The Turkish steel producers extended their absence from the deep-sea scrap market on Friday July 6 because of weak demand for finished steel products, but they are expected to come back for August cargoes soon.The sluggish rebar demand in the country's domestic and export markets has kept the mills out of the deep-sea scrap markets since the end of last week.The domestic rebar market was expected...Read More
Kirkland Lake Gold's Macassa Mine in northeastern Ontario. Source: Kirkland Lake Gold Ltd.Kirkland Lake Gold Ltd. [KL-TSX, NYSE, KLA-ASX] on Friday July 6 reported results from the latest round of underground drilling at the Macassa Mine in northeastern Ontario, where the company is targeting upgrades and expansions to the current resources.A number of high-grade intervals were reported, including...Read More
Three-month base metals prices on the London Metal Exchange were mixed on the morning of Friday July 6, with nickel (-0.8%), zinc (+1.1%) and aluminium (+0.3%) the main movers, while copper at $6,326 per tonne and tin at $19,455 per tonne were little changed. That said, copper did spike down to a low of $6,221.50 per tonne at around 4am London time.Volume has been high with 16,267 lots traded as a...Read More
White Gold's flagship White Gold property 95 km south of Dawson City, Yukon Territory. Source: White Gold Corp.White Gold Corp. [WGO-TSXV; GFRGF-OTC], currently the largest land holder in the Yukon's White Gold District, said Friday July 6 that it has closed a $10 million private placement of flow-through common shares.Following the offering, Kinross Gold Corp. [K-TSX; KGC-NYSE] and Agnico Eagle M...Read More
I first started becoming very bullish on electric vehicles in 2013 after I spotted a Tesla Model 3; I saw this interesting looking car (I didn’t know what the hell it was) that caught my eye in the parking lot at the company office. Not long after, I said, “holy fack this thing is awesome… and the future!” In many ways, what I observed back then already had the look and fee...Read More
China's domestic spot battery-grade lithium carbonate prices fell on Thursday July 5 due to continued weak demand and the availability of cheaper material; hydroxide prices held steady with most producers maintaining their offers although lower prices are starting to be offered. Chinese lithium carbonate prices fell on lower consumption Cheaper battery and industrial-grade carbonate prices o...Read More
Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (16,371.78, up 105.17 points)Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Down six cents, or 1.16 per cent, to $5.12 on 7.96 million shares.Aurora Cannabis Inc. (TSX:ACB). Healthcare. Down 11 cents, or 1.18 per cent, to $9.25 on 5.7 million shares.Cenovus Energy Inc. (TSX:CVE). Oil...Read More
If I could go back to my 15-year-old self to tell him one thing, it might be this:People are completely full of it. No one ever grows up. Adults are just as immature as (if not more than) teenagers.You don't have to look very hard online to see this is true. Social media is flooded with oversensitivity, unjust aggression, name-calling, bullying, finger-pointing, etc. If you use Facebook or Twitter...Read More
Prices for some coated steel coil products in Turkey increased in the week ended Friday July 6 but demand in the local market was only moderate, Metal Bulletin has heard.Domestic pricesOne producer in northern Turkey reduced its coated coil prices by $10 per tonne during the week.The producer is now offering 0.50mm hot-dipped galvanized coil (HDG) at $770 per tonne ex-works, down from $775 per ton...Read More
In the face of increasingly volatile markets in Asia, it is becoming more and more crucial for participants to engage in hedging to cut their risks of incurring losses, industry sources told Metal Bulletin."Hedging is very important as sharp fluctuations in spot prices can happen outside of the more normal market forces of supply and demand," GFI Group steel derivatives broker Henry Herbert said.U...Read More
As steel markets grow in maturity and look towards the use of derivatives and hedging tools, it is probably a good time to consider how hedging can increase the transparency of steel pricing and reducing the risks of volatile price trends. Steel trading has traditionally been based on fixed spot prices, with no long-term contracts between buyers and sellers to ensure stability of supply. And trade...Read More
The price of US domestic rebar will remain unchanged due to a lack of market activity, while import prices have dipped on the Section 232 tariffs on steel imports from Canada, Mexico, and the EU, which have effectively priced foreign products out of domestic markets.American Metal Market's price for US domestic rebar remained at $35-36 per hundredweight ($700-720 per ton), according to the la...Read More
Bombs Away!Two recent articles* have again demonstrated that the greatest "terrorist" entity on earth are not the bogymen - Russia, China, Iran, North Korea - so often portrayed by Western presstitutes and the American government, but the United States itself! This is an old cartoon, but still a good one. It perfectly describes the trigger-happy Western political class and the depth of its "think...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Raw materialsTurkish mills were absent from the global scrap markets during the week ending on July 6, owing to weaker finished steel demand and a wait-and-see attitude.Taiwanese scrap prices ticked up on steady mill demand, while Indian prices were subdued for a second week.Metal Bulletin announced the...Read More
US mills are holding back on further price increases on rebar to avoid a government reaction, thereby making it harder for imports to compete, the International Rebar Producers & Exporters Association (Irepas) said this week.On June 20, US Commerce Secretary Wilbur Ross accused unnamed industry participants of wrongly "profiteering" from Section 232 tariffs on imported steel, suggesting the Trump...Read More
The pig iron market in the United States was silent on the country's Independence Day holiday on July 4, sources told Metal Bulletin this week."[Price] negotiations are taking place [in the US] but, due to the holiday, we expect more activity next week," one pig iron supplier in the Commonwealth of Independent States (CIS) told Metal Bulletin.Metal Bulletin's price assessment for US pig iron...Read More
The UK light iron scrap market finally moved up this week, breaking a 12-week run of stability due to firmer demand and the conclusion of the July monthly delivery settlements to consumers next week.Metal Bulletin's weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?95-125 ($126-165) per tonne on Friday. This compares with the low for the year to date of ?90-11...Read More
Gold has been afflicted by relentless selling over the past few weeks or so, forcing it to major lows. While summer-doldrums weakness is typical, gold's recent drop is on the large side even for this time of year. It was fueled by truly-extreme short selling by gold-futures speculators, which is quickly exhausting. That is paving the way for gold's major autumn rally to start marching high...Read More
By Stefan GleasonPresident Donald Trump's "America First" trade policies are upending decades of global arrangements and entanglements. Globalists are aghast that the leader of the free world is openly confrontational toward NAFTA, NATO, the European Union, United Nations, and World Trade Organization.In rebuffing the global community by pursuing unilateral tariffs and vowing to win trade wars a...Read More