With gold prices up at near six-year highs, markets remain nervous on Wednesday August 28 about just how much damage the United States-China trade war is doing and whether it will be reversible before it leads to a global recession. Comments from last week’s Jackson Hole symposium suggest central bankers have little control because politically-motivated trade policy is now setting the ag...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade. Autodesk dropped $18.21 to $132.00 after lowering third quarter guidance. Hewlett Packard Enterprises added $0.50 to $13.43 after reporting higher than consensus fiscal third quarter earnings. Tiffany gained $2.33 to $85.00 after reporting higher than consensus second quarter earnings. B...Read More
* Tin and zinc hit lowest since 2016 * Nickel up 50% this year * Premium for cash nickel against 3-month contract at10-year high * GRAPHIC-2019 asset returns: (Updates with official prices) By Pratima Desai LONDON, Aug 27 (Reuters) - Copper prices steadied on Tuesdaybut remained near two-year lows on worries about damage toindustrial activity and demand from the prolonged U.S.-Chinatrade war. Benc...Read More
Trading of copper rod started on the Qianhai Mercantile Exchange (QME) on Friday August 23, becoming the fourth product to trade in the mainland China spot commodity platform following alumina, aluminium ingot and billet.A total of 641.86 tonnes of copper rods, a raw material for electric wires and cables, changed hands on the first trading day, with a turnover of 29.94 million yuan ($4.2 million)...Read More
Base metals prices on the Shanghai Futures Exchange tumbled across the board on the morning of Monday August 26, reflecting a further escalation of trade tensions between the United States and China after both sides said they would ramp up tariffs against each other.Last Friday, China said it would impose tariffs on $75 billion worth of US goods in response to a previous announcement by the US tha...Read More
While the major Chinese stainless steel mills are expected to release their September tender prices for domestic ferro-chrome this week, the majority of market participants expect a price increase in near future tenders, including for September, Fastmarkets understands. Some market participants also long for such a price hike to boost the overall ferro-chrome market, which has been sluggish under...Read More
Key data from the pricing sessions in Asia and Europe during the week ended Friday August 23.EuropeKey drivers Prices for both grades of antimony in Europe weakened on August 23 due to slow demand and few tonnages being exchanged. The price for antimony MMTA standard grade II, in-whs Rotterdam, has fallen by 0.4% while that for antimony max 100 ppm, Bi in-whs Rotterdam, ha...Read More
Glencore AG has provided a $5 million loan facility to First Cobalt Corp to complete work associated with a recommissioning and expansion of its refinery in Canada. The goal is to produce battery-grade cobalt sulfate for prequalification for the electric vehicle supply chain.The loan will be used for advanced engineering, metallurgical testing, field work and permitting at the site in Ontario, Can...Read More
The rate of price decreases in the Vietnamese hot-rolled coil import market eased in the past week after a spurt of short-selling by aggressive traders.Fastmarkets' steel HRC import, cfr Vietnam assessment - which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam - was $470-475 per tonne cfr for the week ending Monday August 26, down $4-5 per tonn...Read More
China's hot-rolled coil prices dropped in both the spot and futures markets on Monday August 26, amid escalating trade tensions between the country and the United States.DomesticEastern China (Shanghai): 3,670-3,680 yuan ($517-519) per tonne, down 50 yuan per tonneNorthern China (Tangshan): 3,650 yuan per tonne, down 50 yuan per tonneSpot prices plunged after mills lowered their offers in the morn...Read More
The protracted economic battle between the United States and China will rewrite the rules of global trading and will not be resolved anytime soon, steel market sources in Asia told Fastmarkets."The world will wait and see who is able to gain the upper hand in the end and then follow the new rules of trading set by the winner," a major trader in China said.Market sources expect the entire ferrous s...Read More
Chinese reinforcing bar has regained full competitiveness in the Singapore import market, with offers falling to levels on par with Indian and Turkish rebar.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) import, cfr Singapore - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was at $475 per tonne for the week to Monday August 26,&...Read More
China's rebar market softened on Monday August 26 amid escalating trade friction between the country and the United States, with both sides announcing tariffs against the other's products ahead of the weekend.Domestic Eastern China (Shanghai): 3,640-3,670 yuan ($513-517) per tonne, down 20 yuan per tonneNorthern China (Beijing): 3,590-3,610 yuan per tonne, down 10-20 yuan per tonneThe Chinese gove...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, beams and other long steel products. Rebar East China, domestic, grade III 16-25mm...Read More
Seaborne iron ore prices dropped below $85 per tonne cfr again on Monday August 26 after trade tensions between China and the United States escalated over the weekend.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $84.91 per tonne, down $2.90 per tonne.62% Fe Pilbara Blend Fines, cfr Qingdao: $85.29 per tonne, down $2.90 per tonne.62% Fe low-alumina fines, cfr Qingdao: $84.32 per tonne, do...Read More
Seaborne iron ore concentrate continued to fetch narrower discounts last week, while the pellet market stayed soft.ConcentrateFastmarkets' weekly index for iron ore 66% Fe concentrate, cfr Qingdao was at $93.12 per tonne last Friday August 23, down $3.16 per tonne from a week earlier. The movement was based on visible market activity detailed below, which was included in the index calculation acco...Read More
Import prices for steel slab in Southeast Asia and East Asia were flat during the past week, although market sentiment became more bearish after trade tensions between China and the United States escalated, market sources said.China's Ministry of Finance announced last week that it would impose import tariffs of 5-10% on US products in stages from September 1. "The worsening trade situation is lik...Read More
China's rebar market softened on Monday August 26 amid escalating trade friction between the country and the United States, with both sides announcing tariffs against the other's products ahead of the weekend.Domestic Eastern China (Shanghai): 3,640-3,670 yuan ($513-517) per tonne, down 20 yuan per tonneNorthern China (Beijing): 3,590-3,610 yuan per tonne, down 10-20 yuan per tonneThe Chinese gove...Read More
The protracted economic battle between the United States and China will rewrite the rules of global trading and will not be resolved anytime soon, steel market sources in Asia told Fastmarkets."The world will wait and see who is able to gain the upper hand in the end and then follow the new rules of trading set by the winner," a major trader in China said.Market sources expect the entire ferrous s...Read More
The protracted economic battle between the United States and China will rewrite the rules of global trading and will not be resolved anytime soon, steel market sources in Asia told Fastmarkets."The world will wait and see who is able to gain the upper hand in the end and then follow the new rules of trading set by the winner," a major trader in China said.Market sources expect the entire ferrous s...Read More