An overview of the chrome ore and alloy markets on Tuesday March 2 and their latest price moves.China UG2 chrome ore prices increased with buyers willing to accept higher prices after China's leading stainless steel producers - Taiyuan Iron & Steel (Tisco), Tsingshan Group and Baosteel - raised their high-carbon ferro-chrome tender prices for March delivery by 700 yuan ($108) per tonne. The domest...Read More
Chile produced 457,100 tonnes of copper in January, down by 0.7% from 460,100 tonnes in the same month in 2020, the Chilean copper commission, Cochilco, said on Tuesday March 2.A decline in output at the BHP-majority-owned Escondida copper mine - the world's largest - is likely to be the main reason for the small decline, with production there falling 11.6% to 84,700 tonnes in the first month of 2...Read More
Here are five Fastmarkets stories you might have missed on Tuesday March 2 that are worth another look.The London Metal Exchange has received a significant rise in objections to its closing prices since trading on the LME Ring was halted in March 2020, new data released by the exchange...Read More
Prices for steel scrap in the principal Mexican markets decreased sharply in the week ended Friday February 26, amid increases in inventories and a wider gap between prices in the various regions.Fastmarkets' weekly steel scrap assessments for Mexico fell sharply in nine grades, with a number of steel producers reducing prices in all regions, and also reflecting price cuts announced recently but t...Read More
ArcelorMittal has raised its European long steel product prices by a minimum of ?,?30-40 ($35-48) per tonne, market sources told Fastmarkets on Tuesday March 2.The price increases relate to mesh-quality wire rod, beams and rebar and came into effect on Friday February 26...Read More
Turkish steel mills stayed out of the deep-sea scrap markets again on Tuesday March 2, focusing instead on raising steel prices following the latest surge in scrap values, market sources told Fastmarkets.The latest transaction was recorded late on Friday February 26, when a steel mill in the Marmara region paid $456 per tonne cfr for Baltic Sea-origin HMS 1&2 (80:20).The transaction raised the dai...Read More
Base metals prices on the London Metal Exchange were mixed this morning, Tuesday March 2, while on the Shanghai Futures Exchange they were mainly weaker.Manufacturing, as indicated by recent purchasing managers index data, has provided mixed signals - growth is slowing in China, but still recovering well in Europe and the United StatesBase metals LME three-month base metals prices were mixed this...Read More
Junior miner Lithium Americas will start production of lithium at its Cauchari-Olaroz site in north-west Argentina in mid-2022, it announced on Tuesday March 2.The junior miner is moving ahead with the Argentinian lithium project in partnership with China's Gangfeng Lithium."Based on the latest construction schedule, which assumes a reduced workforce at site in accordance with Covid-19 protocols,...Read More
In 1978, a guy named James Burke wrote a book called Connections, which was then turned into a 10-part documentary for the BBC.In it, he showed how historic discoveries, scientific achievement, and world events were stacked one on the next in an interconnected way that led to some modern technological achievements like landing on the moon and the atomic bomb.One episode was called "The Long Chain....Read More
The export market for steel hot-rolled coil from the Commonwealth of Independent States (CIS) improved during the week to Monday March 1 on new sales to Turkey and bullishness among suppliers.Fastmarkets' weekly price assessment for steel HRC, export, fob Black Sea, CIS, was $725-735 per tonne on Monday, up from $705-725 per tonne a week earlier.One Russia-origin cargo was sold to Turkey at $760 p...Read More
ArcelorMittal has raised its European long steel product prices by a minimum of ?,?30-40 ($35-48) per tonne, market sources told Fastmarkets on Tuesday March 2.The price increases relate to mesh-quality wire rod, beams and rebar and came into effect on Friday February 26...Read More
Imported steel rebar prices to the United Arab Emirates decreased this week amid new deals, after the price reduction from local rebar producers, sources told Fastmarkets on March 2.The country's biggest steel producer Emirates Steel has been offering rebar at 2,535 dirhams ($690) per tonne ex-works since February 24 and Conares Steel is offering rebar at 2,530 dirhams per tonne ex-works.Hamriyah...Read More
China's domestic rebar market stabilized on Tuesday March 2 following the issuance of higher list prices and a strengthening of futures contracts. DomesticEastern China (Shanghai): 4,610-4,650 yuan ($713-719) per tonne, unchangedShagang, a major rebar producer in eastern, China raised its ex-works prices for rebar by 150 yuan per tonne to 4,850 yuan per tonne including value-added tax. This prices...Read More
Prices for steel scrap in the principal Mexican markets decreased sharply in the week ended Friday February 26, amid increases in inventories and a wider gap between prices in the various regions.Fastmarkets' weekly steel scrap assessments for Mexico fell sharply in nine grades, with a number of steel producers reducing prices in all regions, and also reflecting price cuts announced recently but t...Read More
ArcelorMittal has raised its European long steel product prices by a minimum of ?,?30-40 ($35-48) per tonne, market sources told Fastmarkets on Tuesday March 2.The price increases relate to mesh-quality wire rod, beams and rebar and came into effect on Friday February 26...Read More
Gold can lead real yields and its weakness is an indicator of a potential sustained rebound in real yields. Meanwhile, relative strength in Silver, strength in Commodities & extreme selling of Bonds does not indicate deflation. The market action is indicating an economic recovery with inflation but not yet accelerating inflation.Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of...Read More
Turkish steel mills stayed out of the deep-sea scrap markets again on Tuesday March 2, focusing instead on raising steel prices following the latest surge in scrap values, market sources told Fastmarkets.The latest transaction was recorded late on Friday February 26, when a steel mill in the Marmara region paid $456 per tonne cfr for Baltic Sea-origin HMS 1&2 (80:20).The transaction raised the dai...Read More
Bill Fleckenstein is the President of Fleckenstein Capital and writes a popular column 'Contrarian Chronicles' for MSN Money as well as the daily Market Rap column for his website: Fleckenstein Capital. Bill has appeared at one time or another in virtually all financial media including Bloomberg, CNBC, The New York Times, MSN, Marketwatch, Barron's and more. Bill is a highly sought after speaker,...Read More
For Part 1 of this interview, CLICK HEREJim Willie is a statistical analyst in marketing research and retail forecasting. He holds a PhD in Statistics, and his career has stretched over 25 years. He aspires to thrive in the financial editor world, unencumbered by the limitations of economic credentials. Jim operates a free website called Golden Jackass.Read More
Shark Tank star Kevin O'Leary, aka Mr. Wonderful, has begun investing in Bitcoin. The move is a complete 180-degree turn from the high-profile investor who previously called the cryptocurrency "garbage," and a "nothing burger." In an exclusive with our Daniela Cambone, he reveals the tipping point that caused him to change his stance. O'Leary says he allocated 3% of his portfolio to Bitcoin. The i...Read More