Comex copper prices eased on Wednesday May 30 morning in the US, presenting a dip-buying opportunity for the market.Copper for July settlement on the Comex division of the New York Mercantile Exchange declined 1.4 cents or 0.46% to $3.0485 per lb."For the moment we view the weakness on Wednesday...Read More
Tight spot supply of Iranian lead ingots have pushed up premiums for major importing countries such as India and some Southeast Asian markets, prompting buyers to search for alternative brands and lead bullions. Premiums for secondary lead on a cif basis for India rose by $10 to $50-$60 per tonne from a week ago, with offers of Iranian units reported at the top end of the range. Tha...Read More
Prices for rebar produced and delivered in Southern Europe have narrowed downward over the past week with Italian and Spanish mills lowering their offers, sources told Metal Bulletin on Wednesday May 30.Metal Bulletin's weekly domestic price assessment for rebar in Southern Europe was ?,?485-510 ($561-590) per tonne delivered on Wednesday, down from ?,?485-520 per tonne on May 23."Domestically, I...Read More
Domestic prices for heavy steel plate in Southern Europe have decreased over the past week due to slow demand and the lower cost of steel slabs, sources have told Metal Bulletin.Demand has been slow because buyers have sufficient stocks of material, according to market participants.At the same time, however, domestic prices have been supported by low competition from imported material.Southern Eur...Read More
Domestic prices for hot-rolled coil (HRC) have been stable in Europe over the past week with only limited demand for imports, sources have told Metal Bulletin.European buyers have been either buying imported HRC on short delivery times or sourcing material from domestic mills due to expectations of a preliminary decision in a safeguard case, the sources said.The European Commission (EC) opened a s...Read More
Key data from the Wednesday May 30 pricing session in Europe. Key drivers - The ferro-titanium spot market has stabilised at current levels after the price increased at the bottom end of its trading range last week. Around 350 tonnes of alloy was reported traded in the past few working days within the current spot price range of $4.95-5.30 per kg duty delivered paid. - Most of the tonnage was repo...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday May 30:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $11.25-11.40 per lb from $11.10-11.25 Ferro-molybdenum MB Chinese free market concentrate, yuan/mtu:...Read More
Key data from Metal Bulletin's Wednesday May 30 pricing session in China.Molybdenum concentrate MB Chinese free market, 45% Mo, in-warehouse China, RMB/mtuKey drivers:- Market has been stable in May on healthy demand and tight supply- May tender prices by steel mills were 108,000-110,000 per metric tonne...Read More
South32 has agreed to buy a 50% stake in Australian metallurgical coal project Eagle Downs from Aquila Resources, a subsidiary of China Baowu Steel Group. South32, which will operate the project in the Bowen Basin, Queensland, will pay $106 million when the transaction is completed and will make a deferred payment of $27 million three years later. Aquila, which is 85% owned by Boawu ...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Wednesday May 30.Copper prices on the Shanghai Futures Exchange fell during Asian morning trading on Wednesday, reversing the gains seen on Tuesday, with the red metal's prices coming under pressure from a strengthening dollar.Check Metal Bulletin's live futures report here.LME snapshot at 03....Read More
US ferrous scrap export prices are losing ground, with bulk export pricing on the West Coast falling in two cargo sales to Asia and containerized scrap facing more downward pressure on both the East and West Coasts. The first of the two cargoes sold by West Coast exporters to Asian mills during the past seven days was for a full cargo of shredded scrap, booked by a Bangladeshi buyer at $...Read More
The stainless steel scrap market in the United States has shown little change over the past week, although a potential storm could be brewing, according to market participants."Consumers are quite hesitant to raise pricing for a few reasons, one being the drop in ferrochrome [and] the other being the season of the year. I am cautiously optimistic, but then again it's anyone's guess on what the mar...Read More
The ferrous scrap market in the United States appears to be gearing up for a relatively quiet month in June, with no sharp price volatility expected in either direction.Early talk for the upcoming June negotiations suggests that prime scrap tags could move sideways to slightly higher, and prices for cuts and shredded scrap could move sideways to slightly lower, according to buyers and sellers.&nbs...Read More
Turkish steel producers have continued to book deep-sea scrap cargoes for June delivery, sources said on Wednesday May 30.A steel producer in the Marmara region booked a European cargo, comprising 26,500 tonnes of HMS 1&2 (80:20), 10,000 tonnes of shredded and 10,000 tonnes of bonus at an average price of $336 per tonne cfr late on May 29.With the news of this European transaction, the daily indic...Read More
Metal Bulletin proposes to launch a weekly European hot briquetted iron (HBI) assessment on a cfr Italy basis, $ per tonne. The European HBI assessment is being launched in response to the growing global HBI market, with Italy being the largest consumer in the spot market. Proposed specification: Price: Italian hot-briquetted iron, $ per tonne, cfr Italian portsType: Assessed rangeLocation: cfr It...Read More
China is likely to take an economic hit from its crackdown on scrap imports, prompting it to adopt a more pragmatic approach in the future, panelists of the Bureau of International Recycling's (BIR) International Trade Council said at the association's Barcelona conference. China has announced several drastic measures to curtail the import of scrap into the country in recent months. The country's...Read More
All pig iron production facilities in Brazil came to a halt this week due to the truck drivers' strike over recent fuel price rises, Metal Bulletin was told on Wednesday May 30."100% of the pig iron sector has stopped due to the strike," a producer said."[Operations at] almost all companies are reportedly halted," a second producer added.The Brazilian truck drivers' nationwide strike, which began...Read More
Base metals were broadly lower on the London Metal Exchange during morning trading on Wednesday May 30, with tin the only metal to record an upward move against a strengthening US dollar index.Tin's three-month price is consolidating around $20,500 per tonne, recovering from its dip below $20,000 per tonne on May 25, its lowest point since January 2018. Concerns over tightening supply continu...Read More
Eastern China's rebar prices continued rising on Wednesday May 30 on falling stockpiles, while those in northern China were flat amid weak trading activity.Domestic Eastern China (Shanghai): 3,870-3,920 yuan ($603-611) per tonne, up 20-30 yuan per tonneNorthern China (Beijing): 3,860-3,880 yuan per tonne, unchangedRebar inventories in major eastern Chinese markets such as Shanghai and Hangzhou hav...Read More
Spot copper premiums strengthened in Europe in the week ended Tuesday May 29, with a strong contango on the London Metal Exchange boosting sellers' resolve to deal at higher levels. Asian rates, meanwhile, were flat with the previous week's levels. Italian premiums at their highest in over two years German premiums reach their highest level since December 2016 Asian markets largely steady; eyes o...Read More