Seaborne iron ore prices fell back on Wednesday July 10, after buyers appeared to adopt a wait-and-see stance in response to rising steel product inventories.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $120.96 per tonne, down $0.61 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $120.88 per tonne, down $0.61 per tonne. Fastmarkets' index for iron...Read More
The seaborne hard coking coal market regained some strength on Wednesday July 10, with a term-contract shipment being agreed at a higher price than some participants had expected. A cargo of top-quality materials in the second-tier segment was heard to have been traded at $174.10 per tonne fob Australia, sources told Fastmarkets during the day. The sale is believed to be part of a long-term contra...Read More
China will allow another 5,550 tonnes of ferrous scrap imports in the second half of this year, according to a notice seen by Fastmarkets today.The China Solid Waste & Chemicals Management Center listed another four companies in northern and southern China that have been awarded quotas to import ferrous scrap through Xingang, Nanhai and Nansha ports in the cities of Tianjin, Foshan and Sihui.The c...Read More
In a rare move, Japan has started selling steel billet to Southeast Asia amid diving scrap prices in the country's domestic market.Steel mills in the Tokyo area have started channeling shipments of the semi-finished product to Southeast Asia, where buyers are prepared to pay higher prices than Japanese re-rollers, market sources said.While the sale of Japanese billet to Southeast Asia is not unpre...Read More
Market participants seem to be waiting for something to provide direction and that impetus is likely to come from the testimony of the United States Federal Reserve chairman later today.Market participants are counting on Fed chairman Jerome Powell to remain accommodating when testifying to Congress, with high odds that the 'insurance cut' of 25 basis points will be implemented in its July Federal...Read More
China's hot-rolled coil prices fell amid weakening futures, with traders agreeing to sell cargoes with shorter lead times at a discount to those being offered by mills. DomesticEastern China (Shanghai): 3,890-3,900 yuan ($565-566) per tonne, down 30-40 yuan per tonneNorthern China (Tianjin): 3,830-3,840 yuan per tonne, down 10-20 yuan per tonneTransaction prices fell across the country even though...Read More
China's rebar prices were flat on Wednesday July 10, but pessimism was the order of the day during what is considered a weak time of the year for the country's steel market.Domestic Eastern China (Shanghai): 3,980-4,000 yuan ($578-581) per tonne, unchangedNorthern China (Beijing): 3,880-3,910 yuan per tonne, unchangedTraders in the spot market kept prices unchanged, at least for the time being, am...Read More
Base metals prices on the London Metal Exchange were mostly higher during morning trading on Wednesday July 10, with copper and zinc the strongest performers.The LME three-month copper price was up 1%, rebounding after a sharp sell-off yesterday. It was most recently trading at $5,883 per tonne, $60 per tonne higher than Tuesday's close price."Copper has managed to strengthen itself again above th...Read More
Base metals prices on the Shanghai Futures Exchange were on divergent paths in morning trading on Wednesday July 10 amid US dollar strength and macroeconomic uncertainties.The dollar index rose by 0.02 to 97.53 as at 9.40am Shanghai time, posing sell-off risk among investors. "Markets are less hopeful of a sharp interest rate cut this month, and trade war and Brexit concerns are back on the rise,"...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Fastmarkets minor metals prices changed on Wednesday July 10:Antimony max 100ppm Bi, in-whs Rotterdam $/tonne: $6,000-6,200 per tonne from $6,000-6,250Antimony MMTA standard grade II, in-whs Rotterdam, $/tonne: $5,950-6,150 per tonne from $6,000-6,200Cadmium 99.95% Bi min, cif global ports, cents/lb: 110-120 cents per lb from 112-122Cadmium 99.99%...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday July 10:Titanium scrapTurnings, unprocessed type 90/6/4, 0.5% Sn max, cif Europe, $/lb:...Read More
The Chinese central government has toned down its ambitious plan to ban all solid waste imports, including metal scrap, by the end of 2020 in its recently proposed revisions to the regulation on solid waste management. The country's National People's Congress announced on July 5 a proposed revision to the Law of the People's Republic of China on the Prevention and Control of Environmental Pollutio...Read More
China has announced a second round of copper scrap import quotas allowing a select list of importers to bring an additional 124,500 tonnes of copper scrap into the country during the second half this year, according to a statement on Wednesday July 10. The list, mainly comprising Guangdong and Zhejiang metal scrap importers, was compiled and released by the Center of China Solid Waste and Chemical...Read More
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While some gold stocks (the South Africans in particular) continue to rally, bullion and most miners are staging a classic pullback after a major upside breakout.Please click here now. Double-click to enlarge this important monthly gold chart. The bottom line:Breakouts are fun. Pullbacks are not!My advice to investors: Wait for the pain. Wait for emotional pain to begin before pressing the b...Read More
While some gold stocks (the South Africans in particular) continue to rally, bullion and most miners are staging a classic pullback after a major upside breakout.Please click here now. Double-click to enlarge this important monthly gold chart. The bottom line:Breakouts are fun. Pullbacks are not!My advice to investors: Wait for the pain. Wait for emotional pain to begin before pressing the b...Read More
While drugs and gold were the two most popular forms of payment for votes in the recent election in India, portfolio manager Elvis Picardo proffers far better reasons for picking a pharmaceutical stock and a gold stock as his two current 'best buys'.Big gains since the lows of December have kept clients confident, hopeful and invested, observes West Coast portfolio manager Elvis Picardo. "It's gre...Read More
Bob Moriarty ArchivesJul 11, 2019A couple of weeks back I was calling for a correction in gold. All of a sudden everyone was talking about gold and how high it was going to go. Bullish sentiment hit an absurd extreme. I got it right; the correction began the next day.Investors tend to forget that even in the most bullish of markets, corrections are common and desirable. Since the high, sentiment h...Read More