Metals &Mining Alert:Daily prices and news,India tweaks Money Laundering Act,boosting gold

Industrials (/lb): aluminum $0.98(-0.9%), copper $3.02(-0.5%), lead $1.15(-2.3%), molybdenum $7.14(+0.0%); nickel $4.81(+0.6%); zinc $1.47(-1.6%);Precious (/oz): gold $1,277(+0.7%), silver $16.82(+1.3%); Steel (/mt): ChinaHRC $610(+0.0%), SHFE Rebar $542(+0.0%), MB Scrap Index $291(+0.0%);Bulks: iron ore (/dmt) $62(+1.2%), coking coal (/mt) $185(-0.9%), freight (BCI)2,929(+1.4%); Energy: Brent (/bbl) $55.62(-2.4%), WTI (/bbl) $49.29(-3.0%),natural gas (/mmBtu) $2.86(-2.1%), thermal coal (/t) $97(-1.3%).。

    India revokes amendment which had caused drop in official gold sales.。

    Prevention of Money Laundering Act (PMLA) had made it mandatory forjewelers to keep identification records of customers purchasing over $765.This led to increased smuggling as buyers were keen to avoid sales tax andmaintain anonymity. Wider discounts were also being offered in the greymarket, which dented official sales. However, ahead of planned fix, thegovernment has temporarily suspended reporting requirements for gold.Coming just ahead of major gold-buying festivals, this move has beenwelcomed by jewelers. (Reuters)。

    US Commerce Department finds preliminary antidumping margins of 6.7-46.4% in administrative review for South Korean Oil Country Tubular Goods(OCTG). Most Korean producers received a weighted average dumping marginof 19.7%. Margins are higher than the final results of prior review, which werein the 2.8-24.9% range. (SBB)。

    Iron ore and coal markets remain subdued amid China’s absence for a weeklongnational holiday. Prices usually rise after the holiday as steel and rawmaterial buyers return to procure, but expectations are mixed this time due touncertainty over environmental regulations. Platts assessed 62% Fe prices at$61.5/t (+0.2% WoW) and met coal price at $184.5/t (-2% WoW). (SBB, Platts)US Oil & Gas rig count declines by 4WoW to 936(+412YoY) for the weekending 10/6. Oil and gas-directed rigs were down by 2WoW each to 748(+320YoY) and 187(+93YoY), respectively. Canadian count fell by 4WoW to209(+44YoY). (Baker Hughes)。

    Indonesian President urges Freeport-McMoRan (FCX) to wrap up Grasbergdivestment deal. The deal, which was drafted in August, allows FCX tocontinue operations till 2041provided it grants the government 51% ownershipin Grasberg copper and gold mine. However, both the parties have beenunable to reach an agreement on the valuation or the timing and structure ofthe divestment. FCX CEO, Richard Adkerson, flew to Indonesia to meet theMining Minister after the President’s comments. (Mining.com)。

    AK Steel announces an electrode surcharge of $13.2/st on all stainless productshipments, effective October 29, 2017. Addition of the surcharge is due to therecent significant increase in graphite electrode price, driven by a globalshortage due to China’s environmental crackdown. (Company)。