The Turkish deep-sea scrap import market went quiet at the beginning of the week, with no significant bookings heard, sources told Fastmarkets on Monday February 24.The Turkish steel producers booked eight deep-sea cargoes at rising prices last week, totaling some 250,000 tonnes.However, market participants believe prices have now stabilized, and no further changes are expected...Read More

Broader markets are seeing risk-off while they focus on the spread of the novel coronavirus (2019-nCoV) this morning, Monday February 24, after the number of cases and deaths escalated outside of China, especially in South Korea.China remains in a very difficult position as it needs to ramp-up the return to work, while at the same time the virus is not contained. China exported $60 billion of auto...Read More

Share this articleVANCOUVER - Tensions over Indigenous rights, climate change and resource development that have escalated recently with the rail blockades helped push Teck Resources Ltd. to shelve its massive oilsands project, company CEO Don Lindsay said Monday."Literally over the past few days, it has become increasingly clear that there is no constructive path forward," he said, speaking...Read More

Share this articleVANCOUVER - Shares in Teck Resources Ltd. are trading down four per cent after the company said it had withdrawn its application for a massive oilsands mining project citing uncertainty over climate policies.The Vancouver-based company said it will take a $1.13-billion writedown on the Frontier project in Alberta, which was expected to create thousands of jobs but was also pr...Read More

This is a continuation of an article we published on Friday. To read the first part, click here. But here is a very brief summary:Both optimistic and pessimistic hype is rampant in investment markets and mainstream media. And if you're not careful, buying into this hype can cost you dearly.Last week, we defined market hype as the intentional and aggressive promotion of a stock or sector with exagg...Read More

Domestic prices for hot-rolled coil in both Northern and Southern Europe rose at the end of the week to Friday February 21, supported by a lack of competitive imports and a degree of recovery in demand.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?483.99 ($524.88) per tonne on Friday, up by ?,?4.65 per tonne week on week from ?,?479.34 per tonne on February...Read More

Domestic prices for hot-rolled coil in Northern Europe were stable day on day on Monday February 24, but producers remained bullish, sources told Fastmakets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?484.02 ($524.91) per tonne on Monday, almost unchanged from ?,?483.99 per tonne on February 21.The index was calculated based on deals and "workable" pr...Read More

Flat steel exporters from the Commonwealth of Independent States (CIS) reduced offers for hot-rolled coil on a bearish buyer mood in key outlets, sources told Fastmarkets during the week ended on Monday February 24. Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $465-475 per tonne on Monday, narrowing from$460-480 per tonne a week before.Of...Read More

Here are five Fastmarkets stories you might have missed on Monday February 24 that are worth another look.Chinese rebar remained the most competitively priced of imports of the long steel product in Singapore over the past week, edging out Turkish products.The discount for copper scrap imported into China has fallen in February on a lower commodity price and a negative arbitrage, with the impact o...Read More

Cold-heading quality (CHQ) wire rod prices have fallen following February's lower ferrous scrap settlement, while the cost of high-carbon rod is stable, sources told Fastmarkets. Fastmarkets' assessment for steel wire rod cold-heading quality (CHQ), ddp was at $37.50 per hundredweight ($750 per short ton) on Friday February 21, down by 1.3% from $38 per cwt last month. The cost of Chicago No1...Read More

The Egyptian Administrative Court will make a ruling on billet and rebar import duties on May 23, after a number of domestic rebar re-rollers appealed to have them removed, market participants told Fastmarkets on Monday February 24.The Egyptian Ministry of Trade & Industry announced definitive import duties on steel billet, rebar and wire rod on October 10 last year. The definitive safeguard duty...Read More

The Turkish deep-sea scrap import market went quiet at the beginning of the week, with no significant bookings heard, sources told Fastmarkets on Monday February 24.The Turkish steel producers booked eight deep-sea cargoes at rising prices last week, totaling some 250,000 tonnes.However, market participants believe prices have now stabilized, and no further changes are expected...Read More

Turkish domestic scrap prices have continued to increase over the past week in response to rising imported scrap values, market sources said on Monday February 24.Prices for imported scrap have been climbing in recent weeks on demand from Turkish steel producers. Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $284.04 per tonne on February 21, up from $274...Read More

By: Gary SavageGeneral market updates on today's big down-move. This video update includes: $ES, $AAPL, $COMPRead More

- Dave KranzlerAnd it's not just gold. The Fed is already hinting that more money printing is coming. Powell suggested at his semi-annual Congressional testimony that QE would be used in the next recession. A couple other Fed officials this week confirmed that the FOMC is preparing to crank up the printing press even more than it has been running since mid-September.But why does the Fed fe...Read More

David HaggithWho says there is no recession anywhere in sight? It depends on where you are looking. In short, manufacturing remains in recession; corporate profits remain in recession; freight remains deep in recession; Carmageddon remains in recession; and the Retail Apocalypse remains a recession for brick-and-mortar stores, while employment the last holdout is now also turning d...Read More

StrengthsThe best performing metal this week was palladium, up 11.52 percent as precious metals had a stellar week. Gold hit a seven-year high this week, holding above $1,600 an ounce to the highest since February 2013 largely on coronavirus fears. The metal also rose on speculation that the Federal Reserve will ease monetary policy before year-end. Gold remained strong even as the U.S. dollar a...Read More

Clive MaundIf you are wondering why gold is starting to accelerate away to the upside, you need look no farther than the following amazing chart forwarded to me by reader Larry Fike, which Larry has kindly given me permission to reproduce in this update...Click on chart to popup a larger, clearer version.Chart courtesy of Larry FikeThe chart speaks for itself and requires little additional comme...Read More

Rising imported ferrous scrap prices in Turkey provided upward momentum to global scrap prices during the working week ended Friday February 21, with prices in most major import destinations surging due to the boost in demand.Turkish import scrap prices rise on buying spreeUS export scrap prices push upward on fresh Turkish dealsTaiwan import scrap prices surge on higher freight costs, Vietnam pri...Read More

Now that we are hearing stories about the viral threat of superspreaders, of deepening economic paralysis around the world, and how it could take 18 months to produce a vaccine, investors' show of bravado in recent weeks seems to have melted away. Shares got hit across-the-board on Thursday and Friday, and if investors know what's good for them they'll pound the bejeezus out of them this week. A...Read More