It seems everyone is searching for zinc. “A global hunt is on to find new deposits of zinc as China buys more of the metal to rust-proof new cars and coat steel used to build bridges and skyscrapers,” reports Reuters.
“Multinationals such as Swiss-based Glencore Xstrata , Belgium’s Nyrstar and China’s MMG are funding new mines from Africa to the Yukon on expectations that an oversupply of zinc will turn into a deficit.”
On Monday, November 4, the day’s biggest mover was the cash price of steel billet, which saw a 2.1 percent decline on the LME to $235.00 per metric ton. The steel billet 3-month price weakened by 2.0 percent on the LME, settling at $240.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India was range bound. Chinese HRC stayed flat. The price of Chinese coking coal saw essentially no change for the fifth day in a row.
The US HRC futures contract spot price rose by 1.2 percent to $659.00 per short ton after a three-day flat streak. The US HRC futures contract 3-month price dropped by 0.8 percent to $650.00 per short ton after holding steady.