Hot Chili knock, knock, knockin' on tier 1 doorSPONSOREDhot chiliState copper company Codelco's output rebounded strongly with a 19.4% increase to 142,000t from 118,900t a year ago led by a strong performance at its northern divisions, which grew production 39% to 69,400t.Conversely, production at BHP-operated Escondida fell 16% to 84,700t from 100,900t a year ago.Hot Chili knock, knock, knock...Read More
Nickel cash prices on the London Metal Exchange have retreated somewhat - returning to levels last seen in mid-February - but sentiment in the US stainless scrap market remains strong; participants were optimistic about improving demand and flows in the spring season, while supply tightness still supported prices. "The start of the demolition season is now upon us and could be a big help in genera...Read More
The Turkish steel mills have continued to hold back from deep-sea scrap purchasing activity and kept their focus on steel sales, market participants told Fastmarkets on Wednesday March 3.The latest transaction was recorded late on February 26, when a steel mill in the Marmara region paid $456 per tonne cfr for Baltic Sea-origin HMS 1&2 (80:20), which raised the daily scrap index for US-origin mate...Read More
A crackdown on industrial activity in Tangshan, China's steelmaking hub, is sending jitters throughout the sector. Fastmarkets examines what it means for the steel industry. Local authorities in the city issued a notice on the evening of Tuesday March 2 to say that it was embarking on a strict crackdown over March on industries that lag behind in terms of measures to lower emissions, with some act...Read More
Salesforce.com (CRM), a Dow Jones Industrial Average stock moved below $212.99 extending an intermediate downtrend. Pre-opening Comments for Wednesday March 3rdU.S. equity index futures were higher this morning. S&P 500 future added 9 points in pre-opening trade. Index futures moved slightly lower following release off the March ADP Private Employment Report at 8:15 AM EST. Consensus was...Read More
Offer prices for bulk cargoes of steel scrap to China have continued to move upward in the past day, supported by price increases in China's local scrap market, sources told Fastmarkets on Wednesday March 3.Offers for Japanese heavy scrap (HS), which is equivalent to plate and structural (P&S) quality material, were heard at $510-515 per tonne cfr China on Wednesday.A Japanese trading house was he...Read More
Japanese export scrap prices have continued to increase following new deals to Vietnam, Taiwan and China, market participants told Fastmarkets on Wednesday March 3."More offers are available now and exporters think now is the right time to make money on their scrap stocks," a Japanese scrapyard source said."The exchange rate is getting better so it's more favorable to sell scrap from the Japan mar...Read More
Coal export volumes from Australia's metallurgical coal hub of Queensland fell by 11.7% year on year in January 2021 and by 12.8% month on month, Fastmarkets understands.A total of 16.27 million tonnes of coal - including small volumes of thermal coal - were exported from Queensland in January 2021, compared with 18.43 million tonnes a year earlier and 18.66 million tonnes in December 2020, accord...Read More
Seaborne premium hard coking coal prices in fob markets declined on Wednesday March 3 after buyers lowered their bid prices due to negative short-term sentiment. Fastmarkets indices Premium hard coking coal, fob DBCT: $124.68 per tonne, down $3.08 per tonne Premium hard coking coal, cfr Jingtang: $217.81 per tonne, up $0.50 per tonne Hard coking coal, fob DBCT: $117.66 per tonne, down $2.01 per to...Read More
Finance is often cloaked in arcane terminology and math, but the one dynamic that governs the future is actually very simple. Here it is:All debt is borrowed against future supplies of affordable hydrocarbons (oil, coal and natural gas).Since global economic activity is ultimately dependent on a continued abundance of affordable energy, it follows that all money borrowed against future income is a...Read More
The market is abuzz about the next round of fiscal stimulus coming from Washington, D.C., and the "reflation trade" is dominating the discussion. This trade involves buying commodities, energy, basic materials, base metals like copper... and hybrid monetary/industrial metals like silver.Of all metals, silver has the highest electrical conductivity. That makes it ideal for solar cells and electric...Read More
The beatings will continue until morale improves. The Hon. Jerome H. Mr. Powell, in statements this Tuesday:There is a long way to go to maximum employment... We live in a time where there is significant disinflationary pressures around the world and where essentially all major advanced economy's central banks have struggled to get to 2% (inflation). We believe we can do it, we believe we will do...Read More
Iron ore prices increased on Wednesday March 3 amid bullish steel prices and despite the emissions restrictions in Tangshan strengthening, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $176.40 per tonne, up $0.85 per tonne62% Fe low-alumina fines, cfr Qingdao: $176.41 per tonne, up $0.71 per tonne58% Fe fines high-grade premium, cfr Qingdao: $162.52 per tonne, up $1.60 per t...Read More
The Bretton Woods conference of 1944 set the global financial system that still prevails today. The period 1969-1971 can be regarded as the First Reset, which involved the creation of Special Drawing Rights (SDR, ticker:XDR), the devaluation of the dollar and the end of the gold standard.For years, commentators (myself included) have discussed the next global monetary realignment, which is sometim...Read More
China's hot-rolled coil prices surged on Wednesday March 3 after Tangshan, the major steelmaking hub in northern China, ordered several local mills to suspend blast furnaces to help curb air pollution.DomesticEastern China (Shanghai): 4,980-5,030 yuan ($770-778) per tonne, up 140-170 yuan per tonneSeveral Shanghai-based traders told Fastmarkets that spot sellers there could do deals at 5,010-5,030...Read More
The absence of the big orange You-Know-Who at center stage of American life has changed the mood of the scene from a five-alarm fire to just another day in a collapsing civilization.As long as he remains healthy, and evades assassin's bullets, Mr. Trump will go after his antagonists in Congress like a mad dog toward the 2022 midterm. But now he can only watch from the sidelines and throw stink bom...Read More
Export prices for Chinese steel plate have risen to their highest since September 2011 amid investors' concerns over inflation coupled with a recovery in demand.Fastmarkets' price assessment for April/May shipments of steel heavy plate export, fob China main port was $685-695 per tonne for the week ended Tuesday March 2, widening upward by $5 per tonne from $685-690 per tonne fob a week earlier.Mo...Read More
"You shall know the truth, and the truth shall make you free" - John 8:32 informs us.No, said Thomas Huxley. John was far from the facts."You shall know the truth," countered Huxley… "and the truth shall make you mad.""Mad" is angry by one definition. By another it is lunatic. Both definitions may pertain today.You shall know the truth about America's finances... and it shall make you mad.On...Read More
A summary of Spain-based Ferroglobe's financial results for the fourth-quarter and full-year 2020, published by the company on Tuesday March 2.In brief Ferrosilicon revenue declined by 29% to $1.14 billion for the year ended December 31, 2020, from $1.62 billion in 2019. The drop was attributed to the impact of Covid-19 on volumes and pricing across all products.The full-year adjusted earning...Read More
The world was recently mesmerized by the ability of the Bros (short for "brothers"), a crowd of like-minded, mostly male millennials, to increase the price of GameStop from $20 per share to $400 per share in a matter of days.The fact that the Bros did this using stimulus check money and the Robinhood trading app did not diminish the sky-rocketing numbers behind the frenzy. The stock later collapse...Read More