CIS export slab prices continued to decline in the week ended Monday November 19, spurred by the weakening in the finished flat steel sectors both in the CIS and in the global markets, Southeast Asia in particular."Slab prices don't seem to have any upward momentum due to weak markets for hot-rolled coil [HRC] worldwide," a buyer source in East Asia said. "If the HRC [market] doesn't improve, re-r...Read More
(Kitco News) - Gold and silver prices are near steady in quieter early-afternoon U.S. trading Monday. Some backing and filling on the daily charts was seen in gold following recent good gains. December gold futures were last up $0.70 an ounce at $1,223.80. December Comex silver was last up $0.003 at $14.385 an ounce. Global stock markets were mixed in subdued, pre-holiday trading overnight. U.S...Read More
CIS export billet prices continued to soften on Monday November 19 with lower bids and offers starting to be heard in the market, after the weakening of prices for imported scrap and exports of finished long steel in Turkey and the CIS.The downturn in the Asian billet market, amid lower offers and pessimism among buyers, created by the possibility of China's return to the export market, was anothe...Read More
Photo courtesy of kevin brine/Shutterstock.com (Kitco News) - Although the gold market has been unable to maintain October’s momentum, one Canadian bank is not ready to give up on the precious metals just yet.Analysts at Scotiabank said that they see further potential for the yellow metal as the bank sees a wave of risk-off sentiment sweep through financial markets and inflation pressur...Read More
Import prices for steel slab in Southeast Asia and East Asia fell in the week to Monday November 19, on lower bids from suppliers and persistently low demand as a result of sluggish domestic hot-rolled coil sales.Fastmarkets MB's weekly import price assessment for slab in Southeast Asia and East Asia was $460-470 per tonne cfr on November 19, down $10 per tonne from a week earlier.Major Indon...Read More
(Kitco News) - Large speculators increased their bearish positioning in gold futures by 67% during the most recent reporting week for data compiled by the Commodity Futures Trading Commission, which analysts say accounts for much of the slide in prices during the early part of November. During the week-long period to Nov. 13 covered by the report, Comex December gold fell 2% to $1,201.40 an oun...Read More
Disappointment that United States/China trade talks are not making progress has once again dampened sentiment in the London Metal Exchange's three-month base metals prices to the extent there has been little follow through to the strength seen at the end of last week. Nickel has taken the brunt of the disappointment this morning, Monday November 19, and is showing a drop of 1.1% to $11,265 pe...Read More
The countdown is on for the blastoff in gold. The churning pattern that we are seeing now means only one thing -- a big move is coming. We all know that the big move can go either way, but all signs point to higher rather than lower. The best way to play a pattern like this is to wait for a footprint confirming direction, since trying to play inside the churning pattern typically causes more frust...Read More
Kirkland Lake Gold Ltd. (TSX, NYSE: KL; ASX: KLA) announces that David Soares is the new chief financial officer and Eric Kallio is senior vice president for exploration. Both appointments are effective immediately. The company also lists a number of internal management changes. Soares has 15 years of finance and management experience, reflecting progressively senior leadership roles with multinat...Read More
The black tungsten concentrate price in China continued to fall in the week to Friday November 16 amid weak demand, while the ammonium paratungstate (APT) market remained slow with participants awaiting further direction. Concentrates price continues downward trend APT market remains slow Ferro-tungsten prices in Europe edge up week on week on good spot demand In Europe, Fastmarkets a...Read More
Palladium, underpinned by demand from the auto sector, has hit a fresh record high of $1,179.40 an ounce for spot metal. “Pollution-limiting catalytic converter demand in China is boosting palladium consumption, drawing prices 9% higher this year,” says commodities brokerage SP Angel. “The Asian nation is on a mission to reduce smog emissions, with tougher standards meaning car m...Read More
Fastmarkets summarizes five key points we learned from the 2018 International Chromium Development Association Conference in Baotou, China's Inner Mongolia Autonomous Region, over November 6-8. Spreads in chemical-grade chromite under the spotlight Market participants active in the chemical chromite sector are assessing the performance of spreads between 43-44% UG2 chemical grade and higher purity...Read More
Nickel-cobalt-manganese (NCM) 811 batteries are penetrating the electric vehicle (EV) battery market slowly, according to Wang Xiaoming, vice general manager for international sales and purchases at Beijing Easpring Material Technology Co.NCM 811 batteries, which have an 8:1:1 proportion of nickel, cobalt and manganese respectively, are among those striving to attain a dominant position in the EV...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade. Index futures responded to increasing trade tensions at the APEC summit between the U.S. and China.Apple dropped $3.53 to $190.00 after the company reported lowering production for its recently introduced iPhones. Helmrich & Payne (HP $62.59) is expected to open higher after SunTrust...Read More
Automotive shredders in the United States have continued to adjust their scale buying prices two weeks after the November settlement with all but one rising, indicating there is no downside to shredded scrap in the near future.The price of shred increased $20 per gross ton in November with the price settling at $364 per gross ton in Alabama, $355 per ton in Chicago and $370 per ton in Pittsburgh.R...Read More
Emerging trends on the ferrous scrap futures exchange suggest limited upside potential for No1 busheling, with next month's settlement projected to inch up just $2.06 per gross ton from November and contract quotes declining from December 2018 to May 2019, according to the CME Group.Open interest on the contract is now 3,629 lots (72,580 gross tons) after another 32-lot trade was concluded on Frid...Read More
Turkish domestic scrap prices have softened over the past week with some mills reducing their buy prices because of high stock levels, sources said on Monday November 19.Fastmarkets' weekly price assessment for domestic auto bundle (DKP grade) ferrous scrap was TRY1,650-1,940 ($309-363) per tonne delivered on Monday, widening downward from last week's TRY1,800-1,940 per tonne.This change in the as...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.Latest transaction: iron oreIron oreRio Tinto, Global Ore, 170,000 tonnes of 62% Fe Pilbara Blend fines, traded at $75.30 per tonne cfr China, laycan December 3-12.Vale, Global Ore, 170,000 tonnes of 62% Fe...Read More
Iron ore prices largely picked up on Monday November 19, apart from those for higher grades, leading to a further narrowing of the spread between 65% Fe and 62% Fe indices.MB 62% Fe Iron Ore Index: $76.11 per tonne cfr Qingdao, up $0.80 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.30 per tonne cfr Qingdao, up $0.19 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $79.80 per tonne cfr Qingdao,...Read More
Trading activity in the seaborne coking coal market remained muted on Monday November 19 on end-user import restrictions, despite some participants expressing a bullish outlook on prices amid supply concerns and firm Chinese demand.There is talk in the market that the delivery date of shipments of a premium mid-vol hard coking coal will now be delayed by a month due to mining issues, at least thre...Read More