Turkish steel producers avoided the deep-sea scrap market on Wednesday May 6, amid lower finished steel output in Turkey, due to the measures introduced to curb the spread of the Covid-19 virus, sources told to Fastmarkets.The most recent deep-sea transaction took place at the end of the last week when a steel mill in the Iskenderun region booked a European cargo at $236 per tonne for HMS 1&2...Read More
The seaborne iron ore market uptrend resumed on Wednesday May 6 due to more active trading after Chinese market participants returned from the Labor Day holiday on May 1-5. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $84.35 per tonne, up $0.31 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $86.24 per tonne, down $0.46 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $72.81 p...Read More
Steel billet producers in Iran have been active in the Southeast Asian market in the week to Wednesday May 6, Fastmarkets has learnt.Several cargoes of Iranian billet scheduled for production and shipment in May were reported sold within the range of $340-342 per tonne to Thailand and Indonesia, sources said.A cargo scheduled for the Indonesian market was reported sold at $365-367 per tonne cfr, w...Read More
By David SmithMost resource sector writers (including me) have for a long time been "wrong" about gold and silver.When they ran from $250 and $5 an ounce, respectively, to $1,920 and $49 in 2011, those who listened, acted, and sold a bit did quite well. We argued the "longer time bullish case" as these metals dropped into their final cyclical bear market graves in late 2015.But that was then......Read More
China's domestic rebar prices moved up on Wednesday May 6 after a five-day break for Labor Day amid a drop in spot market inventory levels and rising futures. Domestic Eastern China (Shanghai): 3,430-3,460 yuan ($486-490) per tonne, up by 20 yuan per tonne China's 20 biggest rebar markets had 8.31 million tonnes of the product at the end of April, down by 610,000 tonnes (6.8%) from April 20,...Read More
By Ricky WenTuesday's session played out as a 'gap up and go' structure that faded in the final few minutes of regular trading hours (RTH). If you recall, RTH opened at 2863.25 after Monday's closing print of 2827.5 on the Emini S&P 500 (ES), so it was a +1.2% gap up. Then price action continued in the trending direction for the majority of the day, forming higher lows and higher highs as the...Read More
By: Gary SavageThe $SPX daily cycle low hit? Hard to tell but the 200-DMA resistance zone is..https://blog.smartmoneytrackerpremium.com/Read More
By: Ira EpsteinGold does not want to go much lower, it appears but over the short-term a bearish trend putting pressure on the downtrend..Read More
High-carbon ferro-chrome traded in a wider range last week as market participants weighed the impact of a near-term pick-up in demand against the longer-term impact of Covid-19 on the alloys markets. The price spread for high-carbon ferro-chrome in Europe widened by a couple of cents per lb to $0.17 per lb in the week ended Friday May 1. Fastmarkets' price assessment for ferro-chrome high carbon 6...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 6 that are worth another look.Mining operations at Anglo American's Grosvenor coal mine in Queensland, Australia, have been suspended following an incident on the afternoon of Wednesday May 6, which led to its evacuation.Stainless steel prices in China were largely unchanged in the week to May 6, with market participants in t...Read More
A summary of stainless steel producer Outokumpu's results for the first quarter of 2020. In brief Sales and deliveries decreased year on year because of the coronavirus pandemic and its effect on the market. Earnings before interest, taxes, depreciation and amortization (Ebitda) for the quarter increased on an annual comparison because...Read More
Prices for hollow steel sections in Europe were unchanged this week because trading remained flat despite mill restarts and the easing of some Covid-19-related lockdown restrictions, sources told Fastmarkets on Wednesday May 6.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?580-595 ($630-647) per tonne on Wednesday, unchanged week on we...Read More
The Dow slipped almost 200 points in late-day tradingAfter a tepid day of trading, the Dow wound up closing over 200 points below breakeven, as investors weighed the good -- a potential reopening of the U.S. economy -- with the bad -- dismal private-sector payrolls data and a lackluster post-earnings reaction from Disney (DIS). The S&P 500 joined the Dow in the red, while Nasdaq wound up with a mo...Read More
The July 5 strike is running the show todayHospitalsare a hot-button issue amid the coronavirus outbreak and the gradual re-opening of the economy.Piper Sandler yesterday identified hospital operators HCA Healthcare Inc (HCA) and Tenet Healthcare Corp (THC) as two names best equipped to withstand any sector uncertainty. Left off the list was Community Health Systems (NYSE:CYH), but that hasn't...Read More
Microsoft just unveiled its $399 Surface Go 2, and its Surface EarbudsMicrosoft Corporation (NASDAQ:MSFT) has been on a roll lately, undoubtedly helped along by its late-April earnings report, with more technical support emerging at its 20-day moving average. The security is extending those gains into today, up 1.4% at $183.33, at last check, and pacing for its third consecutive win. Today's pop c...Read More
The Nasdaq is getting a boost from big tech stocksThe Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are hovering right below the line of breakeven today, as Walt Disney's (DIS) lackluster earnings and a disappointing jobs report weigh. The tech-heavy Nasdaq Composite (IXIC), however, is seeing higher gains thanks to FAANG stocks -- though any gains across the board have been encroac...Read More
BMW has restarted vehicle production at some of its sites in Europe and the UK this week, while other locations would make similar moves next week, the company confirmed to Fastmarkets on Wednesday May 6.In late April 2020, the BMW Group began a staggered approach to restarts at its production locations, it said, with plant ramp-ups oriented toward the market. The exact dates for restarts would de...Read More
Piper Sandler raised its price target to $40 while Stifel cut its estimate to $35The shares of Vornado Realty Trust (NYSE:VNO) are down 5.2% to trade at $36.81 as even more analysts weigh in on its May 4, first-quarter report in which the real estate investment trust (REIT) posted an earnings miss, but revenue that exceeded Wall Street's estimates. Specifically, Stifel cut its price target to $35...Read More
Papa John's withdrew its 2020 guidance, tooThe sharesPapa John's International Inc. (NASDAQ:PZZA) are down 2.6% at $74.20 this morning, just one day after hitting a three-year high of $76.21, as investors comb over the pizza delivery specialists' latest quarterly report. The firm posted first-quarter earnings of 41 cents per share, coming in higher than Wall Street's 39 cents per share estimate, t...Read More
Beyond Meat's profits and revenue beat out Wall Street's estimatesThe shares of Beyond Meat Inc (NASDAQ:BYND) are up 12.5% to trade at$112.42 this morning, after the plant-based meat substitute manufacturer reported first-quarter earnings of 3 cents per share on revenue of $97.07 billion, both of which beat out Wall Street's estimates. While the company suspended its 2020 guidance, expansion in...Read More