April 27 - A look at the day ahead from Julien Ponthus.
Three central bank meetings but it’s the huge wave of corporate earnings that’s grabbing all the attention.
Policy status quo is expected at the U.S. Federal Reserve which starts its two-day meeting today, while Japan’s central bank made few waves as it maintained its massive stimulus and projected inflation would miss its 2% target for years .
Little news expected from Sweden’s central bank either.
Meanwhile the earnings torrent so far vindicates the stock market bulls who are regularly accused of stampeding their way to record highs with no regard to the sustainability of the recovery.
Demand for high-grade material fuelled by strong profit China ex-Hebei province March pig iron production up
BEIJING, April 26 (Reuters) - Top-grade iron ore with 65% iron content is selling at a record spread over ores with 62% and 58% ferrous content, while the spread between benchmark 62% ore and lower-grade 58% ore has risen to a four-year high.
High-grade 65% iron ore currently costs $66.50 per tonne more than 58% iron ore and $33.50 more than 62% ore, according to data from SteelHome, but is still attractive for mills as their profit margins have risen this year.
“Steel companies are chasing higher production now as they are profitable,” said a Shandong-based trader who refused to be named. “Demand for low-grade ores is not very good, we are not keen to take those products.”
By Reuters Staff
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PARIS, April 26 (Reuters) - French Finance Minister Bruno Le Maire said on Monday he was meeting later in the day with the bosses of carmakers Renault and Stellantis and would also discuss aid to the foundry sector.
The government was notably working on a plan to provide financial aid to foundry workers, whose jobs are threatened by the development of electric cars, so they could train to adapt to other sectors, Le Maire told Europe 1 radio.
Le Maire, who added that trade union representatives would also attend the meeting, said there were 15,000 jobs in the French foundry sector, which could be under threat.
China's biggest listed steelmaker Baoshan Iron & Steel's net profit surged 247.8% in the first quarter to its highest since the fourth quarter of 2018, the company said on Monday, thanks to robust steel consumption and cost reduction efforts.
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