Base metals prices on the London Metal Exchange were mainly firmer on the morning of Tuesday August 31, while those on the Shanghai Futures Exchange were more mixed.This comes despite the release of some weaker-than-expected Chinese manufacturing numbers. The US dollar index was, however, weaker. China's manufacturing purchasing managers index (PMI) fell to 50.1 in August from 50.4 in July. China'...Read More

Hot-rolled coil prices in the United States drifted lower - but still held above $96 per hundredweight ($1,920 per short ton) for a fourth straight business day - after service centers reported better availability and some shorter lead times. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $96.17 per cwt ($1,923.40 per ton) on Tuesday August 31, down by 0.78% from $96...Read More

Flat steel imports into the United Arab Emirates and Saudi Arabia were mostly at decreased offer prices during the week ended Tuesday August 31, while the uncertainty about the direction of prices continued, sources have told Fastmarkets.The uncertainty came because China has still not announced the level of an expected export duty to be applied to hot-rolled coil.Some buyers believed that new dut...Read More

With Italian steelmaker AFV Beltrame Group's recently announced investment in a new green steel plant in Romania, chief executive Carlo Beltrame is looking to futureproof the company ahead of the upcoming green steel revolution. In discussion with Fastmarkets' Carrie Bone, he outlined the changes and challenges anticipated for decarbonizing the steel industry."Why green? Because when we started on...Read More

Base metals prices on the London Metal Exchange were mainly firmer on the morning of Tuesday August 31, while those on the Shanghai Futures Exchange were more mixed.This comes despite the release of some weaker than expected Chinese manufacturing numbers. The US Dollar Index was, however, weaker.* China’s manufacturing purchasing managers index (PMI) fell to 50.1 in August, after registering...Read More

Export prices for steel billet from the Commonwealth of Independent States region continued to decrease in the week to Tuesday August 31 with the market lacking support, Fastmarkets has heard.One of the principal negative factors weighing on prices was the dearth of trading activity in the major export outlets.Last week, CIS sellers covered the demand from Latin America...Read More

Steel billet and rebar prices in the United Arab Emirates decreased on Tuesday August 31 while demand for rebar improved, sources told Fastmarkets.Demand for rebar improved after a long period of poor demand due to low stock levels, sources said.The country's biggest producer, Emirates Steel, was offering rebar at 2,610 dirhams ($710.46) per tonne, and Conares Steel's rebar price was 2,574 dirhams...Read More

Revenue jumped 24% to a record A$813 million as a result of the sale of 65,698 tonnes of copper and 37,394 ounces of gold. Operating cashflow rose from $273.6 million in FY20 to $471.Read More

U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade.The Canadian Dollar slipped 0.10 to U.S.79.40 cents following release of Canada's June GDP report at 8:30 AM EDT. Consensus was a gain of 0.7%. Actual was an increase of 0.7%.Zoom dropped $52.11 to $305.35 after announcing lower than consensus second quarter revenue growth. Target price o...Read More

Turkish steel producers made no new scrap bookings on Tuesday August 31, however a deal from the previous Friday came to light, which lowered prices, market participants said.The Baltic-sea cargo was heard late on Friday August 27, past the closing of the daily indices, and was followed by a public holiday in both Turkey and the United Kingdom on Monday August 30. The cargo was booked by a steel m...Read More

Volatility in steel markets continues to build into the last four months of 2021, with the recent plunges in iron ore prices affecting the wider ferrous supply chain.Uncertainty about the outlook for the ferrous supply chain continues to build in the Asia-Pacific region, with a number of key determinants still appearing clouded and inconclusive. What are they and how will they affect the ferrous m...Read More

Seaborne iron ore prices were down on Tuesday August 31 amid suggestions in the local media that steel production cuts would be imposed in China's Guangxi province, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $153.67 per tonne, down by $2.99 per tonne62% Fe low-alumina fines, cfr Qingdao: $154.44 per tonne, down by $2.75 per tonne58% Fe fines high-grade premium,...Read More

A nation can survive its fools, it is said - but not its traitors.Yet we have long suspected the opposite...That is, a nation can survive its traitors. But it cannot survive its fools.That is because a nation's fools infinitely outnumber a nation's traitors.Please answer this question:How many traitors occupy the District of Columbia?Now answer this question:How many fools occupy the District of C...Read More

Seaborne coking coal prices increased across the board in both the cfr and fob markets on Tuesday August 31 amid ongoing tight supply, sources said. Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $421.85 per tonne, up by $7.30 per tonneHard coking coal, cfr Jingtang: $392.81 per tonne, up by $2.60 per tonnePremium hard coking coal, fob DBCT: $255.70 per tonne, up by ...Read More

The eyes glaze, the jaw drops, the legs wobble... and the mind reels…The world's central banks have printed $834 million each and every hour of each and every day… for the past 18 months... to keep the global economy up and going.That is correct. $834 million the hour - every hour, 18 months running.This we have on the high authority of Bank of America, relayed here by Bloomberg:Imagin...Read More

Firmer Chinese steel markets have been supporting sentiment in the Chinese scrap market, keeping buyers optimistic about September and October, sources told Fastmarkets on Tuesday August 31.Prices in China inch up amid buyer optimismTaiwanese buyers could start paying moreChinaSpot prices for steel scrap imported into China edged up on Tuesday August 31 amid improving sentiment in the steel market...Read More

Twenty years ago, I wrote a report called The Myth of August. The idea was to compare what most people thought about the month of August to what actually happens in August.The myth is that August is a quiet month, everyone in the world is on vacation, no deals get done, people just enjoy the beach or mountains or other quiet recreations. This is famously true in France, but it’s a French hab...Read More

The reason humans are dying out is simple and straightforward. It's best summarized in the famous line from Walt Kelly's 1970 Pogo cartoon: "We have met the enemy and he is us."Humans are the reason humans are dying out. We're not having enough babies. It's that simple.When I use the word "enough" it's important to put a mathematical value on that. This is not guesswork. The key number is 2.1. Tha...Read More

Company to provide update on CK Gold Project and soon-to-be released PFS to the world's most prospective producers, explorers, and developers within the precious metals industryCHEYENNE, Wyo., Aug. 31, 2021 /PRNewswire/ -- U.S. Gold Corp. (NASDAQ: USAU), a gold exploration and development company, is pleased to announce that its management will be attending in person and presenting at the 2021 Pr...Read More

Domestic hot-rolled coil (HRC) prices in China edged lower on Tuesday August 31; futures prices pulled back due to the latest factory activity data prompting concerns over the country's economic recovery.DomesticEastern China (Shanghai): 5,700-5,730 yuan ($881-886) per tonne, down by 20 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange came down from its highest leve...Read More