Fastmarkets proposes to decrease the minimum tonnage for its benchmark in-warehouse Rotterdam ferro-tungsten price assessment. At present, Fastmarkets' minimum lot size for its in-warehouse Rotterdam ferro-tungsten price assessment is 5 tonnes. A reduction in the minimum tonnage requirement would allow a larger number of deals to be captured by the price assessment, since an increasing number of s...Read More
CME Group's US Midwest busheling futures contract continued daily trading, with a 45-lot sale transacted on Monday October 29. Of that, 33 lots (660 gross tons) are set to expire in January 2019, with eight lots expiring in March 2019 and four lots in April 2019, CME Group's final report for Monday trading...Read More
Turkish domestic scrap prices have increased over the past week due to tight supply and increasing costs for imported scrap, sources said on Tuesday October 30.Fastmarkets' weekly price assessment for auto bundle (DKP grade) ferrous scrap was TRY1,830-1,940 ($329-348) per tonne delivered on Tuesday, narrowing upward from last week's TRY1,770-1,940 per tonne.Long steel mill ID?? increased...Read More
Prices for some Australian fines continued to strengthen on Tuesday October 30, especially at Chinese ports, amid supply tightness.MB 62% Fe Iron Ore Index: $76.71 per tonne cfr Qingdao, up $0.23 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.74 per tonne cfr Qingdao, up $0.23 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $80.17 per tonne cfr Qingdao, down $0.06 per tonne.MB 58% Fe Premium I...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials....Read More
Fastmarkets has corrected its EU domestic Stainless Steel 304 Europe Raw Materials Index, which was published incorrectly on Monday October 22 due to a data entry error.Fastmarkets' European stainless steel index was incorrectly published as $1,547.12 per tonne after an exchange rate calculation error. The correct price for that date is $1,299.53 per tonne.The Fastmarkets price book and database h...Read More
Trading activity in the seaborne coking coal spot market was thin on Tuesday October 30 with end users still feeling lukewarm about current offers. Top Australian brands were offered around $222-225 per tonne cfr China during the day while offers for second-tier hard coking coal were around $200-205 per tonne cfr China, market sources told Fastmarkets."The steel market is doing well and will do we...Read More
Base metals prices on the London Metal Exchange were predominantly lower during morning trading on Tuesday October 30, with escalated US-Sino trade tensions hampering base metals amid weaker oil prices and a strong US dollar index. The three-month zinc price fell below $2,600 per tonne for the first time since October 17, despite drawdowns in LME stock, which remains at its lowest level since July...Read More
Eastern China's hot-rolled coil prices continued to fall on Tuesday October 30 amid low demand, with buyers putting off restocking plans on expectations that the market would weaken further.DomesticEastern China (Shanghai): 4,140-4,150 yuan ($595-596) per tonne, down 10-20 yuan per tonneNorthern China (Tianjin): 4,080-4,090 yuan per tonne, unchangedDemand remained weak despite a slight pick-up in...Read More
Strategic & Precious Metals Processing (SPMP) has delayed the production of antimony metal at its antimony-gold project in Oman, SPMP's parent company, Tri-Star Resources, said on Tuesday October 30.The first round of antimony production was initially expected at the end of October, however, this fell through without a new timing being specified yet. Tri-Star has a 40% equity interest in SPMP, whi...Read More
Good morning from Fastmarkets' offices in Asia, bringing the latest news and pricing stories on Tuesday October 30. Base metal prices on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Tuesday October 30 due to a firm dollar index, with nickel the only metal to gain on...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 26 points in pre-opening trade.Index futures moved higher following release of the October ADP Employment report at 8:15 AM EDT. Consensus was 195,000 versus a revised 218,000 in September. Actual was 227,000Facebook gained $7.32 to $153.55 after reporting higher third quarter revenues. General Motors gained $2.61 to $...Read More
An extremely robust U.S. equities markets along with dollar strength put slight pressure on gold pricing today. The roller coaster ride that defines the U.S. equities market continues to oscillate strongly with significant gains today immediately following yesterday's dynamic selloff. Yesterday the Dow Jones Industrial Average traded within a range of over 900 points. Trading to a high which was a...Read More
(Kitco News) - Optimism is high among delegates at the London Bullion Market Association’s 2018 precious metals conference, even as general investors continue to ignore the sector.In a conference poll, 682 attendees said that they see gold prices rising to $1,532 an ounce by the next conference in 2019. The outlook comes as gold prices struggled to hold on to last week’s three-month hi...Read More
BOSTON - (Kitco News) - While there is no clear consensus on where gold is going in the near term, the one thing most participants at the LBMA 2018 precious metals conference can agree on that nobody is paying much attention to the space. “Gold is almost absent in traditional asset management,” said David Seif, director and economist at Point72, in a panel discussion at the conference...Read More
BOSTON - (Kitco News) - The Nov. 6 mid-term elections could have a direct impact on the physical bullion market, according to the head of Perth Mint. Richard Hayes, CEO of Perth Mint Richard Hayes, CEO of the Australian mint, told Kitco News on the sidelines of the London Bullion Market Association’s 2018 precious metals conference that if Democrats regain control of Congress next week h...Read More
(Kitco News) - Gold prices are modestly down in early-afternoon U.S. trading Tuesday. A strongerU.S. dollar index that scored a new for-the-move high today is weighing on the precious metals markets. A rebound in the U.S. stock market so far today is also a negative element for the safe-haven gold and silver markets. December gold futures were last down $2.10 an ounce at $1,225.40. December Comex...Read More
BOSTON - (Kitco News) - Gold and palladium are the darlings of the precious-metals sector, but one analyst is paying more attention to dark horses silver and platinum.In an interview with Kitco News during the London Bullion Market Association annual conference, Johann Wiebe, lead precious metals analyst at GFMS, Refinitiv, formerly the Thomson Reuters Financial and Risk Unit, said that while gold...Read More
(Kitco News) - Gold may need further weakness in the equity market to retain its October rally, says TD Securities.The metal spent much of the summer “in the gutter” as bearish traders piled on short positions, the firm pointed out a research note late Monday. However, a sharp correction lower in equities this month convinced many of these shorts to buy in order to cover, or exit, posi...Read More
BOSTON -(Kitco News) - While gold investors have lamented the lackluster price action as a sign that nobody cares about the yellow metal, the world’s most liquid gold markets said that perception is the farthest thing from the truth. Young-Jin Chang, global head of metals at CME Group In an interview with Kitco News on the sidelines of the 2018 London Bullion Market Association annual P...Read More