Prices in Southeast Asia's steel billet market remained stable on Friday January 10 as buyers mostly stayed away from the spot market in anticipation of softer scrap charges, sources told Fastmarkets. "It is difficult to conclude any deals because the situation envisioned by buyers [of lower scrap prices] has yet to materialize," an Indian trader said.Scrap prices in Turkey, the world's large...Read More
China's domestic rebar prices edged down on Friday January 10 due to weakening demand as more participants prepared to exit the market ahead of the week-long Chinese New Year holiday later this month. Eastern China (Shanghai): 3,670-3,700 yuan ($530-534) per tonne, down 10 yuan per tonne Northern China (Beijing): 3,540-3,560 yuan per tonne, narrowed downward by 10 yuan per tonneA number...Read More
The inter-merchant spot market for light iron scrap in the UK was unmoved in the week ended Friday January 10, while there was an increase in business from Europe to traditional export markets in Turkey and the Indian subcontinent.The UK steel scrap market is preparing for the settlement of monthly delivery contracts to domestic steelmakers, with some industry sources suggesting a rollover may be...Read More
The price of ferrous scrap imported into India increased again this week as positive sentiment in the market continues to boost trading activity, sources told Fastmarkets.Fastmarkets' assessment for steel scrap, shredded, index, import, cfr Nhava Sheva, was $317.35 per tonne on Friday January 10, up from $312.17 per tonne a week earlier.Prices have continued to move up on a weekly basis since Nove...Read More
The price of austenitic alloy steel scrap in Europe has moved up slightly over the past week on an uptick in demand for January tonnages and improved market sentiment, sources told Fastmarkets on Friday January 10.Fastmarkets' price assessment for stainless steel scrap 316 solids, domestic, delivered merchants UK, was ?1,170-1,200 ($1,530-1,569) per tonne on Friday, up by ?20 per tonne from the...Read More
The price of steel slab exports from Brazil increased in the first full week of January 2020 with higher demand from North American buyers.Fastmarkets' weekly price assessment for steel slab export, fob main port Brazil, was $415-425 per tonne on January 10, rising from $395-405 per tonne on January 3.Virtually all Brazilian slab producers have increased their offer prices for March-shipment batch...Read More
Trading activity in the export market for CIS steel billet recovered somewhat in the second week of January with several cargoes reported sold to Africa.Nevertheless, the market still lacked clarity, with most customers holding back from purchasing activity and some suppliers still to announce new offer prices.Those producers which have opened their sales returned to the market with offers at the...Read More
Prices in Southeast Asia's steel billet market remained stable on Friday January 10 as buyers mostly stayed away from the spot market in anticipation of softer scrap charges, sources told Fastmarkets. "It is difficult to conclude any deals because the situation envisioned by buyers [of lower scrap prices] has yet to materialize," an Indian trader said.Scrap prices in Turkey, the world's large...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 383,48061,189139,363202,452558,533725,295759,085 Change from Prior Reporting Period 1,8607,494-1,248-473-10,883139-4,637 Traders 23670875458324185 Small Speculators LongShortOpen Interest 60,56226,772785,857 -4484,328-309 non reportable positionsChange fr...Read More
- Richard (Rick) MillsGold's safe haven status was tested this week, as Iran countered the assassination of its top military commander with missile strikes against two Iraqi bases housing US troops.On Tuesday night Tehran fired over a dozen missiles at the Al-Asad airbase and Erbil airport, in obvious retaliation against an American drone strike a few days earlier that killed General Qasse...Read More
Gold dramatically surged to major new secular highs this past week, fueled by stunning geopolitical news. The US assassinated Iran's top general, so Iran fired ballistic missiles at military bases in Iraq used by the US. That naturally ramped gold bullishness, spawning all kinds of predictions for much-higher prices. But geopolitically-driven gold spikes never last long, and the gold buy...Read More
- Rob KirbyDuring the run-up to year end, the narrative being fed to the population by the Wall St./Fed crowd was that massive liquidity [cash] injections were required in the banking system to ensure there were no "accidents" over the "turn" of the year end calendar to 2020. We've all been treated to some pretty sophisticated technical explanations by Wall Street and Fed mavens about the in...Read More
- Gary TanashianOnce again I have to disclaim that at the moment (and for quite some time now) I hold not one single short position, in anything. I am only long US and global stocks. But also managing cash and portfolio balance as usual while feeling as though I'm playing a game of Musical Chairs while the music still plays (nothing nearly as good as Keith's style, which has always resonated w...Read More
By: Avi GilburtOriginally published on Sat Jan 4 for members of ElliottWaveTrader.net: Back in October and early November, I was preparing our members for the next rally phase I was expecting in the metals complex. And, when the 144-minute MACD on the silver chart signaled a bottom in early December, I noted it was no longer time to look down, but we need to be looking higher in a more s...Read More
By: Ira EpsteinGold needs an impetus in the near-term to get gold back to early week highs:Read More
Traders will either close short positions or go long on the weekend. Iranian risk is there. My initial reaction after the news of Ukrainian airlines crash in Tehran was that of a missile hit. I may be right. USA, Canada and UK are all now saying that Ukrainian airlines was hit an Iranian missile. In my view missile may or may not be Iranian. NATO/USA has started the escalation of war like situat...Read More
The price of stainless steel in Europe decreased this week on lower monthly alloy surcharges for January, sources told Fastmarkets on Friday January 10. Fastmarkets' weekly price assessment for stainless steel cold-rolled sheet, 2mm, grade 304 transaction domestic, delivered North Europe was ?,?2,050-2,100 ($2,277-2,333) per tonne on January 3, down by ?,?40-50 per tonne...Read More
The World Trade Organization has made a final ruling that the Moroccan authorities violated parts of the WTO's Anti-Dumping Agreement in its imposition of tariffs on hot-rolled coil imports from Turkey.The WTO panel findings included the fact that Morocco failed to conclude its investigation within the 18-month maximum time limit and failed to inform all interested parties...Read More
Liberty Steel Group will cut 355 jobs at its UK steelworks in Stockbridge, South Yorkshire and Newport, South Wales due to "challenging market conditions", the company said on Thursday January 9. This follows a move late in 2019 when the GFG Alliance announced plans to consolidate all its steel businesses into one global group named Liberty Steel Group. The company said it has decided to redu...Read More
All three benchmarks nabbed big weekly winsThe Dow limped into the weekend with a triple-digit loss, despite crossing a historic milestone earlier in the day. After toppling the 29,000 level for the first time ever and nabbing a new record high, the blue-chip index pivoted lower as a lackluster jobs report weighed on Wall Street. The S&P 500 and Nasdaq nabbed record highs of their own, but also e...Read More