Domestic steel prices in China are picking up strength after news of summer production cuts in the country's steelmaking hub of Tangshan broke.The price increases came after several mills confirmed that they had received official notices from the Chinese government. Prices rose steadily from the afternoon of Wednesday July 11 after a couple of days of uncertainty over whether the cuts would materi...Read More
Vietnam is maintaining most of its anti-dumping duties on stainless cold-rolled steel from China, Taiwan, Indonesia and Malaysia until October 2019.Only one producer in Indonesia - PT Jindal Stainless Indonesia - will be subject to a lower tax of 6.64%, compared with 13.03% previously, following a review by Vietnam's Ministry of Industry & Trade, it said last week.Duties imposed on...Read More
The only sales heard in the pig iron export market from the Commonwealth of Independent States (CIS) recently were from the Baltic Sea region, while the Black Sea market was quiet during the week ended Thursday July 12.The low-manganese pig iron from the Baltic ports goes to foundries in Western Europe, which is the key destination for cargoes from this area. These foundries are less affected by u...Read More
With the exception of aluminium, base metals on the London Metal Exchange staged a modest recovery at the close of trading on Thursday July 12, led by a 2.2% surge in nickel prices, while the market continues to adjust to the escalating trade rift between the US and China."Markets are still waiting for the trade situation to resolve itself; either the escalations continue, or one party or another...Read More
Switzerland has joined a growing list of countries requesting dispute consultations with the United States at the World Trade Organization, regarding US duties on certain imported steel and aluminium products, the WTO said on Thursday July 12."Switzerland claims the US duties of 25% and 10% on imports of steel and aluminium products, respectively, are inconsistent with provisions of the WTO's Gene...Read More
After years of negotiations, the future ownership of the Grasberg copper and gold mine has finally been determined, and it's a win-win outcome. Earlier on Thursday July 12, Rio Tinto and Freeport-McMoRan announced they had reached an agreement with the government of Indonesia that would eventually result in the latter's ownership of Grasberg increasing to 51%. Technically, the deal has been agreed...Read More
The latest news and price moves to start the North American day on July 12.Nickel prices on the London Metal Exchange jumped more than 2% during morning trading, accompanied by a slight uptick in copper prices, while the rest of the complex continues to waver against intensified US trade rhetoric.Pushing back over the $14,000 per tonne level, nickel's three-month price...Read More
Good morning from Metal Bulletin's office in Asia as we bring you the latest news and pricing stories on Thursday July 12.Most base metals prices on the Shanghai Futures Exchange staged a recovery during Asian morning trading on Thursday, with only lead weakening. Nickel led the rebound with a 3.8% gain, while copper jumped by 1.2%. The other metals also logged gains in the early session, albeit a...Read More
After years of negotiations, the future ownership of the Grasberg copper and gold mine has finally been determined, and it's a win-win outcome. Earlier on Thursday July 12, Rio Tinto and Freeport-McMoRan announced they had reached an agreement with the government of Indonesia that would eventually result in the latter's ownership of Grasberg increasing to 51%. Technically, the deal has been agreed...Read More
Independent UK steelmaker Sheffield Forgemasters will appoint David Bond chief executive officer on August 1, the company said on Thursday July 12.Bond joins Forgemasters on a secondment from his role as chief operating officer for defence contractor BAE Systems Australia, where he was responsible for the company's maritime, land and integrated systems businesses.Sheffield Forgemasters declined to...Read More
Domestic steel prices in China are picking up strength after news of summer production cuts in the country's steelmaking hub of Tangshan broke.The price increases came after several mills confirmed that they had received official notices from the Chinese government. Prices rose steadily from the afternoon of Wednesday July 11 after a couple of days of uncertainty over whether the cuts would materi...Read More
With the exception of aluminium, base metals on the London Metal Exchange staged a modest recovery at the close of trading on Thursday July 12, led by a 2.2% surge in nickel prices, while the market continues to adjust to the escalating trade rift between the US and China."Markets are still waiting for the trade situation to resolve itself; either the escalations continue, or one party or another...Read More
Two companies have exited the London Metal Exchange warehousing business in the past month while others have significantly reduced their involvement, highlighting concerns over the growing unprofitability of the sector and the lack of on-exchange stock liquidity. 2018 has been particularly challenging due to a lack of available supply and rising operating costs, adding to stringent LME rules. ...Read More
Physical iron ore prices rose on Thursday July 12 amid gains in China's futures and steel markets.Metal Bulletin 62% Fe Iron Ore Index: $64.06 per tonne cfr Qingdao, up $0.72 per tonneMetal Bulletin 62% Fe Pilbara Blend fines Index: $62.73 per tonne cfr Qingdao, up $0.57 per tonneMetal Bulletin 58% Fe Premium Index: $52.08 per tonne cfr Qingdao, up $0.32 per tonneMetal Bulletin 65% Fe Iron Ore Ind...Read More
Turkish steel producers continued to book scrap in the deep-sea markets for August deliveries on Thursday July 12, with prices still falling.A steel producer in the Iskenderun region booked a Canadian cargo, comprising 25,000 tonnes of HMS 1&2 (90:10) and 25,000 tonnes of shredded, at an average price of $350.50 per tonne cfr late on July 11.The same mill booked a European cargo...Read More
Turkish billet prices have continued to fall over the past week because of falling scrap prices and sluggish demand, sources said on Thursday July 12.Billet offers from the CIS region softened over the preceding seven days, with buyers in Turkey and other markets showing limited interest in deals for CIS material.And import scrap prices in Turkey moved downward...Read More
Copper and brass scrap markets in the United States have eroded in value due to a combination of ample scrap supply, steep drops in primary metal prices on Comex and limited demand."There's been a massive destruction of value for people holding copper and brass scrap. Everyone has metal and is inquiring for prices. We have enough metal in our plant to get through the entire month of July so we're...Read More
Aluminium consumers in the United States are clamoring for an alternative to the current Midwest aluminium premium, reacting to the premium's surge to a near all-time high this year. American Metal Market's latest assessment of the P1020 premium placed it at 19.75-20.5 cents per lb on Tuesday July 10, down from the more than three-year high of 22-23 cents per lb on April 10 but stil...Read More
American Metal Market is proposing to launch a weekly assessment of a US aluminium duty-unpaid P1020 premium, to be assessed once per week on Tuesday.Market participants have expressed interest in a duty-unpaid premium (DUP) assessment for the US Midwest as a reference tool following recently imposed import duties, although they also noted that liquidity in this market is currently limit...Read More
Comex copper prices saw a modest recovery in the US morning on Thursday July 12 after setting a fresh yearly low yesterday on news of fresh import tariffs on China. Copper for September settlement on the Comex division of the New York Mercantile Exchange recovered 3.85 cents or 1.4% $2.7820 per lb. Pressured by a surprise announcement on Wednesday morning that the United States plans to issue furt...Read More