The steel scrap sector in the United States still depends on exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London.This dependence persists despite the changes in the international markets created by the US' imposition of its Section 232 tariffs on imports of steel products, metals analyst Le...Read More
* U.S. re-imposes sanctions on Iran's oil, banking sectors* Washington grants oil waivers to eight countries* Top Iranian oil buyers temporarily exempted* Oil prices turn negative after earlier gains* Trump says does not want a spike in oil prices (Updates with Trump comments, analyst quote)By Humeyra Pamuk and Timothy GardnerWASHINGTON, Nov 5 (Reuters) - The United States snapped sanctions back i...Read More
* SBI posts profit after 3 qtrs of losses* One-time gain, lower provisioning help* SBI has complete control of "demon" of NPA - chairman* Exposure to IL&FS not cause of concern to SBI as of now - chairman* SBI shares post 2-mth closing high (Adds chairman comments, details on one-time gain)By Chris Thomas and Abhirup RoyBENGALURU/MUMBAI, Nov 5 (Reuters) - State Bank of India (SBI)...Read More
Nov 5 (Reuters) - State-run gas utility GAIL (India) Ltd GAIL.NS posted a 50 percent jump in second-quarter profit on Monday, boosted by higher revenue from its natural gas marketing business.Profit came in at 19.63 billion rupees ($268.86 million) for the three months ended Sept. 30, compared with 13.10 billion rupees a year earlier, the company said https:// on average had expected a profit of...Read More
* U.S. bond yields slip before massive supply this week* Sterling up on Brexit deal hopes* Crude up as Iran sanctions kick in (Updates prices, changes comment, dateline from previous LONDON)By Rodrigo CamposNEW YORK, Nov 5 (Reuters) - An index of stocks on major markets were flat on Monday, following four days of a bounce-back from a 14-month low, ahead of a key vote to define the power balance in...Read More
Investing.com - Gold prices were little changed on Monday as traders braced for the U.S. mid-term elections and the Federal Reserve’s November meeting due later this week.At 9:18 AM ET (14:18 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange slipped 30 cents, or 0.02%, to $1,230.70 a troy ounce.Voters on Tuesday will decide key races in Congre...Read More
Suppliers of long steel products in the European Union have been raising their offer prices for November deals in anticipation of strong demand and high manufacturing costs, Fastmarkets was told on Monday November 5.But the recent political uncertainty that has enveloped all the world's major markets was keeping customers quiet for now, and content to keep their buying activities confined to the s...Read More
Easing supply tightness in the alumina market continues to put significant pressure on the fob Australia alumina index and traders expect prices to fall even further before the end of the year. The benchmark fob Australia daily alumina index has fallen back below $450 per tonne for the first time since June 2018. It was most recently assessed on Friday November 5 at $442.50 per tonne. Traders...Read More
The freefall in aluminium scrap prices could soon reach its bottom and stabilize, European secondary aluminium market participants told Fastmarkets this week.The combined impact of the trade war between the United States and China and fundamental changes in how the Chinese consume scrap has led to a flood of aluminium scrap entering the global market, pushing the price of some grades to...Read More
The latest metal markets news and price moves to start the North American day on Monday November 5.Base metals on the London Metal Exchange were mostly lower during morning trading, pressured by escalating tensions between the United States and China while key global stock markets followed lower.Here's how base metals prices looked at 11:45am London time:Read our live futures report here. UC Rusal...Read More
Base metals on the London Metal Exchange were mostly lower during morning trading on Monday November 5, pressured by escalating tensions between the United States and China while key global stock markets followed lower. Topping losses in percentage terms over the morning, the three-month nickel price continues to trade below the $12,000 per tonne threshold, retreating by 1.1% against a broadly str...Read More
Profits from zinc miners and refiners are expected to move downstream into the zinc smelting sector to reshape the unhealthy and significantly, profits-diverged structure, sources told Fastmarkets MB at the 21st China International Lead and Zinc Conference.Profits in the upstream zinc mining and refining sectors has risen by 8% year on year in the first nine months of 2018, while those in the smel...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Monday November 05*Copper -$205.55 (-1,425.89 yuan) Aluminium -$444.44 (-3,082.97 yuan) Zinc -$50.76 (-352.08 yuan) Nickel $570.66 (3,958.54 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month prices at 3pm Shanghai time, taking account of VAT and impor...Read More
The latest news and price moves to start the Asian day on Tuesday November 6.Base metal prices on the London Metal Exchange were predominantly lower at the close of trading on Monday November 5, topped by a continued downturn in lead's three-month price while aluminium was the only metal to trade in positive territory. Read more in our live futures report.Here are how prices looked at the close of...Read More
The global excess of steel production capacity is resulting in increased volumes of imports into the Middle East, BS Shetty of Al Ghurair Iron & Steel (AGIS) told an industry conference on Monday November 5.Steel mills in China and India have more than 50% of the world's steel production capacity, and they get export incentives, Shetty told delegates to the Arab Iron & Steel Union Summit in Amman,...Read More
The import price for steel slab in Southeast Asia and East Asia stopped declining during the past week, with trading activity still muted.Fastmarkets MB's price assessment for imported slab in Southeast Asia and East Asia was at $470-480 per tonne cfr for the week ended Monday November 5, the same as the previous week.The assessment had previously been falling since mid-October amid lower offers.....Read More
China's domestic rebar prices dropped on Monday November 5, with market participants taking a pessimistic view on demand and supply. Domestic Eastern China (Shanghai): 4,630-4,660 yuan ($672-676) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 4,450-4,480 yuan per tonne, down 10-20 yuan per tonneSpot rebar prices fell on Monday amid early-hours losses in the futures market...Read More
China's hot-rolled coil market was largely steady on Monday November 5, but expectations have emerged for some upward momentum in the export segment as soon as prices bottom out.DomesticEastern China (Shanghai): 4,030-4,040 yuan ($584-586) per tonne, narrowing downward by 10 yuan per tonneNorthern China (Tianjin): 4,030-4,040 yuan per tonne, unchangedPrices in both major trading regions in China w...Read More
Australian lithium spodumene producer Altura Mining shipped about 10,000 tonnes of lithium spodumene from Port Hedland in Western Australia to China in October 2018, the company has said.Altura announced on October 31 that it had despatched two cargoes each of around 5,000 tonnes of lithium spodumene to China, on October 9 and October 20. The material came from the company's Pilgangoora lithium mi...Read More
Australian lithium spodumene miner Neometals reported that it had achieved slightly higher production volumes in the July-September quarter in a results statement published on Wednesday October 31.Neometals increased its output by about 1.68%, producing 111,023 tonnes of lithium spodumene in the quarter, compared with 109,183 tonnes produced in April-June.Output of higher-grade lithium spodumene (...Read More