Nickel premiums in China and cut cathode premiums in Europe have both moved higher this week, while the rest of the nickel market was flat during the seasonal summer quiet period. China premiums climb as import window closes European cut cathodes rise; rest of market flat Demand lull leaves US premiums unchangedChina nickel cif premiums higher on financing needsMetal Bulletin assessed the cif Shan...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
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
Turkey exported 552,308 tonnes of flat steel products in June 2018, according to figures recently released by the Turkish Statistical Institute (TUIK).This volume was up by 42.67% from the 387,114 tonnes exported in June 2017, the institute said.Export volumes are expected to continue to rise, mainly thanks to strong demand in Europe.Demand for coated coil is also strong in Europe and the United S...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 b...Read More
Key data from the Wednesday August 1 pricing session in Europe. Key drivers - There is persistent industry talk of a fall in availability of ferro-titanium supply to Europe from Russia, which is prompting near-term demand for European supplies. - Most alloy consumers have their current-quarter delivery needs already covered in longer-term delivery contracts, although there may be more capacity for...Read More
The following Metal Bulletin minor metals prices changed on Wednesday August 1:Minor metals Antimony MMTA standard grade II, $/tonne: $7,800-8,200 per tonne from $7,900-8,200 Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 50,500-51,000 yuan per tonne from 51,000-52,000 yuan Cobalt MB free market high grade, $/lb: $34.75-36.00...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday August 1:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $12.45-12.55 per lb from $12.10-12.30 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $30.00-30.20 per kg from...Read More
Pre-opening Comments for Wednesday August 1stU.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade despite strength in Apple, highest weighted stock in the IndexIndex futures were virtually unchanged following release of the July ADP Private Employment report at 8:15 AM EDT. Consensus was 185,000 additions during the month. Actual was 219,000.In...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
Tawana Resources NL does not rule out the production of lithium spodumene for hydroxide production at its flagship Bald Hill lithium mine in Australia in the future.Bald Hill's output is of high quality, having low impurities such as iron, sodium and potassium, managing director Mark Calderwood told Metal Bulletin."We achieved commercial production within five months of commencement of ore commiss...Read More
Orocobre has confirmed a quarter-on-quarter increase in output of lithium carbonate at its Olaroz Lithium unit by 28% to 3,596 tonnes in the second quarter of 2018 from 2,802 tonnes.Unforeseeable port shipping delays compelled the Argentina-based lithium producer to revise its figures for sales and revenue generated from sales that it had announced on July 2.The company increased sales by 7%, sell...Read More
Ferrous scrap export prices are down on both US coasts, as Turkish and South Korean mills secured lower prices than in recent weeks for US scrap. The latest cargo to Turkey from the US East Coast, first heard on July 26, had HMS 1&2 (80:20) priced at $335 per tonne cfr, for September shipment, market participants said.That cargo, they said, has set the stage for lower prices in other regions, as o...Read More
Stainless steel scrap prices in the United States remain firm but the market could be facing tough times ahead with nickel dropping, chrome getting weaker and the iron market in a downward trend."I think dealers have accepted the fact that prices will probably be stuck at current levels for a while and have adjusted buying prices accordingly to maintain margins," one scrap dealer said, also i...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
Movements in the seaborne coking coal spot market were mixed on Wednesday August 1, leaving participants in a blur about which way prices would head next. Two cargoes of premium mid-vol hard coking with their laycan set for early September and October were traded at $173.50 per tonne fob Australia and $175 per tonne fob Australia respectively, market sources told Metal Bulletin.Two cargoes of the...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreBeijing Iron Ore Trading Center,...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