Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Friday June 22.Zinc prices on the Shanghai Futures Exchange declined by more than 2% during Asian morning trading on Friday, tracking the weakness seen on the London Metal Exchange in the previous session.The most-traded August zinc contract dropped to 22,780 yuan ($3,507) per tonne as at 10.1...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Pig iron exporters from the Commonwealth of Independent States (CIS) have logged four consecutive weeks without large bookings from the key outlets of the United States and Italy.The seaborne coking coal market weakened amid lackluster trading and bearish sentiment.Turkey's ferrous scrap import market r...Read More
TMT Metals has hired Mark Midgley as executive director to provide advisory services and define new areas of growth, president Dhaval Shah told Metal Bulletin. Midgley, who is based in London, is an industry veteran with significant experience in the ferro-alloy industry, having previously served as marketing director and as head of group strategy for Eurasian Natural Resources Corp (ENRC). Midgle...Read More
Base metals on the London Metal Exchange ended mostly higher on Friday June 22, mounting a sustained fightback against the week-long dollar rally that fueled downward momentum across the complex.Nickel's three-month price finished above $15,000 per tonne and up 5% on its weekly low of $14,580 per tonne on June 19.With price rises supported by a downtrend in LME inventories - they are at their lowe...Read More
Comex copper prices continued their downtrend on the last trading day of the week despite the dollar softening. Copper for July settlement on the Comex division of the New York Mercantile Exchange dipped 0.10 cents or 0.1% to $3.0205 per lb. The contract is now on a seven-day losing streak. "We have a bullish outlook on copper. We have a hypothetical long position in copper that we initiated at th...Read More
High-grade fines and lumps continued to outperform other types of materials in the iron ore market on Friday June 22.Metal Bulletin 62% Fe Iron Ore Index: $65.34 per tonne cfr Qingdao, up $0.46 per tonneMetal Bulletin 58% Fe Premium Index: $53.57 per tonne cfr Qingdao, down $0.01 per tonneMetal Bulletin 65% Fe Iron Ore Index: $89.60 per tonne cfr Qingdao, up $1.90 per tonneMetal Bulletin 62% Fe Ch...Read More
Turkey's ferrous scrap import market remained quiet on Friday June 22 ahead of the outcome of the Turkish general election on Sunday. Market activity briefly picked up on Tuesday and Wednesday this week, with four deep-sea cargoes booked after a slow start to the week following a public holiday in Turkey to celebrate Eid on Friday last week. But activity waned again in the days before the election...Read More
Slab export prices from Brazil declined marginally this week, with local mills competing to book orders to the United States in the wake of the new quota system. Metal Bulletin's weekly price assessment for slab exports from Brazil fell to $580-595 per tonne fob on Friday June 22 from $590-600 per tonne fob previously. Deals from Brazilian companies to US buyers were heard...Read More
Chinese customs has suspended the publication of trade data for some key metal products including refined zinc, lead, nickel and copper raw materials such as scrap and concentrates, sources said. Chinese research analysts, whose work depends upon trade data from the world's top metal producing and consuming country, told Metal Bulletin they have been only granted very limited access to trade data...Read More
Comex copper prices continued their downtrend on the last trading day of the week despite the dollar softening. Copper for July settlement on the Comex division of the New York Mercantile Exchange dipped 0.10 cents or 0.1% to $3.0205 per lb. The contract is now on a seven-day losing streak. "We have a bullish outlook on copper. We have a hypothetical long position in copper that we initiated at th...Read More
Pasar copper smelter in the Philippines is expected to operate at a reduced capacity during the second half of the year while the company makes repairs to its sulfuric acid cooling plant, Metal Bulletin has learned. Pasar, which is 78% owned by Swiss miner-trader Glencore, halted output in January due to a failure in the smelter's sulfuric acid cooling plant. Despite restarting in February, t...Read More
India is proposing increases for import duties on 30 products from the United States including certain steel goods, in a tit-for-tat move against the latter's Section 232 tariffs on steel and aluminum.Flat-rolled coated steel, stainless hot-rolled steel coil, grain-oriented electrical steel, steel spring and several other structural and construction steel products will be subject to a 15% increase...Read More
A few deals for cif main Japanese ports (MJP) aluminium premiums for July-September delivery have been done at $132 per tonne by one major producer with buyers, according to four sources familiar with the matter. The $132 per tonne quarterly aluminium premium represents a 2.3% increase from the second-quarter MJP premium, which had settled at $129 per tonne."I heard 2 deals by this producer at $13...Read More
The latest metal markets news and price moves to start the North American day on Friday June 22.Nickel prices on the London Metal Exchange gained momentum during morning trading, edging 1.9% higher while copper, lead and tin prices also found support.Nickel's three-month price topped the broadly positive trading across the complex, despite a strong appreciation in the US dollar dampening sentiment...Read More
Local secondary billet prices in India fell by about 900 rupees ($13) per tonne this week on account of reduced inquiries and minimal buying from finished product makersThe price assessment for domestic secondary billet in India (mainly produced via an induction furnace) stood at 35,800-36,000 rupees per tonne ex-mill on June 22, a drop of 900 rupees per tonne from 36,700-36,900 rupees per tonne e...Read More
Flat steel prices in Turkey's domestic and export markets increased this week, with demand moderate ahead of the elections on Sunday June 24, sources told Metal Bulletin on Monday June 22. Domestic producers are accepting orders for September production, and have already filled most of their orderbooks for September. Domestic prices Hot-rolled coil (HRC) producers in Turkey sold material at $617-6...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transactions: HRC, CRC, HDG, PPGIHot-rolled coil Turkey, domestic, hot-rolled coil, traded at $617-625 per tonne ex-works, September production. Turkey, domestic, hot-rolled coil,...Read More
The UK light iron scrap market was stable in the week to Friday June 22 for the 11th week in a row, with market sentiment suggesting an increase next week in line with expected renewed demand from Turkey, sources said.Metal Bulletin's weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?90-120 ($119-158) per tonne on Friday. This compares with the low for the year...Read More
Coated coil prices in Turkey increased this week, but demand was moderate due to the upcoming elections on Sunday, June 24, sources told Metal Bulletin on Friday June 22. Domestic prices One northern Turkish producer was offering 0.50mm hot-dipped galvanized coil (HDG) at $760-770 per tonne ex-works, up from $745-750 per tonne ex-works last week. Southern Turkish producers were offering the same m...Read More
Domestic rebar prices in Poland have remained largely unchanged over the past week due to seasonally strong market activity, sources told Metal Bulletin on Friday June 22.Metal Bulletin's weekly price assessment for domestic 12mm B500B-grade rebar in Poland was 2,240-2,300 zloty ($599-615) per tonne ex-works on June 22, compared with 2,230-2,300 zloty per tonne ex-works.The assessment reflects tra...Read More