Brazilian pig iron export volumes increased by 4.59% in 2017 on an annual basis, mostly due to improved demand from the United States and Italy.Shipments totaled 2.28 million tonnes, compared with 2.18 million tonnes in 2016, according to figures released by the country's foreign trade ministry, MDIC, on Thursday January 4.Brazil exported around 1 million tonnes of pig iron to the US last year, up...Read More
Brazilian iron ore export volumes to China increased by 15.75% year-on-year in 2017, amid higher sales prices, Metal Bulletin has learnt.Shipment totals came to 217.94 million tonnes, against 214.56 million tonnes in 2016, according to figures released by Brazilian foreign trade ministry MDIC on Thursday January 4.Over the same period, the average fob iron ore export price to China rose to $47.67....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. ...Read More
The seaborne iron ore market reported higher prices on Thursday January 4 despite a big drop in spot rebar prices in east China.Key driversChina's steel markets continued to soften during the day with spot rebar prices in the eastern region tumbling 170-180 yuan ($26-28) per tonne as bad weather dampened downstream demand.The benchmark iron ore futures contract picked up in the afternoon after dec...Read More
Iron ore prices rose above $76 per tonne cfr China on Thursday January 4 despite a subdued Chinese steel market.Metal Bulletin's 62% Fe Iron Ore Index Today: $76.54 per tonne cfr QingdaoDaily change: up by $1.57 per tonneMonth-to-date average: $75.41 per tonneMetal Bulletin's 58% Fe Premium Index Today: $61.94 per tonne cfr QingdaoDaily change:...Read More
Base metals prices on the London Metal Exchange were universally higher during morning trading on Thursday January 4, with copper and nickel climbing more than 1%.After pausing to consolidate December's gains, the three-month copper price has gained more over $100 per tonne. Copper closed 2017 up 30% and is well placed to move higher this year."Most metals prices are making moderate...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday January 4*Copper-$128.62 (-838.43 yuan) Aluminium-$499.71 (-3,257.51 yuan) Zinc -$157.06 (-1,023.85 yuan) Nickel-$436.40 (-2,844.83 yuan) *The physical arbitrage numbers are calculated daily by Metal Bulletin using SHFE...Read More
The drive for greater transparency in financial markets will power into fifth gear from the start of January as the second iteration of Europe's Markets in Financial Instruments Directive (MiFID II) comes into effect. MiFID II - the European Union's first regulatory update to the directive since 2004 - will kick in on Wednesday January 3 and is designed to make European markets safer and more tran...Read More
Base metals traded on the London Metal Exchange are for the most part little changed this morning, Thursday January 4, apart from nickel and copper prices that are up by 0.8% and 0.6%, with the latter at $7,220 per tonne. Volume has picked up with 9,663 lots traded as of 07:01 am London time. This follows a diverse performance on Wednesday that saw copper, aluminium, nickel and zinc close dow...Read More
Gold prices were down in the Asian morning trading session on Thursday January 4 on strong US economic data and the release of the Federal Open Market Committee (FOMC) minutes overnight. The spot gold price was recently quoted at $1,307.20/1,307.55 per oz, down $3.55 from the previous trading day's close. Trade has ranged from $1,305.20 to $1,311.20 per oz so far today.Minutes from the FOMC Decemb...Read More
East Asian stainless steel prices maintained their upward trend over the past week amid gains in China's domestic market and costlier nickel.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm cold-rolled coil was $2,150-2,200 per tonne cif East Asian ports for the week ended Wednesday January 3, tightening upward by $50 per tonne from $2,100-2,200 per tonne a week earlier.Metal...Read More
The Chinese government has finished issuing the first two rounds of solid waste import licenses for 2018, with copper scrap import license numbers and tonnages both more than 94% lower. The first round of licenses was granted in late December 2017, with the second round granted this week - all for imports delivered in 2018. According to official files obtained by Metal Bulletin, copper scrap (HS c...Read More
Indian import scrap market participants will start 2018 optimistic that prices will be supported by both a rise in domestic finished steel demand and a more favorable regulatory environment. The market suffered a gloomy 2017, with mills largely priced out of import scrap markets and sellers increasingly turning to consumers in Bangladesh and Pakistan instead, but some market participants were...Read More
China is expected to increase its imports of zinc concentrates this year amid rising supply and idle domestic smelting capacity, Metal Bulletin has learned."Global zinc concentrates output is expected to rise this year and China has plenty of [idle] smelting capacity as operating rates last year were not high," one trader pointed out. Global mined zinc production is expected to...Read More
When it comes to market sentiment, many traders believe their focus should be on now rather than later. It seems the overwhelming majority believe in focusing on data and events which are influencing markets currently, rather than focusing on future events. At least this sentiment appears standard as far as the Federal Reserve is concerned.Gold has been in a distinct and pronounced rally since the...Read More
(Kitco News) - News that billionaire entrepreneur Peter Thiel’s Founders Fund bought “hundreds of millions of dollars” in cryptos, boosted bitcoin’s deflating price levels on Wednesday.Thiel’s fund purchased somewhere between $15 million to $20 million worth of digital currencies since mid-2017, the Wall Street Journal reported.Following the news, bitcoin prices surge...Read More
(Kitco News) - Gold prices were moderately lower and hit new daily lows in early afternoon action Wednesday, in the wake of a hawkish FOMC minutes report. Some normal profit taking by the shorter-term futures traders was featured, after recent good gains in gold and silver. The markets in earlier U.S. trading were in pause modes after gold hit a 3.5-month high overnight. Silver prices scored a fiv...Read More
(Kitco News) - The gold market has pushed into negative territory in late-afternoon activity after the minutes of the December Federal Open Market Committee meeting revealed ongoing concerns over low inflation pressures.While the majority of participants supported a rate hike in December, the minutes showed a growing divide within the committee and frustration over the mystery of low inflation. Th...Read More
Editor's Note: View Kitco News' full 2018 outlook coverage(Kitco News) - Gold’s performance since the last Federal Reserve rate hike in December has been impressive and Bloomberg Intelligence forecasts the rally to continue, with the precious metal looking to beat bitcoin and the U.S. dollar in 2018.“The only currency not subject to parabolic supply increases - gold - should continue t...Read More
Exchange operator CME Group reports that average daily volume in metals markets increased 23% to a record 568,000 contracts during 2017. This far exceeded the average daily volume for all CME markets combined, which was up 4% from 2016 to hit a record 16.3 million contracts. Gains in average daily volume for other markets included interest rates, 9%; foreign exchange, 7%; energy, 6%; and agri...Read More