Import prices for steel billet in Southeast Asia remained firm on Thursday August 2 amid slow trading activity and muted demand.Metal Bulletin's daily price assessment for billet imports to Southeast Asia was $545-550 per tonne cfr Manila on Thursday, narrowing upward from $540-550 per tonne cfr a day earlier.The frequency of the assessment was increased from weekly to daily starting on Wednesday....Read More
In response to a "harsh business environment", five companies under major Japanese steelmaker Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group will integrate and reorganize their welded stainless steel pipe and tube businesses, the group announced on Thursday August 2.The change will take place around April 1, 2019, after Nisshin Steel Co., Ltd becomes a wholly-owned subsidiary of NSSMC. Ni...Read More
Molybdic oxide and ferro-molybdenum prices in Europe have strengthened to three-month peaks in trading so far this week, with tightness - and rising prices - in Asia prompting renewed demand in the West.Prices of both have steadily run higher in Europe since the start of July after they had dropped through June. And with higher offer prices already being reported in Europe against apparent tightne...Read More
Metal Bulletin has today discontinued its weekly assessment for 2mm grade 304 cold-rolled stainless sheet export fob Northern European ports.After a consultation period, Metal Bulletin has suspended its EU export price assessment for grade 304 stainless steel cold-rolled sheets. European exports of commodity-grade stainless steel products such as 2mm grade 304 cold rolled stainless sheet have fall...Read More
In response to a "harsh business environment", five companies under major Japanese steelmaker Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group will integrate and reorganize their welded stainless steel pipe and tube businesses, the group announced on Thursday August 2.The change will take place around April 1, 2019, after Nisshin Steel Co., Ltd becomes a wholly-owned subsidiary of NSSMC. Ni...Read More
Demand for flat steel in Turkey will remain moderate throughout August, but prices are not expected to fall because there is strong export demand, market participants told Metal Bulletin on Thursday August 2.Local producers have filled their order books until the end of September, and are planning to increase their prices for October bookings, despite weak local demand.Stock levels are not high in...Read More
Domestic long steel prices in EU markets are expected to remain around current high levels over the August holiday period, although mills could push through further price rises in September, market sources told Metal Bulletin this week."Customers are starting to go on holiday. We haven't heard new inquiries but we expect the [rebar] price to be maintained, and then perhaps to rise in September," a...Read More
In response to a "harsh business environment", five companies under major Japanese steelmaker Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group will integrate and reorganize their welded stainless steel pipe and tube businesses, the group announced on Thursday August 2.The change will take place around April 1, 2019, after Nisshin Steel Co., Ltd becomes a wholly-owned subsidiary of NSSMC. Ni...Read More
The pig iron export market in the Commonwealth of Independent States has softened on falling scrap prices, sources told Metal Bulletin on Thursday August 2.Metal Bulletin's export price assessment for high-manganese pig iron from the CIS region went down to $380-390 per tonne fob Black Sea on Thursday, from $390-395 per tonne the week before."The scrap price has fallen dramatically in Turkey.No on...Read More
Base metals on the London Metal Exchange finished mostly lower at the close of trading on Thursday August 2, pressured by the re-emergence of trade tensions between the United States and China in addition to a seasonal slowdown over the summer period.Falling 2% over the afternoon, nickel prices continue to track lower on macroeconomic factors, while declining stocks, robust demand and a large cont...Read More
Mergers and acquisitions in the metals and mining sector may have slowed overall but battery metals deal activity has begun to accelerate, according to a report by consultancy EY. Deal value for rare earths and lithium assets was up 22% year on year in the first half of 2018, with companies increasingly looking to capitalize on future demand for electric vehicles (EVs), the report noted. "Mining a...Read More
Demand for flat steel in Turkey will remain moderate throughout August, but prices are not expected to fall because there is strong export demand, market participants told Metal Bulletin on Thursday August 2.Local producers have filled their order books until the end of September, and are planning to increase their prices for October bookings, despite weak local demand.Stock levels are not high in...Read More
The latest metal markets news and price moves to start the North American day on Thursday August 2.Copper prices on the London Metal Exchange consolidated during morning trading on Thursday August 2, unperturbed by news of strike action at BHP's Escondida mine in Chile, the world's largest copper mine.Dipping marginally over the morning session, copper's three-month price has fallen just under 3%...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday August 2. Base metals prices on the Shanghai Futures Exchange were under pressure during morning trading on Thursday, following a ratcheting up of trade tensions between the United States and China on Wednesday.Check Metal Bulletin's live futures report here. Afarak has announced the...Read More
GFG Alliance, the owners of international metals group Liberty House, have appointed Mahendra Singh Mehta to lead its growing business in India, the company said this week.Mehta was formerly chief executive officer at Indian mining company Vedanta Resources.His appointment follows India's National Company Law Tribunal's (NCLT) approval of Liberty House's acquisition of troubled Indian special...Read More
Base metals on the London Metal Exchange finished mostly lower at the close of trading on Thursday August 2, pressured by the re-emergence of trade tensions between the United States and China in addition to a seasonal slowdown over the summer period.Falling 2% over the afternoon, nickel prices continue to track lower on macroeconomic factors, while declining stocks, robust demand and a large cont...Read More
Comex copper prices have extended the latest downturn and are now trading at the lowest point since June 20 on Thursday August 2 morning in the US, due to another round of trade worries. Copper for September settlement on the Comex division of the New York Mercantile Exchange dipped 1.55 cents or 0.6% to $2.7320 per lb. The contract also hit a low of $2.7075 per lb.Ongoing trade tensions between t...Read More
With available stocks at record lows, aluminium spreads on the London Metal Exchange are increasingly volatile. More than 200,000 tonnes of aluminium was freshly canceled on the exchange during July across Europe and Asia at a time when a significant backwardation took hold of the spreads. The benchmark cash/three-months was at $50 per tonne backwardation on July 16, with all the nearby spreads al...Read More
Turkish steel mills pulled back from the deep-sea scrap markets again on Thursday August 2, keeping prices relatively stable.Mills broke their silence in trading activity on Wednesday when a steel mill in the Marmara region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 12,500 tonnes of bonus and 2,500...Read More
Steel billet import prices decreased slightly this week in Egypt with lower offers in the market, while domestic rebar prices were unchanged, sources told Metal Bulletin on Thursday August 2.Metal Bulletin's weekly price assessment for domestic rebar in Egypt on August 2 was stable at E ?12,525-12,528 ($700) per tonne ex-works.The country's major rebar producer, Ezz Steel, is still offering the ma...Read More