Tin Production May Have Peaked in Myanmar

Metal prices, except for tin, remained relatively flat during August. Tin prices on the E&MJ Price Index increased 11.5% to $19,900 per metric ton (mt) from $17,850/mt last month. Four smelters, accounting for 18% of China’s output, were temporarily closed after failing environmental inspections, which caused tin markets to tighten.

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Precious Metal Prices Move Higher

Prices for several metals made notable moves during July. Gold finished the month near its high for the year at $1,350/oz, up $28.30/oz or 2.1%. On July 6, it reached a two-year high of $1,366.25/oz. Similarly, silver finished at $20.29/oz, and a $1.59/oz increase during July
or 8.5%.

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Brexit Pushes Gold Prices Higher

By Steve Fiscor, Editor-in-Chief

On June 23, more than 17 million people voted in favor of Britain exiting the European Union (EU), referred to as Brexit. The referendum, which was too close to call leading up to the vote, briefly destabilized regional currencies and global equity markets. It also pushed the price of gold to highs not seen since 2014. By the end of the month, stock markets had recovered most of the lost ground, but the British pound remained at its lowest level against the U.S. dollar in more than 20 years.

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China Steel Sentiment Retreats Into Negative Territory

A majority of Chinese steel market participants believe prices will likely fall due to weaker domestic demand, with the outlook for construction steel particularly bleak, according to the latest S&P Global Platts China Steel Sentiment Index (CSSI), which showed a headline reading of 46.98 out of a possible 100 points in May.

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