Daily prices and news:Steels gain as US-China trade discussi
Industrials (/lb): aluminum $0.87 (-0.6%), copper $2.71 (-0.7%), lead $1.01 (-2.5%), molybdenum $7.14 (+0.0%); nickel $4.38 (-1.3%); zinc $1.25 (-1.7%);Precious (/oz): gold $1,241 (-0.2%), silver $16.29 (+0.0%); Steel (/mt): ChinaHRC $563 (+0.1%), SHFE Rebar $540 (+0.8%), MB Scrap Index $292 (-0.7%);Bulks: iron ore (/dmt) $70 (+2.4%), coking coal (/mt) $169 (+0.0%), freight (BCI)1,028 (+4.5%); Energy: Brent (/bbl) $49.70 (+1.8%), WTI (/bbl) $47.12 (+1.6%),natural gas (/mmBtu) $3.07 (-0.7%), thermal coal (/t) $86 (+0.4%).
US and China fail to agree on trade and economic issues. The annualeconomic dialogue ended with cancelled news conferences and no jointstatement from both parties. No agreement was reached with US’s demandsfor reducing excess Chinese steel capacity. When President Trump was askedif he would impose steel tariffs, he said "could happen". US steel stocks ralliedas investors interpreted the negative signals from the talk as increasingly likelythat the administration would impose tariffs. (Reuters)US Hot-Rolled Coil (HRC) spot price down $1/st WoW to $612/st on 7/19. HRand Cold-Rolled spread was flat WoW at $192/st. NYMEX Dec. 2017 forwardHRC price rose $17/st WoW to $635/st. Separately, Nucor lifts flat-rolledcarbon steel base prices by $25/st, effective immediately. (CRU, CME, AMM)US housing permits rise in June to SAAR of 1.25m units (+7.4% MoM, +5%YoY). Privately owned housing starts increased to 1.22m (+8.3%, 2.1%).
Housing completions also rose 5.2% MoM to 1.20m (+8.1% YoY). (SBB)Workers at 56 mining unions in Peru, the world’s second largest copperproducer commence a nationwide strike to protest against government’sproposed labor reforms, which they claim, relaxes safety rules and weakenstheir rights. Production does not seem to be impacted yet. (Reuters)US steel import permits for July through 7/18 total 2.1m st. If adjusted to a fullmonth, permits would be 3.7m st (+12% YoY), vs. June permits of 3.9m st andMay imports of 3.5m st. Rebars (-240kt, -81%) appear to decrease the mostMoM, whereas standard pipe (+65kt, +66%) rose. (US Import Administration)Vale reports 2Q17 iron ore output of 91.8mt (DBe 91.4). 2017 output expectedat lower end of 360-380mt. Nickel output at 65.9mt (DBe 79.1) on h-t-e impactfrom maintenance shutdown at Sudbury. 2017 guidance lowered to 295kt (vs.
previous 310kt). Copper output at 100kt (DBe 113). 2017 guidance revised to447kt (vs. 460kt). Coal output rose 25% MoM to 3mt (DBe 3.2). (Company, DB)Newmont (NEM) declares dividend of 7.5c/share, payable on September 28,2017. Dividend is 50% higher than 1Q17 (5c) as gold price threshold of$1,250/oz was met under Company’s gold price-linked dividend policy (average2Q17 price was $1,258/oz vs. $1,218/oz in 1Q17). This raises NEM’s annualizeddividend yield from 0.6% to 0.9%. NEM also announced two new Boardmembers, Ms. Sheri Hickok and Dr. Molly Zhang. (Company, DB)
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