Commodities are “still the best hedge against rising inflation risks,” says Goldman Sachs. In a research note, analyst point out that whereas inflation risks had been subdued during the recovery from the financial crisis, market participants are increasingly starting to worry about “overheating” due to economic growth and increasing labor-market tightness. “In summary...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.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 market professional survey.Readers can al...Read More
The latest news and price moves to start the Asian day on Thursday March 22.Base metals prices on the London Metal Exchange closed higher across the board on Wednesday March 21 after the dollar weakened slightly. Read more in our live futures report.Here are how LME prices looked at Wednesday's close:Major international mining companies active in the Democratic Republic of the Congo previously sup...Read More
The latest news and price moves to start the Asian day on Thursday March 22.Base metals prices on the London Metal Exchange closed higher across the board on Wednesday March 21 after the dollar weakened slightly. Read more in our live futures report.Here are how LME prices looked at Wednesday's close:Major international mining companies active in the Democratic Republic of the Congo previously sup...Read More
Base metals prices on the London Metal Exchange plummeted at the close on Thursday March 22, while the dollar index staged a recovery.Nickel prices were the worst affected closing 2.7% lower and trading at a low of $13,060 per tonne - its lowest since February 12. The metal is under pressure from poor underlying demand from Chinese stainless steel mills. "Stainless steel prices in China have strug...Read More
Volatility is the key risk to lead and zinc prices for the next few years and traders should begin to hedge their risk, Oliver Nugent, commodity strategist at ING Bank, said on a panel at Metal Bulletin's Lead & Zinc conference in London on Thursday March 22. "Volatility is on the horizon and so much can happen - the lead and zinc prices are especially prone to this," he told delegates at the two-...Read More
Rising zinc stocks on the London Metal Exchange could be an effect of "sluggish" conditions in China, Nicholas Snowdon, a metals analyst at Deutsche Bank, said at Metal Bulletin's Lead & Zinc conference in London on Thursday March 22. The largest zinc delivery in nearly five years hit the LME on March 5, with 78,950 tonnes delivered into New Orleans warehouses in one go. "If you look at the state...Read More
China's stricter regime of environment controls was one of the key factors influencing fundamentals and prices in the Chinese ferro-alloys markets in 2017, and these controls will continue to affect supply and prices this year.This was the consensus of opinion among market participants during the 19th Asian Ferro-Alloys Conference, held in Hong Kong on Thursday March 22.Chinese President Xi Jinpin...Read More
Lawyers acting for Hernic Ferrochrome have named Samancor Chrome as the preferred bidder for the distressed South African chrome producer, in a deal worth an initial 500 million South African rand ($42.4 million). The company went into business rescue in September 2017 and indicative bids were submitted in December. The purchase price for the asset is an aggregate amount of 500 million rand for th...Read More
China's stricter regime of environment controls was one of the key factors influencing fundamentals and prices in the Chinese ferro-alloys markets in 2017, and these controls will continue to affect supply and prices this year.This was the consensus of opinion among market participants during the 19th Asian Ferro-Alloys Conference, held in Hong Kong on Thursday March 22.Chinese President Xi Jinpin...Read More
An order enforcing a halt to nickel pig iron (NPI) production in Huade County in central Inner Mongolia over the past two weeks is unlikely to have a significant impact on prices for the material, market participants said on the sidelines of the Asian Ferro-Alloys conference in Hong Kong on Thursday March 22. "From March 5-20, when China's National People's Congress and the Chinese People's Politi...Read More
The Turkish deep-sea scrap import market had another quiet day on Thursday March 22, with the country's steel mills absent from trading for a second week, sources said.There has been no significant trading since the mills in the Middle Eastern country stepped back from the deep-sea scrap markets on March 9, when the United States applied a 25% duty on imports of steel products following its Sectio...Read More
Asian zinc alloy users from different sectors are quickening their pace to test new alternative raw materials following the price hike last year, major zinc alloy distributor Lee Kee Group told Metal Bulletin in an interview."We talk very often with downstream zinc users. For substitution, the zinc price is only one of the concerns. Yet the high price gap between zinc and aluminium has definitely...Read More
Comex copper prices failed to maintain Wednesday's gains in US morning trading on Thursday March 22 with the dollar recovering after falling under pressure from the US Federal Reserve meeting. Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 2.30 cents or 0.8% to $3.0365 per lb. The red metal saw relief yesterday after the United States central bank indicate...Read More
Domestic prices for heavy steel plate in Europe were stable over the past week, but increasing production costs have left steelmakers bullish about the market, sources told Metal Bulletin."Slab prices are high, so we will need to achieve higher plate prices to compensate rising production costs," a representative of an Italian re-roller said.Metal Bulletin's assessment of prices for domestic grade...Read More
Eastern China's domestic hot-rolled coil prices recovered some losses on Thursday March 22 following the release of data showing a reduction in inventory levels.DomesticEastern China (Shanghai): 3,880-3,920 yuan ($613-619) per tonne, up by 20-30 yuan per tonneNorthern China (Tianjin): 3,870-3,900 yuan per tonne, unchangedData released by an industry information provider on Thursday showed that mil...Read More
Domestic prices for hot-dipped galvanized coil (HDG) in the European Union were largely unchanged this week, sources told Metal Bulletin.The situation in the HDG segment follows a similar trend seen in the hot-rolled coil (HRC) and cold-rolled coil (CRC) markets - prices were stable with buyers holding back from concluding any new deals until market direction becomes clearer, according to...Read More
The temporary exemption granted to EU countries from steel import tariffs in the United States is a "cause for optimism" but action should be taken to avoid a glut of imports from countries which will be affected by the measures, industry group UK Steel said on Thursday March 22.United States Trade Representative Robert Lighthizer confirmed on Thursday that import tariffs for steel and aluminium f...Read More
The Turkish long steel export market has remained sluggish because of the uncertainty created by the Section 232 tariffs imposed by the United States, and prices have started to fall, sources said on Thursday March 22.Turkish steel producers have reduced their rebar export offers to $595-605 per tonne fob on an actual weight basis, while demand for such material was significantly low.Sources belie...Read More
Falling billet prices and weakening demand over Section 232 uncertainty sent Turkish domestic long steel prices down over the past week, sources said on Thursday March 22.Metal Bulletin's weekly price assessment for domestic rebar was $610-625 per tonne ex-works, down from the last week's $615-625 per tonne. The domestic rebar price in the Istanbul region was $625-630 per tonne, and $610-615...Read More