Export prices for Japan-origin plate and structural (P&S) grades of ferrous scrap rose by ?500 ($5) per tonne week on week on Wednesday April 29, with tighter supplies over recent weeks keeping the values up, sources have told Fastmarkets.Japanese scrap collection has decreased over recent months, and was now affecting both prime and obsolete grades of material.Plant closures among car manufactur...Read More
Metals prices generally seem to be consolidating this morning, Wednesday April 29, and for the most part look well placed to extend gains, but whether underlying confidence is strong enough in these uncertain times remains to be seen. Asian-Pacific and pre-market major western equity indices are all positive, as are oil prices that are up around 3%.Market participants likely to focus on US gross d...Read More
These COVID-19 days that have turned into weeks have now officially turned into months as we approach the end of April.Push aside all of the fiery rhetoric being flung from both sides of the political spectrum, and if there's truly one takeaway here, it's how woefully unprepared we were for this kind of crisis.It also showed us how badly we rely on the international community for even the basic we...Read More
Domestic prices for cold-rolled coil in Europe have dropped due to poor demand and lower import offers, sources told Fastmarkets on Wednesday April 29.Fastmarkets' weekly price assessment for steel CRC, domestic, exw Northern Europe, was ?,?530-540 ($574-585) per tonne on April 29, down by ?,?10-20 per tonne from ?,?540-560 per tonne.The assessment was based on a few deals and "workable" prices he...Read More
Domestic prices for hot-rolled coil in Europe have dropped in the week to Wednesday April 29 due to low demand, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?426.25 ($461.99) per tonne on Wednesday, down by ?,?13.75 per tonne day on day from ?,?440.00 per tonne.Wednesday's index was calculated based on deals and workable prices...Read More
Domestic prices for heavy steel plate in Europe have been largely stable over the past week, but downward pressure has been mounting due to poor demand, sources told Fastmarkets on Wednesday April 29.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Northern Europe, was unchanged at ?,?490-500 ($531-542) per tonne on April 29. The assessment was based on offers heard...Read More
Prices for hollow steel sections in Europe moved downward this week, with demand not yet showing any sign of rebounding, sources told Fastmarkets on Wednesday April 29.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?580-595 ($629-645) per tonne on Wednesday, down from ?,?585-600 per tonne one week before.Demand in Northern and Southern...Read More
The price for steel H-beams in Europe remained flat on Wednesday April 29, with demand remaining at low levels because of the lockdown measures related to the Covid-19 pandemic, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was unchanged at ?,?535-570 ($580-618) per tonne on Wednesday."Beams and sections have the lowest act...Read More
Fastmarkets will publish its Poland rebar price assessment a day early this week, on Thursday April 30, because of the Labor Day holiday on Friday May 1. In accordance with the Fastmarkets holiday pricing schedule, weekly and monthly EMEA, CIS and Turkey ferrous prices will not be published during UK public holidays and holidays that take place in the country where the price in question is based....Read More
A summary of Brazilian mining company Vale's financial results for the first quarter of 2020.In brief Pro forma adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) down by 26% year on year due to depreciation of Brazilian Real.Net income of $239 million, compared with a net loss of $1.6 billion in the first quarter of 2019. Investments totaled $1.12 billion, up by...Read More
Turkish steel mills continued to stay away from the deep-sea scrap market on Wednesday April 29, holding out for lower prices, sources told Fastmarkets.After about 10 days of silence, on April 27 one Turkish steel mill booked a Baltic Sea cargo at $242 per tonne cfr for 26,000 tonnes of HMS 1&2 (80:20) and $252 per tonne cfr for 6,00 tonnes of bonus scrap, sending the daily scrap in...Read More
By Hubert Moolman 29 April 2020 It is reasonably well known that many Roman emperors debased their currency (coinage). This was a very bad practice, since it is really a reflection of the debasement of the value of the kingdom (empire or country); going from a honest and just society to a corrupt and unjust society. One of the reasons (effects) of debasing the currency was the transfer of wea...Read More
Things appeared normal, and then everything changed...By: Gary Christenson, The Deviant InvestorU.S. COVID-19 official cases on March 7: 338.U.S. COVID-19 official cases on April 28: over 1,000,000, if you believe the Johns Hopkins numbers. Exponential growth in sickness, debt, and expenditures are "killers."The economic, emotional, and physical scars from the virus will torture us for a long ti...Read More
Craig Hemke, TF MetalsIn the annual forecast that we issued back in January, we wrote that "out-sized gains" would likely be coming for the mining shares in 2020. Well...so far, so good.Let's start as we often do, with a look back at some of the previous posts on this topic. First, here's a link to an interview on the TD Ameritrade Network that was recorded on December 18, 2019. Below that is a...Read More
Dave Kranzler, Mining Stock JournalAnd this could usher in the "suddenly" moment: "The president of the Shanghai Gold Exchange (SGE) called for a new super-sovereign currency to offset the global dominance of the U.S. dollar, which he predicted would decline long term, while gold prices rally." - Reuters, April 28, 2020Chris Marcus of Arcadia Economics and I discuss the potential of a Comex...Read More
Ira EpsteinGold's daily chart shows a pattern of an inside consolidation defined by the short-term swing lines..Read More
I expect some more additional stimulus measures today. Federal Reserve will copy its counter parts of bank of Japan and bank of England on additional stimulus measures. European central bank meeting tomorrow will have least impact on gold and silver. It can impact Euro versus the US dollar and Euro versus the Yen. In the month of May more and more nations will allow factories and businesses to f...Read More
Export prices for Japan-origin plate and structural (P&S) grades of ferrous scrap rose by ?500 ($5) per tonne week on week on Wednesday April 29, with tighter supplies over recent weeks keeping the values up, sources have told Fastmarkets.Japanese scrap collection has decreased over recent months, and was now affecting both prime and obsolete grades of material.Plant closures among car manufactur...Read More
"It's pretty clear the world economy is collapsing."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 considered to be one of the greatest investors of all time. Rogers has made two record-setting journeys - once by motorcycle and once by car - and is in the Guinness Book of World Records for doing so. I...Read More
The world is cheering the news that Gilead Science's antiviral drug remdesivir is showing a "clear cut positive effect in diminishing time to recover" for those infected with the covid-19 virus. President Trump says he is now pushing the FDA to fast-track remdesivir through the approvals process. So the media is filled with joyous headlines and the stock market had a banner up day. But as with mos...Read More