The price difference between scrap and rebar for Turkish mills in January this year was at its narrowest since January 2019, the International Rebar Producers & Exporters Association (Irepas) said on February 5.In fact, compared with January 2019, the spread had only ever been smaller in January 2017, according to Irepas' outlook statement.Turkish producers were also trying to widen the spread, wh...Read More
The price of steel mesh-quality wire rod was unchanged in Europe while market participants waited to see how the monthly European ferrous scrap prices would settle, sources told Fastmarkets on Wednesday February 12.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, remained at ?,?460-470 ($502-513) per tonne on February 12, the fourth conse...Read More
Turkish deep-sea scrap import prices have increased sharply with improving demand from the country's steel mills, sources said on Wednesday February 12.A steel mill in the Izmir region has booked a US cargo, comprising 24,000 tonnes of HMS 1&2 (80:20) at $268 per tonne, 12,000 tonnes of shredded at $273 per tonne and 4,000 tonnes of bonus at $278 per tonne cfr. It was not clear whether this deal w...Read More
Seaborne iron ore prices remained firm on Wednesday February 12 following an announcement by Vale that it expects lower production for the quarter ending on March 31.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $87.68 per tonne, up $0.75 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $87.01 per tonne, up $0.75 per tonne.62% Fe low-alumina fines, cfr Qingdao: $88.93 per tonne, up $0.7...Read More
Prices for ferrous scrap in the Mexican domestic market were down in four grades and stable in five other grades in the week ended Friday February 7, with consumers attempting to reduce prices but meeting resistance from sellers.At least two scrap consumers in the region around the city of Monterrey announced price cuts for several grades last week, in the range of 100-150 pesos ($5-8) per tonne.M...Read More
The mood in the CIS export billet market had turned positive by the middle of the current week amid a rebound in import scrap prices in Turkey.Some CIS mills returned to the market after taking a wait-and-see position at the end of last week, and were now testing it with higher offers.CIS billet was...Read More
With this deal, Ely Gold Royalties will own six properties and royalties there. Vancouver-based Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQB) announced in a news release that its subsidiary, Nevada Select Royalty, agreed to purchase, from a private seller, eight unpatented mining claims at McEwen Mining's Gold Bar mine in Nevada."This transaction gives us two additional properties in the Nevad...Read More
Pretium Resources also provides guidance for 2020 costs, cash flow and debt reduction. Pretium's Brucejack MineIn a news release, Pretium Resources Inc. (PVG:TSX; PVG:NYSE) announced that in 2019 it exceeded the upper end of its gold production guidance, the lower end of its all-in sustaining cost (AISC) guidance and its debt reduction goal. During full-year 2019, the Canadian miner produced 354,...Read More
Ron Struthers of Struthers' Resource Stock Report shares his thoughts on gold and the coronavirus, and profiles Rockridge Resources, a company with an advanced-stage copper project and a high-grade gold prospect, both in Canada. Gold is about to soar in price because of a worldwide misinformation campaign. So far the effects from the coronavirus are being mostly ignored by the markets. There seem...Read More
China may not be the big steady steel rebar buyer that most of us in the market thought it was, the International Rebar Producers & Exporters Association (Irepas) said on February 5 with regards the impact of the novel coronavirus (2019-nCoV). In general, the demand outlook is still positive globally while developments in the automotive and industrial markets may help to support construction produ...Read More
China's domestic rebar prices held steady on Wednesday February 12 amid weak demand, though optimism emerged following a call by the country's Ministry of Industry & Information Technology for enterprises to resume production gradually. Eastern China (Shanghai): 3,380-3,420 yuan ($485-490) per tonne, unchangedNorthern China (Beijing): 3,440-3,460 yuan per tonne, unchangedA trader in eastern China...Read More
An overview of the noble alloys markets and the reasons for any price moves.Read More
The VIX closed at its lowest point in almost three weeksThe Dow cruised to a comfortable 275-point win today, as more signs point to a slowdown in the coronavirus outbreak. New cases of the viral infection declined for the second-straight day and UnitedHealth (UNH) saw a healthy push higher, helping the blue chip index nab another record close. The S&P 500 and Nasdaq locked up their third-straight...Read More
The equity is also filling a mid-May bear gapDrug concern Teva Pharmaceutical Industries Ltd (NYSE:TEVA) is enjoying an 8.6% surge in this afternoon's trading, last seen at $13.39, nearly filling its mid-May bear gap. Igniting today's outperformance is the company's better-than-expected fourth-quarter report, a byproduct of its two-year restructuring program. Teva also said it expects large growt...Read More
Rite Aid just pulled back to a historically bullish technical signal on the charts Since an impressive climb in late-December that culminated in an annual peak at the $24 level, the shares of Rite Aid Corporation (NYSE:RAD) have been in sell-off mode. While the $12 region has captured some of these losses, the shares can't seem to shake the pressure mounting at the $14 level, with RAD falling from...Read More
Health insurance stocks are wary of Sanders' plan for private insuranceYesterday, Senator Bernie Sanders won the New Hampshire democratic primary, but not in the blowout many expected. In the aftermath, J.P. Morgan Securities noted that for a candidate that supports the elimination of private insurance, the failure to secure a double-digit win is a boost for health insurer stocks. The brokerage fi...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday February 12.Key drivers The price range for ferro-titanium has been stable over the past week, with suppliers holding their offer prices against steady but low-key demand from consumers. No deals were reported, apart from in the scrap market where there were reports of almost 40 tonnes bought in the UK at the top end of the latest a...Read More
Bulls should keep an eye on the round $70 levelFor the last two years, the energy sector has become a persona non grata of sorts on Wall Street. According to a recent Wall Street Journal profile, the exchange traded fund (ETF) Energy Select Sector SPDR Fund (XLE) was the worst performing sector on the S&P 500 Index (SPX) in 2018 and 2019, and 2020 doesn't look like it will be any better.XLE curren...Read More
The Dow is eyeing a triple-digit win at the midday mark The Dow Jones Industrial Average (DJI) is piggybacking on this week's impressive rally, grabbing even more record highs, with a triple-digit pop at the midway mark amid a report from China's National Health Commission that coronavirus cases have slowed to their lowest levels in weeks. The S&P 500 Index (SPX) also hit another fresh high mid...Read More
Transport restrictions in China affecting raw material supply amid the coronavirus outbreak have led to a more active molybdenum spot market in China and as a result have lifted prices in South Korea and Europe. Low inventories in China have forced buyers there to import more material and subsequently drive the alloy and oxide prices to their highest levels since October 2019, according to Fastmar...Read More