Gold futures finished lower on Monday, following a four-session streak of gains, pressured by uncertainty ahead of a meeting of the U.S. Federal Reserve that's expected to offer hints on the central bank's plan on interest rates. International trade clashes and a concern over a weakening global economy, however, limited losses for the haven metal. The yellow metal for August delivery GCQ19, -0.1...Read More
While generally weak global economic data continues to weigh on sentiment and is keeping base metals prices under pressure, the rise in tensions between the United States and Iran has lifted the gold price this morning, Tuesday June 18.The market is also waiting for direction from the US Federal Reserve, which it should get on Wednesday when the Federal Open Market Committee (FOMC) meeting provide...Read More
Terrafame will be the main supplier of battery-grade refined nickel products to the European electric vehicle (EV) market when demand penetrates the continent, company CEO Joni Lukkaroinen told Fastmarkets in an interview on June 5.Finnish multi-metal company Terrafame, which is 22.7% owned by Dutch commodity trading company Trafigura, has been ramping up nickel and cobalt production for the past...Read More
Fastmarkets hosted a free web seminar on Tuesday June 18 discussing recent price moves in the cobalt market and how industry developments might affect the market - and prices - going forward. If you missed it, follow the link below to listen to the free recording. Cobalt: contending with volatility in 2019 and beyondDuring the web seminar we discussed: Price assessment specifications, methodology...Read More
Production of battery materials, including cobalt sulfate and nickel sulfate, at Guangxi Yinyi Advanced Material will not be affected by the bankruptcy of its parent company, Yinyi Group, Fastmarkets understands. Yinyi Group, the holding company for Shenzhen-listed ST Yinyi, has recently applied to Ningbo Intermediate People's Court for rehabilitation to solve its liquidity problems, according to...Read More
The Tuesday Market Minute U.S. equity futures reverse earlier declines as ECB President Mario Draghi hints at a return of the Bank's controversial QE program just hours ahead of the Fed's rate-setting meeting.CME Group futures suggest a 20% chance of a June rate cut, with the balances of bets suggesting the Fed will reduce its key target rate in July.European stocks post solid gains as traders h...Read More
The export market for hot-rolled coil and cold-rolled coil from the Commonwealth of Independent States (CIS) has weakened during the week ending Tuesday June 18 amid slow market demand.Fastmarkets' weekly price assessment for HRC exported from the CIS was $470-485 per tonne fob Black Sea on June 18, moving down from $475-490 per tonne fob on June 10. "Demand is weaker than expected after [the Isla...Read More
The price for flat steel products imported in the United Arab Emirates (UAE) and Saudi Arabia was fairly stable over the past week, except for hot-rolled coil, while the demand for material was limited, sources said on Tuesday June 18.UAEOffers for HRC were at around $520-530 per tonne cfr from all supplying regions this week, but demand was sluggish due to falling prices.Fastmarkets' weekly price...Read More
Eastern China's hot-rolled coil prices dropped further on Tuesday June 18 amid a sustained bearish outlook for the sector among most market participants.DomesticEastern China (Shanghai): 3,730-3,750 yuan ($539-541) per tonne, down 20-30 yuan per tonneNorthern China (Tianjin): 3,740-3,750 yuan per tonne, unchangedParticipants remained pessimistic about price trends in the HRC market, and are not ex...Read More
I happened to be in my local Whole Foods when the Beyond Meat rep was there displaying his product.After buying a pound of the ground beef-looking stuff, I took it home and fried up some burgers in the skillet. The "meat" dripped fat and fried like a burger. It seared on the outside and was pink in the middle.It tasted pretty good, close to a burger, with a real meat feel to it. My wife liked it m...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday June 18 that are worth another look.Chilean state-owned copper producer Codelco is running its Chuquicamata division at half capacity, due to strike action by three unions at the site in northern Chile. GFG Alliance, the parent of Liberty Steel USA, is open to possible mergers, a top company executive told attendees during a key...Read More
The reflation trade got a shot in the arm ahead of a big Fed meeting Tuesday and Wednesday. We tackle the question of whether the rally can last in this week's edition of Insights. Meanwhile, our Broadcast of the Week sets the stage for the long-awaited decision by Ottawa on the fate of the Trans Mountain pipeline. Finally, our insider of the week has been buying up shares in an oil patch company...Read More
Prices for imported rebar in the United Arab Emirates have weakened over the past week, in line with lower offers and a lack of demand, sources said on Tuesday June 18.Domestic rebar The domestic rebar market in the UAE was sluggish due to a drop in demand during the summer period. The UAE's largest producer, Emirates Steel, was offering rebar at 1,881 dirhams ($512) per tonne ex-works this week,...Read More
China's rebar market maintained its downward trend on Tuesday June 18 amid weakening demand. Domestic Eastern China (Shanghai): 3,790-3,840 yuan ($547-554) per tonne, down 10-30 yuan per tonneNorthern China (Beijing): 3,650-3,700 yuan per tonne, down 30 yuan per tonneRain in both Shanghai and Beijing capped trading activity during the day. Market participants expect demand to weaken in the next fe...Read More
Turkish steel producers have paused their deep-sea purchases after a buying spree over the past week, sources said on Tuesday June 18.Mills started to book scrap last week following a downturn in prices due to oversupply and softening domestic values in the United States. Turkish steel mills booked eight deep-sea cargoes last week and one at the...Read More
Seaborne iron ore prices soared across the $110-per-tonne-cfr mark again on Tuesday June 18 after a dip on Monday, amid bullish trading in derivatives and physical markets.MB 62% Fe Iron Ore Index: $112.28 per tonne cfr Qingdao, up $4.07 per tonne. MB 62% Fe Pilbara Blend Fines Index: $111.08 per tonne cfr Qingdao,up $4.07 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $114.46 per tonne cfr Qing...Read More
The price of steel billet exported from the Commonwealth of Independent States (CIS) remained stable over the week ended on Tuesday June 18, while trading activity continued to be sluggish in the major sales outlets."Everyone expected demand to pick up after Ramadan, especially in the Middle East, but it did not happen," one trader said, adding that the reason for the weak buying was low finished...Read More
Prices for imported rebar in the United Arab Emirates have weakened over the past week, in line with lower offers and a lack of demand, sources said on Tuesday June 18.Domestic rebar The domestic rebar market in the UAE was sluggish due to a drop in demand during the summer period. The UAE's largest producer, Emirates Steel, was offering rebar at 1,881 dirhams ($512) per tonne ex-works this week,...Read More
China's rebar market maintained its downward trend on Tuesday June 18 amid weakening demand. Domestic Eastern China (Shanghai): 3,790-3,840 yuan ($547-554) per tonne, down 10-30 yuan per tonneNorthern China (Beijing): 3,650-3,700 yuan per tonne, down 30 yuan per tonneRain in both Shanghai and Beijing capped trading activity during the day. Market participants expect demand to weaken in the next fe...Read More
- Dave Kranzler"Shanghai Gold will change the current gold market with its 'consumed in the East but priced in the West' arrangement. When China has the right to speak in the international gold market, the true price of gold will be revealed." - Xu Luode, Chairman, Shanghai Gold Exchange, 15 May 2014The price of gold has jumped 5.8% in a little over 3 weeks. This is a big move in a short peri...Read More