Although rate cut expectations encouraged the London Metal Exchange three-month base metals prices to move higher yesterday, they have started to weaken in early trading today, Thursday July 11, and been unable to attract follow-through buying. In his prepared remarks, Federal Reserve Chairman Gerome Powell last night noted that uncertainties since the June FOMC meeting continued to dim...Read More
Nickel premiums in China continued to fall in the week ended Tuesday July 9 on import arbitrage losses, while the traditional summer slowdown kept premiums in Europe and the United States unchanged. Chinese premiums continue adjusting back down after recent peaks.European premiums not swayed by falling three-month nickel price on the London Metal Exchange.US premiums hold, although low end of rang...Read More
Base metals prices on the Shanghai Futures Exchange were mostly up in morning trading on Thursday July 11 amid US dollar weakness following dovish comments by US Federal Reserve Chair Jerome Powell, while nickel rallied on reports of a possible ore ban by Indonesia.The dollar index dipped by 0.07 to 96.98 as at 9.50am Shanghai time. "The US dollar is on the back foot after Federal Reserve Chair Po...Read More
The market for flat-rolled steel imports into the United States has remained broadly quiet and uncompetitive, but foreign products could become attractive once again in the wake two rounds of domestic mill increases announced over the past two weeks, market participants said."My focus had been international, and now it's completely dead," one mill source commented.Hot-rolled coilFastmarkets' ...Read More
Salzgitter Flachstahl, a flat steel subsidiary of German steelmaker Salzgitter, plans to build a hot-dipped galvanizing (HDG) line with capacity for 500,000 tonnes per year, the company said on Thursday July 11.The new production facility will be intended to supplement the company's existing capacities."This project is a key component in the strategy of the Salzgitter Group that focuses on qualita...Read More
Ukraine's largest producer of long steel, ArcelorMittal Kryvyi Rih, is performing hot tests of one of two new continuous casting machines, designated CCM No2 and CCM No3, the company announced on Thursday July 11."The machine will be put into operation in the third quarter of 2019," the company said in a recent release, adding that the second new CCM will be ready by the end of the year.The constr...Read More
The Turkish domestic long steel markets have remained quiet over the past week amid sluggish summertime demand, sources told Fastmarkets on Thursday July 11.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was TRY3,100-3,130 ($542-547) per tonne on Thursday, widening upward slightly from last week's TRY3,100-3,120 per tonne.The...Read More
The price of steel billet imported into Egypt increased in the week to Thursday July 11 because of higher offers, despite the poor domestic demand."Offer prices are increasing but there are no bookings because of the uncertainty about safeguard duties," a local market source told Fastmarkets.In April, Egypt imposed a temporary additional duty on rebar and billet in response to increased import vol...Read More
Seaborne iron ore prices fell on Thursday July 11, with demand weakening because of steel production restrictions in north China. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $119.37 per tonne, down $1.59 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $119.29 per tonne, down $1.59 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines...Read More
Seaborne coking coal prices retreated on Thursday July 11, which left some participants in China surprised over the quantum of the decline, though they had no doubts about the direction of the market. A cargo of premium hard coking coal was heard to have been traded at $186 per tonne cfr China, down $5 per tonne compared with a transaction involving the same brand earlier this week."I am not sure...Read More
Trading activity in eastern China's hot-rolled coil market rose to moderate levels on Thursday July 11 after sellers cut prices.DomesticEastern China (Shanghai): 3,860-3,880 yuan ($561-564) per tonne, down 20-30 yuan per tonneNorthern China (Tianjin): 3,830-3,840 yuan per tonne, unchangedTrading in Shanghai was robust in the morning when traders set prices at 3,860-3,870 yuan per tonne.But once pr...Read More
China's rebar prices held steady on Thursday July 11 amid a drop in both supply and demand.Domestic Eastern China (Shanghai): 3,980-4,000 yuan ($578-581) per tonne, unchangedNorthern China (Beijing): 3,880-3,910 yuan per tonne, unchangedA total of 3.76 million tonnes of rebar were produced during the week to Thursday, down 21,000 tonnes from the preceding week, according to a local industry inform...Read More
Chinese stainless steelmaker Tsingshan Holding Group has completed the construction of its 600,000-tonnes-per-year cold-rolling mill in India and is currently putting it through its final stage of testing.The steelmaker has plans for another two phases of expansion for the mill, which...Read More
Domestic stainless steel prices in China moved down slightly over the past week amid low buying interest. Fastmarkets' price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 14,100-14,500 yuan ($2,049-2,107) per tonne including value-added tax for the week ended Wednesday July 10, down 100 yuan per tonne from a week earl...Read More
China's trade surplus with the United States in the first half of 2019 has increased as imports from the US have fallen by 25.7%, stoking fears thatPresident Trump will harden his position in trade talks with China. In his speech to Senate Banking Committee, US Federal Reserve Chairman Jerome Powell maintain a dovish stance and stated that the US economy is in a very good place but faced...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.Index futures were virtually unchanged after the June Producer Price Index was released at 8:30 AM EDT. Consensus was an increase of 0.1% versus a gain of 0.1% in May. Actual was an increase of 0.1%. Excluding food and energy, consensus for the June Producer Price Index was an increase of...Read More
Nickel closed around 2% higher on the London Metal Exchange on Wednesday July 10 after peaking at intraday high above $13,000 per tonne, its highest since April. The three-month price bottomed out at $12,710 per tonne before it reversed higher, breaking past key resistance levels to breach $13,000 per tonne. It closed just short of the mark at $12,990 per tonne. More than 10,000 lots of nickel cha...Read More
Bosnian aluminium smelter Aluminij Mostar has shut down after years of financial struggle. Market sources cited issues with the smelter's debt as causing the plant to shut. The smelter's power was cut off around midnight on Wednesday July 10, local media outlet Klix reported. Nermin D? 3/4 indic, federal minister of energy, mining and industry, told local media a request for the smelter's bankrupt...Read More
Tin premiums in Europe, North America and Asia were stable over the week to Tuesday July 9, with European market participants questioning a further downside move from its lowest level since November 2018, and US and Chinese premiums holding firm against lagging demand. Global premiums static in quiet trading conditions. European market remains at November 2018 low, with downside bias. ...Read More
Peru has given Southern Copper the construction authorization it needed for the T?-a Mar?-a copper project to go ahead, the company and the Peruvian authorities said on Tuesday July 9.The mining company, which already has operations in Peru and in Mexico, has waited for eight years to get the permit for the project, which will exploit two deposits: La Tapada and T?-a Mar?-a. It is expected to prod...Read More