Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Friday October 26.Base metal prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Friday after a firm dollar continued to put downward pressure on the complex. Copper and lead were the only metals to register gains - albeit marginal ones - in the early sessi...Read More
The price of shredded ferrous scrap imported into India edged up this week ahead of an expected a slowdown for the religious festival of Diwali, sources told Fastmarkets on Friday October 26.Fastmarkets' weekly index for containerized imports of shredded scrap into India inched up to $355.67 per tonne cfr Nhava Sheva on October 26, from $354.42 per tonne cfr Nhava Sheva on October 19.Deals this we...Read More
Turkish steel producers continued to book deep-sea scrap cargoes and also confirmed other earlier transactions on Friday October 26, pushing prices upward.Details came to light on the two cargoes reported on Thursday.A steel mill in the Marmara region booked a Baltic Sea cargo comprising 25,000 tonnes of HMS 1&2 (80:20) at $333 per tonne cfr and 5,000 tonnes of bonus grade at $342 per tonne cfr.Ad...Read More
Prices for light iron scrap in the United Kingdom have not changed over the past seven days, extending a period of stability into a seventh consecutive week, sources told Metal Bulletin on Friday October 26.But market sentiment suggests that the light iron market may move higher in the near term because demand was firm among the major shredders and there was strong demand from an unusual source ac...Read More
The latest metal markets news and price moves to start the North American day on Friday October 26. Base metals prices on the London Metal Exchange were lower across the board during morning trading on Friday October 26, with a marked downturn in global equity markets prompting further risk-aversion while a continued surge in the dollar index kept prices subdued.The three-month nickel price deprec...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Friday October 26*Copper -$148.03 (-1,032.21 yuan) Aluminium -$426.44 (-2,973.46 yuan) Zinc -$92.45 (-644.62 yuan) Nickel $512.51 (3,573.62 yuan) *Metal Bulletin calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month prices at 3pm...Read More
The seaborne coking coal spot market was largely stable on Friday October 26 following a flurry of transactions earlier this week.Market sources said that production at the Middlemount mine in Queensland, Australia has been disrupted, and an offer for a December-loading cargo involving a tier-two product from the mine was heard to have been withdrawn. "The issue is being looked into. However, the...Read More
China's hot-rolled coil prices were largely stable on Friday October 26 amid sparse trading.DomesticEastern China (Shanghai): 4,170-4,180 yuan ($600-602) per tonne, narrowing downward 10 yuan per tonneNorthern China (Tianjin): 4,080-4,100 yuan per tonne, unchangedTrading was thin during the day, which kept prices steady for the most part. Downstream demand remained weak, market sources said.This w...Read More
The uncertainty in the geopolitical, macroeconomic and political spheres is slowing the market activity in the minor metals sector, sources told Fastmarkets on Friday October 26.The threat of a no-deal "Brexit" (the UK leaving the European Union with no agreement in place to govern the process), the rise of protectionism and the burgeoning trade war between the United States and China are the main...Read More
An overview of the minor metals markets in the week ending Friday October 26, and the reasons for any price moves.Read More
The following Fastmarkets minor metals prices changed on Friday October 26:Bismuth MB China domestic, yuan/tonne: 49,000-51,500 yuan per tonne from 51,000-52,500 yuanChromium MB free market alumino-thermic, $/tonne: $10,700-11,500...Read More
European transaction prices for grade-304 cold-rolled (CR) sheets fell dramatically this week because domestic mills are fighting for market share with imported material, sources said.Fastmarkets' weekly assessment for grade-304 CR sheets was ?,?2,200-2,300 ($2,506-2,620) per tonne delivered on Friday October 26, down by ?,?100 per tonne. https://www.metalbulletin.com/My-price-book.html?price=4361...Read More
Prices of several alloy scrap grades eased this week, albeit only marginally - a reflection of continued poor demand and a fall in nickel prices.Fastmarkets MB assessed UK domestic 18/8 scrap solids at ?840-880 ($1,080-1,132) per tonne delivered on Friday October 26, down by ?10-20 from the previous assessment.European import prices for 18/8 scrap solid also slipped, dipping by ?,?10 per tonne a...Read More
The following Fastmarkets non-ferrous European free market scrap prices changed on Friday October 26:Aluminium scrapFloated Frag: ?,?1,000-1,050 per tonne from ?,?1,010-1,060Cast: ?,?920-970 per...Read More
Ferrous scrap prices dipped this week due to weak demand from the key import markets of Taiwan and Vietnam.Sufficient raw material inventory levels and weak demand for downstream rebar and billet products kept major buyers on the sidelines.VietnamFastmarkets MB's assessment of the import price for heavy melting scrap (HMS) 1&2 (80:20) sold into Vietnam was $355-357 per tonne cfr for the week ended...Read More
Gold futures finished the day with moderate gains, as the most active December Comex contract closed $3.80 higher at $1,236.20. Although gold prices finished higher on the week, after gaining approximately $ 6.00, price advances were limited once again by dollar strength. That being said, gold prices have managed to increase in value now for the fourth consecutive week. Another noteworthy charact...Read More
(Kitco News) - David Garofalo, president and chief executive officer of Goldcorp Inc. (TSX: G, NYSE: GG), says “nothing is broken” with the company and that third-quarter earnings were weaker largely because of a decision to move processing of lower-grade ore ahead by one quarter at the new Pe??asquito pyrite leach plant. The CEO spoke with Kitco News on Friday a day after shares of th...Read More
(Kitco News) - It has taken a while, but gold is now doing exactly what it is supposed to do as the metal ends the week near a three-month high as U.S. equity markets continue to melt down and bond yields drop.The gold market is seeing its fourth week of consecutive gains and is on pace to end a six-month downtrend. December gold futures are trading near a three-week high, last trading at $1,243 a...Read More
(Kitco News) - Wall Street and Main Street look for gold to maintain its upward momentum next week, with the metal currently headed for its fourth straight weekly gain, based on the Kitco News gold survey.Eighteen market professionals took part in the Wall Street survey. Twelve respondents, or 67%, predicted higher prices by next Friday. Just one respondent, or 6%, called for lower, while five par...Read More
(Kitco News) - Gold prices continue to get a safe-haven bid and are posting solid gains in late-morning trading Friday--adding to early advances as the U.S. stock market trades sharply lower. The major U.S. stock indexes have hit multi-month lows today and are presently at daily lows. Look for gold prices to continue to appreciate as long as there is turmoil in the marketplace. The move above what...Read More