Trading activity in the seaborne coking coal market was muted on Monday January 15, though offers on an online trading platform have retreated. Cargoes of premium hard coking coal with a February laycan were offered at around $250 per tonne and $260 per tonne fob Australia on the platform, according to market sources. "There is no justification for such high prices now that the supply situation is...Read More
The seaborne iron ore market experienced inactivity on Monday January 15 with offers and bids diverging amid losses in China's steel and futures markets.Key driversChina's ferrous futures largely stayed in negative territory at the start of the week, with the benchmark iron ore contract ending 2% lower than the settlement price last Friday.The country's spot rebar and hot-rolled coil prices also f...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreRio Tinto, tender, 170,000 tonnes of...Read More
Import prices for steel billet in Southeast Asia widened downwards this week as lower offers for China-origin billet had a negative impact on price negotiations.Metal Bulletin's weekly price assessment for billet imports in Southeast Asia was $530-545 per tonne cfr in the week ending Monday January 15, down $5 per tonne at the lower end of the range from $535-545 per tonne cfr....Read More
China's steel futures rose during morning trading on Monday January 15 while the steelmaking raw materials contracts were little changed from their opening price at the end of the session.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,787 ($586) per tonne, up 24 yuan per tonne May hot-rolled coil: 3,829 yuan per tonne, up 23 yuan per tonne Dalian Commodity Exchange...Read More
China's prices for hot-rolled coil decreased again on Monday January 15 after buying interest thinned in the wake of a slump in the billet market over the weekend.DomesticEastern China (Shanghai): 4,120-4,170 yuan ($638-646) per tonne, down 30 yuan per tonne Northern China (Tianjin): 3,920-4,950 yuan per tonne, down 60-70 yuan per tonneThe price of billet fell 120 yuan per tonne over the weekend,...Read More
China's domestic rebar prices moved down further on Monday January 15 on weak demand and losses in the billet market over the weekend. Domestic Eastern China (Shanghai): 3,720-3,760 yuan ($576-582) per tonne, down 60-70 yuan per tonne Northern China (Beijing): 3,750-3,780 yuan per tonne, down 90-100 yuan per tonne Weak demand in both east and north China continued to weigh on rebar prices. Meanwhi...Read More
Spot cobalt prices continued to rise last week as demand strengthened following the Christmas and New Year break, overpowering the temptation for profit-taking after a rallying end to 2017. Low-grade cobalt prices posted the more significant increase over the course of week, buoyed by concerns that delays to a restart at the Ambatovy joint venture in Madagascar could further intensify tightness fo...Read More
The Chinese indium market jumped by 10.2% on Wednesday January 10, according to Metal Bulletin's weekly assessment, after exchanges prices soared. Chinese domestic indium prices were assessed at 1,650-1,800 yuan ($254-277) per kg on Wednesday, up from 1,550-1,580 yuan per kg previously. The price jump was attributed to increased purchases from investors on the Wuxi Stainless Steel Exchange fo...Read More
Germanium prices rose further in Europe at the end of last week, reflecting crimped supply of raw materials and continued environmental inspections of plants in China, which have resulted in lower output and a shortage of material.Metal Bulletin assessed the germanium price at $1,250-1,400 per kg on an in-warehouse Rotterdam basis on Friday January 12, up from $1,200-1,350 per kg on Wednesday last...Read More
European antimony prices edged higher for both grades last week amid tightening prompt availability while prices in China were unchanged. Metal Bulletin assessed MMTA standard grade II antimony in-warehouse Rotterdam prices at $8,050-8,350 per tonne on Friday January 12, up from Wednesday's assessment of $8,000-8,350 per tonne, when prices had been unchanged. Trioxide grade antimony pric...Read More
Silicon metal prices in the United States inched up again in January, pressured by lingering supply concerns, while strong sentiment across the rest of the globe kept European and Chinese prices steady.American Metal Market assessed the spot price for US delivered 553 silicon at $1.40-1.42 per lb on Wednesday January 10, up by 2.5% from a month earlier when prices were in a range of $1.35-1.40 per...Read More
Strong demand, tight supply and higher London Metal Exchange aluminium prices have abruptly pushed European secondary aluminium alloy prices to a nine-month high, where they could stay for the coming weeks.Metal Bulletin assessed the price of DIN226-grade material, duty-paid, delivered in Europe, at ?,?1,800-1,850 ($2,158-2,218) per tonne on Friday January 12. This is up from ?,?1,770-1,820 per to...Read More
Europe could face a deluge of steel imports previously destined for the United States if Donald Trump's 232 investigation leads to strict import duties on steel products, German steel association WV Stahl has warned. EU tariffs on imports of cold rolled coil (CRC) from Russia and China led to prices for the material jumping in European domestic markets in 2017, while Russian producers lost ma...Read More
(Kitco News) - There is little standing in gold’s way next week that will stop prices from pushing higher in what will be a shortened trading week, according to some analysts.The gold market is seeing its fifth weekly consecutive gain as prices hold near their highest level in four months. February gold futures last traded at $1,331.70 an ounce, up 0.7% since last Friday. Since its December...Read More
With gold being up over 13% while the GDX was up just a paltry 7% in 2017, I strongly believe a major mean-reversion catch-up rally is in the process of unfolding in the miners. Historically, the GDX would have leveraged the 13% gain in gold last year by 2x to 3x for solid annual gains of at least 25% to 35%. But since investors were more focused on what seemed to be forever rising equity markets...Read More
(Kitco News) - Traders and analysts who take part in the weekly Kitco News gold survey look for the recent weakness in the U.S. dollar to continue underpinning gold in the next week. Wall Street Bullish Bearish Neutral VS Main Street Bullish Bearish Neutral Those who disagree suggest the greenback’s slide may be due for a pause, which in turn could take away...Read More
The equity markets have been as crazy as I have seen since the Internet bubble of the 1990s with one major difference -- they never go down. The dot.com craze was wild in both directions; stocks always ended up higher but had major swings of 3% to 5%. Today's market has not seen a down move of 3% in two years, which is the longest such period in history. For the last month, the gold market has bee...Read More
(Kitco News) - Gold prices are moderately higher in early U.S. trading Friday, but off the overnight gains that notched a four-month high. U.S. consumer price inflation that was a bit higher than expected helped to pull the gold market off its overnight highs. However, gold and silver prices are being supported by a slumping U.S. dollar index and a surging Euro currency. February Comex gold was la...Read More
(Kitco News) - Gold broke above the $1,322 level as the dollar came under further pressure overnight. With growth in Europe accelerating, the markets are expecting the ECB to begin a more aggressive tightening cycle. Physical demand in Asia has also picked up ahead of the Chinese Lunar New Year. The recent move in gold has been almost entirely correlated to dollar weakness, which continues to rema...Read More