The Italian steel distribution network faces a shake-up from ArcelorMittal's efforts to meet its anti-trust obligations to acquire steelmaker Ilva.The European Commission (EC) EC has requested the "sale availability" of four ArcelorMittal CLN Distribuzione Italia (AM CLN) steel service centers (SSCs), Cesare Vigan??, the managing director of ArcelorMittal CLN Distribuzione Italia (AM CLN), said."T...Read More
Steelmakers around the world can improve their plant performance, safety and product quality by further digitizing their processes, delegates at the Asian Stainless Steel Forum 2018 heard on Thursday June 28.Mills could automate their electric-arc furnaces (EAFs) and converters, deploying smart sensors and collecting big data to improve processes, Zhai Yuyou, director of sales at technology provid...Read More
June 28, 2018 (Investorideas.com Newswire) An explorer that received good drill results last year is one of the first out of the gate to follow up this summer.Industry watchers are keeping their eyes on summer drilling in British Columbia's Golden Triangle for signs of the next GT Gold or Garibaldi Resources, both of whose shares leaped last year after the announcement of significant discoveries.O...Read More
June 28, 2018 (Investorideas.com Newswire) The Critical Investor delves into the first new copper project fully permitted in Arizona in a decade.Johnson Camp MineDespite copper and other base metals being punished these days, and mining sentiment not at its best with China being drawn into a potential trade war with the U.S., Excelsior Mining Corp. (MIN:TSX; EXMGF:OTCQB) proved a lot of nay-sayers...Read More
European steelmakers increased their hot-dipped galvanized coil (HDG) offers by ?,?20 ($23) per tonne this week, despite limited market activity, sources told Metal Bulletin.The price rise is expected to be supported by combination of effects from upcoming decision in an EC safeguarding case and the fact that steelmakers currently have good order books.The European Commission opened an invest...Read More
GFG Alliance is eyeing what it calls "higher value" steel long products rather than flat-rolled products for potential US acquisitions, a top executive told American Metal Market. The UK-based conglomerate, which fired up a Georgetown, South Carolina wire rod mill earlier this week, isn't ruling out acquisitions or restarts of flat-rolled mills, but is prioritizing steel long products for now, sai...Read More
Prices for imported wire rod into the United States have spiked dramatically, mainly as a result of the June 1 implementation of Section 232 tariffs against the previously exempt European Union, Canada and Mexico.American Metal Market's latest price assessment for wire rod imports jumped by 21.9% to $744-762 per short on Wednesday June 27, from $600-635 per ton previously.Import rod prices ha...Read More
Turkish domestic rebar prices have slipped over the past week due to weak demand while wire rod prices have risen, with two mills opening their local sales at higher prices, sources said.Metal Bulletin's weekly price assessment for domestic rebar was $550-565 per tonne ex-works on Thursday June 28, down from the $553-570 per tonne on June 21.The price fall reflects sluggish demand, caused by uncer...Read More
Turkish steel producers continued their deep-sea scrap purchases for August deliveries on Thursday June 28.A steel mill in northern Turkey booked a Canadian cargo, comprising 30,000 tonnes of shredded and 20,000 tonnes of HMS 1&2 (90:10) at an average price of $368 per tonne cfr.And a steel mill...Read More
Mainstream iron ore prices stayed rangebound on Thursday June 28 while high-grade lumps and fines were able to fetch higher premiums.Metal Bulletin 62% Fe Iron Ore Index: $64.44 per tonne cfr Qingdao, down $0.16 per tonneMetal Bulletin 58% Fe Premium Index: $52.02 per tonne cfr Qingdao, down $0.47 per tonneMetal Bulletin 65% Fe Iron Ore Index: $91.10 per tonne cfr Qingdao, up $0.50 per tonneMetal...Read More
CloseGain/LossGold $1248.20-$3.60Silver$16.00-$0.05XAU79.83-0.13%HUI170.52+0.04%GDM609.88+0.24%JSE Gold1023.95-8.92USD95.32-0.02Euro115.66+0.10Yen90.49-0.30Oil$73.45+$0.6910-Year2.840%+0.012T-Bond145.09375-0.1875Dow24216.05+0.41%Nasdaq7503.68+0.79%S&P2716.31+0.62% The Metals: Gold gained $2.40 to $1254.20 at about 9AM EST, but it then drifted back lower for most of the re...Read More
By Gary TanashianThe GDX/COPX ratio has broken above the 50 & 200 day moving averages and is still going, despite gold's ignominious state at the moment.Here's what gold (GLD) looks like today.Here is what copper looked like at yesterday's close (in-day today it is a hair under 3, at 2.9981/lb). And yes, that is important support.Against the broader Industrial Metals complex GDX is weaker. But X...Read More
By Peter DegraafIt is generally agreed that in a Gold Bull Market, the gold producers lead the way, by outperforming gold bullion. To examine this trend we visit Stockcharts.com and pull up a chart that compares mining stocks (GDX) to gold bullion (GLD).This index bottomed in March and since then the miners have moved ahead of gold bullion. The first hurdle, at the 50DMA (blue line) was over...Read More
By Dave KranzlerThe economy has hit a wall and is now sliding down it. I don't care what bullish propaganda may or may not be bubbling up in the headlines from the financial media and Wall Street, the hard numbers I look at everyday show accelerating economic weakness. The fact that my view is contrary to mainstream consensus and political propaganda reinforces my conviction that my view about t...Read More
Gary Christenson wrote this article for Miles Franklin.We can find many opinions stating crude oil and gasoline prices will rise... and fall. Let's discuss.Correlate the weekly prices of wholesale gasoline and crude oil over 30 years. The correlation is 0.987 near perfect. Rising or falling gasoline prices will follow rising or falling crude oil prices.In My Opinion:Crude oil and gasoline prices...Read More
HOW NATIONS CAN BYPASS AMERICA IMPOSED TRADE SANCTIONS After the "Second World War" and the formation of World Trade Organization (WTO), the USA has used the phrase "Trade Sanctions" for nations to do everything which it wants. "Trade Sanctions" is basically a nation not able to buy or sell in the global market. Only the USA and Russia can survive by being a closed economy. The rest of the count...Read More
The recent Alchemist includes an interesting article about hedging. Should mining companies hedge their gold production? Or should we use gold as hedge? Of course, we should. But against what? The WGC argues that the yellow metal is a hedge against emerging market risk. Is it true? Hedging on the Up As usual, there are several interesting articles in the latest issue of the LBMA's Alchemist, w...Read More
By Craig HemkeFor the reasons we've discussed over the past several years, the U.S. yield curve continues to flatten, with Wednesday seeing new, 11-year low spreads. As you know by now, this has significant long-term implications. Let's start with the latest update. Below are snapshots of the current yields for the 2-year note and the 10-year note. Subtract the 2-year yield from the 10-year yie...Read More
If there were any doubts that the Chinese stockmarket had entered a bearmarket, these were dispelled by the breach of key support at 3000 and plunge last week, which we can see to advantage on the 6-month chart for the Shanghai Composite index shown below. A tentative downtrend channel is drawn on this chart, but it is important to note that this drop could rapidly gather momentum and get a lot...Read More