Italian steel trade unions have announced company-wide strike action at troubled Italian steelmaker Ilva, to take place on Tuesday September 11, four unions said in a joint statement on Friday August 31.The statement was co-signed by Fim-Cisl, Fiom-Cgil, Uilm and Usb.The decision to strike comes amid continued uncertainty over the future of the flat steel producer, after Luigi Di Maio, Italy's min...Read More
Italian steel trade unions have announced company-wide strike action at troubled Italian steelmaker Ilva, to take place on Tuesday September 11, four unions said in a joint statement on Friday August 31.The statement was co-signed by Fim-Cisl, Fiom-Cgil, Uilm and Usb.The decision to strike comes amid continued uncertainty over the future of the flat steel producer, after Luigi Di Maio, Italy's min...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the week ending Friday August 31.Raw materialsSeaborne iron ore lump premiums traded notably higher on Friday amid robust prices for pellets, which can be partially replaced by lumps in blast furnaces, and relatively limited spot availability at Chinese ports.Stringent port inspections and a forthcoming major holiday...Read More
As of 4:00 PM Eastern standard time, spot gold is trading just above $1,200 at $1,200.09. This occurred after trading to a low today of $1,196.45 before slightly recovering. Although dollar strength can be cited as an underlying force, it is selling pressure that is dominating the markets today. According to the KGX (Kitco Gold Index), today’s decline of $6.10 is composed of mostly selling p...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump is ready to increase trade tensions with China, telling aides he wants to impose tariffs on $200 billion more in Chinese imports after a comment period ends next week, Bloomberg News reported on Thursday.The White House declined comment on the Bloomberg report.The report, which cited six unidentified sources, pressured markets. The S&P hit ses...Read More
BUENOS AIRES (Reuters) - Argentina's peso lost as much as nearly one-fifth of its value on Thursday despite the central bank's hiking its benchmark interest rate to a dizzying 60 percent as investors panicked over President Mauricio Macri's handling of an economic crisis.Onerous borrowing costs combined with government spending cuts and a drought that crippled the agricultural sector this year hav...Read More
(Kitco News) - Investors will have to wait a few more weeks before the gold market is ready to shake off its summer lulls, according to one gold market analyst. Milling-Stanley, head of gold investments at State Street Global Advisors In an exclusive interview with Kitco News, George Milling-Stanley, head of gold investments at State Street Global Advisors, said that he is expecting buying mom...Read More
(Kitco News) - Gold and silver prices are moderately lower in early-afternoon U.S. trading Thursday. While the safe-haven metals traders are closely watching developments today in the emerging market currencies, so far they have not benefitted from the uncertainty of the matter. December gold futures were last down $6.10 an ounce at $1,205.40. December Comex silver was last down $0.21 at $14.60 an...Read More
(Kitco News) -Critical support in the gold market is holding for now but analysts are keeping a close eye on the $1,200-an-ounce level as the U.S. dollar finds new momentum in the marketplace.Growing uncertainty and volatility in emerging-market currencies is weighing on gold prices as the U.S. dollar index trades at session highs. In particular, the Argentina peso and Turkish lira have seen...Read More
(Kitco News) - Gold prices are trading moderately lower in morning U.S. dealings Thursday. The yellow metal was steady to slightly lower at the start of U.S. futures daytime trading, but have dropped as the U.S. dollar index has pushed to its daily high and is trading moderately up. The greenback is being supported today partly on fresh worries about secondary currency markets continuing to erode...Read More
(Kitco News) - Gold prices have pushed into positive territory after inflation pressures have officially hit the Federal Reserve's target.Thursday, U.S. Department of Commerce said that its Core Personal Consumption Expenditures Index, increased also increased 0.2% in July, in line with expectations. Annually, core inflation, which is the Fed's preferred inflation measure increased a tick higher t...Read More
Investors are returning to gold exchange-traded funds, says BMO Capital Markets. Analysts cite Bloomberg data showing that global ETFs added some 225,000 ounces to holdings on Wednesday. “This is the highest single-day inflow since mid-April,” BMO says. Still, total holdings are down 0.5% from the start of the year. Gold ETFs trade like a stock but track the price of the commodity, wit...Read More
The latest news and price moves to start the Asian day on Thursday August 30.Base metal prices on the London Metal Exchange were largely lower at the close of trading on Wednesday August 29, pressured by investor uncertainty over trade relations between the United States and China while positive second-quarter gross domestic product growth indicated strength in the US economy. Read more...Read More
The latest news and price moves to start the Asian day on Thursday August 30.Base metal prices on the London Metal Exchange were largely lower at the close of trading on Wednesday August 29, pressured by investor uncertainty over trade relations between the United States and China while positive second-quarter gross domestic product growth indicated strength in the US economy. Read more...Read More
The prices of base metals on the London Metal Exchange had mostly fallen by the close of trading on Thursday August 30, hampered by continued uncertainty about the trade relations of the United States, while a resurgence of volatility across emerging markets' currencies weakened investment....Read More
Aluminium prices on the London Metal Exchange edged marginally lower during morning trading on Thursday August 30, tempered by US president Trump's decision to exempt some aluminium products from import tariffs, while another sizeable fresh cancellation added upward pressure to prices. ...Read More
Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Thursday August 30, with only copper and nickel bucking the trend.Copper prices underperformed on the SHFE during the early session on Thursday, with the metal's most-traded copper contract falling to 48,670 yuan ($7,134) per tonne as at 10.40am Shanghai time, down by 0.3% or 160 yuan per tonne from...Read More
Specialty alloys producer Afarak does not plan to make a direct replacement of its head of marketing, Michael Lillja, after he leaves the company. ...Read More
Key data from the Wednesday August 29 pricing session in Shanghai. Cobalt metal - China domestic cobalt metal price dipped during the midweek pricing session to 470,000-500,000 yuan per tonne ($26.94-28.66 per lb China VAT-free), following local producers' destocking activities. - Spot trades have been thin with Jinchuan branded cobalt changing hands at 470,000-475,000 yuan per tonne. Offers for i...Read More
Turkish steel producers returned to the deep-sea scrap markets for two new deals on Thursday August 30, at prices up by around 3%, despite it being a national holiday in the country....Read More