An oversupply situation in steel billet was helping to continue the weakness in the export market for such material from the Commonwealth of Independent States, sources told Fastmarkets on Wednesday October 10."So many traders and mills are offering [CIS-origin] billet now. That is why customers are getting nervous," one trader told Fastmarkets. "Customers feel that if they buy today, tomorrow som...Read More
Domestic prices for hot-rolled coil (HRC) in Southern Europe inched down this week due to competitive import offers and slow trading, sources told Fastmarkets on Wednesday October 10.In the meantime, in the north and center of Europe, prices have been stable, with buyers keeping to a "wait-and-see" position until the next price trend becomes clear.Southern EuropeFastmarkets' price assessment for d...Read More
Base metals prices on the London Metal Exchange were broadly lower at the close of trading on Wednesday October 10, with three-month lead at multi-year lows.The three-month lead price has come under pressure this week from strong headwinds from a firm US dollar index. The metal, which is trading at its lowest in more than two years, remains largely directionless although China's continued efforts...Read More
Export prices for semi-finished steel products from Iran were stable over the week ended Wednesday October 10, after no new deals were reported in the market this week.The United States reintroduced economic sanctions against Iran in early August, which have had a negative effect on Iran's steel trade because most potential customers are currently refraining from booking material in fear of incurr...Read More
The latest news and price moves to start the Asian day on Thursday October 11.Base metals prices on the London Metal Exchange were broadly lower at the close of trading on Wednesday October 10, with three-month lead at multi-year lows. Read more here in our live futures report.Here is how prices looked at the close of trading:The reversal of the decision to shut down Hydro's Alunorte refinery...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Wednesday October 10.Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Wednesday October 10, with aluminium, tin and lead down but the rest of the complex up on a weaker US dollar and the generally confident mood among participants at LME Week. Chec...Read More
Base metals prices on the London Metal Exchange were broadly lower at the close of trading on Wednesday October 10, with three-month lead at multi-year lows.The three-month lead price has come under pressure this week from strong headwinds from a firm US dollar index. The metal, which is trading at its lowest in more than two years, remains largely directionless although China's continued efforts...Read More
Comex copper prices were trading at a one-week high on October 10 morning in the US, with the market alleviated by a weaker dollar and focus on LME Week.The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 0.20 cents or 0.1% to $2.8085 per lb. During today's intraday trading, the contract touched a high of $2.82 per lb, the highest since Octo...Read More
Seaborne iron ore low alumina prices rose on spot trading activity on Wednesday October 10, while the benchmark 62% Fe iron ore index stayed flat.Metal Bulletin 62% Fe Iron Ore Index: $71.14 per tonne cfr Qingdao, unchanged.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $70.17 per tonne cfr Qingdao, unchanged.Metal Bulletin 62% Fe Iron Ore Index, Low Alumina: $76.35 per tonne cfr Qingdao, up by...Read More
(Bloomberg) -- “It’s something that happens every five to seven years” is how JPMorgan Chase & Co (NYSE:JPM). CEO Jamie Dimon once defined a financial crisis to his daughter. Queen Elizabeth II asked “why did nobody notice” the seeds of the last one.Stung by their failure to spot the turmoil of 10 years ago and two decades since Asian markets were roiled, policyma...Read More
(Corrects EIA monthly forecast to 10.74 (not 10.75) million bpd in last paragraph)* U.S. stock markets broadly fall, weigh on oil futures* IMF downgrades economic growth forecasts for 2018, 2019* Hurricane heads towards Florida, closing some crude output* Coming up: API data on U.S. crude stocks due at 4:30 p.m. EDTBy Stephanie KellyNEW YORK, Oct 10 (Reuters) - Oil prices dropped 2 percent on Wedn...Read More
By Rajendra JadhavMUMBAI, Oct 10 (Reuters) - India's gold imports in September dropped more than 14 percent from a year ago as a rally in local prices due to a depreciating rupee reduced demand in the world's second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS.The drop in demand from Indian importers could weigh on global prices XAU= , which have dropped 8.8...Read More
Investing.com - Bitcoin and other major cryptocurrencies edged down on Wednesday morning in Asia while Tiberius Technology Ventures moved to stop selling its metal-backed cryptocurrency and plans to refund $1 million to investors, according to the company’s own blog. Bitcoin dropped 0.46% to $6,629.7 by 11:01PM ET (03:01GMT) on the Bitifinex exchange. ETH/USD fell 0.37% to $230.23 and Liteco...Read More
Prices for domestic hollow steel sections in Europe remained unchanged this week but the market has started to show price weakness, market sources told Fastmarkets on Wednesday October 10.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was ?,?650-670 ($746-769) per tonne delivered on October 10, flat week on week.The correspondin...Read More
European prices for mesh-quality wire rod slipped slightly across the northern and southern parts of the continent on Wednesday October 10, with buyers adopting a very cautious approach to purchases, sources told Fastmarkets.Mesh-quality wire rod in both Southern Europe and Northern Europe are trading at parity for the third consecutive week. Fastmarkets' weekly domestic price assessment for mesh-...Read More
The latest news and price moves to start the Asian day on Thursday October 11.Base metals prices on the London Metal Exchange were broadly lower at the close of trading on Wednesday October 10, with three-month lead at multi-year lows. Read more here in our live futures report.Here is how prices looked at the close of trading:The reversal of the decision to shut down Hydro's Alunorte refinery...Read More
Lead scrap and spent lead-acid battery prices in the United States have held steady, but precipitous declines on the London Metal Exchange are weighing on the market; meanwhile, zinc scrap prices remained flat in spite of soaring LME contracts.Market participants have been keeping a close eye on lingering weakness in the LME lead contracts, with many noting that further deterioration could drag le...Read More
Comex copper prices were trading at a one-week high on October 10 morning in the US, with the market alleviated by a weaker dollar and focus on LME Week.The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 0.20 cents or 0.1% to $2.8085 per lb. During today's intraday trading, the contract touched a high of $2.82 per lb, the highest since Octo...Read More
The reversal of the decision to shut down Hydro's Alunorte refinery means alumina prices will quickly break below the $500 per tonne level, traders said. Hydro's announcement last week that Alunorte would shut down 100% of its operations sparked market panic with the alumina fob Australia index climbing higher and business for Chinese cargo concluded at $600 per tonne. But news over the weekend th...Read More
Base metals' prices on the London Metal Exchange were mostly lower during morning trading on Wednesday October 10, pressured by broad strength in the US dollar index amid indications from the International Monetary Fund that ongoing trade tensions may stunt global economic growth. Holding the majority of gains made at Tuesday's close, the three-month nickel price continues to trade around the $13,...Read More