Prices for shredded steel scrap into India and Pakistan continued to rise in the week to Friday May 21, despite a souring of market sentiment, sources told Fastmarkets.IndiaFastmarkets calculated its steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $517.88 per tonne on Friday, up from$510.55 per tonne one week earlier.One deal was heard at $515 per tonne this week, compared with a...Read More
The export price for CIS-origin steel billet rose by 1.16% day on day on Friday May 21 after sellers switched to nearer markets such as Africa and Turkey in the absence of Chinese customers. Interest for imported billet in China remained non-existent amid falling semi-finished and finished long steel prices domestically. This diminishing demand had caused the billet price to fall in every pri...Read More
Import billet activity into China ground to a halt in recent days amid falling finished steel prices in the country, while buying in the Philippines also trailed off by the end of the week, sources told Fastmarkets.The past seven days have been something of a role-reversal in the steel billet markets, with Philippine buyers being willing to pay above importers in China - the opposite pattern to th...Read More
Amid negotiations around the Biden administration's proposals for $2.3 trillion in infrastructure spending, a piecemeal approach appears to be more likely than sweeping legislative victories for Democrats, reports McAlinden Research Partners, and prices of many commodities are expected to continue to rise. Although "human infrastructure" has been a central truss for the White House's plans, Repub...Read More
A new interpretation of a historical resource has set the stage for a potentially large gold resource at Getchell Gold's Fondaway Canyon project. Getchell Gold Corp. (GTCH:CSE; GGLDF:OTCQB) began with a historical 1 million ounce gold resource at its Fondaway Canyon project in Nevada, but the company has set its sights on a larger resource. In the company's 2020, 2,000-meter drill program, five o...Read More
The latest drill results from Troilus Gold's Troilus property are discussed in a Red Cloud exploration update report. In a May 12 research note, Red Cloud Securities analyst Timothy Lee reported that Troilus Gold Corp.'s (TLG:TSX; CHXMF:OTCQB) latest drill results from Troilus' J zone "identified new broad gold zones that are near surface and directly adjacent to the former operation," which are...Read More
Prices for steel rebar and billet in Egypt continued to increase in the week to Thursday May 20, with demand beginning to improve after the government further eased its ban on construction in the country, sources told Fastmarkets.The Egyptian Ministry of Local Development is running a trial program allowing new building permits to be issued in 27 cities until June 30 as a trial, before extending t...Read More
With this strategic move, Riley Gold's property now encompasses the west-to-east extension of the Wenban geological unit that hosts the district's gold mineralization. In a news release, Riley Gold Corp. (RLYG:TSX.V; RLYGF:OTCQB) announced it "has significantly increased its land holdings near and adjacent to the Pipeline West/Clipper Project (PWC), located 80 kilometers southwest of Elko, Nevada...Read More
In a Stifel report, Troilus Gold's latest drill results are interpreted and shown to have positive implications. In a May 12 research note, Stifel analyst Ian Parkinson reported that "recent drilling at Troilus Gold Corp. (TLG:TSX; CHXMF:OTCQB) is highlighting additional upside to an already compelling [5,000,000-plus ounce] open pit project."Parkinson pointed out that new drill results, from the...Read More
Money manager Adrian Day reviews how several companies, mostly resource companies, are making good progress in what he calls a "strong environment." Altius Minerals Corp. (ALS:TSX.V, 17.16) reported revenue up 9% in the first quarter from a year ago, despite a drop in sales. Net earnings jumped 75% from last year, excluding special items. Strong base metals prices, offset by an unplanned interru...Read More
Omineca Mining and Metals reports Wingdam drill results thus far show "significant indicator mineralization in multiple holes" and possible Barkerville-style gold mineralization. Omineca Mining and Metals Ltd. (OMM:TSX.V; OMMSF:OTCMKTS) announced in a news release it finished the first phase of the diamond drill program at its Wingdam project in British Columbia's Cariboo Mining District. "The Ph...Read More
When the USDX declines, the PMsusually celebrate and rise as a result. However, this was not the caseyesterday – and we can’t ignore it.“Reversal” is the name of the game, atleast when it comes to the precious metals market.The USD Index declined profoundly onceagain yesterday (May 18), and gold, silver, and mining stocks ignored thismove. They didn’t want to follow i...Read More
Battery materials producers in China will have enough recycled cobalt to meet the minimum threshold of the recycled material used in batteries as required by upcoming battery regulations in the European Union, panelists said at the annual Cobalt Institute conference. As part of initiatives regarding battery circularity, it is proposed from January 1, 2027, batteries with over 2 kWh capacity contai...Read More
Gold recovered after a downward response to the surge in inflation. What’s next for the yellow metal?Gold rebounded after an initially bearish reaction to the BLS report showing that inflation soared 4.2% in April year-to-year. This means we have an inflation annual rate doubling the Fed’s target and the highest since the Great Recession as the chart below shows. It might now seem coun...Read More
Financialmarkets have become a complete joke. From GameStop to Dogecoin to non-fungible tokens(NFTs), a plethora of assets have been pushed to laughable heights with thehelp of the Federal Reserve’s funny money.Justabout everyone, except for stone-faced Fed officials, seems to be in on thejoke.Dogecoinpromoter and billionaire Tesla founder Elon Musk poked fun at cryptocurrencies and the U.S....Read More
Easy choices lead to a hard life (or atleast losses), and because gold’s downside move is delayed, it’s extremely easyto be bullish on gold right now.It’s easy to get carried away by theday-to-day price action, and it’s even easier to feel the emotions that othermarket participants are feeling while looking at the same short-term priceaction. Right now, it’s tem...Read More
In the first portion of this research article, I highlighted the correlation between Gold and the US Dollar as well as the correlation between the US Dollar and the EURUSD and JPYUSD. The purpose of this example was to highlight the different phases of US Dollar appreciation vs depreciation compared to the EURUSD/JPYUSD. The EURUSD and JPYUSD are often compared to the US Dollar as majo...Read More
Although Gold has continued to drift downward after reaching a peak near $2089.20 in early August 2020, our Custom Gold Inverse Trending Index suggests this weakness has actually built a very strong momentum base – preparing for a big move higher.The relationship of Gold to the US Dollar is a fairly widely known correlation. When the US Dollar is weaker, Gold tends to rally. When...Read More
The United States' pig iron import market increased again during the week to Friday May 21 on improved workable price level for buyers, but high offers fromsuppliers in the Commonwealth of Independent States have not yet been accepted. Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was at $650-670 per tonne on Friday, up by 2.33% from $640-650 per tonne the previous we...Read More
Import prices for flat-rolled steel had no clear trend in South America during the week ended Friday May 21 amid lower Chinese offers and buyers accepting higher prices from other origins, market participants said.Fastmarkets' assessment for steel plate import, cfr main ports South America, was $1,100-1,140 per tonne on Friday, up by $60-100 from $1,000-1,080 per tonne a week earlier.While some Ch...Read More