/biz/ - Business & Finance

FOMC Meeting Edition

Commodities include
>Precious metals
Platinum, Gold, Silver
>Energy
Oil, Natural Gas, Uranium, Coal
>Base Metals
Copper, Nickel, Zinc
>Others
Water, Agricultural, Salt

More information for each commodity
https://pastebin.com/tduUv8Ny
Calculators for DD
https://pastebin.com/TsRtpKHs
Steer Clear List
https://pastebin.com/V571vwse
News Sources
https://pastebin.com/bQFESpBL

Youtube channels to follow
>Mining Specific
Kitco Mining, Crescat Capital, Mining Stocks Education, Crux Investor, Metals Investor Forum, Resource Talks, Vancouver Resource Investment Conference, Rule Investment Media, Hedgeless Horseman
>Market Commentary
Peter Schiff, Liberty and Finance, Finding Value Finance, Commodity Culture, Palisade Gold Radio, Sprott Money, Rob Kientz, Mike Maloney, Macro Voices, Decouple Podcast, Saxo Market Call
>Twitter Pages for Mining News
JrMiningNetwork, JuniorMiningHub, KitcoMining, MinerDeck, MiningVisuals, Mining

>What is Austrian economics?
https://mises.org/what-austrian-economics
>What has government done to our money? - Murray Rothbard
https://mises.org/library/what-has-government-done-our-money
>The mystery of banking - Murray Rothbard
https://mises.org/library/mystery-banking
>Profit & Loss - Ludwig Von Mises
https://mises.org/library/profit-and-loss-0
>Must Read: Gary Allen, "Hunt for Silver"
https://s3.amazonaws.com/camppictures/CampArchive/Economy/Hunt%20For%20Silver.pdf
>How to play the exploration stock
https://www.youtube.com/watch?v=DxxZOA403dY [Embed]

Previous: >>58013630

Lots of steel news this week. Biden said he opposes Nippon Steel buying US Steel. CLF and union campaigned against bid, Trump said it's no good to have a foreign owner, and so Biden basically had to say the same for political reasons/votes. Lots of action in those stocks, US Steel (X) fell a bunch because now there can be no foreign buyer, therefore the company is worth much less.

Scrap and steel are still falling, iron ore crumbled this week. Most of this is driven by China falling apart, huge capacity oversupply situation. I do think we're going to reach a bottom here in the next month or so anyways.

I can't wait for the scrap numbers to update on Monday. Nothing was traded end of the week, hoping we at least bottom or start to see a rise.

Seeing some demand drop though. Automotive looks really bad to me. January 2024 saw auto production falling in Germany by 4% y/y. Meanwhile December 2023 marked the end of Germany’s BEV subsidy scheme leading to a 59% drop in BEV sales from December 2023 to January 2024, even sharper than the 42% drop across Western Europe as a whole. That's massive. I know the EVs are piling up in America too. Not the end of the world for steel pricing, but, it's a sign of weakness in economies.

Steel and scrap were about even today, but the pressure is certainly bearish. I would like to find out where to get global steel prices so I can chart US HRC against them, that's on my list of things to do.

I'm also curious about how all the new electric arc furnace capacity that is coming online in the next few years will influence scrap availability. I have to believe that despite the US being a net exporter of scrap (7-8t/yr recently), that eventually the supply will get tighter. I also wonder how much this new capacity will increase the risk of oversupply issues.

>>57597169
Thanks for the update. If you hear anything about steel or steel scrap on ships let me know please. How is the LNG related shipping related things doing with the news of less new export terminals in America?

Steel continuing downward, HRC was 944. Scrap at 475. I think it will continue downward, but I'll watch scraps movement for a reversal.

Steel stocks have been doing pretty good, but, I think we're seeing some rotation out of tech and maybe some people are rebalancing energy and infrastructure into their portfolio. I guess I'll see what happens when steel bottoms. I wish there was a steel ETF (spot steel, not steel stocks), because I might get stuck having to figure out futures trading.

Breaking News. Steel HRC down to 961 currently, scrap was up slightly yesterday but haven't seen my potato chart update yet. I wonder how the FOMC meeting will influence things.