Turkish steel producers continued to book more deep-sea scrap cargoes for August shipments, with prices rising further, sources said on Monday July 1.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 20,000 tonnes of HMS 1&2 (80:20) at $293 per tonne and 20,000 tonnes of bonus at $303 per tonne cfr, late on June 28.The same mill also booked a European cargo on Friday, compri...Read More
Turkish domestic scrap prices remained largely steady over the past week, sources told Fastmarkets on Monday July 1, with most steel producers keeping their buy prices unchanged. However, domestic scrap prices are expected to recover from this point on, in line with the upturn in the imported scrap values, they added.Only two steel mills have slightly reduced their buy prices - for auto...Read More
The outcome of the Group of 20 (G20) summit in Japan that was held on June 28-29, saw the United States and China agree to resume trade talks, which has boosted optimism for a trade deal. This has given most non-haven markets a lift, this despite further weakness in manufacturing purchasing managers' index (PMI) data.China's Caixin manufacturing PMI dropped to 49.4 from 50.2, Japan's manufacturing...Read More
The price of oil continued to rally this morning, topping $60 per barrel as the market digested news that OPEC will extend supply cuts through the rest of the year.Energy leaders from Saudi Arabia and Russia met over the weekend ahead of the G20 summit in Japan, where "they discussed the options for extending the OPEC + deal, as well as the cooperation in the oil and gas sector between the Kingdom...Read More
We learned from Matt Morgan, Managing Director of Ausmex Mining Group (ASX: AMG), that they are a gold producer and copper gold cobalt explorer, with a unique exposure to 2 tier-one IOCG projects in Australia. Ausmex shares a project called Mt. Freda, with Newcrest Mining in Queensland, which they are both drilling and expect significant high-grade results. In South Australia, Ausmex has a very la...Read More
Import prices for flat-rolled steel products have shown broad increases in South America over the past week, with more expensive offers heard from China, although deals remained scarce because of the cautious stances adopted by importers in the region and by Chinese exporters.Fastmarkets' assessment of the South American import price for hot-rolled coil (HRC) was $535-545 per tonne cfr on June 28....Read More
The export market for hot-rolled coil and cold-rolled coil (HRC, CRC) from the Commonwealth of Independent States (CIS) has been moderate during the week ending on Monday July 1, but the plate export price has increased.Fastmarkets' weekly price assessment for HRC exported from the CIS was $470-485 per tonne fob Black Sea on July 1, unchanged week on week.Steel mills in the CIS have closed their s...Read More
Turkey imported 581,338 tonnes of flat steel in May 2019, down by 32.49% from the corresponding month in 2018, when 861,166 tonnes arrived in the country, according to the Turkish Statistical Institute (T?oeIK).Sources who spoke with Fastmarkets noted that demand for flat steel in Turkey was weak in January and February, before the local elections were held on March 31. So, import volumes decrease...Read More
Merchant bar quality (MBQ) steel prices in the United States' domestic market have dropped once again after mill cuts in mid-June, and market sentiment remains mostly bearish with some sources anticipating further reductions. Nucor Corp, Bayou Steel Group and Gerdau Long Steel North America announced price reductions of $40 per short ton ($2 per hundredweight) effective Thursday June 13. ...Read More
ArcelorMittal has begun the revamp of a blast furnace in Brazil earlier than planned, and has also temporarily stopped operations at a rebar facility in the country due to market conditions.On June 23, the company started a 70-day maintenance outage at its No2 blast furnace in Tubar??o, in the southeast Brazilian state of Esp?-rito Santo.The stoppage had been planned for August-September.The reaso...Read More
June 28th, 2019(S14-E702)Featured GuestsWolf Richter& Bill MurphyPlease Listen Here - MP3Interview RecapBill Murphy of GATA.org returns to the show with fresh insights on the stunning PMs shares rally, which outperformed the key US equities markets.Gold may have built a final base in preparation for liftoff to $2,000+ in the coming years, as the "Gold Cartel" runs out of physical bullion to s...Read More
RambusThis is a condensed version of Rambus Weekend Report. There are over 20 individual PM stocks individually updated in the full version.I would like to start out this Weekend Report by looking at a long term monthly chart for the GDX. The multi year bear market actually began in September of 2011 at the head portion of the 3 1/2 year H&S top. The H&S top actually began to form in September...Read More
Trineck?(C) ? 3/4 elez??rny shrugged off "the difficult situation on the steel market" to exceed expectation in its full-year results, it said last week, but the Czech Republic steelmaker warned of stronger headwinds this year.It reported a profit of 3.33 billion Czech krone ($148.77 million) after tax for 2018, while revenues from the sale of products, services and goods of 40.496 billion krone w...Read More
It has been a truly glorious month for gold, and the purpose of this update is to point out firstly that the gold breakout of the past week was genuine and secondly that any short term reaction back as far as $1380 or even $1370 will not negate the breakout - instead it should be seized upon as an opportunity to build positions across the sector, especially in trampled down undervalued silver st...Read More
StrengthsThe best performing metal for the week was platinum, which gained 3.02 percent. Both platinum and palladium seem to be playing catch up to gold's strong move last week. Gold extended its rally this week, pushing past $1,400 an ounce and fueling investors to pour cash into funds backed by the yellow...Read More
- Keith Weiner, Monetary MetalsLast week, we discussed the fundamental flaw in GDP. GDP is a perfect tool for central planning tools. But for measuring the economy, not so much. This is because it looks only at cash revenues. It does not look at the balance sheet. It does not take into account capital consumption or debt accumulation. Any Keynesian fool can add to GDP by borrowing to spend....Read More
- Jordan Roy-Byrne CMT, MFTAAs I pen this article, Gold is set to close the month and the quarter above $1400/oz and holding the majority of its recent gains. That does not necessitate continued strength but it is a good sign.The technicals and fundamentals are finally in place for Gold. It is outperforming all major currencies and the Federal Reserve is weeks away from beginning a new cycle of...Read More
Gold and silver can fall more after the US-China meeting at G20. Gold will crash if it trades below $1390. Silver will crash if it trades below $1505. Copper and crude oil should rise today. Traders will assess the US-China trade talk. Since details are not yet made public, reaction will be limited. I do not think North Korea will have any impact on currencies or bullion. Do not confuse that tr...Read More
Free college keeps sounding better and better. Maybe Bernie is on to something. How many kids are now taking out big loans in the expectation of the Bernie Put, or forgiveness of student loans. Gold and Bitcoin pulled back a bit but are probably just consolidating for the next advance. It's a mixed up crazy world.John Rubino is the founder and manager of the popular financial website DollarCollaps...Read More