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
By: Ira EpsteinGold in an up thrust. Gold at a new high close, highest level since 2012: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
Jordan Roy-Byrne discusses the breakout in gold over the past day. Yesterday was a key close and today in early hours trading gold moved up to $1,796 on the future market. It has turned around since but there is no doubt the uptrend continues.Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association.. He is the publisher and editor of TheDailyGold Prem...Read More
Mohamed El-Erian says the market is in a stalemate between policy support and weaker fundamentals.*The interview begins at 11:40Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer of PIMCO, a global investment firm and one of the world's largest bond funds in the world. Dr. El-Erian also served...Read More