Ukraine's ArcelorMittal Kryvyi Rih is preparing to resume production of pig iron and steel after the stoppage last week that was caused by railroad department workers going on strike, the company said in a press release on Monday May 21.The strike began on May 16 and paralyzed the production process at the mill. Locomotive operators, assistant operators and shunting operators refused to work on th...Read More
Import prices for rebar in Singapore picked up some strength over the past week on steady buying among end-users.A position cargo of Chinese materials was heard to have been traded at $560 per tonne cfr Singapore. There was also market chatter about traders securing Middle East-origin rebar around $560-565 per tonne cfr Singapore via tender, with about 15,000-20,000 tonnes of the product to be off...Read More
China's domestic rebar prices continued to decrease on Monday May 21 on weak trading activity amid losses in the futures market.Domestic Eastern China (Shanghai): 3,950-4,000 yuan ($619-627) per tonne, down 20 yuan per tonne Northern China (Beijing): 3,890-3,920 yuan per tonne, down 10-20 yuan per tonne The weakness in the futures market during the day resulted in buyers taking a wait-and-see appr...Read More
After a strong first quarter of 2018, when more ferrous scrap produced in the United States was bought both at home and abroad, it appeared that the country's scrap sellers were well placed to fend off buyers' attempts to push market prices downward.Price increases in the US domestic scrap market, combined with increasing mill capacity utilization rates and an 80% bounce in US scrap export volumes...Read More
The Turkish steel producers went quiet again in the deep-sea scrap markets on Monday May 21, amid sluggish demand for finished steel and the continuing weakening of the country's lira.The mills in the country booked only three deep-sea cargoes last week, with prices going down to $345 per tonne cfr for Baltic Sea-origin HMS 1&2 (80:20) in the most recent transaction.Market sources said that the mi...Read More
Turkish domestic scrap prices have increased in line with the rise in finished long steel prices over the past week, sources said on Monday May 21.Steel producers in Turkey and a major scrapyard have increased their buy prices for auto bundle scrap by TRY25-80 ($6-18) per tonne over the past seven days.Metal Bulletin's weekly price assessment for domestic auto bundle scrap (DKP grade) in Turkey wa...Read More
CIS export billet prices continued to climb in the week ended Monday May 21 despite mixed market sentiment, with several bookings reported done at higher prices.Metal Bulletin's CIS billet export index was $524 per tonne fob Black Sea on May 21, compared with $520 per tonne fob a week ago.Starting from May 21, Metal Bulletin will increase the publishing frequency of its CIS billet export index fro...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points in pre-opening trade. Index futures responded to news that trade negotiations between China and the U.S. are progressing. Big Lots (BIG $41.64) is expected to open higher after JP Morgan raised its target price to $55 from $44. Lululemon gained $0.82 to $102.82 after SunTrust increased its target price to$114...Read More
China's domestic rebar prices continued to decrease on Monday May 21 on weak trading activity amid losses in the futures market.Domestic Eastern China (Shanghai): 3,950-4,000 yuan ($619-627) per tonne, down 20 yuan per tonne Northern China (Beijing): 3,890-3,920 yuan per tonne, down 10-20 yuan per tonne The weakness in the futures market during the day resulted in buyers taking a wait-and-see appr...Read More
SHANGHAI, May 21 (SMM) – China’s nonferrous metals futures closed higher except for aluminium and nickel on Monday May 21. Lead led the gains with a rise of over 1.4%, zinc grew nearly 1.1%, tin rose almost 0.8%, and copper inched up.Ferrous metals dropped across the board with iron ore leading the loss and closing 3% lower. Coke fell nearly 2%, hot-rolled coil and rebar lost over 1.8%...Read More
SHANGHAI, May 21 (SMM) – Shandong's industrial production will face a series of restrictions in the following month as Shanghai Cooperation Organisation (SCO) Summit will be held in Qingdao on June 9. From May 20 to June 20, construction sites within 100 km of Qingdao will be completely suspended; steel plants within 300 km of the city have been required to cut 40-50% of their...Read More
SHANGHAI, May 21 (SMM) – China’s nonferrous metals futures closed higher except for aluminium and nickel on Monday May 21. Lead led the gains with a rise of over 1.4%, zinc grew nearly 1.1%, tin rose almost 0.8%, and copper inched up.Ferrous metals dropped across the board with iron ore leading the loss and closing 3% lower. Coke fell nearly 2%, hot-rolled coil and rebar lost over 1.8%...Read More
SHANGHAI, May 21 (SMM) –Copper: Suppressed by the strong US dollar, the trading level of copper prices dipped. LME copper struggled among all the moving averages with strong pressure at the 60-day moving average, while the SHFE 1807 contract struggled between the five- and 10-day moving averages with support at the 40-day moving average. We expect LME copper to trade at $6,820-6,870/mt today...Read More
SHANGHAI, May 21 (SMM) – China’s nonferrous metals futures closed higher except for aluminium and nickel on Monday May 21. Lead led the gains with a rise of over 1.4%, zinc grew nearly 1.1%, tin rose almost 0.8%, and copper inched up.Ferrous metals dropped across the board with iron ore leading the loss and closing 3% lower. Coke fell nearly 2%, hot-rolled coil and rebar lost over 1.8%...Read More
SHANGHAI, May 21 (SMM) – Operating rates across China's zinc oxide plants are likely to dip in May, an SMM survey showed. This is due to the month-long environmental inspections in Jiangsu province since late April, and intensified inspections ahead of the Shanghai Cooperation Organisation (SCO) Summit in Qingdao, Shandong province, in June.Hebei and Jiangsu border Shandong in the n...Read More
Ferro-chrome prices rose in China for domestic and imported material on Friday May 18 due to producers standing firm on offer prices in a tighter market. Ore and alloy prices rise in China Chinese market reports alloy production cuts Alloy prices in South Korea follow China higher Alloy prices hold in Europe and Japan US market quiet, prices edge up on small volume trades Ferr...Read More
SHANGHAI, May 21 (SMM) – Spot copper was mostly offered at a discount of 50 yuan/mt to a premium of 20 yuan/mt over the SHFE 1806 contract on Monday May 21 in the Shanghai market. This compared with a discount of 80-20 yuan/mt on Friday May 18.Sellers raised offers from last Friday amid an optimistic outlook as US-Sino trade tension eased. The SHFE 1806 contract stood firm above 51,000 yuan/...Read More
SHANGHAI, May 21 (SMM) –Copper: Suppressed by the strong US dollar, the trading level of copper prices dipped. LME copper struggled among all the moving averages with strong pressure at the 60-day moving average, while the SHFE 1807 contract struggled between the five- and 10-day moving averages with support at the 40-day moving average. We expect LME copper to trade at $6,820-6,870/mt today...Read More
Positive momentum for ammonium paratungstate (APT) prices continued last week, buoyed by concerns of supply disruptions due to continued environmental inspections in China. Concerns over disruptions at ammonium paratungstate smelters in Jiangxi province, a major production hub, continue Demand for tungsten concentrates fell significantly following the shutdowns of APT smelters in Jiangxi&nb...Read More
SHANGHAI, May 21 (SMM) –Copper: Suppressed by the strong US dollar, the trading level of copper prices dipped. LME copper struggled among all the moving averages with strong pressure at the 60-day moving average, while the SHFE 1807 contract struggled between the five- and 10-day moving averages with support at the 40-day moving average. We expect LME copper to trade at $6,820-6,870/mt today...Read More