By Vibin Antony
United States shredded scrap prices continued to remain flat week-on-week at $257 a long ton (delivered mill) during last week, while the prices for hallmarked and non-hallmarked gold scrap showed a bearish trend in line with futures prices.
In futures market, gold price remained under pressure on Tuesday, with investors seeking returns elsewhere such as in the dollar and equities.
“The outlook for gold and silver at present is becoming increasingly gloomy. Gold is facing headwind from the very firm US dollar, higher US bond yields and rising equity markets. Speculative financial investors are also likely to have retreated further from the gold market,” said Commerzbank in a note.
According to TSI, oversupplied prime grades fell around $20 a long ton but were unable to drag shredded prices down with them – in fact, participants stated the lack of availability of shredded material served to support primes, with talk of $30-40 a long ton falls not coming to fruition. Shredded material remained flat, as demand from EAF steel-makers improved from recent months.
As per Scrap Register Price Index, the prices for hallmarked and non-hallmarked gold scrap showed a bearish trend last week followed by the yellow metal's down-trend in future market. However, aluminium, copper, brass, electronic, nickel, steel, zinc and lead scrap prices showed mixed trend last week.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
United States shredded scrap prices continued to remain flat week-on-week at $257 a long ton (delivered mill) during last week, while the prices for hallmarked and non-hallmarked gold scrap showed a bearish trend in line with futures prices.
In futures market, gold price remained under pressure on Tuesday, with investors seeking returns elsewhere such as in the dollar and equities.
“The outlook for gold and silver at present is becoming increasingly gloomy. Gold is facing headwind from the very firm US dollar, higher US bond yields and rising equity markets. Speculative financial investors are also likely to have retreated further from the gold market,” said Commerzbank in a note.
According to TSI, oversupplied prime grades fell around $20 a long ton but were unable to drag shredded prices down with them – in fact, participants stated the lack of availability of shredded material served to support primes, with talk of $30-40 a long ton falls not coming to fruition. Shredded material remained flat, as demand from EAF steel-makers improved from recent months.
As per Scrap Register Price Index, the prices for hallmarked and non-hallmarked gold scrap showed a bearish trend last week followed by the yellow metal's down-trend in future market. However, aluminium, copper, brass, electronic, nickel, steel, zinc and lead scrap prices showed mixed trend last week.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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