Spot copper concentrate treatment and refining charges (TC/RCs) dropped at the end of July as labor negotiations soured at Escondida, the world's largest copper mine.The Metal Bulletin copper concentrates TC/RC index dropped by $3.10 per tonne/0.31 cents per lb to $83/8.3 cents per lb, breaking 3 1/2 months of gains.TC/RCs had risen sharply since May, when major smelter Sterlite Copper declared...Read More
Zinc treatment charges (TCs) have risen to their highest in almost two years, with lower exchange prices for the metal making smelters in China lower output, while terms for lead concentrates fell with arbitrage trades exacerbating a market significantly short of supply.TCs, discounts on the zinc price paid to smelters for the costs of processing concentrates to metal, shot up to $65-75 per tonne,...Read More
As a result of a technical error, Metal Bulletin's low-grade cobalt price assessment for August 1 was published on the Metal Bulletin price book later than scheduled. Metal Bulletin's price book has been updated and the price is now appearing as normal. To provide feedback on the delayed publication of the low-grade cobalt price assessment, please contact Charlotte Radford by email at:pricing@meta...Read More
Turkish steel producers broke their silence in the deep-sea scrap market on Wednesday August 1 with news of a European cargo being booked, which led to prices falling.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 tonnes of new cuttings at an average price of $328.50 per tonne cfr.This was the...Read More
Comex copper prices tumbled to a one-week low in the US morning on Wednesday August 1 after investors exited the complex due to ongoing worries about trade issues and potential strikes in South America. Copper for September settlement on the Comex division of the New York Mercantile Exchange tumbled 7.70 cents or 2.7% to $2.7545 per lb. "While we think the summer sell-off in copper is not justifie...Read More
Three-month base metals prices on the London Metal Exchange were down across the board by an average of 1% on the morning of Wednesday August 1. Zinc led the decline with a 1.7% drop to $2,590 per tonne, while copper was down by 1.2% at $6,244 per tonne.The disappointing release of China's Caixin manufacturing purchasing manager's index (PMI) for July - easing to 50.8 from 51 and below the expecte...Read More
Domestic prices for cold-rolled coil (CRC) in Europe have moved up slightly over the past week despite slow market activity, and they are expected to rise further, sources told Metal Bulletin on Wednesday August 1."The market is rather slow now, but the mills have good order books and they are not offering much at the moment because they feel no pressure to sell, and would prefer to wait until dem...Read More
Turkey imported 581,315 tonnes of flat steel in June 2018, down 14.12% from 676,906 tonnes in June 2017, according to the Turkish Statistical Institute (TUIK), on cheaper domestic prices.Demand for flat steel is weak in the country's domestic market, so import figures should not increase in the coming months. In addition, the import prices are not competitive compared to local prices. Metal Bullet...Read More
Domestic prices for hot-rolled coil (HRC) in Europe have been supported by a lack of competitive import offers in the market, sources told Metal Bulletin on Wednesday August 1.Buyers had expected to see a rise in the number of deals done for overseas HRC after the European Commission (EC) set preliminary measures in a safeguard case investigating steel imports.This forecast, however, turned out to...Read More
Confusion at national customs authorities across Europe, created by the implementation of the safeguard measures on steel imports imposed by the European Commission (EC), has caused delays for steel importers, market sources told Metal Bulletin this week.The EC's preliminary measures in the safeguard case came into effect on July 18, in the form of tariff rate quotas (TRQs) on 23 product categorie...Read More
ArcelorMittal reported a 45.5% year-on-year jump in its second-quarter earnings in a financial statement released on Wednesday August 1, because of higher steel prices.The company's earnings before interest, taxes, depreciation and amortization (Ebitda) increased to $3.07 billion in April-June 2018, up from $2.11 billion in the corresponding period of 2017.Earnings improved in all of ArcelorMittal...Read More
Prices for domestic hollow steel sections made in Europe were flat for a third week during the usual seasonal summer lull, sources told Metal Bulletin on Wednesday August 1.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged at ?,?640-660 ($749- 773) per tonne delivered on August 1."It's very slow and very quiet. We've seen...Read More
Turkish steel producers broke their silence in the deep-sea scrap market on Wednesday August 1 with news of a European cargo being booked, which led to prices falling.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 tonnes of new cuttings at an average price of $328.50 per tonne cfr.This was the...Read More
The seaborne iron ore market showed signs of slowing down on Wednesday August 1, with confidence in the ferrous market being overshadowed by a likely push by the central Chinese government to avoid a pricing bubble in the country's real estate market. Metal Bulletin 62% Fe Iron Ore Index: $66.55 per tonne cfr Qingdao, down by $1.64 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $65.76...Read More
China's ferrous futures largely weakened during morning trading on Wednesday August 1, with the exception of the coke contract, which ended the session higher.Futures closing prices - morning sessionShanghai Futures Exchange October rebar: 4,178 yuan ($612) per tonne, down 8 yuan per tonneOctober hot-rolled coil: 4,211 yuan per tonne, down 8 yuan per tonne Dalian Commodity Exchange September iron...Read More
Prices in the Iranian export semi-finished steel market decreased somewhat in the week ended Wednesday August 1 because buying activity in the major outlets was limited by the imminent renewal of US trading sanctions against the Middle Eastern country.At the same time, volumes of billet and slab available for export were limited by the Iranian government's request that more steel products be alloc...Read More
Metal Bulletin today amended the frequency of its Southeast Asia steel billet import price assessment from weekly to launch a daily price starting on Wednesday August 1, published on a $ per tonne cfr Philippines basis.Following a consultation period, Metal Bulletin is making the change in response to the sufficient market liquidity observed to support a daily assessment.The higher frequency is in...Read More
As competition in the global steel markets remains fierce, Metal Bulletin provides an update on the new, progressing and closed trade cases from around the world in July 2018.The case list below includes only updates. For other continuing cases this year, see the updates for January, February, March, April, May and June.1. Eurasian Economic Union (EEU): flat coated steel from China, Ukraine2. Viet...Read More
Prices for domestic hollow steel sections made in Europe were flat for a third week during the usual seasonal summer lull, sources told Metal Bulletin on Wednesday August 1.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged at ?,?640-660 ($749- 773) per tonne delivered on August 1."It's very slow and very quiet. We've seen...Read More
Domestic prices for steel beams in Europe went up this week because demand has remained high, with some market participants expecting further price increases, sources told Metal Bulletin on Wednesday August 1.Metal Bulletin's weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe narrowed week on week to ?,?630-640 ($738-749) per tonne delivered on August...Read More