Alexander Kuptsikevich17 hours ago (Nov 14, 2019 8:16 AM GMT)Started this week with a decline, the Gold found support near the $1,450 area, from where it turned upside.The reason for the pressure on Gold in November is the recovery of demand for risky assets. Also, this month, the dollar returned to growth, affecting the valuation of raw materials and many other assets. However, Gold does not mere...Read More
The three-month aluminium price on the London Metal Exchange was lower at the close of trading on Thursday November 14, closing at its lowest level since late-October, while zinc's outright price similarly fell to its lowest level in just over a month.Aluminium's outright price on the LME closed at $1,742 per tonne on Thursday afternoon, its lowest closing price since October 28, although turnover...Read More
The fob Australia price for alumina has hovered around the $280 per tonne mark in relatively liquid trading over the week ended Thursday November 14.Fastmarkets calculated the benchmark daily alumina index, fob Australia, at $281.10 per tonne on Thursday, up from $279.72 per tonne on the previous day.Key drivers Market participants heard of several deals throughout the week, for a combined total o...Read More
An informal suspension of coal imports at ports in the eastern Chinese province of Jiangsu province and some parts of southern China has raised uncertainties in the seaborne coking coal market, though the country's downstream steel market strengthened on Thursday November 14.Fastmarkets indicesPremium hard coking coal, fob DBCT: $134.53 per tonne, down $0.88 per tonnePremium hard coking coal, cfr...Read More
Technical glitches on familiar websites aside, here's why $6 overnight moves in the price of silver could happen...by Matt from Silver Fortune via Silver FortuneLast Sunday obviously was an error, but what if something like that did happen?Support Silver Fortune through Patreon: https://www.patreon.com/silverfortune Read More
Despite all the bearish developments, it seems that silver is about to rally. Here's why...by Przemyslaw Radomski via Sunshine ProfitsYes, you read that right. Despite all the bearish developments that we described in the previous analyses, and despite myriads of bearish factors that remain in place for the following months, it seems that the white metal is about to rally. Gold, and mining st...Read More
You can't really find a pure silver play anywhere in the world...by Maurice Jackson via Streetwise ReportsMaurice Jackson: Joining us for a conversation is the Mercenary Geologist, Mickey Fulp.Thank you for joining us. Two years ago, Mickey, we discussed the value propositions in tax-loss selling. Last year we did one on peak gold. I like to have your thoughts today regarding the value proposit...Read More
Argentina's steel consumption is likely to be little changed from this year's level in 2020 and recover only in 2021, according to a preliminary forecast by Ternium Argentina.Next year is expected to be a period of transition due to the change of government in the country, Ternium Argentina general director Mart?-n Berardi said on Wednesday November 13 during the 60th Latin American Steel Congress...Read More
Support for steel plate prices in Asia was likely to continue in 2020 because of the environmental restrictions imposed by the Chinese government on steelmaking during the coming winter, a source at a leading Japanese steel mill told Fastmarkets this week."Reduced supply in winter, when Chinese producers cut back their output, means that prices are likely to move up from now on," the source said.C...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday November 14 that are worth another look.China's annual scrap consumption could reach 330 million tonnes by 2030 and account for up to half of the country's steel output, according to the China Association of Metal Scrap Utilization (Camu).Copper miners and smelters look set to agree the lowest annual benchmark for concentrate i...Read More
The three-month aluminium price on the London Metal Exchange was little moved during morning trading on Thursday November 14, ignoring a fresh inflow of more than 78,000 tonnes into LME-registered Asian warehouses.Price action in the light metal was recently seen at $1,764 per tonne, just a dollar below Wednesday's closing price. Turnover was moderate, with just under 2,350 lots exchanged as of 9:...Read More
Base metals prices on the Shanghai Futures Exchange were mixed during the morning trading session on Thursday November 14, with zinc leading on the downside with a 1.1% drop.The most-traded January zinc contract on the SHFE slumped to 18,335 yuan ($2,612) per tonne as at 10.35am Shanghai time, down 205 yuan per tonne from Wednesday's close of 18,540 yuan per tonne.Compared with their closes on Wed...Read More
US importers' interest in foreign flat-rolled products - which have been largely uncompetitive against low-priced domestic goods under the Section 232 tariffs - remains mixed on uncertain outlooks for the first quarter of 2020, market participants told Fastmarkets.Industry chatter has centered on the domestic market over the past two weeks, after US steel mills pushed out a second, widely anticipa...Read More
Latin American steelmakers this week expressed their worries about a potential dissolution of the Mercosur trade bloc in discussions at the annual conference of the region's steel association, Alacero, in Buenos Aires, Argentina.They advocated further regional integration to help them adapt to the recent decline in globalization.The local industry has been warning for quite some time about the neg...Read More
Steel billet import and export prices in Turkey have increased slightly over the past week, in line with improving demand. But domestic prices have remained fairly stable, sources said on Thursday November 14.Suppliers in the Commonwealth of Independent States (CIS) region kept their offers firm, with some of them managing to secure several deals to North Africa at higher prices earlier this week....Read More
Rebar and wire rod prices in the Turkish domestic market have gone up slightly over the past week, in line with higher scrap costs and recovering demand, sources said on Thursday November 14.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey was 2,850-2,900 Turkish lira ($495-504) per tonne, narrowing up from the last week's 2,830-2,900 Turkish lira pe...Read More
Prices for steel rebar and billet in Egypt rose in the week ended Thursday November 14, stimulating demand as buyers looked to avoid being caught by any further increases, sources told Fastmarkets.Egyptian rebar producers were offering rebar at E ?9,600-10,370 ($594-641) per tonne ex-works including 14% VAT, up from last week's E ?9,600-9,900 per tonne ex-works including VAT.Some Egyptian rebar pr...Read More
Fastmarkets MB will from next month display in the Price Book calculated price midpoints and averages that are rounded to two decimal places.This will ensure consistency of published values across all of Fastmarkets MB's delivery channels.Where Fastmarkets MB publishes prices as a low-high range, users have the option to view the calculated midpoint of that range. From Monday December 9, Fastmarke...Read More
Polishedmarket stable and showing rise in demand for 0.30 to 0.50 ct. Reducedmanufacturing has led to shortages of top-quality RapSpec A3+ goods. Roughtrading steady after price cuts at $390M Nov. De Beers sight. Alrosa 3Q profit -44% to $212M with concern over built-up21.7M ct. inventory. Retail outlook optimistic as Dow hits record (+19%YTD to 27,783). Ongoing unrest dampens Hong Kong luxury. Ri...Read More
Mumbai trading back tonormal after Diwali break. Israeli and Korean buyers looking for SI and I1goods. Surat cutters to resume operations on Nov. 18. Manufacturers resistingpressure to reduce polished prices after rough declines. Volatile rupee (INR72/$1) adding to market uncertainty. Jewelers expecting sales to pick up duringupcoming wedding season. RoundRead More