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Tin expected to trade between USD 24000 and USD 24100 per tonne this week - 08 Jan, 2013



The Star reported that tin price on the Kuala Lumpur Tin Market is expected to range between USD 24,000 and USD 24,100 per tonne this week.

A dealer said that “The price would mainly be supported by European and Japanese buyers as well as the settlement of the United States' budget issue.”

For the week just ended, tin price moved between USD 23,400 and a ten and a half month high of USD 24,230 per tonne, with the bulk of the purchases made by European, Japanese and locals traders.

The local market, which was closed on Tuesday for the New Year holiday, saw an uptrend for the tin price coming into the new year, in line with the London Metal Exchange.

Source – The Star

(www.steelguru.com)

Iron ore market stage silent coup during year end festivities

Inferno in iron ore market seemed to reach crescendo in during the weeklong winter holidays. Market leapt by an astounding 5% by the weekend and remained stable today.

Brimming with confidence with progressive improvement in economic indicators in China speculation fuelled steep price hike.

China steel futures hit their highest in more than six months on Monday, backed by a revival in demand in the world's top steel consumer that has fuelled a buying spree for raw material iron-ore and lifted prices to levels last seen in October 2011.

Many are expecting improved demand for steel in the first quarter so most mills continue to produce at full scale and there has been somewhat a shortage of spot iron ore cargoes in the market.

However market was not devoid of perils of correction as it seems to have moved too far too fast. Markets rarely sustain straight lines, and whispers of correction can be heard.