MetalCrawler searches the globe far and wide for the latest in metal market news and trends. Today that went as far as India and China.
It’s also being reported that aluminum sales won’t help a major iron ore miner make up for its losses in that market and the gold price was rising as of this posting.
India Places Anti-Dumping Duties on Far East Stainless Steel
- India’s trade ministry has recommended anti-dumping duties ranging from $180 to $306 per metric ton for some industrial-grade stainless steel imported from China, Malaysia and South Korea, Reuters reported. After a year-long investigation based on complaints from Jindal Stainless Ltd., the ministry said it found that the domestic industry was suffering “material injury due to such dumped imports” and that a definitive measure was required to stop it and place tariffs on the stainless imports.
China’s Gargantuan Size Now Its Metals Community’s Undoing
China has far more steel mills than it needs, according to a New York Times article. Once a strength of the domestic steel industry, this is now a problem made worse by the country’s shrinking housing market, the most voracious consumer of the metal. Companies have scaled back or closed, as domestic steel prices have collapsed. With scant demand at home, the remaining mills have looked beyond their borders for business.
Aluminum Not Saving Rio Tinto
- Optimism that a recovery in profit at Rio Tinto Group’s aluminum division will provide an enduring counter to a slump in iron-ore prices and underpin increased investor returns looks misplaced, Bloomberg News reported. When the world’s second-largest mining company reported a 9% dip in underlying profit last month, CEO Sam Walsh touted a turnaround at the much-maligned unit that emerged from the value-destructive $38 billion acquisition of Alcan Inc. in 2007. A surge in Chinese exports of the lightweight metal threatens a global-supply glut, Bank of America Merrill Lynch said last week.
Interest Rate Increase Speculation Isn’t Hurting Gold… Yet
- Gold prices rose this morning as a retreat in the dollar from 12-year highs arrested its eight-session slide, though speculation that US interest rates could rise sooner rather than later kept prices under pressure.The dollar extended its decline in early US trading on Thursday as a surprise drop in retail sales in February dampened expectations that the Federal Reserve would raise interest rates this summer.
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