ArcelorMittal Kryvyi Rih, Ukraine's major long steel producer, has decommissioned the first section of its blooming plant as a part of a strategy for sustainable development, the company said on Thursday May 14.The equipment had been in operation since 1958, and its launch was followed a few years later by the second section being installed. Combined, the two sections had capacity for 8 million to...Read More
Demand for imported steel billet and domestic steel reinforcing bar (rebar) in Egypt remained weak in the seven days to Thursday May 14, with billet import prices increasing because of high offers, sources told Fastmarkets.No improvement in demand was anticipated soon due to the Islamic holy month of Ramadan and the Covid-19 pandemic. In addition, the governor of Egypt's capital city, Cairo, has c...Read More
The Turkish steel mills have continued to book deep-sea scrap cargoes for June shipments at largely steady prices, sources said on Thursday May 14.A steel mill in northern Turkey booked a Baltic Sea cargo, comprising 8,000 tonnes of HMS 1&2 (80:20) at $250 per tonne, 13,000 tonnes of shredded at $255 per tonne and 5,000 tonnes of bonus at $260 per tonne cfr, late on May 13.Following the news of th...Read More
The United Arab Emirates Ministry of Economy has announced a ban on exports of ferrous scrap for a period of four months starting on Friday May 15, 2020. The ban affects scrap under HS codes 720410, 720421, 720429, 720430, 720441, 720449 and 720450. The ministry did not give an official reason for implementing the export ban. But market participants in the UAE told Fastmarkets the decision was tak...Read More
By Stefan GleasonFoodflation is registering at the checkout lines of your local grocery store - and in a bigger way than has been seen in decades.On Tuesday, the U.S. Labor Department reported that grocery prices paid by consumers surged 2.6% in April. That's the largest one-month price spike recorded in 46 years.Food Costs JumpBLS/CNBCThe last time a food shock of this magnitude hit consumers w...Read More
The April federal budget deficit came in at a staggering $738 billion as government coronavirus stimulus began flowing through the pipelines and revenue dipped due to the government lockdowns.Analysts expected a massive deficit in April, but it's still a staggering number. To put it into perspective, the previous record for a single month was $235 billion and that was just in February of this...Read More
By: Ira EpsteinGold chart action shows the triangle forming, the apex with the bulls in the control at its downtrend test..Read More
The mirage of quick growth vanished and realty bite came after Federal Reserve chairman Powell dashed hopes an early US economic recovery. He also struck down any chances of negative interest rates. Gold rose as a result. There was short covering in gold as well. At the moment gold looks headed for $1760. Silver will follow the trend of industrial metals. Overall sharp correction in silver will...Read More
Offer prices for bulk ferrous scrap cargoes to Bangladesh have increased over the past week after higher prices were paid elsewhere in Asia, but several buyers remained out of the market, sources told Fastmarkets on Thursday May 14.After hectic activity in March and April, the Bangladeshi import market for bulk cargoes has cooled significantly so far in May, with high scrap inventories in the coun...Read More
Here are five Fastmarkets stories you might have missed on Thursday May 14 that are worth another look.ArcelorMittal Kryvyi Rih, Ukraine's major long steel producer, has decommissioned the first section of its blooming plant as a part of a strategy for sustainable development, the company said on May 14.The European Commission's (EC) prior surveillance of imports of certain aluminium products orig...Read More
The price of steel billet in Turkey increased over the past week in line with increasing scrap import values, while demand for the material was still limited, sources said on Thursday May 14.Domestic Turkish steel mills in the country resumed their deep-sea scrap purchases last week at higher prices, sources said.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, c...Read More
Demand for imported steel billet and domestic steel reinforcing bar (rebar) in Egypt remained weak in the seven days to Thursday May 14, with billet import prices increasing because of high offers, sources told Fastmarkets.No improvement in demand was anticipated soon due to the Islamic holy month of Ramadan and the Covid-19 pandemic. In addition, the governor of Egypt's capital city, Cairo, has c...Read More
Sector expert Michael Ballanger expands on both the latest money market moves and his investment thesis for Getchell Gold. I was pacing around the house this lovely but cold Friday afternoon (after finally having the water supply restored after our well filed for unemployment benefits), trying desperately to think of a topic to write about in this weekly missive, when it suddenly occurred to me t...Read More
Defense Metals reports a 49% increase in tonnage and a 30% increase in overall average grade. Defense Metals Corp. (DEFN:TSX.V; DFMTF:OTCQB; 35D:FSE) announced in a news release it completed an update to its mineral resource estimate for its Wicheeda rare earth element (REE) project in British Columbia, Canada."Our successful 2019 drill campaign has resulted in a significant expansion and increas...Read More
Liberty Gold sold two assets and advanced its Idaho project. Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQB) presented in a news release its corporate highlights from Q1/20. The company pursued two transactions. One was the sale to Barrian Mining of its interest in the Kinsley Mountain gold deposit for total proceeds of $6.25 million and 9.9% of Barrian. Liberty Gold will receive the consideration in t...Read More
Black Tusk Resources reported that it has begun work on the McKenzie East Gold project located near Val-D'or, Quebec. Gold barsIn a news release, Black Tusk Resources Inc. (TUSK:CSE; BTKRF:OTCMKTS; 0NB:FSE) announced that it has begun work on the McKenzie East Gold project located 30 km north of Val d'Or, Quebec.The company stated that it has enlisted VD Geo Service of Val d'Or to conduct geologi...Read More
Group Ten Metals reports that soil geochemistry results suggest the presence of a strongly mineralized system at its Montana asset. Group Ten Metals Inc. (PGE:TSX.V; PGEZF:OTCQB; 5D32:FSE) announced in a news release it discovered four new palladium-platinum-gold-nickel-copper soil anomalies at its Stillwater West project in Montana.Soil geochemistry from the Boulder and Wild West targets showed...Read More
China's stainless steel prices moved up over the past week on recent gains in the nickel market, but soft demand tempered expectations of any further increases.The three-month nickel contract on the London Metal Exchange ended its official trading session at $12,313 per tonne on May 7, up by $459 per tonne from $11,854 per tonne on May 5, the lowest point so far this month. The contract has shed s...Read More
Another dismal weekly jobless claims report weighed on stocks earlierThe Dow staged a big comeback today, ending over 375 points higher as it steadily distanced itself from a morning spent deep in the red andanother round of depressing jobs data. Strength in the financial sector was responsible for the blue-chip index's rebound, while the S&P and Nasdaq also enjoyed a bounce, settling modestly hi...Read More
The June 21 put has been running the show for the last 10 daysTwo months ago, when we last checked in with Financial Select Sector SPDR Fund (XLF), the banking exchange-traded fund (ETF) was seeing a huge deep-pocketed bet in the options pits. Now, as XLF continues to languish and bank stocks like Wells Fargo (WFC) deal with dividend cut drama, it's worth revisiting the financial services ETF's o...Read More