Seaborne coking coal prices fell further on Friday March 23, with ferrous futures in China tumbling during the day amid trade tensions between the country and the United States. On the Dalian Commodity Exchange, the most-traded May coking coal futures contract closed at 1,230 yuan ($194.30) per tonne at the end of the day, down 45.50 yuan per tonne from a day earlier. The most-traded May coke cont...Read More
China's rebar prices fell sharply in both the domestic and export markets on Friday March 23 after futures plunged in response to the country's brewing trade war with the United States. Domestic Eastern China (Shanghai): 3,500-3,580 yuan ($553-566) per tonne, down 110-120 yuan per tonne Northern China (Beijing): 3,750-3,780 yuan per tonne, down 80 yuan per tonne US President Donald Trump unveiled...Read More
China's hot-rolled coil prices tumbled on Friday March 23 along with the paper market amid mounting trade tensions between the country and the United States.DomesticEastern China (Shanghai): 3,760-3,800 yuan ($594-600) per tonne, down 120 yuan per tonneNorthern China (Tianjin): 3,710-3,740 yuan per tonne, down 160 yuan per tonneHRC futures slumped during Thursday night's trading session with risk...Read More
The US International Trade Commission (ITC) has voted that silicon metal imports from Australia, Brazil, Norway and Kazakhstan do not materially harm the US silicon industry. As a result, the Department of Commerce will not issue anti-dumping or countervailing duties on silicon metal shipments in the United States. The Department of Commerce had issued its final determinations in the trade ca...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 Friday March 23:Antimony MB free market regulus, $/tonne: $8,500-8,775 per tonne from $8,650-8,800 Antimony MMTA standard grade II, $/tonne: $8,500-8,675 per tonne from $8,550-8,750 Bismuth MB China domestic, yuan/tonne: 69,000-70,000 yuan per tonne from 70,500-71,000 yuan Cadmium MB free market min 99.95%, cents/lb: 155-160 per lb from 1...Read More
An overview of China's minor metals markets in the week of March 19-23 and the reasons for any price moves.Read More
Aluminum Corp of China's (Chalco) gallium plant in the Chinese province of Guangxi will suspend operations for planned maintenance in April to mid-May, market sources told Metal Bulletin."The stoppage [in Guangxi] is for normal facility maintenance and will remove three to four tonnes of gallium from the physical market [during the period]," according to one market source. Chalco, which is the lar...Read More
Ferrous futures in China plunged during the morning trading session amid trade tensions between the country and the United States, with both announcing tariffs on each other's products.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,406 yuan per tonne, down 79 yuan per tonne May hot-rolled coil: 3,554 yuan per tonne, down 64 yuan per tonne Dalian Commodity Exchange...Read More
Domestic stainless steel prices in China remained in a downward trend over the past week amid a softening nickel market.Metal Bulletin's assessment of prices for benchmark 304 stainless CRC in the major market of Wuxi was 14,300-15,100 yuan ($2,259-2,386) per tonne including VAT for the week ended Thursday March 22, down 200 yuan per tonne from a week earlier....Read More
The following Metal Bulletin non-ferrous European free market scrap prices changed on Friday March 23:Aluminium scrap Floated Frag: ?,?1,270-1,290 per tonne from ?,?1,270-1,300 Cast:...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Increasing trade tensions between the United States and China had significant repercussions on the global steel markets on Friday March 23.Ferrous futures in China plunged during the morning trading session, with both countries announcing tariffs on each other's products.China has announced plans to imp...Read More
It was all going so well for the London Metal Exchange metals at the turn of the year: Robust late-2017 price strength was initially carried through into January, with a commensurate increase in turnovers, and the words "bull market" were on many people's lips. But, as winter turns into spring and temperatures mostly rise, the heat has gone out of the market, and much of that bullish ardor has coo...Read More
It was all going so well for the London Metal Exchange metals at the turn of the year: Robust late-2017 price strength was initially carried through into January, with a commensurate increase in turnovers, and the words "bull market" were on many people's lips. But, as winter turns into spring and temperatures mostly rise, the heat has gone out of the market, and much of that bullish ardor has coo...Read More
(Kitco News) - Gold prices quickly climbed in Asian trading on Friday, as investors rushed to safety amid escalating fears of a trade war following U.S. President Donald Trump’s announcement of tariffs on Chinese goods.April Comex gold futures jumped to $1,336.70, up 0.70% on the day, while spot gold on Kitco.com was last trading at $1,337.00, up 0.63% on the day. By Anna Golubova For Kitco...Read More
(Kitco News) - Gold prices are going up this year and the U.S. dollar will be the yellow metal’s primary driver, said one precious metals expert.“Which way the dollar moves … will be key for gold,” partner at Vertical Research Michael Dudas told CNBC on Wednesday. “[The U.S. dollar] has been the most important pressure on gold prices that we witnessed over the last f...Read More
A combination of factors, which have had a profound impact on the U.S. equities markets, have resulted in U.S. equities trading dramatically lower and moving into corrective territory. These factors have also created bullish tailwinds for gold prices.As of 4:00 PM Eastern standard time, gold futures are trading up $7.50 on the day at $1,330 per ounce. Higher gold prices have moved in tandem with a...Read More
(Kitco News) - Despite avoiding an imminent trade war with the U.S. over steel and aluminum tariffs, Canada should not be breathing easier, this according to Shark Tank star Kevin O’Leary. “I don’t think the long-term outcome of the negotiations is going to be better for Canada,” O’Leary told Kitco News. “For example, on steel, what will probably end up in the...Read More
(Kitco News) - Gold futures prices were ending the Thursday U.S. day session modestly up but well down from daily highs. Meantime, the cash gold market was weaker today following its big afternoon gains on Wednesday. A firming U.S. dollar index today somewhat limited buying interest in the precious metals markets. April Comex gold futures were last up $3.90 an ounce at $1,325.40. May Comex silver...Read More
(Kitco News) - A weight has been lifted from the gold market after the Federal Reserve signaled Wednesday that it is in no hurry to raise rates faster than it was already expecting this year, according to one gold analyst.In a telephone interview with Kitco News, George Milling-Stanley, head of gold investments at State Street Global Advisors said that he now expects gold prices to eventually rete...Read More