Spreads between prime and obsolete scrap in the United States are likely to remain tight in the foreseeable future, with few obvious factors that could unhinge a narrow spread, according to an executive at David J. Joseph Co (DJJ), the largest domestic scrap buyer.Current spreads between prime grades and obsolete grades are much lower than they were in the 2004-08 time frame, DJJ vice preside...Read More
Construction at Cleveland-Cliffs' $700-million hot-briquetted iron (HBI) plant in Toledo, Ohio, is under way and ahead of schedule, the company's top executive said on Wednesday June 27.Cliffs expects to use the plant - slated to enter commercial production in July 2020 - to knock out the foreign raw materials that electric-arc furnace producers in the United States rely on today, accord...Read More
Turkish steel mills have resumed their deep-sea scrap purchases with slightly lower prices, sources said on Wednesday June 27.A steel producer in the Marmara region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $353 per tonne and 5,000 tonnes of bonus at $368 per tonne cfr late on Tuesday June 26.Most market participants were expecting steel mills to resume buying...Read More
China's coke prices have peaked, sources said this week, with downside concerns arising over the decline in export activity and the potential for further environmental restrictions.Metal Bulletin's price assessment for Chinese coke exports with 65% coke strength after reaction (CSR), 12.5% ash, 30-90mm, was $360-375 per tonne fob China for the week ending Tuesday June 26.The range widened upward f...Read More
Iron ore prices remained largely rangebound on Wednesday June 27, though those for high-grade fines and lumps continued to strengthen.Metal Bulletin 62% Fe Iron Ore Index: $64.60 per tonne cfr Qingdao, down $2.02 per tonneMetal Bulletin 58% Fe Premium Index: $52.49 per tonne cfr Qingdao, down $0.28 per tonneMetal Bulletin 65% Fe Iron Ore Index: $90.60 per tonne cfr Qingdao, up $0.20 per tonneMetal...Read More
Seaborne coking coal prices fell on Wednesday June 27 amid weak demand. "Coke plants [in China] have a lot of coking coal in their inventories, about 7-15 days' worth," a Chinese trader told Metal Bulletin. A second trader said the coking coal market "is definitely moving in a downward trajectory." As such, he think "it's pointless to make offers at...Read More
China's ferrous futures largely trended downward during morning trading on Wednesday June 27 on weaker sentiment, dampening trading activity in the spot market. Uncertainty over China's monetary policy adjustments and a brewing global trade war were among the factors weighing on sentiment.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,699 yuan ($563) per tonne,...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade. Index futures recovered about 10 points after concerns about an imminent trade war with China related to using U.S. technology will be re-examined.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for May Durable Goods Orders was a drop o...Read More
China's domestic hot-rolled coil prices widened on Wednesday June 27 after trading activity picked up in the latter half of the day in response to lower offers, a situation that traders went on to capitalize on.DomesticEastern China (Shanghai): 4,220-4,250 yuan ($642-647) per tonne, widening by 10 yuan per tonneNorthern China (Tianjin): 4,120-4,160 yuan per tonne, widening upward by 20 yuan per to...Read More
Base metals on the London Metal Exchange continued to drift lower during morning trading on Wednesday June 27, with ongoing trade uncertainties, a firm dollar and broad inventory drawdowns putting pressure on the complex. Copper prices fell by 0.6% during morning trading, drifting to a low of $6,667 per tonne, the lowest point since April 4. Volatile stock movements continue to unsettle the market...Read More
The arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday June 27*Copper -$132.72 (-877.22 yuan) Aluminium -$534.07 (-3,529.97 yuan) Zinc $29.45 (194.62 yuan) Nickel -$163.06 (-1,077.74 yuan) *Metal Bulletin calculates the physical arbitrage for import into...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Service centers that process and distribute stainless steel to end-users are currently facing numerous constraints including eroded margins and increased competition, industry participants said at a Shanghai conference on Wednesday June 27.Shrinking margins - a result of production consolidation and globalization - have been a constraint on expansion for stainless steel distributors, according to...Read More
All MB non-ferrous UK scrap and foundry ingot prices were unchanged on Wednesday June 27.NB: prices expressed delivered consumer...Read More
Gold futures continues to trade under pressure, and as of 3:15 PM Eastern standard time is currently trading down $8.50 at $1,260.40. Today's lower pricing is a combination, a one-two punch, of sellers and strong U.S. dollar. The dollar is currently up 43 points (+0.47%) at 94.385. After testing and unsuccessfully trading above the current resistance at 95, the dollar traded under pressure for the...Read More
BIRMINGHAM, Ala. (Reuters) - Intensifiying trade tensions over the last week have boosted downside risk to the economy, Atlanta Federal Reserve bank president Raphael Bostic said on Tuesday, adding that he may rule out a fourth rate increase for the year if things get worse.“The more it progresses in this more contentious way, the more it leads me to feel the risks are on the downside for th...Read More
WASHINGTON (Reuters) - President Donald Trump said on Tuesday that sensitive U.S. technology can be protected from acquisition by China through the committee that scrutinizes foreign acquisitions of American companies, but the ultimate method was still being worked out.Trump’s remarks to reporters at the White House appeared to favor Treasury Secretary Steven Mnuchin’s approach in a fi...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump said on Tuesday the government was completing a study about increasing import tariffs on cars from the European Union and suggested he would take action soon.“We are finishing our study of Tariffs on cars from the E.U. in that they have long taken advantage of the U.S. in the form of Trade Barriers and Tariffs. In the end it will all even ou...Read More
HOUSTON (Reuters) - The United States risks losing time and competitiveness the longer it continues its trade spat with Mexico and Canada and fails to focus on threats from China, a U.S. central banker said on Tuesday.“Intellectual property rights and technology transfer are very big issues, where China is using the joint ventures to get technology and then compete globally,” U.S. Dall...Read More
(Kitco News) - Gold and silver prices are weaker in early-afternoon U.S. trading Tuesday. However, prices have moved well up from their daily lows that saw gold hit a six-month low and silver hit a seven-week low. A surge in Nymex crude oil prices above $70.00 did helped to lift gold and silver markets up from their session lows just before midday. August gold futures were last down $6.90 an ounce...Read More