Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday September 20*Copper $24.10 (165.50 yuan)Aluminium -$377.91 (-2594.98 yuan) Zinc $92.48 (635.03 yuan) Nickel $332.40 (2282.47 yuan) Meanwhile, due to a technical error, Metal Bulletin did not publish its daily SHFE vs LME physical arbitrage report on Wednesday September 19. The figures were published in Metal Bulletin'...Read More
Base metals prices on the London Metal Exchange were little changed during morning trading on September 20, with the complex stabilizing after recent volatile trading conditions. The three-month aluminium price edged up $4.50 but lacks any concrete direction, with the market continuing to wait for more clarity over whether the United States' sanctions against aluminium producer UC Rusal will be li...Read More
Ferro-nickel has lost competitiveness against stainless steel scrap and nickel pig iron (NPI) as a raw material input for stainless steel, according to Frank Ehrenberg, senior vp for raw materials procurement at Finnish steelmaker Outokumpu.At the Metal Bulletin and Steel & Metals Market Research (SMR) stainless steel conference in Helsinki, Finland, on Wednesday September 19, Ehrenberg said that...Read More
Here is our selection of the principal talking points at Metal Bulletin's 33rd International Aluminium conference held in Berlin, September 12-14.Rusal uncertainty continues to stifle liquidityThe sanctions imposed by the United States against Russian aluminium producer UC Rusal were the main talking point at the conference, with uncertainty about the situation dividing opinion.More than half the...Read More
Turkish domestic long steel prices remained largely unchanged over the past week on continuing weak demand, sources said on Thursday September 20.Metal Bulletin's weekly price assessment for domestic rebar was TRY3,800-3,930 ($603-624) per tonne ex-works, down from TRY3,800-3,950 per tonne last week.However, the demand was still limited due to high prices with the effects of weak lira, Metal Bulle...Read More
Brazilian flat and long steel producer Companhia Sider??rgica Nacional (CSN) has reached an agreement with state environmental authorities to maintain operations at its Volta Redonda steelmaking unit. The company agreed to invest 303 million Reais ($73 million) to cover the cost of environmental projects in the Volta Redonda region, Rio de Janeiro state, until...Read More
Turkey has imposed an additional 25% duty on steel imports, payable once product-specific quotas have been exceeded.Imports of flat steel, long steel, iron & steel pipes, stainless steel products and railway equipment will be subject to the additonal charge, the country's official gazette announced on Wednesday, September 19. The quotas are as follows: 3.12 million tonnes for flat p...Read More
Steel billet import prices in Egypt narrowed in the week ended Thursday September 20, with the billet import market remaining silent.Metal Bulletin's weekly price assessment for steel billet imported into Egypt was $495-500 per tonne cfr on Thursday, unchanged week on week. CIS-origin billet was offered at $495-500...Read More
Three-month base metals prices on the London Metal Exchange were higher across the board by an average of 0.7% on the morning of Thursday September 20. For now, the market seems to be grateful that the latest round of tariffs from the United States stood at 10% and not the 25% initially threatened. Lead and zinc were the outperformers with gains of 1.1%, followed by copper, aluminium and nickel wh...Read More
The molybdenum oxide market in Europe has dropped on new deals reported midweek, with lower prices settled as consumers in the steel sector have been mostly absent in the month, sources told Metal Bulletin on Wednesday September 19. With little sign of early September buying interest for molybdenum in Asia following through, European industry sources are expecting more downward pressure on domesti...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to 210,000 versus 203,000 last week. Actual was. 201,000. Consensus for Philly Fed Index was 19.6 . Actual was 22.9. Red Hat (RHT $143.16) is expe...Read More
Turkish steel producers continued to stay out of deep-sea scrap markets, partly due to falling demand in their billet and rebar export markets, sources said on Thursday September 20.After booking a number of deep-sea cargoes for October, the mills have been mostly quiet so far this week."The mills were buying scrap as they were selling billet to Southeast Asia. But the billet demand from the....Read More
Seaborne iron ore prices recorded limited movement on Thursday September 20 with little trading activity taking place.Metal Bulletin 62% Fe Iron Ore Index: $69.18 per tonne cfr Qingdao, down by $0.28 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $68.21 per tonne cfr Qingdao, down by $0.28 per tonne.Metal Bulletin 62% Fe Iron Ore Index Low Alumina: $75.57 per tonne cfr Qingdao, up by $...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreBeijing Iron...Read More
Seaborne coking coal spot prices were largely unchanged on Thursday September 20 with offers and bids still moving in opposite directions. A tender for a premium mid-vol material failed to conclude with the highest bid heard to be around $203 per tonne cfr China, sources told Metal Bulletin. "There is support for seaborne coking coal price due to the government's strict emission standards. And the...Read More
The Chinese steel industry has experienced the most 'stable' year since the global financial crisis of 2008 amid balanced supply and demand following efforts to reduce overcapacity in the steel sector over the past two years, according to Liu Zhenjiang, secretary general of the China Iron and Steel Association (CISA).These efforts include reducing backward and illegal steel capacity and completely...Read More
China's ferrous futures declined during morning trading on Thursday September 20, after the Tangshan government released details of winter steel restrictions the previous day. Limited production cuts are expected because most steel mills in Tangshan are likely to meet the pollution control standard, participants told Metal Bulletin.Futures closing prices - morning session Shanghai Futures Exchange...Read More
London Metal Exchange Week, the largest annual gathering of metals and mining figures in the world, is set to begin on October 7.London Metal Exchange Week, the largest annual gathering of metals and mining figures in the world, is set to begin on October 7.Here is a list of the events and functions scheduled for the week. Please be aware that many events are private entry and admission is st...Read More
Three-month base metals prices on the London Metal Exchange were higher across the board by an average of 0.7% on the morning of Thursday September 20. For now, the market seems to be grateful that the latest round of tariffs from the United States stood at 10% and not the 25% initially threatened.Lead and zinc were the outperformers with gains of 1.1%, followed by copper, aluminium and nickel whi...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday September 20.Tin prices on the Shanghai Futures Exchange moved higher during Asian morning trading on Thursday amid healthy fundamentals. The most-traded January tin contract price on the SHFE rose to 145,880 yuan ($21,295) per tonne at 9.59am Shanghai time, up 1,210 yuan per tonne fr...Read More