China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Marketwatch reports China’s leading market for precious metals trading increased its silver margin requirements Friday to a fresh high amid heightened volatility in precious metals.
The Shanghai Gold Exchange lifted silver margin requirements to 18% of a contract’s value, up from 15% previously, according to data provided by ScotiaMocca, the metals unit of Scotia Capital. In morning trade in New York silver for December delivery was up 1.2% at $31.90 an ounce after retreating in East Asia and recovering from a 7% tumble on Thursday.
Silver prices so far this year have averaged $35.70, a rise of 88% year-on-year, but is down from a record high of $48.61 at the end of April. Silver prices were expected to exceed $50/oz by the end of 2012, Thomson Reuters GFMS reported in its interim silver market review on Thursday on the back of increased investment demand.
