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
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
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
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
Zinc and lead smelter Nyrstar is ambivalent over changing dynamics in the zinc concentrates market, playing down attempts by Teck Resources in the past month to lower its reliance on long-term smelter partners.Teck, the market's main seller of annually contracted zinc concentrates, imported 1,000 tonnes of zinc concentrates from its Red Dog mine to China for the first time.The company is taking ad...Read More
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
The latest metal markets news and price moves to start the North American day on Wednesday August 1. Base metals on the London Metal Exchange were lower across the board during morning trading, hampered by slower growth figures from China's manufacturing sector amid an intensifying US-China trade rift. Here is how the LME base metals complex looked at 12:45pm London time: For a snapshot of exchang...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Wednesday August 1.Base metals prices on the Shanghai Futures Exchange were split into two camps at the end of morning trading on Wednesday, with nickel, zinc and copper edging higher, while the rest weakened.The base metals markets remained choppy ahead of major data releases later today, whi...Read More
The recent uptick in traded option volatilities in the London Metal Exchange copper market has faded as the month-end draws near, while what is likely to be an unexciting August expiry this Wednesday looks like setting a marker for the rest of the summer. Front-month at-the-money (ATM) copper volatility has dipped back to just under 20%, having climbed above 26% on August 19 - the best since early...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
Flat steel inventories in China rose in July on weak demand for hot-rolled coil (HRC) from the downstream industries, while plate producers increased production on firm demand from end-users.Long steel inventories of rebar and wire rod showed decreases following mandatory production cuts in major steelmaking cities such as Tangshan, Shandong, Guangdong, Xuzhou, Wuxi and Changzhou, imposed in an at...Read More
Nickel closed more than 3% lower on the London Metal Exchange on Wednesday August 1, with recent gains unraveling amid a fresh trade rift between the United States and China. The three-month nickel price had climbed to their highest in more than two weeks on July 31, closing above $14,000 per tonne, but they sank towards $13,500 per tonne in Wednesday afternoon trading.Despite robust demand from t...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
The aluminium import arbitrage between the United States and Asia tightened this month for both duty-free and duty-paid material, with market participants noting that the arbitrage opportunity is looking less attractive.The differential between canceling aluminium without the 10% Section 232 tariff from London Metal Exchange-listed warehouses in Asia and shipping the material into the US Midwest h...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
Summary of Rio Tinto's first half production results for the six months ended June 20 (Rio Tinto share unless otherwise indicated, year-on-year change).Iron ore shipments (100% basis)168.8 million tonnes, +9%Iron ore production (100% basis)168.7 million tonnes, +7%Hard coking coal3.276 million tonnes, +4%Copper, mined296.1 million tonnes, +42%Copper, refined117.9 million tonnes, +53%Bauxite25.931...Read More
A shortage of high-purity nickel is expected to be seen after 2018 because current market prices are below the incentive levels needed to develop new nickel projects, according to Canada-based nickel and cobalt producer Sherritt International.Demand continues to exceed available supply, the company said, so the nickel market is expected to go into a structural deficit.This will be despite a contin...Read More
Nickel closed more than 3% lower on the London Metal Exchange on Wednesday August 1, with recent gains unraveling amid a fresh trade rift between the United States and China. The three-month nickel price had climbed to their highest in more than two weeks on July 31, closing above $14,000 per tonne, but they sank towards $13,500 per tonne in Wednesday afternoon trading.Despite robust demand from t...Read More
The Chilean government has called for a resolution to the strike at Codelco's 300,000 tonnes per year copper mine, Chuquicamata.The government expects "both workers and the company to reach an agreement soon," Chile's general secretary Cecilia P?(C)rez Jara said on Tuesday as reported by local publication Soycalama.The strike at Chuquicamata was instigated in...Read More