, MFTAIn recent weeks we've noted the positive developments in the gold stocks despite the sector being in a period of correction. Last week we shared the idea that the next impulsive move in gold stocks might begin when the correction in the metals ends. In this article, I'm going to share the one chart which I think will help us time that next move higher. In recent year...Read More
By: Ira EpsteinGold remains under the 18 week moving average, but had a good day yesterday..Read More
Do not think of 2020. Just focus on end January. January is significant for three reasons for financial markets (a) Trump and his impeachment proceedings (b) Chinese New year is around 25th January. Chinese retail demand numbers and Chinese demand for gold and silver will be the key. (c) Brexit and increase or decrease in global mass unrest in India, Hongkong etc. At this point all these factors...Read More
Next year's macroeconomic growth forecast will not be strong, but as long as the Federal Reserve remains accommodative, equities can remain high, this according to best-selling author Jim Rickards."[Some analysts] give recession almost a 0% chance in the next six months, and I agree with that, probably not even more than a 30% chance," Rickards told Kitco News.Jim Rickards is a lawyer, investment...Read More
Eric Sprott discusses the year end price action in the precious metals and answers listener questions regarding some specific mining companies.Eric Sprott has more than 40 years of experience in the investment industry. In 1981, he founded Sprott Securities (now called Cormark Securities Inc.), which today is one of Canada's largest independently owned securities firms. In 2001, Eric established S...Read More