Prices for domestic hollow steel sections narrowed in Northern Europe this week as mills prepared to push up prices, sources told Metal Bulletin on Wednesday June 27.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe narrowed by ?,?5 per tonne to ?,?640-650 ($747-759) per tonne delivered on Wednesday June 27, from ?,?6...Read More
Steel and aluminium purchasers in the United States who feel cheated by the Section 232 tariffs should take the matter up with President Donald Trump, who likely would be sympathetic, according to a trade attorney who represents domestic producers.Alan Price, a partner at Washington law firm Wiley Rein LLP, urged downstream buyers to ask the president to erect import barriers for their products to...Read More
A lingering LME backwardation added further downward pressure to Shanghai and Taiwan zinc premiums in the latest pricing session on Tuesday June 26. Backwardation in LME zinc's cash/three-month spread widened to $47.25 per tonne on Wednesday. US rates were unchanged, but the logistics and freight market were characterized as nightmarish. Lead demand remains strong in Asia, particularl...Read More
Comex copper prices were once again facing a bout of selling with a stronger dollar and the persistent threat of additional tariffs weighing on the red metal. Copper for September settlement on the Comex division of the New York Mercantile Exchange dipped 1.50 cents or 0.5% to $2.9770 per lb. The With trade tensions mounting, commodities continue to face pressure from macroeconomic instability, ty...Read More
The latest metal markets news and price moves for the start of the North American day on Wednesday June 27. Base metals on the London Metal Exchange continued to drift lower during morning trading, with ongoing trade uncertainties, a firm dollar and broad inventory drawdowns putting pressure on the complex. Here's how LME prices looked at 12:34pm in London. Hassan Butt had the latest on exchange p...Read More
China's crude stainless steel capacity is expected to increase by 7.5 million tonnes per year to 44-45 million tpy by 2020, although there is some pessimism about mills' utilization rates, according to Zhang Zhifang, chairman of Chinese producer Taiyuan Iron & Steel. Production capacity of cold-rolled stainless steel in particular will increase in the short term, Zhang pointed out during his prese...Read More
Nickel premiums were on divergent paths across the globe in the week ended Tuesday June 26, with the summer lull pushing European premiums lower but a narrowing import arbitrage providing support for premiums in Shanghai. European premiums drift lower as summer slowdown hits Narrowing arbitrage pushes Shanghai premiums up US nickel premiums remain firm Start of summer liquidation pushes...Read More
Customers from the Middle East region continued to show interest in Iranian billet despite the high likelihood of United States sanctions, with several cargoes booked over the past week.The Gulf Co-operation Council (GCC) countries, North Africa and Southeast Asia are the main export markets for Iranian billet.While the US announced its intention to withdraw from the international deal on Ira...Read More
Prices for rebar produced and delivered in Northern Europe remained stable over the past week with mills looking to raise offers for July, sources told Metal Bulletin on Wednesday June 27. Metal Bulletin's weekly price assessment for domestic rebar in Northern Europe held at ?,?535-545 ($624-636) per tonne delivered on Wednesday. "End user demand is stable right now, after the reduction of st...Read More
The following Metal Bulletin minor metals prices changed on Wednesday June 27:Antimony MMTA standard grade II, $/tonne: $7,900-8,150 per tonne from $8,000-8,250 Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 50,800-51,500 yuan per tonne from 51,500-52,000 yuan Cobalt MB free market high...Read More
Key data from the Wednesday June 27 pricing session in Europe. Key drivers - Steady demand for ferro-titanium in the past week has seen a fairly wide range in reported trade prices, with the midpoint around $5.10 per kg ddp. - The market may ease in the seasonal slowdown months of...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday June 27:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $10.80-10.90 per lb from $10.95-11.05 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg...Read More
The recent rally in silico-manganese futures prices on China's Zhengzhou Commodities Exchange (ZCE) can largely be attributed to an impending shortage of the alloy in the country, market participants told Metal Bulletin.Silico-manganese futures prices on the ZCE have undergone a steep rally recently, with the exchange's most-traded July silico-manganese contract reaching of 8,126 yuan ($1,251) per...Read More
South African manganese miner Tshipi has been exceeding its production targets and ensuring it has adequate stockpiles to take advantage of high manganese ore prices.Metal Bulletin's 37% manganese ore index, fob Port Elizabeth stood at $5.74 per dry metric tonne unit (dmtu) on Friday June 22, up 42.4% from $4.03 per dmtu a year ago. Tshipi is targeting manganese ore production of 3.3 million tonne...Read More
Spreads between prime and obsolete scrap in the United States are likely to remain tight in the foreseeable future, with few obvious factors that could unhinge a narrow spread, according to an executive at David J. Joseph Co (DJJ), the largest domestic scrap buyer.Current spreads between prime grades and obsolete grades are much lower than they were in the 2004-08 time frame, DJJ vice preside...Read More
Construction at Cleveland-Cliffs' $700-million hot-briquetted iron (HBI) plant in Toledo, Ohio, is under way and ahead of schedule, the company's top executive said on Wednesday June 27.Cliffs expects to use the plant - slated to enter commercial production in July 2020 - to knock out the foreign raw materials that electric-arc furnace producers in the United States rely on today, accord...Read More
Turkish steel mills have resumed their deep-sea scrap purchases with slightly lower prices, sources said on Wednesday June 27.A steel producer in the Marmara region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $353 per tonne and 5,000 tonnes of bonus at $368 per tonne cfr late on Tuesday June 26.Most market participants were expecting steel mills to resume buying...Read More
China's coke prices have peaked, sources said this week, with downside concerns arising over the decline in export activity and the potential for further environmental restrictions.Metal Bulletin's price assessment for Chinese coke exports with 65% coke strength after reaction (CSR), 12.5% ash, 30-90mm, was $360-375 per tonne fob China for the week ending Tuesday June 26.The range widened upward f...Read More
Iron ore prices remained largely rangebound on Wednesday June 27, though those for high-grade fines and lumps continued to strengthen.Metal Bulletin 62% Fe Iron Ore Index: $64.60 per tonne cfr Qingdao, down $2.02 per tonneMetal Bulletin 58% Fe Premium Index: $52.49 per tonne cfr Qingdao, down $0.28 per tonneMetal Bulletin 65% Fe Iron Ore Index: $90.60 per tonne cfr Qingdao, up $0.20 per tonneMetal...Read More
Seaborne coking coal prices fell on Wednesday June 27 amid weak demand. "Coke plants [in China] have a lot of coking coal in their inventories, about 7-15 days' worth," a Chinese trader told Metal Bulletin. A second trader said the coking coal market "is definitely moving in a downward trajectory." As such, he think "it's pointless to make offers at...Read More