SHANGHAI, May 16 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar rebounded to a four-month high of 93.46, and closed at 93.25 last night as the US Treasury yield climbed up and its retail sales data met the expectation. Most LME base metals dipped as the US dollar strengthened. Lead dropped nearly 1.2%. LME copper fell over...Read More
SHANGHAI, May 16 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar rebounded to a four-month high of 93.46, and closed at 93.25 last night as the US Treasury yield climbed up and its retail sales data met the expectation. Most LME base metals dipped as the US dollar strengthened. Lead dropped nearly 1.2%. LME copper fell over...Read More
SHANGHAI, May 16 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar rebounded to a four-month high of 93.46, and closed at 93.25 last night as the US Treasury yield climbed up and its retail sales data met the expectation. Most LME base metals dipped as the US dollar strengthened. Lead dropped nearly 1.2%. LME copper fell over...Read More
The latest news and price moves to start the Asian day on Wednesday May 16.Base metals prices on the London Metal Exchange were mixed again at the close of trading on Tuesday May 15, with aluminium and zinc rising while copper, lead and tin declined. Read more our live futures report.Here are how prices looked at the close of trading:Meanwhile, the new and tighter global regulatory environment has...Read More
Base metals on the London Metal Exchange recorded mixed figures at the close of trading on Wednesday May 16, with low volumes traded and broad consolidation in effect across the complex amid a surging dollar. Climbing 0.3% during the afternoon, nickel's three-month price continues to find support above $14,000 per tonne, reaching a high of $14,635 per tonne today. Nickel's core support from t...Read More
Comex copper prices experienced minor buying during midweek trading on Wednesday May 16 morning in the US, with little to push the market in either direction.Copper for July settlement on the Comex division of the New York Mercantile Exchange inched up 0.50 cents or 0.2% to $3.0610 per lb. "In the short term, we envisage LME copper prices to continue consolidating within the converging...Read More
Lower-than-expected mined zinc output and smelter maintenance in China will support the zinc price to stay above $3,000 per tonne this year, according to the leading zinc smelter at LME Week Asia."At the beginning of this year, the industry thought there would be a 120,000 tonnes of growth in mined zinc output, but now it's unlikely. The suspended small mines were not coming back and the grades at...Read More
A shift to a monthly European ferro-chrome benchmark or an index based on a number of regional markets are some ways the negotiated contract figure could be improved to bring more stability and keep it relevant in a sometimes volatile market, ferro-chrome participants told Metal Bulletin.The role of the quarterly European ferro-chrome benchmark is set to continue in the short term, according to so...Read More
Tharisa has acquired a 90% stake in Salene Chrome Zimbabwe Ltd for an undisclosed sum, the South African chrome producer announced on Wednesday May 16.The company acquired the holding from the Leto Settlement Trust, which has family links to Tharisa chief executive officer Phoevos Pouroulis and is the beneficial shareholder of Tharisa's major shareholder, Medway Developments Ltd. Leto will keep a...Read More
Lower-than-expected mined zinc output and smelter maintenance in China will support the zinc price to stay above $3,000 per tonne this year, according to the leading zinc smelter at LME Week Asia."At the beginning of this year, the industry thought there would be a 120,000 tonnes of growth in mined zinc output, but now it's unlikely. The suspended small mines were not coming back and the grades at...Read More
Spot market copper concentrate treatment and refining charges (TC/RCs) rose to 3.5-month highs in mid-May, with the market becoming progressively bearish due to the continued outage at Sterlite Copper's Tuticorin smelter in India. Metal Bulletin's copper concentrates TC/RC index rose by $2.4/0.24 cents over the past two weeks to $70.5/7.05 cents, its highest since the end of January. Terms fo...Read More
The Turkish steel mills have gone quiet in the deep-sea scrap markets once again, sources said on Wednesday May 16.After the news of a UK cargo sold on May 15 at $345 per tonne for HMS 1&2 (80:20) and $366 per tonne for shredded, no more deep-sea transactions have been heard in the market.Baltic Sea scrap suppliers were heard offering HMS 1&2 (80:20) at $360 per tonne cfr, but were ready to sell a...Read More
Comex copper prices experienced minor buying during midweek trading on Wednesday May 16 morning in the US, with little to push the market in either direction.Copper for July settlement on the Comex division of the New York Mercantile Exchange inched up 0.50 cents or 0.2% to $3.0610 per lb. "In the short term, we envisage LME copper prices to continue consolidating within the converging...Read More
Most of the base metals prices on the London Metal Exchange were little changed on the morning of Wednesday May 16, the exceptions were zinc (+0.6%) and tin (-0.5%). Copper was up by 0.1% at $6,818 per tonne.Volume on the LME has been below average, with 3,245 lots traded as at 06.27 am London time. This follows a day of two halves on Tuesday where prices came under pressure as the morning progres...Read More
Tata Steel, "continues to be bullish on steel prices and spreads with the improving demand situation in India," chief executive officer and managing director, TV Narendran, said on Wednesday May 16.Finished steel demand in India is forecast to reach 92 million tonnes in 2018, up from 87 million tonnes in 2017. Indian steel demand will rise to 98 million tonnes in 2019, according to Tata Steel's Ma...Read More
Domestic prices for heavy steel plate in Europe have been largely unchanged over the past week in a quiet market, sources told Metal Bulletin on Wednesday May 16."The market is stable and slow, and there is no significant pressure on domestic prices because mills [particularly in Northern Europe] are well booked," a trader said.Metal Bulletin's weekly...Read More
Domestic prices for hot-rolled coil (HRC) in the EU have been largely unchanged over the past week, sources told Metal Bulletin on Wednesday May 16.But sentiment remains negative in Southern and Central Europe, they said. This was blamed on limited buying activity and competition from imports.In the north, however, prices were expected to be largely stable, due to a degree of recovery in demand an...Read More
Mexican steel producer Altos Hornos de M?(C)xico (Ahmsa) has brought forward by one week planned maintenance work at its No2 blast oxygen furnace at its Monclova unit, in Coahuila state, after an accident at the unit."The facility has suffered minor damage that does not affect its operation," the mill said in a note to Mexico's stock exchange, BMV, earlier this week."[The company has] decided to c...Read More
Gulf Co-operation Council (GCC) countries are finding common ground over the threat fromsteel being redirected as a result of the United States decision to impose tariffs on imports.Saeed Al Remeithi, ceo of the United Arab Emirates biggest steelmaker, Emirates Steel, said that GCC countries were acutely aware of the issue and are keen to limit the impact of steel being redirected from t...Read More
Prices for rebar produced and delivered in Southern Europe have remained unchanged over the week as market activity continued to remain low, sources told Metal Bulletin on Wednesday May 16.Metal Bulletin's weekly domestic price assessment for rebar in Southern Europe was ?,?490-520 ($582-618) per tonne delivered on Wednesday, unchanged over the week."Nothing has changed - market activity is really...Read More