Broader markets were consolidating this morning, Wednesday June 24, underpinned by better economic data, but conversely held back by concerns about how the spread of the Covid-19 is accelerating in some regions; the spread in some mining countries is now a potential threat to supply.Tuesday's flash June purchasing managers' index (PMI) data shows the global economy is recovering at a better rate t...Read More
Spot cobalt hydroxide payables edged higher in the first half of the week, supported by tight supply and firm bids.Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China rose to 65-67% of the standard-grade metal price (low-end) on Wednesday June 24, compared with 65-66.5% on June 19. Spot liquidity was thin ahead of China's Dragon Boat Festival holiday (June 25-27), though a numbe...Read More
Cobalt continued to trade around 10-month lows in the first half of the week, with sellers happy to take lower prices to keep material flowing through their books. Fastmarkets' price assessments for cobalt standard grade, in-whs Rotterdam, and cobalt alloy grade, in-whs Rotterdam, both held at $14.15-14.65 per on Wednesday June 24, stable from the previous day, but both down from $14.15-14.75 per...Read More
China's Ganfeng Lithium has received regulatory approval from the country's National Development and Reform Commission (NDCR) to increase its stake in the Cauchar?--Olaroz lithium project - a joint venture with Lithium Americas - in northern Argentina to 51%.Ganfeng Lithium is awaiting other regulatory approvals from the People's Republic of China to finalize the transaction, including from the Ch...Read More
European producers of hot-rolled coil have raised their domestic prices despite trading activity remaining scarce, sources told Fastmarkets on Wednesday June 24.Some market sources questioned the success of the increase because demand levels do not support a price recovery. Others, however, believed that buyers will have to accept slightly higher prices due to high raw material costs and a lack of...Read More
Share this articleTORONTO - Owners of the Porgera gold mine in Papua New Guinea say they will lay off 2,650 local mine workers by the end of July as the result of a continuing dispute with the federal government.Barrick Niugini Ltd., the joint venture mine owner and operator that is owned 47.5 per cent each by Canada's Barrick Gold Corp. and partner Zijin Mining Group of China, says the cost of...Read More
Domestic prices for heavy steel plate in Northern Europe have moved down over the past week due to limited demand, sources told Fastmarkets on Wednesday June 24.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Northern Europe, was ?,?450-470 ($508-531) per tonne on June 24, down by ?,?20 per tonne week on week from ?,?470-490 per tonne. The assessment was based on deals,...Read More
I knew it!I couldn't prove it, but I knew it in my gut.I knew Wall Street banks and traders were using some kind of unfair advantage folks like you and me didn't have. Some strategy or method that helped them rack up win after win, no matter what the markets are doing.While "regular" investors just hope to get lucky once in a while.So, I've spent my 20+ years as a trader, trying to reverse-engin...Read More
Crude steel production in Germany fell by 27% year-on-year in May 2020, following a 24% drop in April due to output adjustments made by mills to address the Covid-19-driven deterioration in steel demand, German steel federation WV Stahl said on Wednesday June 24.Germany's mills produced 2.56 million tonnes of crude steel in May, down from 3.51 million tonnes in the corresponding period of 2019, WV...Read More
What team are you on?That's what we've degraded to at this point, isn't it?You're right. They're wrong. There's no in-between.No compromise.But, that's not entirely accurate.Nobody on Capitol Hill will admit it, but there's one issue that BOTH sides of the political spectrum can agree on.It's the one thing that has brought those bitter political rivals together. And if they don't pony up trillions...Read More
Domestic prices for steel mesh-quality wire rod in Europe were broadly stable in most regions over the past week, although Italian producers managed to secure slight increases, sources told Fastmarkets on Wednesday June 24.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Southern Europe was ?,?420-440 ($475-497) per tonne on Wednesday June 24, stable...Read More
It is turning out to be a world of waves. On Friday, we have a wave of turnover in the US market when the Russell 1,000 and Russell 2,000 indices rebalance, effectively at the close of trading. In its daily report Tuesday, INK Research highlighted inter-listed Viemed Healthcare (VMD) which is expected to go into the small-cap focused Russell 2000 in the rebalancing. Insiders have been selling in...Read More
The price of steel hollow sections in Europe continued to move downward on Wednesday June 24 with the market remaining weak, sources have told Fastmarkets.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?535-550 ($604-621) per tonne on Wednesday, down from ?,?540-560 per tonne tonne a week earlier."Prices are slightly lower but demand is pickin...Read More
Export prices for Japanese steel scrap fell heavily over the past week with exporters reducing rates to stimulate fresh bookings, market sources told Fastmarkets on Wednesday June 24.Asian buyers shunned Japanese scrap offers last week, citing the fact that prices were too high, and instead concentrated on booking material from other sources such as the United States West Coast.Fastmarkets' price...Read More
The Turkish deep-sea scrap import market remained quiet on Wednesday June 24, with mills continuing to push for lower prices due to weakening finished long steel demand, sources told Fastmarkets.Seel producers in the country have been staying away from deep-sea scrap purchases since the beginning of last week, when demand for rebar, especially in the local market, started to weaken.Prices for...Read More
Here are five Fastmarkets stories you might have missed on Wednesday June 24 that are worth another look.The threat of Section 232 tariffs on aluminium imports from Canada into the United States has, like the great white shark following the Brody family in the universally panned film, 'Jaws: The Revenge,' returned - akin to a truly awful horror movie franchise.The Materials Services trading arm of...Read More
The threat of Section 232 tariffs on aluminium imports from Canada into the United States has, like the great white shark following the Brody family in the universally panned film, 'Jaws: The Revenge,' returned - akin to a truly awful horror movie franchise. And that's how Neil Herrington, senior vice president for the Americas, US Chamber of Commerce, views reports that the US administration is c...Read More
Stewart Thomson, Graceland Updates 1. With a new tail wind of significant ETF tonnage growth, gold bullion continues to sport the best charts of all the major asset classes.2. Please click here now. Double-click to enlarge. The $1800 area is significant resistance and gold arrived at this resistance zone as its weak price season began. 3. Rather than selling of...Read More