The latest news and price moves to start the Asian day on Wednesday June 6.Zinc prices on the London Metal Exchange ended 2.4% higher at the close of trading on Tuesday June 5, reaching the highest level since April 24, while three-month nickel and copper also finished strongly. Read more in our live futures report.Here are how prices looked at the close of trading:The US aluminium billet upcharge...Read More
Copper prices on the London Metal Exchange continued to rally at the close of trading on Wednesday June 6, ending trading 1.6% higher and surpassing $7,200 per tonne for the first time since January 2. "There is a bit of short covering in copper at the moment. Whether this is just built on fears of Escondida [labor negotiations] is difficult to see," Geordie Wilkes, head of research at Sucden Fina...Read More
Comex copper prices climbed 1.6% during trading on Wednesday June 6, with prices pushed higher by fears of supply outages resulting from possible industrial action at the Escondida mine in Chile.Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 5 cents or $3.25 per lb.The red metal hit a high of $3.26 per lb earlier today, which was the highest since earlier...Read More
Spot premiums for zinc ingots dropped to seven-year lows in Europe but traded flat elsewhere despite a widening price spread backwardation and a consistent import arbitrage into China. Meanwhile, 99.99% lead ingot premiums rose in Europe reflecting a lack of spot supply in the region. Rotterdam and Antwerp premiums dropped to lowest since February 2011 LME zinc cash/three-month price b...Read More
Key data from the Wednesday June 6 pricing session in Europe. Key drivers - Alloy producers reckon the market will consolidate above $5 per kg duty delivered paid in June due to increased consumer demand.- But traders reckon there is buying availability below that level. A 60-tonnes tender from Swedish steelmaker SSAB with a deadline on Thursday should provide spot price guidance...Read More
Lead smelters in China's Henan province, home to one third of the country's lead output, plan to cut their production by over 30% during a month-long environment inspection in June, sources sold Metal Bulletin. Jiyuan Wanyang smelter, whose product is listed on the London Metal Exchange under brand "WANYANG", expects its three smelters in Jiyuan city to receive a government order on Wednesday June...Read More
Turkish steel producers have continued to book deep-sea scrap for July shipments following the decision by the United States to impose a 25% tariff on steel imports from the EU, Canada and Mexico, sources said on Wednesday June 6.The US move, following its Section 232 trade investigation, was expected to raise the demand for Turkish rebar now that the tariff also applied to regions that had been g...Read More
Comex copper prices climbed 1.6% during trading on Wednesday June 6, with prices pushed higher by fears of supply outages resulting from possible industrial action at the Escondida mine in Chile.Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 5 cents or $3.25 per lb.The red metal hit a high of $3.26 per lb earlier today, which was the highest since earlier...Read More
Domestic prices in Europe for hot-rolled coil (HRC) have been stable over the past week, supported by expectations of an imminent decision in a regional safeguard case, sources told Metal Bulletin on Wednesday June 6.The European Commission (EC) may impose preliminary measures in its safeguard case into 26 types of imported steel products as early as July this year.The EC opened the investigation...Read More
Domestic prices for heavy steel plate in Europe have come under pressure this week from slow trading, sources told Metal Bulletin on Wednesday June 6.Demand has been slow because buyers have sufficient stocks of material, market sources said."Buyers have enough plate in stock and are in no hurry to build stocks ahead of the summer market slowdown," a trader added.Southern EuropeApart from the slow...Read More
China's steel futures weakened during morning trading on Wednesday June 6, though steelmaking raw materials contracts largely had some support, with physical prices also trending higher this week amid supply constraints. Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,749 yuan ($587) per tonne, down 8 yuan per tonne October hot-rolled coil: 3,896 yuan per tonne,...Read More
Prices for rebar produced and delivered in Northern Europe have softened over the past week amid continued low demand and high stocks, sources told Metal Bulletin on Wednesday June 6.Metal Bulletin's weekly price assessment for domestic rebar in Northern Europe was ?,?535-545 ($626-637) per tonne delivered on Wednesday, down from ?,?535-550 per tonne delivered on May 30."The situation regarding hi...Read More
Egypt's biggest steel producer, Ezz Steel, enjoyed strong local demand and recorded a 190% increase in consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) in the first quarter of 2018, the company said on Tuesday June 5.The company was helped in this by Egypt imposing anti-dumping duties on rebar imports from China, Turkey and Ukraine for a period of five years wit...Read More
Turkish steel producers have continued to book deep-sea scrap for July shipments following the decision by the United States to impose a 25% tariff on steel imports from the EU, Canada and Mexico, sources said on Wednesday June 6.The US move, following its Section 232 trade investigation, was expected to raise the demand for Turkish rebar now that the tariff also applied to regions that had been g...Read More
Physical iron ore prices edged up in the seaborne market while increases at Chinese ports were more pronounced on Wednesday June 6, amid gains in China's steel and futures markets.Metal Bulletin 62% Fe Iron Ore Index: $66.56 per tonne cfr Qingdao, up by $0.22 per tonneMetal Bulletin 58% Fe Premium Index: $53.55 per tonne cfr Qingdao, up by $0.04 per tonneMetal Bulletin 65% Fe Iron Ore Index: $87.6...Read More
China's steel futures weakened during morning trading on Wednesday June 6, though steelmaking raw materials contracts largely had some support, with physical prices also trending higher this week amid supply constraints. Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,749 yuan ($587) per tonne, down 8 yuan per tonne October hot-rolled coil: 3,896 yuan per tonne,...Read More
The beginning of June was marked by reduced availability of steel slabs in the global market. Despite this, forecasts for price trends were mixed, taking into account the different factors influencing the various regional markets.Brazil, USAThe Brazilian steel market was hit by a national truck drivers' strike which lasted from May 18 until May 31.The majority of slab producers were affected by th...Read More
China's domestic rebar prices regained some upward momentum on Wednesday June 6 on rising futures. Domestic Eastern China (Shanghai): 3,970-4,010 yuan ($619-626) per tonne, up 30-40 yuan per tonne Northern China (Beijing): 3,900-3,930 yuan per tonne, up 20 yuan per tonne The strengthening futures market encouraged rebar buyers to raise their procurement rates, particularly with nationwide environm...Read More
China will end the anti-dumping tariffs on electrical steel imports from South Korean producer Posco from June 9.This comes after further investigation by the Ministry of Commerce said the price remedies that Posco has pledged would no longer cause the domestic electrical steel...Read More
Domestic prices in Europe for hot-rolled coil (HRC) have been stable over the past week, supported by expectations of an imminent decision in a regional safeguard case, sources told Metal Bulletin on Wednesday June 6.The European Commission (EC) may impose preliminary measures in its safeguard case into 26 types of imported steel products as early as July this year.The EC opened the investigation...Read More