Troubled UK long steel producer British Steel entered compulsory liquidation on May 22. Fastmarkets examines the reasons behind the company's recent struggles, from uncertainty about Brexit and a slump in orders, to rising costs for raw materials.Brexit uncertaintyThe future of British Steel remains uncertain, with the UK's Insolvency Service approaching "more than 80 potential trade purchasers" t...Read More
China's rebar prices largely softened on Monday June 3 amid a gradual drop in demand. Domestic Eastern China (Shanghai): 3,940-3,980 yuan ($570-576) per tonne, unchangedNorthern China (Beijing): 3,850-3,900 yuan per tonne, down 30-50 yuan per tonneWarmer weather in northern China led to demand for rebar in that region falling over the past few days.A price drop in Tangshan's billet market over the...Read More
China's hot-rolled coil producers kept prices stable on Monday June 3 despite a bearish outlook in the market amid subdued demand, which weighed on the domestic sector.DomesticEastern China (Shanghai): 3,900-3,920 yuan ($565-568) per tonne, down 30 yuan per tonneNorthern China (Tianjin): 3,830-3,850 yuan per tonne, down 10 yuan per tonneTrading was thin during the day, with demand reported to be r...Read More
The London Metal Exchange three-month zinc price fell by more than 2% during morning trading on Monday June 3, with fresh United States tariffs against neighboring Mexico prompting broadly risk-averse commodity investment. US President Donald Trump announced on Thursday May 30 that he would impose 5% tariffs on all goods from Mexico with effect from June 10. The tax will "gradually increase" until...Read More
Markets are nervous after US President Donald Trump opened up the possibility of another front in the trade wars, this time with Mexico. Today's manufacturing purchasing managers' index (PMI) data is likely to set the tone.Trade war rhetoric escalates with Mexico now in focus Equites continue to show weakness while haven assets shineChina's Caixin manufacturing PMI holds steady; more PMI data out...Read More
Base metals prices on the Shanghai Futures Exchange were mostly down during morning trading on Monday June 3 after investors' appetite for commodity investment was dampened by a further escalation in trade tensions. The SHFE base metals were split into two camps this morning with copper, aluminium, tin and nickel down between 0.1% and 0.9.%, while zinc and sister metal lead were up by 0.1% and 0.8...Read More
Key data from the pricing sessions in Asia and Europe for the week ended Friday May 31.ChinaThe Chinese domestic antimony price continued to fall for the fourth consecutive week after some domestic suppliers' lowered prices further to spark buying interest. Many Chinese antimony consumers remained wary of restocking in anticipation of a further price dip in the coming weeks. Some domestic antimony...Read More
After briefly stabilizing at a recent high of $16.35-17.05 per lb following a rise since late March, the standard-grade cobalt benchmark price started to retreat in mid-May amid slowing consumer demand and sellers' profit-taking.Price moves Fastmarkets' standard-grade metal benchmark price fell 4.5% to $15.35-16.10 per lb on May 29, following several mild drops at the beginning of May after some s...Read More
Key data from the pricing sessions in Asia and Europe for the week ended Friday May 31. China Export prices in China held steady due to continued tight silicon ore supply in the country's province of Xinjiang. Some sources say the price can be underpinned ahead of rainy season in South China which will bring more supply due to cheaper hydroelectric costs in that region. Insufficien...Read More
Chrome ore and alloy prices dropped in various global regions in the week ended Friday May 31, with bearish sentiment in China deteriorating further after the release of lower tender prices for June. Chinese domestic spot prices follow tenders downwardImport prices for charge chrome and UG2 dropTurkish lumpy ore prices hold steadyAlloy prices slide in Japan, South KoreaAlloy prices weaken in Europ...Read More
CLICK HERE TO SEE WHAT CITY TOMMY SOTOMAYOR WILL BE IN NEAR YOU & PURCHASE TICKETS FOR THE ANTI PC TOUR! https://www.tjskoc.com/preordertickets/click here to join the new Good Morning Sotonation Channel! https://www.youtube.com/channel/UCC-R...click here to subscribe to the new TNN Raw Channel https://www.youtube.com/channel/UCPg8...CLICK HERE TO SEE WHAT CITY TOMMY SOTOMAYOR WILL BE IN NEAR YOU &...Read More
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The silver miners' stocks have been pummeled in recent months, plunging near major secular lows in late May. Sentiment in this tiny sector is miserable, reflecting silver prices continuing to languish relative to gold. This has forced traditional silver miners to increasingly diversify into gold, which has far-superior economics. The major silver miners' ongoing shift from silver is apparent in th...Read More
The silver miners' stocks have been pummeled in recent months, plunging near major secular lows in late May. Sentiment in this tiny sector is miserable, reflecting silver prices continuing to languish relative to gold. This has forced traditional silver miners to increasingly diversify into gold, which has far-superior economics. The major silver miners' ongoing shift from silver is apparent in th...Read More
Weekly Reports |Jun 04 2019Buyers are paying more for uranium that does not come from sources facing possible US restriction but falling demand is still sending prices lower.-Uranium price discrepancy opens up-Trend remains down-IEA rails against premature reactor shutdownsBy Greg PeelAn interesting dynamic opened up in the month of May in uranium markets with regard the uncertainty surrounding th...Read More
An inverted yield curve has historically been the most accurate indicator of an impending or concurrent recession. The inversion during late 2006 and most of 2007 is a good example. Studies have shown that curve inversions precede a recession anywhere from 6 months to 2 years. I would argue that, stripping away the affects of inflation and data manipulation, real economic activity has been somewha...Read More
Stewart Thomsonemail: stewart@gracelandupdates.comemail: stewart@gracelandjuniors.comemail:admin@guswinger.comJune 4, 2019 The powerful sell signals I have in play for US stock markets at my www.guswinger.com trading service show no signs of abating. Please click here now. Double-click to enlarge this Nasdaq ETF chart. President Trump unleashed a huge corporate tax cut early in his presidency, an...Read More
Gold was down a couple of dollars to US$1,323 an ounce earlier, while palladium was worth $1,306/oz on the spot market, as macro uncertainties continue.In London, SolGold (LSE: SOLG) has recovered about half the value shed last week, having tumbled on local media reporting Ecuador was moving towards holding a referendum on mining in some areas.SolGold has said there was no indication its tenure wa...Read More
As I write this, the price of gold is trading at $1,330.40 an ounce. This is a big deal.Check out yesterday's high volume action on the SPDR Gold ETF (NYSE: GLD):Gold has been bouncing around $1,300.00 an ounce for the past five years after peaking in 2011. If it can hold this breakout above that resistance, there is a lot of upside.Markets that consolidate for a long time act like a coiled spring...Read More