Base metals prices on the London Metal Exchange were mixed during morning trading on Tuesday January 22, with aluminium futures leading gains on more than 37,000 tonnes freshly canceled while broad strength in the US dollar index fueled downward pressure. Aluminium lead the complex with the most volumes traded over the morning at 4,616 lots as of 9:50am London time, while more than 50,000 tonnes o...Read More
Chinese steelmakers raised their offers on Tuesday January 22 in the absence of any selling pressure before the upcoming Chinese New Year holiday.DomesticEastern China (Shanghai): 3,700-3,720 yuan ($544-547) per tonne, up 40 yuan per tonneNorthern China (Tianjin): 3,660-3,680 yuan per tonne, up 30 yuan per tonneMany steelmakers in China raised their offers since they have secured enough orders for...Read More
Once again the upside initiatives in three-month base metals prices on the London Metal Exchange have run into overhead resistance, with the complex down by an average of 0.4% this morning, Tuesday January 22.Other commodity prices have also shown weakness, which we put down to the focus of slower global growth after the International Monetary Fund (IMF) lowered its global growth outlook to 3.5% i...Read More
Aggressive bidding and lower offer prices weighed on manganese ore prices in China, where inventories also fell sharply in the week ended Friday January 18. Manganese ore prices in China continue to fall Manganese ore stocks in China slump Ferro-manganese prices in Europe, China drop Silico-manganese price fob India falls Alloy prices stable in United States The manganese...Read More
Three-month base metals prices on the London Metal Exchange had dipped in recent days on the back of global growth concerns and after follow-through buying from last week waned, but the complex is broadly up again with average gains of 0.3% this morning, Wednesday January 23. Tin, that has been a star performer this year, was bucking the trend with a 0.3% dip to $20,390 per tonne. The rest we...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade. The Canadian Dollar slipped 0.07 to 75.04 cents U.S. following release of Canadian November Retail Sales at 8:30 AM EST. Consensus was a decrease of 0.6%. Actual was a drop of 0.9%. IBM gained $9.53 to $132.05 after reporting higher than consensus fourth quarter sales and earnings. Tesla...Read More
The base metals complex showed mixed results in afternoon trading on Monday January 21, with London Metal Exchange-three month prices for copper, aluminium and nickel failing to live up to last week's universal closing rally.The focus of the market remains on China's fourth-quarter data, which showed a further slowing of the economy at the end of 2018, with gross domestic product (GDP) growing by...Read More
Base metals on the London Metal Exchange complex consolidated in mixed morning trading on Monday 21 January, while market focus shifted to China's fourth-quarter data release.China's fourth-quarter GDP data was in line with expectations at 6.4%, down 0.1% from its previous recorded figure at 6.5%.''These numbers are basically in line with expectations, which were not optimistic,'' John Browning of...Read More
China produced 35.8 million tonnes of aluminium in 2018, up 7.4% year on year, according to data released by China's Statistics Bureau on Monday January 21, suggesting the annual winter production cuts did little to slow output in the country. Chinese output in December 2018 reached 3.05 million tonnes, marking an 11.3% increase from the same period of last year. Market producers said the only mod...Read More
Trade log for cobalt sulfate in China including transactions, bids and offers reported to Fastmarkets MB. Unless otherwise stated, all prices are yuan per tonne on an ex-works basis.The cobalt sulfate, Co 20.5% min, China ex-works, adjustment to the low-grade cobalt low-end price at Co 20.5% basis is on a $ per lb basis. Fastmarkets MB prices Click here for Fastmarket MB's price assessment for cob...Read More
Domestic scrap prices in Turkey have increased over the past week, in line with the firmer costs for imported scrap, sources said on Monday January 21.Fastmarkets' weekly price assessment for domestic auto bundle (DKP-grade) ferrous scrap was TRY1,450-1,630 ($272-305) per tonne delivered on January 21, widening upward from TRY1,450-1,590 per tonne last week.The change in the assessment came after...Read More
Turkish steel producers have accepted higher prices for scrap imports so that they can replenish their stocks and avoid halting production, although the finished steel market was still sluggish, sources said on Monday January 21.A steel mill in the Izmir region booked a Baltic Sea cargo, comprising 20,000 tonnes of HMS 1&2 (80:20) at $287 per tonne, 7,000 tonnes of shredded at $292 per tonne and 5...Read More
Despite weak Chinese gross domestic product (GDP) data that showed fourth quarter 2018 growth of 6.4%, after 6.5% in the prior quarter, the three-month base metals prices on the London Metal Exchange were for the most part holding up relatively well on Monday January 21, with prices just off slightly. The complex posted an average loss of 0.2%, with copper showing the largest reaction; the three-m...Read More
China's hot-rolled coil prices maintained their strength on Monday January 21, particularly those in the export market, amid a drop in supply coupled with an improvement in sentiment.DomesticEastern China (Shanghai): 3,660-3,680 yuan ($540-543) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,630-3,650 yuan per tonne, widening downward by 10 yuan per tonnePrices were largely stable natio...Read More
China's ferrous futures largely declined during morning trading on Monday January 21 amid the release of industrial data by the National Bureau of Statistics (NBS). Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,644 yuan ($538) per tonne, down 9 yuan per tonneJanuary hot-rolled coil: 3,520 yuan per tonne, down 5 yuan per tonneDalian Commodity Exchange January iron...Read More
The European long steel markets have started 2019 in lethargic fashion, disappointing suppliers that were resolutely raising their offer prices just two months ago in anticipation of strong demand.In November, rebar producers were confident of better prices on higher raw material costs, a forecast of strong demand, and external factors such as critically low water levels in the Rhine river and its...Read More
The United Arab Emirates has increased the import duty imposed on rebar to 10%, from the previous 5%, Dubai Customs announced on Wednesday January 16. The duties became effective the following day.The HS codes of the products that now have 10% import duty are: 72131000, 72132000, 7213900, 72139900, 72141010, 72141020, 72141090, 72142010, 72142010, 72142020, 72142090, 72143010, 72143020, 72143090.M...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transaction: rebarRebar East China, domestic, grade...Read More
Domestic scrap prices in Turkey have increased over the past week, in line with the firmer costs for imported scrap, sources said on Monday January 21.Fastmarkets' weekly price assessment for domestic auto bundle (DKP-grade) ferrous scrap was TRY1,450-1,630 ($272-305) per tonne delivered on January 21, widening upward from TRY1,450-1,590 per tonne last week.The change in the assessment came after...Read More
Turkish steel producers have accepted higher prices for scrap imports so that they can replenish their stocks and avoid halting production, although the finished steel market was still sluggish, sources said on Monday January 21.A steel mill in the Izmir region booked a Baltic Sea cargo, comprising 20,000 tonnes of HMS 1&2 (80:20) at $287 per tonne, 7,000 tonnes of shredded at $292 per tonne and 5...Read More