Vietnamese re-rollers are fretting over a 25% import tariff that the United States is set to impose on steel imports, expecting them to reduce the volumes of finished flat products that they can ship there, market sources told Metal Bulletin on Friday March 2.This could in turn result in a supply glut of flat steel in Asia, they warned."Vietnamese re-rollers are growing increasingly worried and th...Read More
March 2 (Reuters) - * Foot Locker Increported quarterly adjusted earnings of $1.26 per share.The mean expectation of 20 analysts for the quarter endedJanuary 31 was for earnings of $1.25 per share.* Revenue rose 4.6 percent to $2.21 billion from a year ago;analysts expected $2.22 billion.* Foot Locker Inc's Reported EPS for the quarter was a lossof 40 cents.* The mean earnings estimate of analysts...Read More
The European Steel Association, Eurofer, has welcomed the European Commission's pledge of "appropriate and swift measures" after the United States finally announced Section 232 trade tariffs.US president Donald Trump announced the imposition of import duties of 25% on steel and 10% aluminium on March 1. "We welcome the [EC] announcement [that] appropriate and swift measures will be taken...Read More
Cleaning up on Friday afternoon was REACT Group plc (LON: REAT) as shares added over 16% in London to 0.525p as the firm unveiled an additional contract with a major London hospital.Its subsidiary, REACT Specialist Cleaning Ltd (RSCL) inked the deal.The 18 month deal covers both deep cleaning and RSCL has been appointed as preferred supplier for other ad hoc work and is for a major fac...Read More
(Adds details from speech, reaction)By Lisa LambertMarch 2 (Reuters) - Deputy U.S. Attorney General RodRosenstein on Friday laid out the Trump administration'sapproach to fighting financial crime, saying the government willfocus more heavily on certain tax violations and that it iscracking down on securities fraud."We are using data analytics to more quickly identify,investigate and prosecute...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.All eyes were on US President Donald Trump's announcement that he will sign off on tariffs of 25% on steel imports and 10% on aluminium imports at some point next week and keep them in place for a "long" period.His decision led several steel associations and governments around the world to raise concern...Read More
This has been yet another week in which events transpired that profoundly influenced the financial landscape. It seems as though volatility and uncertainty have become intrinsic outcomes of statements recently made by those that run our country. The hawkish testimony on Tuesday to Congress by newly appointed Federal Reserve Chairman Jerome Powell resulted in a dynamic selloff in U.S. equities. Thi...Read More
The week ahead is set to be food-heavy with corporate results from Domino's Pizza (LON:DOM), Just Eat (LON:JE. and Restaurant Group PLC (LON:RTN).The latest figures from all three companies are expected to show less people are eating out and instead tucking into take-away food.Domino's set for full-year deliveryDomino's Pizza is anticipated to serve up some tasty full-year results on Thursday with...Read More
* Trump tweets: "Trade wars are good, and easy to win"* J.C. Penny slumps after disappointing quarter* Wall Street in the red after two weeks of gains* Dow off 0.6 pct, S&P flat pct, Nasdaq up 0.35 pct(Updates to early afternoon)By Ankur Banerjee and Sruthi ShankarMarch 2 (Reuters) - U.S. stock indexes recouped some losseson Friday, but were on track to end the week in the red asinve...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
(Kitco News) - U.S. President Donald Trump once again has shown his affinity for gold, coming to the market’s rescue Thursday as prices fell to a two-month low.The gold market is heading into the weekend, benefiting from renewed market volatility and geopolitical uncertainty as investors digest the implication of a possible global trade war after Trump announced that his administration would...Read More
Scrap prices in the global markets have continued to increase his week, amid strong demand for material in the major importing countries and upward momentum in the US export markets.Turkish steel mills continued to book more-deep sea scrap for April at escalating prices, with the country still enjoying strong demand for its finished steel products.Meanwhile, Taiwan import scrap prices also rose fu...Read More
SHANGHAI, Mar 2 (SMM) – Nonferrous metals futures fell across the board on Friday March 2 with SHFE nickel down over 2% and lead fell close to 1%. The ferrous complex also closed lower except for a small rise in hot-rolled coil.Copper: The SHFE 1804 contract rallied twice during the day and hit a high at 52,700 yuan/mt. With support at 52,000 yuan/mt, SHFE copper is expected to be rangebound...Read More
SHANGHAI, Mar 2 (SMM) – Nonferrous metals futures fell across the board on Friday March 2 with SHFE nickel down over 2% and lead fell close to 1%. The ferrous complex also closed lower except for a small rise in hot-rolled coil.Copper: The SHFE 1804 contract rallied twice during the day and hit a high at 52,700 yuan/mt. With support at 52,000 yuan/mt, SHFE copper is expected to be rangebound...Read More
SHANGHAI, Mar 2 (SMM) – Nonferrous metals futures fell across the board on Friday March 2 with SHFE nickel down over 2% and lead fell close to 1%. The ferrous complex also closed lower except for a small rise in hot-rolled coil.Copper: The SHFE 1804 contract rallied twice during the day and hit a high at 52,700 yuan/mt. With support at 52,000 yuan/mt, SHFE copper is expected to be rangebound...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 21 points in pre-opening trade. The Canadian Dollar dropped another U.S. 0.30 to 77.69 cents after President Trump announced intentions to place tariffs on aluminum and steel. Canada is the biggest supplier of aluminum to the U.S. The Canadian Dollar was virtually unchanged following release of Canada's December GDP r...Read More
** Home security company's shares drop as much a23 pct to record $5.13** Stock among top pct losers on Nasdaq** Company posts Q4 revenue $133.5 mln, down 5 pct, due to afall in number of subscribers ** Brokerage Stifel says is cautious on company and also onthe industry, as trends in quarter including declining revenueand shrinkage in subscribers account base are likely tocontinue; Cuts PT to $13...Read More
Editor's Note: Gold and silver has been, at best, a frustrating trade. Exclusive to Kitco News, expert trader, Todd "Bubba" Horwitz, chief market strategist and founder of 'Bubba Trading provides a strategy investors can use in a range-bound gold price environment. Sign up before March 10 for the Kitco News Weekly Rundown newsletter to receive Horwitz's exclusive report and trading strategy. (Ki...Read More
Base metals on the London Metal Exchange mostly closed the week in negative territory on Friday March 2, with aluminium the sole exception.The three-month aluminium price held steady throughout today's trading while the market assessed news that US President Donald Trump intends impose a 10% tariff on aluminium imports."Who knows what it will mean to for exchange prices? For sure it will affect th...Read More
SHANGHAI, Mar 2 (SMM) – Nickel ore inventory at Chinese ports dropped to 7.15 million wmt as of Friday March 2, SMM data showed. This fell by 275,000 wmt from a week ago. The port inventory translated to 58,300 mt in metal content, down 2,500 mt on a weekly basis. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our resear...Read More