China’s Iron Ore Imports Soar to New Heights in 2023
The dry mass market benefited from increased China’s iron ore imports, particularly ton-mile demand. Shipbroker Banchero Costa stated in its most recent weekly report that “2023 was a very positive year for global iron ore trade.” According to AXS Marine vessel tracking data, global iron ore loadings rose by +4.9% year over year in 2023
Government Auctions 7 Coal Mines: 10 Offline Bids Received in Eighth Round
The Coal Ministry announced Friday that it had received ten offline bids for 7 coal mines. The govt put 39 blocks up for auctions in the eighth round of the coal mine auction, which was held in November. The coal ministry said in a statement that ten offline bids in total have been received for
Zinc prices Tumbles 1.91% Amid Lingering Concerns Over China’s Economic Activity
Zinc prices fell -1.91% to close at 220.9 as worries about China’s economic activity continued. China’s official PMI data revealed the 4th consecutive month of factory activity contraction. Which disappointed investors and raised doubts about a turning point in the country’s economic growth. Despite the Caixin China General Manufacturing the purchasing manager’s Index unintentionally remaining at
Aluminium Prices Slide 1.17% Amidst Global Market Shifts, Fueled by China’s Surging Imports
Aluminium prices fell -1.17% yesterday, setting at 202.5, driven by a variety of factors, that include China’s significant rise in unwrought aluminium imports in 2023. Not quite matching the record set in 2021, China’s imports more than doubled yoy to reach 1.54 million metric tonnes. The 2nd-highest annual total since the turn of the century.
Copper Prices Dip 0.89% Amidst Stronger Dollar and US Rate Hike Uncertainty
Copper prices fell -0.89% yesterday, setting at 726.75, driven by the stronger dollar or indications of no US rate reduce in March. Still, encouraging data out of China and tightening supply dynamics offered some consolation. Contrary to official data suggesting pre-Lunar New Year weakness, the Caixin China General Production the Purchasing Managers Index (PMI) for January
Gold Rises 0.46% to 62735 Amid Concerns Over Weakening U.S. Job Market
Gold prices saw a 0.46% rise, ending at 62735, mostly due to worries about the deteriorating job market in the United States. ADP (NASDAQ:ADP) reported that the private sector added 107,000 jobs in January 2024, less than the predicted 148,000. The unsatisfactory job growth in conjunction with the ongoing relaxation of wage pressures may help
Silver Closes at 72247, Down 0.13%, as Investors Await Federal Reserve’s Rate Guidance
Silver prices closed at 72247, down 0.13%, as investors balanced anticipate early interest rate reduces while waiting for the Federal Reserve policy rate guidance. By 2024, the world’s silver deficit is expected to have decreased by 9% to 176 million troy ounces, with rising demand being offset by a 4% recovery in mine production. Silver,
Aluminium Dips 0.1% to 204.9 as Investors Take Profits Post Real Estate ‘White List’ Surge
Aluminium prices saw a slight decrease of -0.1%, ending at 204.9, as investors booked profits after prices surged due to the introduction of a “white list” for real estate and the easing of purchase limitations in Guangzhou, Suzhou, or Shanghai, which greatly improved market sentiment. China’s imports of unwrought aluminium more than doubled in 2023
Zinc Prices Slide 1.08% to 225.2 Amid Concerns Over Chinese Manufacturing Slowdown
Zinc saw a -1.08% drop, closing at 225.2, as data suggesting a slowdown in Chinese manufacturing activity put pressure on prices. The official NBS Manufacturing PMI for China increased marginally to 49.2 in January 2024, but this is the fourth month in a row that factory activity has decreased due to issues like property weakness,
Copper Dips 0.2% Amidst Chinese Manufacturing Contraction, Supply Concerns Linger
Copper prices fell 0.2% to 733.25, owing to a contraction in Chinese manufacturing. Despite a 24% decline in stocks to 146,475 tonnes in LME-registered warehouses since October, the cash discount over three-month copper agreements indicates that there are no immediate supply shortage worries in the LME market. A major mine in Panama closed, and the