US Scrap Gold Prices May Trade Lower This Week

By Vibin Antony
United States scrap gold prices are expected to trade lower this week in line in with futures prices at New York Mercantile Exchange.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled last week at $1,175 an ounce, down 2.4% from Monday’s opening price and its third straight weekly negative close.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked dropped to $ 430.316 an ounce and 14ct Gold Scrap hallmarked traded down at $ 671.293 an ounce on Monday.

The prices of 9ct Gold Scrap non-hallmarked declined to $ 407.026 an ounce on Monday and 14ct Gold Scrap non-hallmarked traded down at $ 634.96 an ounce.

Unable to recover from strong selling mid-week, gold future prices are ending Friday at its lowest point since mid-March; with the Federal Reserve expected to be tight-lipped next week, analysts are uncertain if prices will be able to bounce higher in the near-term.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Turkish HMS 1/2 80:20 Scrap import prices advance to $271 a ton

By Vibin Antony
Turkish HMS 1/2 80:20 scrap import prices (CFR Iskenderun Port, Turkey) rose by $4 a ton week-on-week t0 $271 a ton during last week, as per the Steel Index.

Market sentiment that $270 a ton would likely prove a ceiling in the price proved unfounded, with a deal completed at well over this level early in the week, albeit on a prompt basis.

A high proportion of the subsequent cargoes were also booked on a prompt basis, highlighting the fact that many mills are still living on a ‘hand-to-mouth’ basis.

Meanwhile, rebar prices ticked up this week, which will have lent support to the rise in scrap prices, although participants state this is predominantly down to tight scrap supply.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Southern European HRC Steel prices advance further to €394 per ton

By Vibin Antony
The Southern European hot rolled cold (HRC) steel prices advanced further by €2 per ton week-on-week at €394 per ton in the week ended April 17, as per the latest figures from the Steel Index.

Steel demand in South Europe remained subdued, although market participants pointed to the better performance of the automotive sector.

HRC prices were stable, and Italian mills were heard offering HRC at €400-405 per ton (ex-works), while many spot deals were concluded about €10 per ton lower. Import offers were reportedly in the €370-380 per ton range (CFR Italian port).

However, North European HRC market maintained its established status quo of stable demand and prices in the €400-405 per ton range.

Indicating a steady flow of orders to the mills, capacity utilisation in Germany was reported to stand at 90% during Q1 this year.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Indian Copper Scrap prices decline on Thursday; MCX Copper rises

By Vibin Antony
India copper scrap prices declined on Thursday, while red metal futures prices at India's Multi Commodity Exchange settled higher at Rs. 376.95 per kilogram.

As per Scrap Register Price Index, Indian copper utensils scrap prices declined by Rs. 5,000 per ton to Rs. 400,000 per ton. Copper cable scrap, copper scrap heavy and copper wire bar also dropped by Rs. 2, 000 per ton to Rs. 441,000 per ton, Rs. 435,000 per ton and Rs. 461, 000 per ton respectively.

Other copper scrap commodities like copper armature, copper mixed scrap, copper pat, copper sheet cutting, copper super d. rod, copper wire scrap also declined to Rs. 426, 000 per ton, Rs. 397, 000 per ton, Rs. 412, 000 per ton, Rs. 422, 000 per ton, Rs. 447, 000 per ton, Rs. 417, 000 per ton respectively.

However, the most active April copper contract on Multi Commodity Exchange settled up by 1.34% to Rs. 376.95 per kilogram from previous close of Rs. 371.95 per kilogram. The MXC copper prices touched an intra-day high of Rs 378 per kilogram and an intra-day low of Rs 370.25 per kilogram.

Indian Copper futures settled higher on Thursday mainly due to the increasing US housing data signalled a pick-up in the world’s biggest economy, lifting the demand outlook for the metal. Though, subdued demand at spot market capped some gains in futures.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Northern European HRC Steel prices remain flat at €403 per ton

By Vibin Antony
Northern Europe hot rolled cold (HRC) steel prices remained flat week-on-week at €403 per ton in the week ended April 17, as per the latest figures released by The Steel Index.

North European HRC market maintained its established status quo of stable demand and prices in the €400-405 per ton range. Indicating a steady flow of orders to the mills, capacity utilisation in Germany was reported to stand at 90% during Q1 this year.

However, steel demand in South Europe remained subdued, although market participants pointed to the better performance of the automotive sector.

HRC prices were stable, and Italian mills were heard offering HRC at €400-405 per ton (ex-works), while many spot deals were concluded about €10 per ton lower. Import offers were reportedly in the €370-380 per ton range (CFR Italian port).

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Scrap Gold prices drop further on Wednesday in line with COMEX Gold

By Vibin Antony
United States scrap gold prices declined further on Wednesday in line with gold futures price at New York Mercantile, after strong U.S. housing data bolstered the case for the Federal Reserve to raise interest rates in the next few months.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked dropped further to $434.79 an ounce and 14ct Gold Scrap hallmarked traded down at $678.273 an ounce on Wednesday.

The prices of 9ct Gold Scrap non-hallmarked declined to $411.258 an ounce on Wednesday and 14ct Gold Scrap non-hallmarked traded down at $678.273 an ounce.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down $16.60 at $1,186.50 an ounce on Wednesday.

However, gold futures prices extended early losses when it was reported U.S. existing home sales rose at the strongest pace in a year and a half in March.

The U.S. dollar index rebounded will off its low on the news, and the gold market in turn extended its early losses. The housing news also falls into the camp of those Fed watchers who expect a U.S. interest rate cut coming sooner rather than later.

Still, recent U.S. economic data has been a mixed bag overall—either stronger or weaker than market forecasts.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US HRC Steel prices drop further; US Stainless Steel Scrap prices stay flat

By Vibin Antony
US HR coil prices remained on a downward trend and the prices finished last week at $454 a short ton FOB Midwest mill, while stainless steel scrap prices on Scrap Register Price Index continued to remain flat.

According to the Steel Index, US HRC prices continued to decline by $7 a short ton to $454 a short ton in the week ended April 03 as Midwest buyers continued to obtain discounts in a quiet market.

More transactions were recorded close to the $450 a short ton mark, as larger volume deals commanded lower prices.

Whilst some market participants were pondering if reportedly improved mills’ order books and production outages brought us closer to the price floor, buyers still seem to be able to obtain discounts amid competing mills’ offers.

However, the prices of major stainless steel scrap commodities like 201 SS, 301 SS, 309 SS, 310 SS and 330 SS were unchanged on Scrap Register US Price Index during last week.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Taiwan HMS #1&2 80:20 scrap import monthly average prices rise to $232.40 a ton

By Vibin Antony
The monthly average prices for Taiwanese imports of HMS #1&2 80:20 rose $4.65 a ton to $232.40 a ton CFR Taiwanese port in March. Prices rose throughout the month driven predominantly by the resumption of Japanese scrap buying by South Korean mills, as per the Steel Index.

With the cheaper Japanese material less readily available to Taiwanese mills deals were concluded at higher levels, albeit predominantly on small cargoes.

Despite the price rise, March was characterised by a significant bid-offer gap meaning neither buyers nor sellers were willing to commit to large quantities of material.

With Japanese scrap starting to be offered to Taiwanese mills again at the end of March, alongside low iron ore prices and a rebar mar-ket with an unsure future, many mills are now sceptical about the sustainability of the current price of scrap.

However, the monthly average of TSI’s index for North Asian HMS #1 scrap imports rose to $249.40 a ton CFR port in March, whilst the monthly average of TSI’s index for ASEAN imports of HMS #1&2 80:20 declined $1.75 a ton to $243 a ton CFR port (both of these indices are currently under development).

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Scrap Gold prices decline on Tuesday; COMEX Gold rises

By Vibin Antony
United States scrap gold prices dropped on Tuesday, while gold futures prices at New York Mercantile, recouping most of the previous session's losses in choppy, currency-driven trade after the U.S. dollar turned lower and bolstered bullion's appeal.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked dropped to $435.227 an ounce and 14ct Gold Scrap hallmarked traded down at $678.954 an ounce on Tuesday.

The prices of 9ct Gold Scrap non-hallmarked declined to $411.671 an ounce on Tuesday and 14ct Gold Scrap non-hallmarked traded down at $642.206 an ounce.

However, the most active June gold contract on the COMEX division of the New York Mercantile Exchange settled up $8.30 at $1,202 an ounce on Tuesday.

Greece remains a significant concern to the yellow metal market place this week. Greek and International Monetary Fund/European Union officials debt restructuring talks continue but reports say not much progress is being made.

Reports Monday said the Greek government ordered all state entities to move their cash reserves to the Greek central bank. This is a sign of a cash crunch in Greece.

Greek bond yields have risen sharply recently and hit new record highs Tuesday, due to the doubts about Greece being able to pay its debts without serious economic reforms. The Greece-EU debt impasse is becoming a distress on world markets, but not yet a serious one.

There are growing concerns in the market place that Greece will at some point default on its EU debt obligations. This matter will likely get worse before it gets better, in the eyes of traders and investors worldwide.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

India containerized Shredded Scrap import avg prices fall to $287.60 a ton

By Vibin Antony
The monthly average for containerized Indian shredded imports fell by $0.15 a ton to $287.60 a ton CFR Nhava Sheva port, as per the Steel Price Index.

Prices either rose marginally or remained flat week-on-week throughout the month, with no drastic price movements seen.

The general sense of disappointment emanating from the market after February’s budget continued into March with market sentiment remaining depressed.

The modest price rises can predominantly be attributed to limited scrap supply. However, further price increases pushed for by suppliers have been resisted by the market with buyers citing poor finished steel demand and the continued spectre of cheap Chinese imports.

The inevitable slowdown in construction that accompanies the beginning of the monsoon season is a further weight on the mind of market participants.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Shredded Scrap average prices advance to $260.80 a long ton in March

By Vibin Antony
United States shredded scrap average monthly prices for domestic deliveries advanced by $3.80 a long ton to $260.80 a long ton (delivered mill) during March.

According to the Steel Index, this came as the market bounced back somewhat from the large falls in pricing seen since the turn of the year. These price falls were large enough to halt flows into yards, eroding the over-supply of shredded material and returning the market to a more balanced state.

This came despite many outages and utilization rate reductions at blast furnaces throughout the region. EAF mills reportedly picked up much of this slack as demand improved from recent weeks.

However, the same could not be said for prime grades, with prices falling around $20 a long ton over the course of “buy-week”. It came as a surprise to some that the severely over-supplied primes did not drag shredded down with them-in fact the opposite happened, with the lack of availability of shredded serving to boost prime demand and support its pricing.

At the close of “buy-week” in the Midwest prices rose by $4a long ton, reflecting the fact that shredded had traded in the range of flat to up $10 a long ton depending on the mill, timing and location.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Scrap Gold prices drop on Monday in line with COMEX Gold

By Vibin Antony
United States scrap gold prices dropped on Monday in line with gold futures prices. Upbeat earnings as well as economic stimulus measures in China helped buoy confidence in the stock market, luring investors away from gold.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked dropped to $437.719 an ounce and 14ct Gold Scrap hallmarked traded down at $682.841 an ounce on Monday.

The prices of 9ct Gold Scrap non-hallmarked declined to $414.028 an ounce on Monday and 14ct Gold Scrap non-hallmarked traded down at $645.883 an ounce.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down $10.00 at $1,193.10 an ounce on Monday.

China’s central bank again moved to stimulate the Chinese economy over the weekend. That news helped to rally in the U.S. equites, which in turn pulled away investor funds from the safe-haven gold market.

The People’s Bank of China reduced by 1% the reserve requirement ratio required of its banks. The market place took note of the central bank’s move, but markets did not show significant price reactions to the news.

Still, the China easing of its monetary policy is a bullish underlying element for the raw commodity markets, including the precious metals, because it suggests increasing Chinese demand in the coming weeks and months.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Scrap Gold prices may rise this week

By Vibin Antony
Scrap Register expects United States scrap gold prices is likely to trade higher this week as futures prices have managed to hold above $1,200 an ounce last week.

US scrap gold and futures gold prices ended slightly down last week. Despite a lower weekly close, most analysts are bullish on the yellow metal in the near term.

With little economic data to be released this week, commodity analysts said they expect the US dollar to be the biggest factor in gold’s direction this week.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked declined to $438.082 an ounce and 14ct Gold Scrap hallmarked traded down at $683.408 an ounce on Friday.

The prices of 9ct Gold Scrap non-hallmarked dropped to $414.372 an ounce on Friday and 14ct Gold Scrap non-hallmarked traded down at $646.42 an ounce.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down at $1,203.10 an ounce, down 0.3% on the week, on Friday.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Turkish HMS 1/2 80:20 scrap avg import prices rebound in March

By Vibin Antony
Turkish HMS 1/2 80:20 scrap average import prices (CFR Iskenderun Port, Turkey) rebounded during March, following a run of precipitous falls over the last couple of months.

According to The Steel Index, the monthly average prices rose by 3.6% month-on-month to $256.59 a ton CFR Iskenderun port during March. The benchmark index for Turkish imports of HMS #1&2 80:20 rose by $13 a ton in the first week of March, before remaining in the range of $256-262 a ton thereafter on the back of a relatively quiet market.

In commodity markets, large falls in pricing over a short period of time are often followed by a sharp rebound as the threshold in the supply and demand dynamic is quickly breached.

This proved to be the case for Turkish scrap imports in March, when the monthly average of TSI’s daily index for Turkish imports of HMS #1&2 80:20 rose $8.94 a ton (3.6%) month-on-month following its drop of over 20% in February.

Market participants reported that the effects of the $80 a ton fall in price since the turn of the year were finally being felt on the supply side. With cargoes now harder to come by, scrap dealers were well aware of the fact the market had now returned to them, and they could begin to justify price rises.

However, many buyers feel that this rebound is only a short break in the longer-term downward trend. There remains little room for manoeuvre on rebar pricing, with lacklustre steel demand and iron ore prices even dipping below the $50 a ton mark CFR China port.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Closure of Ilva’s main blast furnace may lift South European HRC prices in April

By Vibin Antony
With the closure of Ilva’s main blast furnace, some market participants expressed the view that this may support higher South European prices and trigger significant price increases in the near term, according to The Steel Index.

Doubts remain, however, as recent outages at several mills in the region had little impact - not lifting prices in a significant way.

In March, a stable month for European HRC prices, with trades concluding within the narrow ranges established in the beginning of the month. The weak euro kept importers largely at bay, but domestic producers were still unable to lift their prices.

Slower market activity in South Europe and the restart of deliveries by Ilva put pressure on the coil prices in the region. Asking prices from Italian mills were nearer to the €400 a ton mark in early March, trending down towards €390 a ton by the back end of the month.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Scrap Gold prices decline on Friday in line with Gold Futures

By Vibin Antony
United States scrap gold prices declined on Friday in line with gold futures prices. COMEX gold ended lower on Tuesday, after regional US data showed stronger-than-expected business activity this month.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked declined to $438.082 an ounce and 14ct Gold Scrap hallmarked traded down at $683.408 an ounce on Friday.

The prices of 9ct Gold Scrap non-hallmarked declined to $414.372 an ounce on Friday and 14ct Gold Scrap non-hallmarked traded down at $646.42 an ounce.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down $3.10 at $1,198.20 an ounce on Thursday.

Mid-Atlantic manufacturers are expanding at a faster pace in April, according to an index of business activity covering the regional factory sector and compiled by the Federal Reserve Bank of Philadelphia. The index rose to 7.5 in April, from 5.0 in March, the Philadelphia Fed said Thursday. Economists surveyed by The Wall Street Journal expected a reading of 7.2.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Indian Scrap imports shaping up in April

By Vibin Antony
Indian scrap imports in April is shaping up to offer a similarly uneventful month to March, with a continued price tussle between buy- and sell- side maintaining relative price stability, as per the Steel Index.

Scrap supply is really the only variable with potential for change and if the volume of available material increases it will lend weight to the argument for a dip in prices.

With the monsoon season on the horizon, domestic demand - already at low levels - looks set to remain poor, ensuring that market sentiment will be doing little to escape from its current depressed state.

However, TSI’s monthly average for containerized Indian shredded imports fell $0.15 a ton to $287.60 a ton CFR Nhava Sheva port.

Prices either rose marginally or remained flat week-on-week throughout the month, with no drastic price movements seen.

The general sense of disappointment emanating from the market after February’s budget continued into March with market sentiment remaining depressed.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Southern European HRC Steel prices edge up to €392 per ton

By Vibin Antony
The Southern European hot rolled cold (HRC) steel prices edged up by €2 per ton week-on-week at €392 per ton in the week ended April 10, as per the latest figures from the Steel Index.

As expected, European HR coil prices were practically unmoved the week, as the market was quiet after the Easter break.

With low pressure from imports, South European HRC was prevailingly trading between €390-395 a ton, with many of the buyers remaining in waiting mood and postponing their orders.

However, North European HRC index stayed at €403 a ton, not leaving the €403-405 a ton range for over four weeks now.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Worcester to host a free E-waste Recycling on April 18

By Vibin Antony
Department of Public Works is planning to collect unwanted and old electronics in Worcester this Saturday. Worcester is a city and the county seat of Worcester County, Massachusetts, United States.

The used e-waste materials collection will be hold at the at 1065 Millbury Street. The electronic waste collection will begin from 9 a.m. to 2 p.m on Saturday. The event opens rain or shine and everybody can participate.

Items that can be recycled Free of charge are listed below:
Computers, televisions, cell phones, stereos, typewriters, iPads, fax machines, scanners, and more.

Items that are NOT accepted include:
Air conditioners, dehumidifiers, microwaves, washers, dryers, stoves and refrigerators.

For more information, contact the Worcester DPW at 508-929-1300 or at www.worcesterma.gov/dpw.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Scrap Gold prices continue to decline; COMEX Gold closes at $1,196.82 an ounce

By Vibin Antony
United States scrap gold prices continued to decline on Wednesday, while gold futures prices at New York Mercantile Exchange settled up due to the fresh concerns over financial problems facing Greece.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked declined to $434.59 an ounce and 14ct Gold Scrap hallmarked traded down at $677.961 an ounce on Wednesday.

The prices of 9ct Gold Scrap non-hallmarked declined to $411.069 an ounce on Wednesday and 14ct Gold Scrap non-hallmarked traded down at $641.267 an ounce.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled up $4.20 an ounce at $1,196.82 on Wednesday.

Some weaker than expected US economic data released Wednesday morning prompted some short-covering and bargain hunting buying interest in gold.

However, Gold futures prices are down nearly 8% from their January closing high, weighed down by expectations that the Federal Reserve will raise interest rates this year. Gold becomes a less attractive option to investors when interest rates increase.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Taiwanese Steel Mills may purchase less Scrap during April

By Vibin Antony
Steel mills in Taiwan will most likely purchase less scrap during April, as the annual country-wide restriction on electricity usage is due to begin on May 10, as per the Steel Index.

Following this date, mills in the country will have to cut down on their production in order to comply with the restriction.

Furthermore, most mills are not willing to commit to large quantities of scrap at the current price as domestic demand for long products remains weak, with mills fearing potential margin erosion due to falls in finished steel pricing.

Most EAF participants feel that scrap prices will have to fall lower in the near-term in order for their long products to remain competitive.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Scrap Gold prices decline on Tuesday in line with Comex Gold

By Vibin Antony
United States scrap gold prices declined on Tuesday in line with COMEX gold prices, but up from solid losses that saw prices hit a two-week low in early trading.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked declined to $ 436.1 an ounce and 14ct Gold Scrap hallmarked traded down at $ 680.316 an ounce on Tuesday.

The prices of 9ct Gold Scrap non-hallmarked declined to $ 412.497 an ounce on Tuesday and 14ct Gold Scrap non-hallmarked traded down at $ 643.495 an ounce.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down $6.90 at $$1,192.50 an ounce on Tuesday.

Gold prices recovered about half of the losses seen earlier Tuesday when a weaker-than-expected US retail sales report and an ensuing sharp drop in the US dollar index provided an upside lift to the metals.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Shredded Scrap, Stainless Steel Scrap prices remain stable

By Vibin Antony
United States shredded scrap prices and stainless steel scrap prices on Scrap Register Price Index remained flat during last week.

According to the Steel Index, United States shredded scrap prices remained flat at $265 a long ton (delivered mill) in the week ended April 10.

Small pockets of trade were heard completed at similar levels to last week, as the market finalised their April purchases.

Market participants were a little more upbeat than in recent weeks, with the supply/demand dynamic now reigned in somewhat, and relatively strong demand coming from EAF mills.

As per Scrap Register Price Index, United States stainless steel scrap commodities also showed a flat trend during last week. The scrap prices of major stainless steel scrap commodities like 201 SS, 301 SS, 309 SS, 310 SS and 330 SS were unchanged on Scrap Register US Price Index during 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)

Deutsche Bank: It's perfect time to buy Nickel

By Vibin Antony
The capitulation on nickel is understandable. Weak stainless steel demand compounded by destocking in a traditional restocking period, combined with growing uncertainty over Philippine ore exports have undermined the bull case.

Deutsche Bank continues to believe that Chinese nickel pig iron production will decrease as high ore stocks are depleted. However, even if production rates stay higher than anticipated, the current price environment means that 40% of the industry is underwater.

Deutsche Bank estimates that the marginal NPI cash cost is c.USD16,000 a ton, which is a more sustainable price in their view, and represents 30% upside from current levels.

Nickel is the worst performing base metal, down 17% since the beginning of the year. This is in contrast to the other base metals which are down between 1to 5%, and lead which is up c.3%.

Although Chinese demand has been weak across the board, the recent (widely expected) imposition of an import tariff on imported stainless steel by the European Commission has been a further significant drag on nickel.

The 25% rate was also higher than expected. Chinese stainless steel production was down 16% year on year for February, and although the production increases in other regions should compensate, the short-term destocking is creating volatility in the short-term.

Furthermore, Deutsche Bank thinks investors have given up on the bull case in nickel, as Chinese port ore stocks have remained high and LME inventories have yet to show any signs of declining.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Turkish HMS 1/2 80:20 Scrap import prices rise to $263 a ton

By Vibin Antony
Turkish HMS 1/2 80:20 scrap import prices (CFR Iskenderun Port, Turkey) rose by $2 a ton week-on-week t0 $263 a ton during last week, as per the Steel Index.

The relatively strong levels of trade seen last week continued into this week, with a number of cargoes secured by mills.

Most trade was heard completed at or near to TSI’s index level at the time of $263 a ton, before deals were heard in the market at slightly higher levels on Friday.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Taiwanese containerized scrap import prices plummet to $234 a ton

By Vibin Antony
Prices for containerized Taiwanese imports of HMS # 1&2 80:20 plummeted by $9 a ton to $234 a ton CFR Taiwan port during last week as the week went on, as per the latest figures from The Steel Index.

Most mills are in no hurry to purchase scrap as they prepare for the annual restriction of electricity usage set by the Taiwanese government.

Domestic demand for rebar remains weak while the increase in material offered to mills this week suggests a shift into a buyers’ market.

A number of mills are reticent to bid at current levels as they believe the market will weaken further in time.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Scrap Gold prices decline in line with COMEX Gold

By Vibin Antony
United States scrap gold prices declined on Thursday in line in with futures prices as the dollar rallied and as traders weighed the likely path of US monetary policy following the release of the Federal Reserve’s latest meeting minutes.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down $8.40 at $ 1,194.70 an ounce on Thursday.

According to Scrap Register Price Index, the prices for hallmarked and non-hallmarked gold scrap down on Thursday. The prices of 9ct Gold Scrap hallmarked declined to $439.137 an ounce and 14ct Gold Scrap non-hallmarked traded down at $685.054 an ounce.

The prices of 9ct Gold Scrap non-hallmarked dropped to $415.369 an ounce and 14ct Gold Scrap non-hallmarked traded down at $647.976 an ounce.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US HRC Steel prices plummet; US Stainless Steel Scrap prices remain flat

By Vibin Antony
United States hot rolled cold (HRC) steel weekly average prices plummeted further last week, while stainless steel scrap prices on Scrap Register Price Index remained flat.

According to the Steel Index, US HRC prices plummeted further by $13 a short ton to $462 a short ton in the week ended April 03 as Midwest buyers continued to obtain discounts in a quiet market.

Most of the reported trades were within the $460-470 a short ton range, although some bigger volume deals were done at the lower end or below.

However, the prices of major stainless steel scrap commodities like 201 SS, 301 SS, 309 SS, 310 SS and 330 SS were unchanged on Scrap Register US Price Index during last week.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

India containerized Shredded Scrap import prices edge up; Aluminium scrap prices continue to remain flat

By Vibin Anton
Indian containerized shredded scrap import prices edged up during last week, while Indian aluminum scrap prices on Scrap Register Price Index remain flat.

According to The Steel Index, containerized shredded scrap prices for Indian imports edged up by $1 a ton to $290 a ton CFR Nhava Sheva last week.

The relative price stability can be attributed to the fact that limited scrap supply is being offset by poor finished steel demand in India.

Cheap semi-finished Chinese material continues to flood into the country, a trend that currently shows no sign of abating.

Market sentiment remains depressed due to the impact of these cheap imports, particularly when they coincide with the June monsoon season and subsequent construction slowdown.

As per the Scrap Register Price Index, scrap prices for Aluminum Accessories, Aluminum ingots, Aluminum Rod Company, Aluminum Rod Local, Aluminum Sheet cutting, Aluminum utensil, Aluminum Wire remained flat during last week.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Indian Zinc scrap prices advance on Wednesday; MCX Zinc declines

By Vibin Antony
Indian zinc scrap prices advanced on Wednesday; while zinc futures at India's Multi Commodity Exchange down on weak cues from overseas markets.

As per Scrap Register Price Index, Indian zinc dross prices advanced by 1.3423 to 151,000 a ton on Wednesday and zinc slab prices edged up to 174,000 a ton.

The most active April zinc contract on Multi Commodity Exchange last traded down by 0.45% to Rs. 133.35 per kilogram from previous close of Rs. 133.95 per kilogram. The MXC zinc prices touched an intra-day high of Rs 134.40 per kilogram and an intra-day low of Rs 133.30 per kilogram.

As per analysts, besides subdued demand at domestic spot markets, a weak trend at the London Metal Exchange (LME), where metal fell from a two-month high before minutes of the Federal Reserve's March meeting and as the International Monetary Fund forecast sustained weakness in global economic growth, put pressure on zinc prices at futures trade.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Turkish HMS 1/2 80:20 Scrap import prices advance to $261 a ton

By Vibin Antony
Turkish HMS 1/2 80:20 scrap import prices (CFR Iskenderun Port, Turkey) advanced by $4 a ton week-on-week t0 $261 a ton during last week, as per the Steel Index.

Meanwhile, the daily benchmark prices for deep-sea Turkish imports of HMS #1&2 80:20 finished last week $5 a ton higher than the previous Friday at $262 a ton CFR Iskenderun port.

A number of deals were heard booked from the US and Baltic regions at slightly higher levels than previously, with participants putting this down to a relative shortage of available cargoes.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Scrap Gold prices advance; COMEX Gold declines to $1,208.80 an ounce

By Vibin Antony
United States scrap gold prices advanced on Tuesday, while future gold prices traded down on a downside correction following good gains that pushed prices to a six-week high on Monday. A sharply higher US dollar index on this day also worked against the precious metals markets.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down $9.70 at $1,208.80 an ounce on Tuesday.

According to Scrap Register Price Index, the prices for hallmarked and non-hallmarked gold scrap advanced on Thursday followed by the yellow metal's up-trend in future market on Monday.

The prices of 9ct Gold Scrap hallmarked advanced to $439.592 an ounce and 14ct Gold Scrap non-hallmarked traded up at $685.763 an ounce.

The prices of 9ct Gold Scrap non-hallmarked rose to $415.80 an ounce and 14ct Gold Scrap non-hallmarked traded up at $648.647 an ounce.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Southern European HRC Steel prices drop to below €400 per ton mark

By Vibin Antony
Southern European hot rolled cold (HRC) steel prices dropped to below €400 per ton mark in the week ended March 27.

According to The Steel Index, the Southern European hot rolled cold (HRC) steel prices declined by €3 per ton week-on-week at €397 per ton last week.

The import offers were heard relatively close to the domestic prices, between €375-390 a ton, availability of material at ports is still putting pressure on the South European producers.

Although a North European producer commented that demand is steady, mills are finding it difficult to implement price increases as end-users are pushing back.

North European HRC mostly traded in the €400-405 a ton range seen for the last few weeks. Offers from Italian mills were generally in the €395- 400 ton range (ex-works), with Ilva slightly lower, but many buyers preferred to stay on the sidelines.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

Indian Copper Scrap prices advance in line with MCX Copper

By Vibin Antony
Indian copper scrap prices advanced on Tuesday in line with copper futures prices as investors booked fresh positions in the industrial metal after manufacturing in China rebounded into expansion territory in March.

As per Scrap Register Price Index, Indian Copper cables scrap, copper armiture, copper utensils scrap, copper wire bar and brass utensils scrap advanced by Rs. 3000 per ton each to Rs. 444, 000 per ton, Rs. 430,000 per ton , Rs. 408,000 per ton, Rs 464,000 per ton and Rs 320,000 per ton from previous closing level.

Indian copper scrap heavy, copper sheet cutting and brass sheet cutting moved up by Rs 2000 per ton each to Rs 438,000 per ton, Rs 425, 000 per ton, and Rs 328, 000 per ton.

As of 4:31 IST, The most active April copper contract on Multi Commodity Exchange last traded up by 1.04% to Rs. 377.95 per kilogram from previous close of Rs. 374.20 per kilogram. The MXC copper prices touched an intra-day high of Rs 380.45 per kilogram and an intra-day low of Rs 375.50 per kilogram.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US HRC Steel prices continue to decline to $472 a short ton; US Stainless Steel Scrap prices unchanged

United States HRC Steel prices continue to decline to $472 a short ton

By Vibin Antony
United States hot rolled cold (HRC) steel weekly average prices continued to decline last week, while stainless steel scrap prices remained flat.

According to the Steel Index, US HRC prices shed another $8 a short ton to to $472 a short ton during the week as Midwest buyers continued to obtain discounts in a quiet market.

Most of the reported trades were within the $470-480 a short ton range, although some bigger volume deals were done at the lower end or below.

US producers, trying to adjust to the low price environment, are responding with the production cuts.

US Steel announced that it will temporary idle the second of two blast furnaces at its flat steel Granite City mill, thus completely stopping operations at the facility with a 2.8 million short tons per year steel-making capacity.

However, the prices of major stainless steel scrap commodities like 201 SS, 301 SS, 309 SS, 310 SS and 330 SS were unchanged on Scrap Register US Price Index during last week.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

US Shredded Scrap prices rise to $265 a long ton; US Scrap Copper unchanged

By Vibin Antony
United States shredded scrap prices rose during last week, while copper scrap prices on Scrap Register Price Index unchanged.

United States shredded scrap prices advanced by $5 a long ton to $265 a long ton (delivered mill) in the week ended April 03, as per the latest figures from the Steel Index.

At the low end of the range of prices seen, shredded traded at similar levels to March buys, but transactions were $10 a long ton higher at the top end.

The market for shredded material remained largely stable in terms of supply and demand, although some mills were heard to be buying outside of their usual programs, taking the view that shredded was unlikely to drop any further given the lack of flows into yards seen at present.

As per Scrap Register Price Index, United States copper scrap commodities also showed a flat trend during last week. The scrap prices of #1 Ins Wire (Cu 88-92%), #2 Ins Wire (Cu 58-62%), Al/Cu Radiator Ends, Alternator, Bare Bright (Cu >99%), Cu Transformer Large, Cu Transformer Small remained almost flat during 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)