United States Gold Scrap Prices Stay Almost Flat in Line With Gold Futures

By Vibin Antony
United States gold scrap prices remained almost stable on Monday in line with gold futures prices at New York Mercantile Exchange, bouncing up from session lows as oil prices rallied and the US dollar fell, after bullion felt earlier pressure on indications the Federal Reserve may still raise interest rates this year, despite recent market turmoil.

The major gold scrap commodities on the Scrap Register Price Index traded almost flat on Monday. The 9ct hallmarked gold scrap prices remained flat at $ 407.673 an ounce and 14ct hallmarked gold scrap prices unchanged at $ 635.97 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also stayed flat at $ 815.346 ounce and $995.809 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices remained stable at $385.608 an ounce and 14ct non-hallmarked gold scrap prices traded flay at $601.549 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also unchanged at $ 771.216 an ounce and $ 941.912 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled slightly down by $0.50 at 1,133.50 an ounce on Monday.

However, gold prices gained about 3.4 percent for the month. Investors also weighed some hawkish comments from Federal Reserve Vice Chairman Stanley Fischer in the recent past, indicating a real possibility of an interest rate hike in September.

Traders remained unsure about the outlook for U.S. interest rates, with the U.S. jobs report for August due at the end of the week likely to determine whether the Federal Reserve hikes rates this year. The dip in gold prices come despite some sluggish stock markets 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)

ASEAN HRC Steel Import Prices Plummet To $310 a Ton

By Vibin Antony
ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) plummeted by $8 a ton to $310 a ton in the week ended July 31, as per the latest figures released by The Steel Index.

Despite some rebound in the Chinese domestic market, export HR coil prices remained weak and TSI’s ASEAN HRC imports index finished the week at $310 a ton CFR ASEAN Port.

While SAE grade offers from top-tier Chinese mills were around $325 a ton, traders were heard short selling material from smaller mills between $310- 315 a ton.

Offers from Japanese steel producers fell to $345-350 a ton, as last week’s price level of around $360 a ton failed to attract any interest.

Offers for Chinese-origin SS400 grades were heard close to $310 a ton for September shipment.

(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 €356 per Ton

By Vibin Antony
The Southern European hot rolled cold (HRC) steel prices edged up by €1 per ton week-on-week to €356 per ton ex-works in the week ended July 31, as per the latest figures from the Steel Index.

According to TSI, South European market was relatively quiet with transactions reported mainly between €350-360 a ton.

Both of TSI’s European HRC indices finished the week close to the price level recorded last week amid slowing market activity.

In Northern Europe the picture remained mixed, as the majority of trades were reported in a wide €380-395 a ton range.

Market participants commented that large mills have healthy order books and continue to offer HRC nearer to €395 a ton. Offer prices from smaller mills were lower, closer to the €380 a ton mark.

HRC imports into Antwerp were heard in the €340-345 a ton range (CIF basis), with delivery times for Chinese material stretching into December.

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

US Copper Scrap Prices Stay Flat; Weak Dollar Lifts Copper Futures

By Vibin Antony
United States major copper scrap commodities prices remained almost flat on Wednesday, while copper futures prices at New York Mercantile Exchange advanced as investors locked in profits on bets against the metal a day after China's currency devaluation sparked sharp declines.

As per Scrap Register Price Index, major copper scrap commodities like #1 ins wire (cu 88-92%), ins wire (cu 58-62%), al/cu radiator ends, alternator, bare bright (cu >99%), copper scrap, cu transformer large, cu transformer small, electric motors, enameled copper wire, no. 1 copper (cu 96-98%), no. 2 copper (cu 94-96%), no. 3 copper (cu 88-90%), sealed unit, starter, transformer winding (85%) stayed almost steady on Wednesday.

However, the most active Copper contract for September delivery on the Comex division of the New York Mercantile settled up by 0.8% to $2.3500 a pound on Wednesday.

Copper futures prices at New York Mercantile Exchange settled up boosted by a drop in the dollar boosted the appeal of industrial metals as alternative investments.

The Bloomberg Dollar Spot Index headed for its biggest loss since June after China devalued its currency and concern mounted that the Federal Reserve will delay raising U.S. interest rates. Higher rates curb the appeal of commodities, which don’t pay interest, and tighter monetary policy usually helps boost the greenback.

Markets were pressured by the dollar hitting a 3-1/2 month peak against a basket of currencies on Wednesday after a voting member of the U.S. Federal Reserve's policy-setting committee expressed support for an interest rate hike in September.

A stronger dollar makes commodities priced in the U.S. currency more expensive to buyers using other currencies.

(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 Rise As Gold Futures Rebound From July's Multi-Year Low

By Vibin Antony
United States gold scrap prices rose on Tuesday while gold futures prices at New York Mercantile Exchange has rebounded over 3% from July's multi-year low and hitting a fresh three-week high as the dollar and global equities slid on concerns over China's devaluation of its currency.

The major gold scrap commodities on the Scrap Register Price Index advanced on Wednesday. The 9ct hallmarked gold scrap prices rose to $406.236 an ounce and 14ct hallmarked gold scrap prices advanced to $633.728 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $812.472 ounce and $992.299 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $384.249 an ounce and 14ct non-hallmarked gold scrap prices up to $599.428 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $768.498 an ounce and $938.592 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange last traded up by $15.40 to $1,123.10 an ounce on Wednesday. The contract got as high as $1,125.50, its most muscular level since July 20. The most-active gold futures have now risen five trading days in a row.

Gold futures prices at New York Mercantile Exchange rallied after investors sought its safe haven appeal as global equity markets continued to roil in the aftermath of China's surprise devaluation of its currency on Wednesday.

The move may be loaded with far-reaching implications, with the Federal Reserve may possibly be forced to delay interest rate hikes, not wanting to strengthen the dollar any further.

China on Tuesday devalued its currency - yuan, by the most in two decades to cushion its exports as the economy showed no signs of revival after the volatility in the stock market.

The move sparked fears of a currency war and hit global equities, prompting some investors to seek assets perceived as safer such as gold. The metal has now recovered more than 4 percent from a 5-1/2-year low of $1,077 hit during a late-July rout.

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