The UK's Insolvency Service has made contact "with more than 80 potential trade purchasers" interested in buying troubled UK long steel producer British Steel, it said on Tuesday May 28.Sixty of the potential bidders have been sent non-disclosure agreements, with official expressions of interest due by early June, the UK's Official Receiver, part of the UK's Insolvency Service, said.British Steel...Read More
Turkish domestic ship scrap prices have inched up over the past week, while auto bundle scrap prices have remained largely stable, sources said on Tuesday May 28.Only one steel mill in the Izmir region raised its buy price for ship scrap last week, by $3 per tonne to $295 per tonne, in line with the increasing imported scrap values.So Fastmarkets' weekly price...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreRio Tinto, Beijing Iron Ore Trading Center (Corex), 170,000 tonnes of...Read More
Seaborne iron ore prices corrected down on Tuesday May 28 after Monday's surge, amid a retreat in futures and steel prices.MB 62% Fe Iron Ore Index: $106.11 per tonne cfr Qingdao, down $2.51 per tonne. MB 62% Fe Pilbara Blend Fines Index: $104.59 per tonne cfr Qingdao, down $2.22 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $109.52 per tonne cfr Qingdao, down $1.83 per tonne. MB 58% Fe Premium...Read More
The seaborne coking coal market showed some signs of weakness on Tuesday May 28, with supply outpacing demand in the fob Australia premium segment, even though prices for China-bound cargoes appeared to hold up.A July-laycan cargo of second-tier hard coking coal was traded at $197.05 per tonne cfr China. The transaction is part of a term contract, according to various sources.This is down $0.95 pe...Read More
Brazil's Vale has appointed Marcello Spinelli as executive director of ferrous and coal, the miner said on Monday May 27.He replaces Claudio de Oliveira Alves, who had been acting as interim executive director for the last three months after his predecessor Gerd Peter Poppinga stepped down along with other Vale's top executives following a tailings dam disaster in Minas Gerais state.The collapse o...Read More
Chinese mills lowered their export offers for hot-rolled coil on Tuesday May 28 to generate interest after a recent lack of activity in the market, both at home and abroad.DomesticEastern China (Shanghai): 3,990-4,000 yuan ($578-580) per tonne, down 10-20 yuan per tonneNorthern China (Tianjin): 3,900-3,910 yuan per tonne, unchangedA Hangzhou-based trader said trading activity remained thin during...Read More
China's rebar prices were largely flat on Tuesday May 28 in both the domestic and export markets amid the mild movements of the long steel product's futures contract. Domestic Eastern China (Shanghai): 4,000-4,050 yuan ($580-587) per tonne, unchangedNorthern China (Beijing): 3,920-3,970 yuan per tonne, widened downward by 10 yuan per tonneDespite the steady price increases for iron ore in the past...Read More
Base metals prices on the Shanghai Futures Exchange were split into two camps during morning trading on Tuesday May 28, with a stronger dollar and comments from US President Donald Trump suggesting the US was "not ready" to make a trade deal with China pressuring the complex."D-day is approaching for increased tariffs on trade between the US and China, with no signs of capitulation from either sid...Read More
Benchmark cobalt prices edged lower again at the end of last week after some sellers cut their offers to secure larger tonnage inquiries after an early start to the quieter summer period. Fastmarkets MB assessed the standard-grade cobalt price at $16-16.55 per lb, in-warehouse, on Friday May 24, down from $16.20-16.75 per lb on May 22. Buying from consumers has tailed off in the past few weeks, an...Read More
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On May 27, Portofino Resources (TSX-V: POR) announced initial sampling results at its Yergo lithium brine project that covers the entire Aparejos Salar in the Province of Catamarca, Argentina. Yergo is within 15 km of Neo Lithium's high-grade, PFS-stage 3Q Project. Before getting to this important company news, a quick recap of Portofino.The Company controls 3 projects in Catamarca, covering > 8,6...Read More
On May 27, Portofino Resources (TSX-V: POR) announced initial sampling results at its Yergo lithium brine project that covers the entire Aparejos Salar in the Province of Catamarca, Argentina. Yergo is within 15 km of Neo Lithium's high-grade, PFS-stage 3Q Project. Before getting to this important company news, a quick recap of Portofino.The Company controls 3 projects in Catamarca, covering > 8,6...Read More
The 340-page tome provides detailed analysis on topics from China and de-dollarisation to gold storage, the global monetary order, bonds, digital currencies, hyperinflation, politics and ESGRead More
One of the most forgotten events in history took place nearly 100 years ago on a small piece of land owned by William H. Abrams in Mitchell County, Texas.Few people I know could tell me where Mitchell County is, and fewer still know the extraordinary story that occurred there on July 16, 1920.Up until that point, an oil well had been drilled on the property and even produced a little oil once dril...Read More
Markets were decisively in "risk-off" mode last week. Following weak manufacturing news last Thursday, the yield on the 10-year Treasury sunk to its lowest level since October 2017. The spread between the 10-year yield and three-month yield, in fact, inverted once again, with the shorter-term bond yield higher by 6 basis points. As such, the "boring" yet mostly reliable utilities sector rotated...Read More
By: Ira EpsteinGold on the August contract now in focus - higher highs, higher lows. Support around $1270 area, if break $1277.50. If a bear trap occurs, next few days gold would need to break $1306-1309:Read More
By: Keith Weiner, Monetary MetalsLast week, we wrote about the impossibility of China nuking the Treasury bond market. Really, this is not about China but mostly about the nature of the dollar and the structure of the monetary system. We showed that there are a whole host of problems with the idea of selling a trillion dollars of Treasurys:Yuan holders are selling yuan to buy dollars, PBOC can'...Read More
By: Stewart Thomson, Graceland Updates 1. The fear trade for gold continues to gain fundamental strength. The technical picture is also solid. Please click here now. Double-click to enlarge. Gold is poised for significant upside action in the second half of this year. 2. A large bull wedge is in play as institutional investors become more concerned about the slowing global...Read More
With government bond yields around the world near multi-year lows, U.S. stocks are in a dither. Should they take a bold leap to new all-time highs, defying mounting expectations of a global economic slowdown? Or should they instead fall to a more sustainable, cruising altitude? My own technical outlooks suggests they could do both: first with a rally of about 9% that fulfills a 3095 target in...Read More