Over-eager zinc bears have contributed to a ballooning backwardation in London Metal Exchange price spreads, having bet prices would drop further and sooner than fundamentals have allowed. The LME cash/three-month zinc price spread swung into a $43 per tonne backwardation on Monday June 18, from $30 per tonne backwardation on June 12 and a $3 per tonne contango at the end of May. The spreads have...Read More
A lingering backwardation in the July/August spread has pushed European aluminium premiums down past to levels last seen before the United States imposed sanctions on Russian producer Rusal.The benchmark Rotterdam duty-unpaid P1020 in-warehouse premium fell to $90-100 per tonne on Tuesday June 19, down 39% from a high of $150-165 through April after the sanctions on Rusal.The duty-paid alumin...Read More
Sentiment in the CIS steel billet export market has cooled this week because buying activity has not bounced back as expected after last week's Ramadan and eid holidays.Some CIS mills were trying to push through higher prices, following reports of several CIS-origin cargoes being sold at $515-520 per tonne fob Black Sea last week, with higher scrap values in Turkey leading to a glob...Read More
The European Commission (EC) is introducing rebalancing measures this week in response to the US tariffs on steel and aluminium, it said on Wednesday June 20. The measures will immediately target a list of products worth ?,?2.8 billion ($3.24 billion) and will come into effect on Friday June 22. The list of US imports that will now face an extra duty at the EU border include steel and aluminium pr...Read More
Metal Bulletin proposes to launch a price assessment for nickel sulfate on an ex-works China basis.Surging demand in the electric vehicles (EV) sector has driven lithium-ion battery development in recent years.Although compositions vary, two batteries have become dominant in the market: The lithium-ion nickel-cobalt-manganese (NCM) battery and the nickel-cobalt-aluminium (NCA) battery. More recent...Read More
Christian Keidel left Constellium this month while Marcus Becker has joined the aluminium products manufacturer in Zurich, industry sources said on Wednesday June 20. Constellium declined to comment. Becker started on June 1 as Constellium's director of metals and energy procurement, having worked at rival...Read More
Comex copper prices were at the lowest level since late May during trading in the US morning of Wednesday June 20 amid threats of a trade war between the United State and China along with a stronger dollar. Copper for July settlement on the Comex division of the New York Mercantile Exchange dipped 1.50 cents or 0.5% to $3.0320 per lb. Earlier today, the contract hit a low of $3.0290, the weakest s...Read More
Tin premiums were stable across global markets amid quiet trading conditions, while high outflows from Indonesia continue to keep market sentiment bearish.High inflows from Indonesia continue to keep market sentiment bearish, while sufficient supply and a weakening euro are keeping premiums flat across the board. Europe keeps steady amid quiet trading SHFE tin stocks rally 8% week on week US premi...Read More
Nickel premiums were unchanged in well-supported and stable markets in China, the United States and Europe in the week to Tuesday June 19. Volumes in China nickel market picks up Premiums hold steady in United States on the back of steady demand European premiums steady in quiet summer market China nickel premiums stable; trading activities tick up Premiums for cif Shanghai full-plate...Read More
A widening backwardation in LME forward prices has caused premiums for the metal to fall in Shanghai. Premiums for lead, meanwhile, are unchanged week on week. Backwardation in LME zinc's cash/three-month spread widens to $42 per tonne on MondayZinc premiums drop in Shanghai to 10-month low for cif, two month low for in-warehouseUS rates unchanged but could rise due to trucking shortage Backwardat...Read More
Prices for rebar produced and delivered in southern Europe have narrowed downward by ?,?10 per tonne over the past week, sources told Metal Bulletin on Wednesday June 20.Metal Bulletin's weekly price assessment for domestic rebar in southern Europe was ?,?475-490 ($550-568) per tonne delivered on Wednesday, down from ?,?475-500 per tonne one week earlier. The assessment includes offers and de...Read More
Prices for domestic hollow steel sections narrowed in North Europe and widened in South Europe this week, with the market cautious due to various tariff and safeguarding investigations, sources told Metal Bulletin on Wednesday June 20.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 ?,?635-65...Read More
Three-month base metals prices on the London Metal Exchange were up across the board on the morning of Wednesday June 20, with the complex up by an average of 0.3%. Nickel and zinc prices led the way with gains of 0.5%, while copper was up by 0.2% at $6,843 per tonne. This rebound follows yet another day of price weakness on Tuesday that saw the base metals complex drop by an average of 1.7% and t...Read More
Domestic prices for steel beams in Europe rose this week due to strong consumer demand and following an increase in scrap prices, sources told Metal Bulletin on Wednesday June 20. Metal Bulletin's weekly price assessment for domestic S235-grade, 200x200mm category-2 H-beam in Northern Europe rose by ?,?5 per tonne to ?,?580-615 ($672-713) per tonne delivered on Wednesday, from ?,?580-610 per...Read More
Turkish long steel producer Kroman Celik is upgrading its wire rod mill to produce a greater range of sizes and premium grades.The upgrade of the mill - which was installed in 2006 and started production in 2008 - will be completed in summer 2019, according to Italian equipment supplier Danieli, and will allow the company to produce wire rod in diameters of 4.5-26mm diameter and...Read More
Key data from the Wednesday June 20 pricing session in Europe. Key drivers - Steady demand for ferro-titanium in the past week has cemented prices in their current range, with little seen to change in the near term, sources said. - Almost 400 tonnes of alloy was reportedly traded in the spot market this week...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday June 20:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $11.10-11.20 per lb...Read More
Ferro-chrome prices cif China have risen over the past two weeks, underpinned by uncertain electricity supply at the country's main exporter, which could lead to higher production costs, as well as tightening domestic supply. Metal Bulletin calculated the charge chrome index cif China at $0.97 per Ib on Friday June 15, up 4 cents week on week and following another 4 cent increase the week pri...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade. Walgreen gained $2.06 to $66.67 and General Electric fell $0.13 to $12.82 after Walgreen replaced General Electric in the Dow Jones Industrial AverageStarbucks dropped $2.15 to $55.28 after lowering guidance. Stifel Nicolaus lowered its target price to $55 from $58.FedEx (FDX $257.50) is...Read More
Russia's Metalloinvest - a major global supplier of iron ore, pig iron and hot-briquetted iron (HBI) - will replace two existing electric-arc furnaces (EAFs) at its Ural Steel asset in 2019, the company said on Wednesday June 20. The furnaces will be transitioned to using flexible modular furnace (FMF) technology, which will provide flexibility in the use of various charge components, with the pos...Read More