The process to exclude steel and aluminium from the Section 232 import tariffs applied by the United States is having some interesting consequences.One of these is that, in the event of a national security issue -which Section 232 was designed to address - the US would theoretically rely on Japan for its imports of steel and Saudi Arabia for its imports of aluminium.That is because those countries...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Wednesday February 13, with a late-afternoon appreciation in the US dollar index contributing to dampened buying sentiment while LME volumes remain low. Copper futures continued to trade in positive territory throughout the afternoon, despite falling over 3% from last week's high of $6,289.50 per tonne on...Read More
Well-stocked US tin customers ordered little material in the week ended Tuesday February 12, while in Europe available tin did not necessarily meet customers' specifications and most Chinese market participants were still away for the Lunar New Year public holiday, all factors keeping global premiums flat. US solder-makers said to be facing weak demand, buying less tin Europe still grapples...Read More
Low prices for copper in the international markets could reduce the availability of copper scrap, European producer Aurubis said in a results statement for the October-December 2018 quarter, published on Wednesday February 13.The multi-metal company expected the copper scrap market to be fundamentally stable, it said. But the current low metal prices could lead to reduced copper scrap supplies and...Read More
Trafigura is set for crunch talks with holders of Nyrstar bonds and the company's bankers, as the world's largest global zinc producer faces ?,?340 million ($385 million) of looming debt repayments and a crumbling share price.Nyrstar, which was formed in 2007 by the merging of Zinifex and Umicore's smelting divisions, and which smelted roughly 8% of the world's total refined zinc last year at...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The Turkish steel producers have continued to hold back from the deep-sea scrap markets, after booking enough material for stocks, and have started to watch the finished steel markets, sources said on Wednesday February 13.The mills in the country have booked around 2.5 million tonnes of scrap since the beginning of the year to replenish earlier low stock levels, and were now focusing on finished...Read More
A lack of fresh drivers kept US copper futures steady in Wednesday morning trading. The copper price for March settlement on the Comex division of the New York Mercantile Exchange was flat at $2.7720 per lb.The focus of market participants - and the main driver of direction - remains the US-Chinese trade talks."We expect further upside in copper prices over the next month due to a stronger macro s...Read More
China's hot-rolled coil exporters left their offer prices unchanged on Wednesday February 13, although the domestic market continued to drop on low demand.DomesticEastern China (Shanghai): 3,790-3,800 yuan ($559-560) per tonne, down 50 yuan per tonneNorthern China (Tianjin): 3,760-3,770 yuan per tonne, down 20-30 yuan per tonnePrices have returned to their pre-Chinese Lunar New Year holiday l...Read More
China's steel futures fell during morning trading on Wednesday February 13, while those of steelmaking raw materials moved sideways.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,731 yuan ($550.30) per tonne, down 18 yuan per tonneMay hot-rolled coil: 3,636 yuan per tonne, down 11 yuan per tonneDalian Commodity Exchange May iron ore: 623 yuan per ton...Read More
Chinese mills have raised their export plate offers following higher global steel prices amid rising raw material costs in the wake of the accident at one of Vale's iron ore mines in Brazil.Fastmarkets MB's assessment for March/April shipments of commercial-grade, chromium-added plate was $520-540 per tonne fob for the week ended Tuesday February 12, up $5-20 from $515-520 per tonne fob during the...Read More
Prices for domestic hollow steel sections in Europe were unchanged on Wednesday February 13, with the market seemingly paralyzed by uncertainty over EU import tariffs and quotas, sources told Fastmarkets.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?630-640 ($712-723) per tonne delivered on Wedn...Read More
European prices for mesh-quality wire rod stayed flat across the continent on Wednesday February 15, with some buyers facing high costs for imports from Turkey in recent days because the European Commission's safeguard import quota has already been fully taken up.Fastmarkets' weekly domestic price assessments for mesh-quality wire rod in both Northern and Southern Europe stayed at ?,?530-550 ($599...Read More
The price for rebar produced and delivered in Southern Europe remained flat on Wednesday February 13, with producers facing higher raw materials costs and unable to pass on the increases to disinterested customers.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe stayed at ?,?510-520 ($578-589) per tonne delivered on Wednesday.The rebar price has remained at that...Read More
Vale has signed an agreement with the municipal government of Vit??ria, capital of Brazil's south-eastern state of Esp?-rito Santo, to resume operations of pellet plants and port logistics at Tubar??o, the miner said on Wednesday February 13.The municipality previously ordered the company to stop water treatment processes at the site on February 8, which prompted the halt of pellet plants 1 throug...Read More
The Turkish steel producers have continued to hold back from the deep-sea scrap markets, after booking enough material for stocks, and have started to watch the finished steel markets, sources said on Wednesday February 13.The mills in the country have booked around 2.5 million tonnes of scrap since the beginning of the year to replenish earlier low stock levels, and were now focusing on finished...Read More
Iron ore prices largely continued to soften on Wednesday February 13 with no further supply disruptions from Brazil confirmed, but two cargoes of Brazilian Blend fines (BRBF) traded at stronger levels.MB 62% Fe Iron Ore Index: $87.22 per tonne cfr Qingdao, down $0.43 per tonne. MB 62% Fe Pilbara Blend Fines Index: $88.06 per tonne cfr Qingdao, down $0.43 per tonne. MB 62% Fe Iron Ore Index-Low Alu...Read More
The process to exclude steel and aluminium from the Section 232 import tariffs applied by the United States is having some interesting consequences.One of these is that, in the event of a national security issue -which Section 232 was designed to address - the US would theoretically rely on Japan for its imports of steel and Saudi Arabia for its imports of aluminium.That is because those countries...Read More
China's rebar prices dropped on Wednesday February 13 in both the domestic and export markets on pessimistic sentiment amid futures and billet losses. Domestic Eastern China (Shanghai): 3,800-3,840 yuan ($560-566) per tonne, down 30-40 yuan per tonneNorthern China (Beijing): 3,800-3,840 yuan per tonne, down 20 yuan per tonneTangshan billet prices decreased due to weakening demand and lower&nb...Read More
China's steel futures fell during morning trading on Wednesday February 13, while those of steelmaking raw materials moved sideways.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,731 yuan ($550.30) per tonne, down 18 yuan per tonneMay hot-rolled coil: 3,636 yuan per tonne, down 11 yuan per tonneDalian Commodity Exchange May iron ore: 623 yuan per ton...Read More