The COVID-19 pandemic and the ensuing policymaker response may have created a turning point for building materials and forest products stocks. On Monday, INK Canadian Index member CanWel Building Materials (CWX) provided a business update in which it noted that, subsequent to reporting Q1 results, it had seen steady end-market demand resulting in an 8% increase in year. While the company reduced...Read More
News that carmaker Tesla secured a cobalt supply deal with Glencore has failed to lend any support to blue metal prices in China so far this week, with market participants instead focusing on persistently weak downstream demand.Tesla will purchase cobalt from trader-miner Glencore to feed its new "Gigafactories" in Shanghai and Berlin, several media outlets reported on Tuesday June 16.The news imm...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 18 that are worth another look.Workers of Tata Steel's Dutch operations have planned another strike during the night shift, which will affect the hot zone, the trade union FNV Metaal said on June 18.Brazilian iron ore and metals producer Vale has scheduled the reopening of its Canada-based Voisey's Bay nickel unit to early Ju...Read More
Domestic prices for hot-rolled coil in Northern Europe have reached the "bottom", sources told Fastmarkets on Thursday June 18, with steelmakers expected to announce price rises soon.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was ?,?392.14 ($441.08) per tonne on Thursday June 18, up by ?,?2.14 per tonne from ?,?390 per tonne on Wednesday June 17.The index wa...Read More
Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) will increase domestic prices by 10.5% on July 1, it told distribution clients this week, sources with knowledge of the move told Fastmarkets.Rising iron ore prices and a steep discount to domestic steel over imports support the action CSN has taken, the sources added. The company had already considered an increase in June but weakening de...Read More
Turkish domestic long steel prices continued to increase over the past week in line with firm demand, but they may now have reached a peak because scrap prices are expected to fall soon, sources said on Thursday June 18."The general thinking in the market is that the increase in scrap prices has stopped [and] this put on the brake in local [long steel] prices," a senior official at a maj...Read More
Turkish rebar and wire rod export prices remained steady over the past week amid a lack of demand, sources said on Thursday June 18.Turkish steel mills continued to offer rebar for export at $425-430 per tonne fob on actual weight basis, while bids for the material were no higher than $410 per tonne, Fastmarkets heard."Mills continued...Read More
Demand for imported steel billet in Egypt remained limited in the week to Thursday June 18, despite billet import prices decreasing because of lower bids, sources told Fastmarkets.No improvement in demand was anticipated any time soon, sources told Fastmarkets, because construction activity has all but halted across the country since a presidential decree in late May.The cessation o...Read More
Domestic prices for ferrous scrap in Germany have increased by about ?,?5-10 per tonne month on month in June, sources told Fastmarkets on Thursday June 18.Fastmarkets' monthly price assessment for steel scrap No E3 (old thick steel scrap), domestic, delivered mill, Germany was ?,?235-245 ($264-275) per tonne on June 18, up by ?,?5 per tonne month on month from?,?230-240 per tonne in mid-May....Read More
Dear Friend of GATA and Gold:In a discussion with your secretary/treasurer this week, London metals trader and Kinesis Money founder Andrew Maguire says longtime metals bank Scotiabank is not only closing its metals trading desk but getting out of the vaulting business and all involvement with gold. Maguire says Scotiabank's withdrawal is a "forced regulatory decision," puts in doubt the resolut...Read More
By: Gary SavageSPX short-term cycles, a head and tops topping pattern?Read More
David Haggith "Jerome Powell burst the stock market bubble by publicly acknowledging there will not likely be a "V"-shaped economic recovery. He indicated that it will take years for the economy to return to the recent levels ... we experienced just a mere four months ago. Seeking AlphaThat was actually the point of my recent article that unfortunately became, in the comments, all about my disc...Read More
By: Ira EpsteinGold is stuck in the middle of this dead zone. What is needed to get out of the range?Read More
Turkish steel mills booked no deep-sea cargoes on Thursday June 18, with a growing number of market participants now believing that prices have reached a peak, sources told Fastmarkets.News of a US deal from the beginning of the week was, however, heard on Thursday.A steel mill in the Izmir region booked a US cargo, comprising 15,000 tonnes of HMS 1&2 (80:20) at $265 per tonne and 15,000 tonnes of...Read More
"A dollar decline is inevitable," says Stephen Roach, senior lecturer at Yale University, as he explains how a coming crash in the U.S. dollar will unfold. Stephen S. Roach, former Chairman of Morgan Stanley Asia and the firm's chief economist, is a senior fellow at Yale University's Jackson Institute of Global Affairs and a senior lecturer at Yale's School of Management. He the author, most recen...Read More
Just when you thought things we might be coming out of the worst, one widely followed analyst reminds us to connect the dots from the Reagan-era draining of Canada's sovereign gold reserves as a weapon which bankrupted the USSR, to the fatal flaws in Keynesian fiat currency, to today's runaway vertical growth of the Fed's balance sheet, to the emerging global rejection of the USD, to the future gl...Read More
Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) will increase domestic prices by 10.5% on July 1, it told distribution clients this week, sources with knowledge of the move told Fastmarkets.Rising iron ore prices and a steep discount to domestic steel over imports support the action CSN has taken, the sources added. The company had already considered an increase in June but weakening de...Read More
Todays interview is with Harley Schlanger. Harley discusses the Deep Sdtate and how the Trump administration is fighting their every move. Harley pointed out that Trump spoke at West Point and in his speech he told the globalists we are no longer the police of the world. The economic system is now being transitioned, the globalists are panicking.Harley Schlanger's work can be found at LaRouchePAC....Read More
So here we are. The Fed can't print new small businesses once the existing ones die. The police can't stop riots without shooting the rioters. Corporate profits are crateringContinue...Read More