Metal Bulletin reviews the major stories that have affected the steel market over the past week.Physical iron ore prices softened on Friday May 25 amid declining futures and despite gains in the steel market. They reached their lowest level since April 16, when prices were $63.93 per tonne.Chinese demand for iron ore is expected to be stable this year, with steel producers prioritizing capacity cu...Read More
Indian domestic secondary billet prices have risen by at least 800 rupees ($12) per tonne this week on rising demand for finished long products such as rebar, Metal Bulletin heard on Friday May 25.Prices on Friday for Indian domestic secondary billet, mainly produced via induction furnaces, were 36,600-36,800 rupees ($535-538) per tonne ex-mill, up by 800 rupees per tonne compared with last week's...Read More
Global ferrous scrap prices softened during the week ended Friday May 25, with falling Turkish scrap prices and the country's weaker lira muting trade activity both within the country and internationally.The fall in the value of the lira reduced the number of cargoes booked this week, leading to weaker offer prices. The markets in the United States and India both stagnated as a result of the Turki...Read More
The UK light iron scrap market was stable over the past week, for the seventh week in a row, but downward pressure is expected to come in the near term after a fall in export prices, industry sources told Metal Bulletin on Friday May 25.The market has been steady since mid-April, since which time sterling has fallen in value against the dollar - by about $0.10 to $1.338 on May 25. This has shored...Read More
Global direct-reduced iron (DRI) output increased 14.86% year on year in April 2018, according to new statistics published by the World Steel Association (Worldsteel) on Friday April 25.Total output was 7.11 million tonnes in April 2018 compared with 6.19 million tonnes a year previously, an increase of 920,000 tonnes. Production was...Read More
SHANGHAI, May 25 (SMM) – Nonferrous metals, except for SHFE tin, rose across the board on Friday May 25. SHFE nickel led the increases with a gain of 1.8%. SHFE zinc and aluminium gained over 1%, lead and copper inched up,Most ferrous metals closed higher. Hot-rolled coil rose close to 1%, rebar and coke nudged up. Coking coal and iron ore dipped.Copper: The SHFE 1807 contract rebounded from...Read More
SHANGHAI, May 25 (SMM) – Nonferrous metals, except for SHFE tin, rose across the board on Friday May 25. SHFE nickel led the increases with a gain of 1.8%. SHFE zinc and aluminium gained over 1%, lead and copper inched up,Most ferrous metals closed higher. Hot-rolled coil rose close to 1%, rebar and coke nudged up. Coking coal and iron ore dipped.Copper: The SHFE 1807 contract rebounded from...Read More
SHANGHAI, May 25 (SMM) – Nonferrous metals, except for SHFE tin, rose across the board on Friday May 25. SHFE nickel led the increases with a gain of 1.8%. SHFE zinc and aluminium gained over 1%, lead and copper inched up,Most ferrous metals closed higher. Hot-rolled coil rose close to 1%, rebar and coke nudged up. Coking coal and iron ore dipped.Copper: The SHFE 1807 contract rebounded from...Read More
Three-month base metals prices on the London Metal Exchange were for the most part weaker on the morning of Friday May 25, down between 0.2% and 0.6%, with copper down by 0.6% at $6,872 per tonne. Zinc was the single exception, up by a marginal 0.1%. Volume on the LME has been average, with 6,612 lots traded as of 7.34 am London time. This follows a general day of firmness on Thursday, when all th...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points in pre-opening trade. Index futures moved slightly lower following release of April Durable Goods Orders at 8:30 AM EDT. Consensus was a drop of 1.4% versus gain of 2.7% in March. Actual was a drop of 1.7%. Excluding transportation, April Durable Goods Orders were expected to increase 0.5%. Actual was an incr...Read More
SHANGHAI, May 25 (SMM) – To improve air quality and regulate pollution for the Shanghai Cooperation Organisation (SCO) Summit in Qingdao, Shandong province, environmental protection authorities in Shandong and Jiangsu will undertake inspections from May 30-June 11. All of Shandong province will subjected to the probes while just Xuzhou and Lianyungang in Jiangsu will be affected. The ef...Read More
SHANGHAI, May 25 (SMM) – Nickel ore inventories across all Chinese ports increased 170,000 wmt from last Friday to 8.12 million wmt as of Friday May 25, SMM data showed.The increase translated to 67,000 mt in metal content, up 2,000 mt from last week. Nickel ore stocks across seven major Chinese ports grew 120,000 wmt from the previous week and registered 5.45 million wmt. Fo...Read More
Indian domestic secondary billet prices have risen by at least 800 rupees ($12) per tonne this week on rising demand for finished long products such as rebar, Metal Bulletin heard on Friday May 25.Prices on Friday for Indian domestic secondary billet, mainly produced via induction furnaces, were 36,600-36,800 rupees ($535-538) per tonne ex-mill, up by 800 rupees per tonne compared with last week's...Read More
NANNING, May 25 (SMM) – Stricter environmental policies in China are likely to weigh on the zinc die-casting industry, said Ren Lixing, an analyst at Leekee Group in Hong Kong.The industry faces pressure from policies such as production cuts, regulations around dust and explosions and environmental taxes, Ren told delegates at the SMM Lead Zinc Summit on Friday May 25 in Nanning, G...Read More
SHANGHAI, May 25 (SMM) – To improve air quality and regulate pollution for the Shanghai Cooperation Organisation (SCO) Summit in Qingdao, Shandong province, environmental protection authorities in Shandong and Jiangsu will undertake inspections from May 30-June 11. All of Shandong province will subjected to the probes while just Xuzhou and Lianyungang in Jiangsu will be affected. The ef...Read More
SHANGHAI, May 25 (SMM) – Copper: Copper prices gained last night as the US dollar index weakened. Struggling between several moving averages, LME copper is expected to move above them and trade at $6,860-6,920/mt today with support from longs. The SHFE 1807 contract hovered between the five- and 60-day moving averages last night with support from the 20-day moving average. It is likely...Read More
NANNING, May 25 (SMM) – China's growth into the world's largest consumer of auto tyres since 2016 is of great significance to the domestic zinc oxide industry, said Wang Yanlong, chairman of Orlon Zinc Corporation in Weifang of Shandong province. He believes that the tyre industry will be dominated by current, leading companies as well as new, larger firms th...Read More
NANNING, May 25 (SMM) – Development of 5G networks in China is likely to bolster the demand for galvanised steel in next two to three years, said Zhang Qifu, president of the Asia Pacific General Galvanizers Association and director of the hot-dipping department at the Chinese Society of Corrosion and Protection.In China, galvanised steel is mostly used in building infrastructure such a...Read More
SHANGHAI, May 25 (SMM) – Copper: Copper prices gained last night as the US dollar index weakened. Struggling between several moving averages, LME copper is expected to move above them and trade at $6,860-6,920/mt today with support from longs. The SHFE 1807 contract hovered between the five- and 60-day moving averages last night with support from the 20-day moving average. It is likely...Read More
SHANGHAI, May 25 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar lost momentum and fell to a low of 93.6 last night as US President Donald Trump pulled out of the meeting with North Korea. It closed 0.2% lower at 93.78. Base metals rose for the most part with LME nickel leading the gains with a nearly 2% rise...Read More