Coronavirus headwinds are set to hammer stocksThe U.S. stock market is pacing for substantial losses this morning as the coronavirus outbreak worsens. With the death toll from the virus rising to more than 80 in China and a fifth confirmed case in the U.S., traders are taking a risk-off approach this morning, sending Dow Jones Industrial Average (DJI) futures more than 400 points below fair value....Read More
A lack of information on the extended Section 232 tariffs that were announced by US President Donald Trump on Friday January 24 has made it difficult to predict the impact on the downstream steel and aluminium markets.The steel and aluminium tariffs will be set at 25% and 10% respectively and will take effect on February 8, according to the presidential proclamation.A list of targeted goods h...Read More
January options expiration could also increase the chances for a volatility popA general area that could act as a speed bump on $SPX is 3,335, which is 5 x's '09 low at 666.79. Double the low was a year-long challenge in '11-'12 and there was major sideways movement for months around triple the low in '14-'15- Todd Salamone (@toddsalamone) January 24, 2020While Friday's trading may prove pivotal a...Read More
Chinese steelmaker Hebei Jingye Group has moved a step closer to acquiring British Steel following an agreement made with the trade unions that could result in 500 job losses.The proposals from Jingye on terms of employment now need to be agreed by British Steel staff following the negotiations by the various trade unions.Other outstanding hurdles to the deal include Jingye reaching an agreement.....Read More
A summary of Anglo American's production results for iron ore in the fourth quarter and full-year 2019, as well as production guidance for 2020, following the company's report released on Thursday January 23. The South African Kumba unit increased production on both comparisons due to the Sishen mine improving operational performance and the Kolomela mine - both mines are part of the Kumba un...Read More
A lack of information on the extended Section 232 tariffs that were announced by US President Donald Trump on Friday January 24 has made it difficult to predict the impact on the downstream steel and aluminium markets.The steel and aluminium tariffs will be set at 25% and 10% respectively and will take effect on February 8, according to the presidential proclamation.A list of targeted goods h...Read More
By: Ira EpsteinGold's short to long-term technicals:Read More
Friday's nasty stock-market reversal was the most interesting we've seen in a long while. The ostensible cause of the selloff was mounting anxiety over the spread of the deadly coronavirus from China to the U.S. and elsewhere. Three cases have been reported so far in the U.S. and 2,000 worldwide, and although no one seems to expect a major outbreak in North America, it's not hard to imagine a me...Read More
Gold and silver will remain firm as long unless a vaccine to the Chinese corona virus is found. Treatment is there for the virus but there is no vaccine. The quicker the spread of the corona virus globally the quicker will gold and silver rise. Yen will also fall sharply if the numbers zoom. Numbers (of people affected by the corona virus) are suppressed or fudged globally to prevent a panic. Sp...Read More
Domestic prices for hot-rolled coil in Northern Europe were expected to rise due to a combination of uncompetitive import offers and good order books at EU mills, sources told Fastmarkets on Monday January 27.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?461.25 ($508.42) per tonne on Monday, compared with ?,?460.81 per tonne on January 24.The index was...Read More
Base metals prices on the London Metal Exchange were significantly lower at the close of trading on Monday January 27, with the majority of three-month prices across the complex down by some 2% because of continued risk-aversion in commodity markets, with zinc futures leading the retreat to close at a six-week low.Zinc's outright price on the LME closed at $2,249 per tonne on Monday afternoon, wit...Read More
Export rebar and wire rod prices for material out of the CIS region decreased in the week to Monday January 27 under pressure from slow trading, increasing competition and falling scrap prices in the global market.Last week, Ukraine-origin rebar was available to foreign customers at $430 per tonne fob Black Sea, but Turkish mills reduced their offer levels over the week by $10-15 per tonne to $430...Read More
Here are five Fastmarkets MB stories you might have missed on Monday January 27 that are worth another look.The Section 232 tariffs on steel and aluminium imports into the United States will be applied to select downstream steel and aluminium products, President Donald Trump announced late on Friday January 24.The discount for copper scrap imported into China has narrowed in Ja...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products.Latest transaction: rebarRebarEast China, domestic, grade III 16-25mm...Read More
The London Metal Exchange will on February 1 introduce a reporting process that will increase transparency into levels of off-warrant stocks. The exchange announced the plans in November 2019 and aims to attract more metal back in LME sheds. It is controversial, but its passage into the LME rulebook on February 1 follows a consultation last year. Some market participants are now saying the LME sho...Read More
A string of long-term deals for cobalt hydroxide show that bullish forecasts for cobalt consumption from the electric vehicle (EV) sector are coming into play. Glencore will supply battery manufacturer SK Innovation with up to 30,000 tonnes of cobalt contained in hydroxide over six years, it said last week - a deal worth about $1 billion in today's market. And other deals also point...Read More
Base metals prices on the London Metal Exchange were significantly lower at the close of trading on Monday January 27, with the majority of three-month prices across the complex down by some 2% because of continued risk-aversion in commodity markets, with zinc futures leading the retreat to close at a six-week low.Zinc's outright price on the LME closed at $2,249 per tonne on Monday afternoon, wit...Read More
The three-month nickel price on the London Metal Exchange was lower during morning trading on Monday January 27, with macro risk-off sentiment prompting a 2.5% decline, while zinc futures followed lower. Nickel's outright price on the LME was recently seen at $12,655 per tonne, below Friday's closing price of $12,950 per tonne with some 1,800 lots exchanged as of 9:20am London time. Prompting down...Read More
The CIS slab export price strengthened in new deals in the week to Monday January 27, as customers accepted higher prices amid positive dynamics in the finished flat steel market, sources said.Fastmarkets' weekly price assessment for steel slab, export, fob Black Sea, CIS, rose by $5 or 1% to $425-430 per tonne on Monday, from $420-425 per tonne previously.Early last week, a cargo of Ukrainian sla...Read More
Bank Muscat's Nishant Bhavsar and Ajit Mauskar led Fastmarkets' Apex 2019 leaderboard for base metals analysis with an accuracy rate of 97.93%. In second place for base metals, SP Angel's John Meyer, Sergey Raevskiy and Simon Beardsmore notched an accuracy rating of 97.31%, while Emirates NBD's Edward Bell took third place at 97.11%. Capital Economics' Kieran Clancy was in fourth place with a...Read More