SHANGHAI, Apr 23 (SMM) –Copper: LME copper stood above all the moving averages but pressure remained at the $7,000/mt level. The SHFE 1806 contract regained losses in the previous day and stayed above the 40-day moving average. We expect LME copper to trade at $6,950-7,000/mt today and the SHFE 1806 contract to trade at 51,300-51,800 yuan/mt. Spot premiums are seen narrower at...Read More
Manganese ore markets recorded further losses on Friday April 20 amid deteriorating sentiment around Chinese alloy and steel demand, while European alloy prices maintained current levels on sufficient stocks. Ore prices keep sliding on weaker alloy, steel demandSilico-manganese prices drop in ChinaIndian silico-manganese tracks ore lowerEuropean alloy prices remain steadyUS silico-manganese price...Read More
The base metals traded on the London Metal Exchange have kicked off the new trading week with a broadly positive performance this morning, Monday April 23. Sanction-hit aluminium leads on the upside with a gain of 0.8%, followed by lead, copper and zinc, which are up by 0.7%, 0.6% and 0.4% respectively. Nickel and tin are bucking the uptrend, however, with losses of 0.8% and 0.1% respectively. Wit...Read More
Base metals on the London Metal Exchange ended lower at the close of trading on Monday April 23, with aluminium falling 7.5% after the United States announced it would not impose secondary sanctions against UC Rusal. The US Department of the Treasury's Office of Foreign Assets Control (OFAC) will not impose secondary sanctions on non-US persons for engaging in the same activity involving Rusal or...Read More
Participants in the European aluminium market expect a bearish reversal of premiums after the United States Treasury decided on Monday April 23 that it will not impose secondary sanctions on non-US market participants for doing business with Russian supplier Rusal.The Treasury said that it wanted to mitigate the consequences for those affected by the sanctions because it wanted to target Russian o...Read More
Buyers in the export markets for hot-rolled coil (HRC) and cold-rolled coil (CRC) from the Commonwealth of Independent States expect further price declines, sources told Metal Bulletin this week."The mills are becoming more flexible in price discussions, but they don't declare [their] prices. Everything is discussed against bids," a trader told Metal Bulletin on Monday April 23.Metal Bulletin's we...Read More
UG2 chrome ore, and Chinese and Japanese ferro-chrome markets were bearish last week on anticipation of China's stainless steel mills lowering their ferro-chrome tender prices for May. Scarce activity due to sellers holding back from soft UG2 chrome ore Charge chrome quiet before tenders revealed Trades show fall in ferro-chrome into South Korea European ferro-chrome prices stab...Read More
The latest metal markets news and price moves to start the North American day on Monday April 23.Base metals on the London Metal Exchange are largely mixed during morning trading on Monday April 23, with nickel's price falling 1.7% alongside continued strength from aluminium.Here's how LME base metals...Read More
Good morning from Metal Bulletin's office in Shanghai as we bring you the latest news and pricing stories on Monday April 23.Copper prices on the Shanghai Futures Exchange led the rest of the base metals higher during Asian morning trading on Monday, with the red metal benefitting from strong fundamental support. Tin was the laggard, however, with its prices weakening slightly.Check Metal Bulletin...Read More
Base metals on the London Metal Exchange ended lower at the close of trading on Monday April 23, with aluminium falling 7.5% after the United States announced it would not impose secondary sanctions against UC Rusal. The US Department of the Treasury's Office of Foreign Assets Control (OFAC) will not impose secondary sanctions on non-US persons for engaging in the same activity involving Rusal or...Read More
The London Metal Exchange will begin testing the electronic trading of close prices in early 2019, starting with nickel, LME chief executive officer, Matt Chamberlain, said at the LME Update Forum.During the trial, the closing price of nickel will move off the Ring and on to its member trading system, LME Select.Speaking at the LME Update Forum, Chamberlain highlighted that member feedback - predo...Read More
The London Metal Exchange will remain based in London no matter what the outcome of further Brexit negotiations, chief executive officer Matthew Chamberlain confirmed. Speaking at the LME update forum on Monday April 23, Chamberlain said: "I can happily say we are staying in London. Members are looking for clarity and now we can give it to them." The LME explained that it is planning to apply for...Read More
The London Metal Exchange will begin testing the electronic trading of close prices in early 2019, starting with nickel, LME chief executive officer, Matt Chamberlain, said at the LME Update Forum.During the trial, the closing price of nickel will move off the Ring and on to its member trading system, LME Select.Speaking at the LME Update Forum, Chamberlain highlighted that member feedback - predo...Read More
An overview of the battery raw materials markets and their price moves from the past week. Read More
China has granted import quotas for copper scrap this year that are reduced by 83.7% from a year ago, in its first 10 rounds of approvals for solid waste import licenses, according to calculations made by Metal Bulletin.Licenses for total imports of 463,916 tonnes of copper scrap (HS code 7404.0000.10) have been granted so far in 2018, compared with 2.84 million tonnes a year ago, according to off...Read More
The London Metal Exchange will remain based in London no matter what the outcome of further Brexit negotiations, chief executive officer Matthew Chamberlain confirmed. Speaking at the LME update forum on Monday April 23, Chamberlain said: "I can happily say we are staying in London. Members are looking for clarity and now we can give it to them." The LME explained that it is planning to apply for...Read More
The London Metal Exchange is working toward producing a set of standards for responsibly-sourced metal, it said during its LME update forum in London on Monday April 23. The bourse will implement a three-step process of disclosure, engagement and compliance. If a metal brand does not meet the set requirements at the end of this process, the LME can delist it from the exchange, it said. "Our brand...Read More
Major international mining companies active in the Democratic Republic of Congo (DRC) remain optimistic they will resolve their concerns about the recently-revised mining code in a manner that is in the best interests of all parties, including the government and other key groups. The country's civil society is playing a key role in the discussion process and contributing to a better understanding...Read More
CIS export billet prices showed another round of decreases in the week ended Monday April 23 with bookings reported at lower prices than in the preceding seven days, Metal Bulletin has heard.In addition, import scrap prices in Turkey continued to trend downward, putting further pressure on CIS suppliers.Metal Bulletin's CIS billet export index was $510 per tonne fob Black Sea on April 23, against...Read More
The trade safeguard measures that are being investigated by the EU are intended to maintain established import flows, not to close the European market to imports, regional steel association Eurofer said on Monday April 23.The European Commission (EC) started a safeguard investigation into 26 steel products on March 26 with the aim of shielding the region's steel industries from the effects of a po...Read More