Due to a technical error, Metal Bulletin's 62% Fe Iron Ore Index and PBF Differential were published incorrectly on Wednesday June 20, 2018. Metal Bulletin has corrected its 62% Fe Iron Ore Index, which was published incorrectly on May 20 due to a technical error. The 62% Fe Iron Ore Index was published at...Read More
Participants in the seaborne coking coal spot market are still staying on the sidelines after sentiment deteriorated earlier this week due to a brewing trade war between the United States and China. "There will be a tender for both a cargo of premium hard coking coal and a shipment of pulverized coal injection (PCI) product tomorrow. There will be more clarity on the market direction if a transact...Read More
China's ferrous futures remained subdued during morning trading on Wednesday June 20, with the benchmark contracts ending the session largely unchanged from their opening after experiencing major losses a day earlier.Futures closing prices - morning sessionShanghai Futures Exchange October rebar: 3,786 yuan ($585) per tonne, unchangedOctober hot-rolled coil: 3,880 yuan per tonne, up 6 yuan per ton...Read More
A lingering backwardation in the July/August spread has pushed European aluminium premiums down past to levels last seen before the United States imposed sanctions on Russian producer Rusal.The benchmark Rotterdam duty-unpaid P1020 in-warehouse premium fell to $90-100 per tonne on Tuesday June 19, down 39% from a high of $150-165 through April after the sanctions on Rusal.The duty-paid alumin...Read More
China's domestic hot-rolled coil prices were largely stable on Wednesday June 20 with buyers coming to terms with their concerns over the brewing trade war between the world's two biggest economies.DomesticEastern China (Shanghai): 4,260-4,290 yuan ($658-663) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 4,200-4,230 yuan per tonne, unchangedConcerns over the trade spat between China a...Read More
Ferroglobe PLC has entered into a joint development agreement with BioSolar Inc to pursue opportunities in the lithium-ion battery market.Ferroglobe subsidiary Silicio Ferrosolar SLU - based in A Coruna, Spain - will collaborate with BioSolar to develop and market silicon anode materials for high-power, high-energy lithium-ion batteries, Ferroglobe announced."We are excited to partner with&nb...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Metal Bulletin minor metals prices changed on Wednesday June 20:Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 51,500-52,000 yuan per tonne from 52,000-52,500 yuan Bismuth MB free market, $/lb: $4.50-5.00 per lb from...Read More
Due to an input error, Metal Bulletin's antimony with bismuth content below 100ppm or "trioxide-grade" in-warehouse Rotterdam price was published incorrectly on Wednesday June 20, 2018. The assessment should have been $8,050-8,300 per tonne, not $8,050-8,350 per tonne as it appeared briefly. Metal Bulletin's price book...Read More
Three-month base metals prices on the London Metal Exchange were up across the board on the morning of Wednesday June 20, with the complex up by an average of 0.3%. Nickel and zinc prices led the way with gains of 0.5%, while copper was up by 0.2% at $6,843 per tonne.This rebound follows yet another day of price weakness on Tuesday that saw the base metals complex drop by an average of 1.7% and th...Read More
Turkish ferrous scrap import prices edged up slightly on Wednesday June 20, while deep-sea cargoes continued to be booked for a second consecutive day.A steel mill in the Marmara region booked a cargo from Europe, comprised of 200,000 tonnes of HMS 1&2 (75:25), 7,500 tonnes of plate...Read More
The following Metal Bulletin UK non-ferrous scrap and foundry ingot prices changed on Wednesday June 20:Aluminium scrap Cast wheels: ?1,265-1,300 per tonne from ?1,265-1,295 Aluminium ingot...Read More
The European Commission (EC) is introducing rebalancing measures this week in response to the US tariffs on steel and aluminium, it said on Wednesday June 20. The measures will immediately target a list of products worth ?,?2.8 billion ($3.24 billion) and will come into effect on Friday June 22. The list of US imports that will now face an extra duty at the EU border include steel and aluminium pr...Read More
Gold is genuinely acting differently than other precious metals, as well as the commodity sector, although at first glance it's challenging to see. It is dollar strength that has been the predominant factor regulating and tapering any real upside moves in gold which continues to trade lower, now at its lowest price point this year. Read More
NEW YORK (Reuters) - U.S. President Donald Trump’s threat to escalate a trade conflict with China is likely a negotiating tactic and not a “suicide pact,” the chief executive of Goldman Sachs & Co said on Tuesday, criticizing the White House strategy as a risky tit-for-tat.“I don’t know if this is going to be the pattern of North Korea - a lot of bluster. And I do...Read More
WASHINGTON/BEIJING (Reuters) - China has underestimated President Donald Trump’s resolve to press ahead with tariffs unless Beijing changes its “predatory” trade practices, a top U.S. trade advisor said on Tuesday, in comments that undercut the chances of a negotiated settlement to a looming trade war between the world’s economic superpowers.The threat of a growing trade co...Read More
(Kitco News) -Gold and silver prices are modestly lower in early-afternoon U.S. trading Tuesday. Gold fell to a six-month low and silver hit a four-week low today. The precious metals have fallen victim to a general sell off in the raw commodity sector amid fears of a major world trade war developing. Adding to downside pressure on the metals today is a surging U.S. dollar index that hit an 11-mon...Read More
Gold has “descended into the abyss” despite intensifying trade tensions rattling financial markets and leaving investors on edge, with an appreciating U.S. dollar the main factor pushing the precious metal lower, says Lukman Otunuga, research analyst at FXTM. “With the dollar likely to find ample support amongst the bullish sentiment towards the U.S. economy and heightened e...Read More
(Kitco News) - Gold prices remain under pressure and below critical support, following the release of mixed U.S. housing construction data. The Commerce Department's latest report showed that U.S. housing starts rose 5% into a seasonally adjusted annual rate of 1.35 million units in May, compared to April's revised figure of 1.286 million starts. Consensus forecasts compiled by most news organizat...Read More
Is Gold in trouble? The short answer is yes. Gold has been tumbling for the last couple of days as the markets starts to sell off. With the equities getting clobbered overnight the last three sessions, gold has not been the safety asset that many believe it is. The lack of volatility in equities is helping to keep the pressure on the metals. We are not from the school that gold is a safe-haven pla...Read More