India's Ministry of Steel is seeking stakeholder feedback by July 14 on a draft steel scrap policy that aims to reduce the country's reliance on imports by establishing a network of recycling centers to collect and process ferrous scrap. The policy framework aims to provide standard guidelines for collection, dismantling and shredding activities in an organized, safe and environmentally sound mann...Read More
Some Egyptian steel mills have appealed against the decision to suspend the safeguard duties on steel billet and rebar taken by the country's Administrative Court last week, Fastmarkets understands.The appeal was made on Sunday July 7 and follow's July 4 court ruling suspending an earlier decision to impose safeguard duties on imports of rebar...Read More
Base metals prices on the London Metal Exchange were mostly directionless in afternoon trading on July 9 due to a stronger dollar index, up 0.13 to 97.50.This mixed consolidation in LME three-month prices has been broadly attributed to weak Chinese equities data and waning macro optimism in anticipation of a United States Federal Open Markets Committee decision on interest rates, expected on July...Read More
NEWS &VIEWSForecasts, Commentary & Analysis on the Economy and Precious MetalsCelebrating our 46th year in the gold businessJuly 2019"There has been a dramatic change in sentiment." - Adrian Day - Michael J. Kosares, USA GoldThe summer months historically present a buying opportunity in precious metals as illustrated in the charts shown below. In the past, there has been a clear change of di...Read More
- David HaggithStock market investors, hungry for more pork, are demanding Fed Chair, Jerome Powell, land on their table on a silver platter with an apple in his mouth at this week's congressional testimony. Will he deliver? Powell has a thin red line to talk, or this overFed market, which he and is cronies have nurtured, dies this week from its own morbid obesity. On the other hand, if he does...Read More
By: Ira EpsteinThis week is focused on 2-day testimony by Fed Chairman Powell. We will get his views on interest rates. Gold market still in an uptrend, but nearing 18-DMA at $1386.70Read More
- Clint SiegnerGold and silver bugs are well aware that JPMorgan Chase dominates precious metals futures trading. Russ and Pam Martens of the financial blog Wall Street on Parade just identified how much control they have.There are more than 5,300 FDIC insured banks in the U.S. Just two of them, JPMorgan and Citibank, hold 75.7% of all precious metals derivative contracts (primarily futures)...Read More
There is now a very small section of traders and investors who believe that interest rates may not be cut in end July FOMC meet. Federal Reserve chairman's testimony will clarify on the interest rate cycle. In my view interest rates will be cut this month by 0.25% or something lower as a token and thereafter it can be long pause. Incoming US economic data releases will also determine the interes...Read More
The price of CRC imports to the United Arab Emirates edged up this week, while HRC and HDG import prices went in the opposite direction on continuing sluggish demand caused by the annual slowdown in the construction sector.UAE Offers for hot-rolled coil imports to the UAE came in at $510 per tonne cfr for material imported from China, with deals for cargoes over 10,00...Read More
Gold futures inched lower on Monday, holding at $1,400 an ounce, as traders weighed the scope for rate cuts by the Federal Reserve following last week's stronger-than-expected round of June jobs data. Traders look to testimony from Fed Chairman Jerome Powell's to Congress later this week to provide a catalyst for the next big move for the precious metal. Given global concerns, including an econo...Read More
Prices for imported billet in the United Arab Emirates have increased over the past seven days, but demand was still weak, sources said on Tuesday July 9.The reason for the higher prices for billet was increases in the prices for raw materials.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was calculated at $296.41 per tonne on July 8, compared with...Read More
Turkish mills have resumed their deep-sea scrap purchases for August shipments after a short break in negotiations, sources said on Tuesday July 9.A steel mill in the Iskenderun region booked a UK cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $288 per tonne cfr.This compared with the most recent deep-sea cargo sold at $298.50 per tonne cfr for HMS 1&2 (80:20) from the Baltic Sea region on...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday July 9 that are worth another look.Sinking product prices across the copper value chain are eroding processing margins for custom copper smelters, causing uncertainty as well as driving investments and consolidation in the industry. The United States' Section 232 tariffs have benefited certain steel producers but mostly negative...Read More
Gold futures inched lower on Monday, holding at $1,400 an ounce, as traders weighed the scope for rate cuts by the Federal Reserve following last week's stronger-than-expected round of June jobs data. Traders look to testimony from Fed Chairman Jerome Powell's to Congress later this week to provide a catalyst for the next big move for the precious metal. Given global concerns, including an econo...Read More
Former Rusal and Aludium executive Ulrich Schridde has joined Skyadvisory as associate partner this month, the Switzerland-based consultancy announced on Tuesday July 9.Schridde, who retired in April after nearly 40 years in the aluminium industry, will "strengthen Skyadvisory as a strategist in the metal...Read More
Sinking product prices across the copper value chain are eroding processing margins for custom copper smelters, causing uncertainty as well as driving investments and consolidation in the industry. An unprecedented expansion of Chinese copper smelting capacity has triggered lower concentrate treatment and refining charges (TC/RCs), cathode premiums and sulfuric acid prices, all key sources of smel...Read More
The seaborne iron ore market plunged last week amid a sell-off of the steelmaking raw material's futures triggered by heightened scrutiny in China on factors that have driven prices to their highest in five years.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao stood at $114.81 per tonne last Friday July 5, down $7.22 per tonne - or 5.9% - from a day earlier. The index was at just $63.14...Read More
Base metals prices on the London Metal Exchange were mostly directionless in afternoon trading on July 9 due to a stronger dollar index, up 0.13 to 97.50.This mixed consolidation in LME three-month prices has been broadly attributed to weak Chinese equities data and waning macro optimism in anticipation of a United States Federal Open Markets Committee decision on interest rates, expected on July...Read More
Seaborne coking coal prices were steady on Tuesday July 9, with spot market activity driven by the premium hard coking coal sector. A top-quality cargo changed hands at around $198.50 per tonne cfr China, sources said, adding that another premium cargo had traded at around $191 cfr China.Both cargoes were sold by a trader, they added. On the Global Coal platform, an offer for a branded cargo...Read More
Eastern China's rebar prices were largely steady on Tuesday July 9 while those in the north dipped, with a withdrawal of securities traders from the spot market resulting in a thinning of trading activity.Domestic Eastern China (Shanghai): 3,980-4,000 yuan ($578-581) per tonne, narrowing upward by 10 yuan per tonneNorthern China (Beijing): 3,880-3,910 yuan per tonne, down 20-30 yuan per tonneDespi...Read More