India's Ministry of Steel is seeking stakeholder feedback by July 14 on a draft steel scrap policy that aims to reduce the country's reliance on imports by establishing a network of recycling centers to collect and process ferrous scrap. The policy framework aims to provide standard guidelines for collection, dismantling and shredding activities in an organized, safe and environmentally sound mann...Read More
The seaborne iron ore market plunged last week amid a sell-off of the steelmaking raw material's futures triggered by heightened scrutiny in China on factors that have driven prices to their highest in five years.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao stood at $114.81 per tonne last Friday July 5, down $7.22 per tonne - or 5.9% - from a day earlier. The index was at just $63.14...Read More
Eastern China's rebar prices were largely steady on Tuesday July 9 while those in the north dipped, with a withdrawal of securities traders from the spot market resulting in a thinning of trading activity.Domestic Eastern China (Shanghai): 3,980-4,000 yuan ($578-581) per tonne, narrowing upward by 10 yuan per tonneNorthern China (Beijing): 3,880-3,910 yuan per tonne, down 20-30 yuan per tonneDespi...Read More
China's hot-rolled coil market rebounded on Tuesday July 9 amid rising futures and higher offers issued by mills, though trading activity thinned after the spot price gains.DomesticEastern China (Shanghai): 3,920-3,940 yuan ($569-572) per tonne, up 60-70 yuan per tonneNorthern China (Tianjin): 3,840-3,860 yuan per tonne, up 10-20 yuan per tonneSpot prices surged in Shanghai following gains in the...Read More
Base metals prices were generally lower in the early trading hours of Tuesday July 9, amid concerns over the prolonged US-China trade dispute, geopolitical tensions in the Middle East, the continued sell-off in major equity indices and persistently weak economic data. Market expectations of a more substantial 50 basis points rate cut by the US Federal Reserve Bank in its upcoming Federal Open Mark...Read More
Fastmarkets has made changes to the specification of its cobalt hydroxide payable indicator - namely, to widen the payment window. Following a one-month consultation period that ended on Friday July 5, Fastmarkets has amended the payment window to include trades agreed on the basis of the following month's average metal price (M+1). Previously, the payment window only included trades agreed on the...Read More
Italian steel re-roller Marcegaglia has warned that limiting the imports of hot-rolled black stainless steel coil into Europe would "put at risk the viability of our stainless steel business," chief executive officer Antonio Marcegaglia said in a letter to the EU published late last week.An import limit on such stainless steel material would also be "without benefit [for the other] EU producers of...Read More
Global stainless steel meltshop production in the first quarter of 2019 decreased by 2.5% year-on-year to 12.5 million tonnes, the International Stainless Steel Forum announced on Tuesday June 9.The most significant decrease in absolute terms took place in China, where production during the first quarter of 2019 fell year-on-year...Read More
Meanwhile US president Donald Trump has turned his attention to India, tweeting yesterday the country had "long had a field day putting tariffs on American products. No longer acceptable!"Market futures and mining stocks were mixed.Metals and mining stocks in Toronto fell 1.7% yesterday.However West African miner Avesoro Resources (TSX: ASO) has continued its recovery from a June low of C41.5c, wh...Read More
"We keep implementing our balanced sales strategy amid the backdrop of persisting excess diamond stock both at the cutting and polishing (midstream) sector and at retailers, as well as challenges related to financing of Indian midstream business," United Selling Organization ALROSA director Evgeny Agureev said."The market is gradually entering the phase of seasonally low demand for rough diamonds,...Read More
Canadian crude is the story you won't hear about in today's media.I'll be the first to confess that I've been getting caught up in the headline hype recently. Last week, we talked about how the escalating tensions with Iran threaten more than one-fifth of the world's oil supply at the Strait of Hormuz.To be fair, it's kind of hard to ignore the geopolitical chaos that reigns over the Middle East.I...Read More
- Ed SteerYESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUMThe gold price was sold lower just a few minutes after trading began at 6:00 p.m. EDT on Sunday evening in New York. It began to recover about fifteen minutes later -- and managed to crawl higher...back above the $1,400 spot mark. The high tick was set a few minutes after the London open -- and it didn't do much from there until 'd...Read More
- Craig HemkeLast week we wrote about how The Bullion Banks manage price through COMEX contract issuance. This week, let's take that one step further to see if recent history provides any context for where we are at present in this current bull market for gold.If you missed last week's post, I strongly encourage you to read it now, as understanding the processes by which The Banks manage price...Read More
Legendary investor Jim Sinclair and his business partner Bill Holter say Gold is going much higher. It's a mathematical certainty. Sinclair says, "You need to look at gold, not a speculation, but as a savings account. If the dollar gets sliced in half, you basically double the value (of your gold) if not more. I think much more. . . . In the second reset, that will take gold to a price where it...Read More
Stewart Thomson, Graceland Updates 1. While some gold stocks (the South Africans in particular) continue to rally, bullion and most miners are staging a classic pullback after a major upside breakout. 2. Please click here now. Double-click to enlarge this important monthly gold chart. The bottom line:3. Breakouts are fun. Pullbacks are not!4. My advice to investors:...Read More
The second half of the year is setting up favorably for the precious metals sector, which was led in the first half by gold and gold mining stocks.Of course, the Wall Street-beholden financial media is largely ignoring metals and mining - preferring instead to give celebratory coverage to every move toward new highs in the Dow and S&P 500."The Dow Jones Industrial Average rallied 7.2% this month...Read More
By: Ira EpsteinGold right at 18-DMA support, battleground. Completed leg to the downside, battle underway. Gold not overbought anymore:Read More
Mohamed El-Erian joins Robert & Kim with analysis of global markets and economic trends. Find out why El-Erian is optimistic about the US economy and more concerned about Europe's economy.Robert Kiyosaki is best known as the author of Rich Dad Poor Dad, the #1 personal finance book of all time. His book titles hold four of the top ten spots on Nielsen Bookscan List's Life-to-Date Sales from 2001-2...Read More
"Later, this year or next year when the economies around the world are getting bad, Mr. Trump is going to blame everything on the foreigners, the Chinese, the Germans, the Japanese, everybody, and then the trade war will come back and then it's all over." Jim Rogers co-founded the Quantum Fund with George Soros in 1973, helping to steer the fund to a 4200% return before "retiring" at age 37. He is...Read More
Click here for the full transcript: http://financialrepressionauthority.c...Yra Harris is a trader with over 32 years of experience in all areas of commodity trading, with broad expertise in cash currency markets. He has a proven track record of successful trading through combination of technical work and fundamental analysis of global trends; historically based analysis on global hot money flows....Read More