ArcelorMittal reached agreement with Italian trade unions over its proposed acquisition of Italian flat steel producer Ilva on Thursday September 6, according to press reports.The agreement will open the way for Ilva to be taken over by the AM Investco consortium led by ArcelorMittal, according to news providers Reuters, La Repubblica and Il Sole 24 Ore.Metal Bulletin's price assessment for domest...Read More
U.S. equity index futures were slightly higher this morning. S&P 500 futures were up 3 points in pre-opening trade. Index futures were virtually unchanged following release of economic news. Consensus for Weekly Jobless Claims released at 8:30 AM EDT was an increase to 215,000 from 213,000 last week. Actual was 203,000. Consensus for August ADP Private Employment released at 8:15 AM EDT was a...Read More
Turkish steel producers were in negotiations to buy deep-sea scrap shipments on Thursday September 6 but went through the day without making any bookings.Over the course of Wednesday, mills in the country had booked six deep-sea cargoes totalling 160,000 tonnes, and they have continued to negotiate for more material, Metal Bulletin was told."There are offers in the market at around $320 per tonne...Read More
Seaborne iron ore prices picked up on Thursday September 6 with index-linked shipments of Pilbara Blend fines traded at little or no discount.Metal Bulletin 62% Fe Iron Ore Index: $68.39 per tonne cfr Qingdao, up by $1.60 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $67.42 per tonne cfr Qingdao, up by $1.60 per tonne.Metal Bulletin 62% Fe Iron Ore Index, Low Alumina: $74.60 per tonne...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 oreVale, private tender, 95,000 tonnes of 62% Fe Brazilian Blend fines, sold at $75.30 per tonne cfr China, laycan October...Read More
Prices in the seaborne coking coal spot market are on the rise with higher bids emerging among buyers. The highest bid for a cargo of premium mid-vol materials at a miner's tender was submitted by a trader at around $193 per tonne cfr China, sources told Metal Bulletin on Thursday September 6. The outcome of the tender was not known at the time of writing.The highest bid made for a similar product...Read More
China's ferrous futures rose during morning trading on Thursday September 6, following the confirmation of steel production restrictions in Tangshan for this month, which had been issued earlier this week only to be withdrawn shortly after.Futures closing prices - morning sessionShanghai Futures ExchangeJanuary rebar: 4,137 yuan ($605) per tonne, up 39 yuan per tonneJanuary hot-rolled coil: 4,135...Read More
China's domestic rebar prices were relatively steady on Thursday September 6, with prices in the eastern region rising slightly while those in the north stayed flat.Domestic Eastern China (Shanghai): 4,450-4,490 yuan ($651-657) per tonne, up 10 yuan per tonneNorthern China (Beijing): 4,330-4,360 yuan per tonne, unchangedGains in the futures market during the day led to more trading activity in eas...Read More
Cobalt metal prices stabilized during the second half of August after inquiries resumed when market participants returned from the summer break, while sulfate prices continued to slide. Price moves: Aggressive summer selling continued into August and pushed Metal Bulletin's low-grade cobalt price down to an eight-month low. But a resumption of buying interest sent out a signal that the blue m...Read More
Three-month base metals prices on the London Metal Exchange were on divergent paths this morning, Thursday September 6, after a mixed performance on Wednesday.Zinc led on the upside with a 0.9% rebound, while nickel remained under pressure with a 0.5% fall. Lead was up by 0.3% while the rest were little changed, with copper prices at $5,883 per tonne. Volume across the complex has been above avera...Read More
Import prices for stainless steel in East Asia dipped over the past week, pressured by soft regional demand and a downtrend in the nickel market, although some sellers in China were still reluctant to lower their offers. Metal Bulletin's assessment of import prices for benchmark 304 stainless 2mm trimmed cold-rolled coil was $2,150-2,195 per tonne cif East Asian ports for the week ended Wednesday...Read More
China's domestic stainless steel prices were unchanged over the past week amid persistently soft demand.Metal Bulletin's assessment of prices for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 15,400-15,700 yuan ($2,253-2,297) per tonne including VAT for the week ended Wednesday September 5, unchanged from a week earlier.Demand for stainless steel remained weak over the p...Read More
Key data from the Wednesday September 5 pricing session in Shanghai.Key drivers - Export aluminium ingot ADC 12 prices in China edged up in anticipation of the upcoming peak demand season in September and October.- An environmental regulation which came into effect in China on August 23, imposing a 25% tariff on imported scrap metal to be sold domestically, has not directly affected Chinese ADC 12...Read More
Demand for flat steel in Turkey is expected to remain slow throughout September, but prices are not expected to fall because there is strong export demand, market participants told Metal Bulletin on Thursday September 6.Local producers have filled their order books until the end of October, and are planning to increase their prices for November bookings, despite weak local demand.On August 10, Uni...Read More
Multiple factors continue to influence gold pricing which has been under dramatic pressure since the beginning of April when gold traded to its highest value this year at $1,370. Gold futures closed below $1,200 per ounce in trading activity yesterday, but today’s fractional gains have moved pricing back above that key psychological level.Currently, gold futures basis the most active Decembe...Read More
(Kitco News) - Gold and silver prices are modestly up in early-afternoon U.S. trading Wednesday. Short covering in the futures markets and some perceived bargain hunting in the cash markets were featured today. A sell off in the U.S. dollar index today also worked in favor of the precious metals market bulls. December gold futures were last up $2.20 an ounce at $1,201.30. December Comex silver was...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term. Create your own user feedback survey Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our mar...Read More
Exchange operator CME Group reports that metals volume averaged 626,000 contracts per day in August, which was up 1% from 622,000 in August 2017. Among the highlights, copper futures and options average daily volume increased 16% to 149,000 contracts. Average daily volume in gold options rose 29% to 57,000 contracts. On a rolling three-month basis, metals volume averaged 644,000 contract...Read More
The interesting thing about trading is it takes a buyer and a seller to make a market, which then creates price discovery. Two traders could look at a gold chart and have opposite opinions -- one bullish and one bearish. Of course, this is what makes a market. Many out there use many different indicators and tools that have been developed over the years. The problem with these indicators is trader...Read More
Goldcorp Inc. (TSX: G, NYSE: GG) says it has achieved “significant progress” on key permitting and project milestones that are a part of the company’s five-year 20/20/20 plan to increase gold production and gold reserves by 20% and decrease all-in sustaining costs per ounce by 20%. The company has advanced projects “on time and on budget through the permitting and developme...Read More