SHANGHAI, Jun 1 (SMM) – Spot copper was mostly offered at a discount of 10 yuan/mt to a premium of 40 yuan/mt over the SHFE 1806 contract in the Shanghai market on Friday June 1. This compared with a discount of 40 yuan/mt to a premium of 20 yuan/mt on Thursday May 31.The SHFE 1806 contract hovered around 51,230 yuan/mt and closed at 51,240 yuan/mt in the morning trading session, up 120...Read More
SHANGHAI, Jun 1 (SMM) – Operating rates at wire and cable plants across China stood at 90.99% in May, up 0.82 percentage point year on year, and up 1.87 percentage points month on month, SMM research found.For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service.en@smm.cnRead More
SHANGHAI, Jun 1 (SMM) – Social inventories of zinc as of Friday June 1 dipped 1,800 mt from a week ago and stood at 118,300 mt across Shanghai, Guangdong and Tianjin markets, SMM data showed.Declines in inventories in Guangdong and Tianjin contributed to the dip. While consumers in those two markets cut their procurement due to high prices, inventories still fell as limited deliveries from s...Read More
Key data from the pricing session in the week ending Friday June 1. China China's domestic ferro-chrome prices rose following higher June tender prices and production cuts in small plants based in Fujian, Sichuan, Jiangsu and Hunan regions. The market anticipates further disruption to...Read More
SHANGHAI, Jun 1 (SMM) – High-grade nickel iron pig (NPI) production in Inner Mongolia remains under pressure from intensive environmental protection initiatives across the region since regular production resumed in March, SMM learned.In March, 2,892 mt in nickel content of high-grade NPI were produced across the region. The figure shrank 4% to 2,769 mt in April and another 4% to 2...Read More
SHANGHAI, Jun 1 (SMM) – Copper: LME copper fell below the daily moving average after surging to a high of $6,895.5/mt as the US dollar index declined. It is expected to hover at $6,800-6,870/mt today. The SHFE 1807 contract consolidated at 51,405 yuan/mt after rising to above the daily moving average at a high of 51,570 yuan/mt as investors cut their short positions. Pressure was seen a...Read More
SHANGHAI, Jun 1 (SMM) – Copper: LME copper fell below the daily moving average after surging to a high of $6,895.5/mt as the US dollar index declined. It is expected to hover at $6,800-6,870/mt today. The SHFE 1807 contract consolidated at 51,405 yuan/mt after rising to above the daily moving average at a high of 51,570 yuan/mt as investors cut their short positions. Pressure was seen a...Read More
The global nickel market is expected to record a modest 70,000 tonne deficit in 2018 on the back of strong stainless steel production growth, Denis Sharypin, Nornickel head of market intelligence, said at Metal Bulletin's International Nickel Conference in Toronto (May 31-June 1). Nevertheless, the shortfall would still be less than the 107,000 tonne deficit posted in 2017 due to Indonesia and Chi...Read More
SHANGHAI, Jun 1 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index weakened but remained at high levels around 94 with support from robust US data on employment and the personal consumption expenditure (PCE) price index. However, the US announced it will end the temporary exemptions on steel and aluminium dutie...Read More
SHANGHAI, Jun 1 (SMM) – The purchasing managers’ index (PMI) for the downstream industries of nickel in May stood at 50.44, according to SMM data.This was up 4.7 from 45.73 in April, and was above the 50 mark that separates expansion from contraction.The production index in May came in at 51.1, up 7.85 from that of April with support from the alloy industry. The index for new orde...Read More
SHANGHAI, Jun 1 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index weakened but remained at high levels around 94 with support from robust US data on employment and the personal consumption expenditure (PCE) price index. However, the US announced it will end the temporary exemptions on steel and aluminium dutie...Read More
SHANGHAI, Jun 1 (SMM) – Copper: LME copper fell below the daily moving average after surging to a high of $6,895.5/mt as the US dollar index declined. It is expected to hover at $6,800-6,870/mt today. The SHFE 1807 contract consolidated at 51,405 yuan/mt after rising to above the daily moving average at a high of 51,570 yuan/mt as investors cut their short positions. Pressure was seen a...Read More
SHANGHAI, Jun 1 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index weakened but remained at high levels around 94 with support from robust US data on employment and the personal consumption expenditure (PCE) price index. However, the US announced it will end the temporary exemptions on steel and aluminium dutie...Read More
The European Commission (EC) has encouraged all non-EU countries affected by the "illegal" Section 232 tariffs, imposed by the United States on steel and aluminium imports, to follow its lead and file their own complaints with the World Trade Organization (WTO)."We will today send requests for a consultation panel at the WTO, and we have already started preparations for rebalancing measures with a...Read More
In late April, Brazilian steel institute A??o Brasil revised upward its forecast for the country's consumption, sales and output of steel products this year, due to recovering market conditions.Domestic steel sales, for instance, were predicted by the group to rise by 6.6% in 2018 on an annual basis, to 18.01 million tonnes.But a continuing strike by truck drivers may prevent the steel sector from...Read More
The United States' decision to impose Section 232 tariffs of 25% on steel imports is the "best worst-case scenario", European long steel exporters told Metal Bulletin this week.The US imposed Section 232 tariffs of 25% on steel imports and 10% on aluminium imports from Canada, Mexico and the European Union with effect from 12.01am on Friday June 1. "We are happier with a 25% tariff than a quo...Read More
Price increases for flat steel goods in the Brazilian market will be appled in the first days of trading in June, despite the problems faced by mills related to the continuing strike by the country's truck drivers.On Friday June 1, CSN will raise its prices by 11.75% for hot-rolled coil (HRC) and cold-rolled coil (HRC), while coated product prices will go up by 8.25%, according to Brazilian flat s...Read More
The United Steelworkers trade union (USW) has criticized the US government's decision to remove Canada's exemption from Section 232 tariffs on steel and aluminium products."This decision [to remove Canada's exemption] is unacceptable and calls into serious question the design and direction of the [Trump] administration's trade policy," the union said on May 31."This decision ignores the fact that...Read More
Brazilian slab export prices remained unchanged on Friday June 1, with few offers being heard due to a nationwide strike by truck drivers that affected production in most steelmaking facilities in the country.Metal Bulletin's weekly assessment of Brazil's export slab prices was $580-590 per tonne fob on June 1, stable from the previous week.A few offers were heard to the North American market at $...Read More
Europe import prices for austenitic alloy steel scrap softened this week as the effect of high nickel prices was offset by sluggish demand, sources told Metal Bulletin on Friday June 1. Metal Bulletin's weekly price assessment for 18/8 stainless steel solids imported into mainland Europe was ?,?1,180-1,200 ($1,379-1,402) per tonne cif main European ports on Friday, down from ?,?1,200-1,240 per ton...Read More