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
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
The price gap between seaborne cargoes of Brazilian Blend fines and Pilbara Blend fines widened further on Wednesday May 16 amid a mixed market.Metal Bulletin 62% Fe Iron Ore Index: $68.03 per tonne cfr Qingdao, up by $0.75 per tonne Metal Bulletin 58% Fe Premium Index: $54.56 per tonne cfr Qingdao, unchanged Metal Bulletin 65% Fe Iron Ore Index: $86.20 per tonne cfr Qingdao, down by $0.10 per ton...Read More
China's ferrous futures fluctuated during morning trading on Wednesday May 16, before experiencing a spike in the last ten minutes before the end of the session.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,689 yuan ($580) per tonne, up 14 yuan per tonne October hot-rolled coil: 3,834 yuan per tonne, up 41 yuan per tonne Dalian Commodity Exchange September iro...Read More
China's domestic rebar prices were unchanged on Wednesday May 16 on sparse trading amid softening futures. Domestic Eastern China (Shanghai): 3,980-4,030 yuan ($625-633) per tonne, unchanged Northern China (Beijing): 3,940-3,970 yuan per tonne, unchanged Traders kept their offers flat in the morning due to the weakness in the futures market.Although the futures market picked up in the last 10 minu...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 progre...Read More
Domestic prices for hollow steel sections in Europe went down this week with offers being reduced again due to quiet trading conditions, market sources told Metal Bulletin on Wednesday May 16.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe fell by ?,?5 per tonne to ?,?645-655 ($767-778) per tonne delivered on May 16, fro...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Index futures were virtually unchanged following release of April Housing Starts at 8:30 AM EDT. Consensus was a slip to 1.307 million units from 1.319 million units in March. Actual was 1.287 million units.Macy's soared $2.74 to $32.67 after releasing stronger than consensus first quarter s...Read More
SHANGHAI, May 16 (SMM) – Both nonferrous and ferrous metals closed mixed on Wednesday May 16. SHFE nickel, aluminium, zinc edged up. SHFE copper closed 0.5% lower and tin dipped. SHFE lead closed flat.Coke rose close to 1% while hot-rolled coil gained 0.7%. Rebar closed flat. Iron ore dropped close to 1% and coking coal dipped.Copper: The SHFE 1807 contract regained almost all losses at...Read More
HONG KONG, May 16 (SMM) – Global aluminium market is set to be in a surplus in 2019 and 2020 but will return to a deficit in 2021 and 2022, according to Lynn Zhao, analyst at Macquarie Bank.The surplus will come from China’s continuous build-up of capacity, she told delegates at a seminar held by the investment bank on Wednesday May 16 in Hong Kong during LME Asia Week.She added that C...Read More
SHANGHAI, May 16 (SMM) – Both nonferrous and ferrous metals closed mixed on Wednesday May 16. SHFE nickel, aluminium, zinc edged up. SHFE copper closed 0.5% lower and tin dipped. SHFE lead closed flat.Coke rose close to 1% while hot-rolled coil gained 0.7%. Rebar closed flat. Iron ore dropped close to 1% and coking coal dipped.Copper: The SHFE 1807 contract regained almost all losses at...Read More
HONG KONG, May 16 (SMM) – While copper prices appeared to struggle at the moment, a brighter future awaits it, according to Vivienne Lloyd, senior analyst of base metals at Macquarie Bank.Most market participants were “too bullish” on copper at the start of the year against the backdrop of various labour negotiations at copper mines in south America, she told delegates at a semin...Read More
SHANGHAI, May 16 (SMM) – Both nonferrous and ferrous metals closed mixed on Wednesday May 16. SHFE nickel, aluminium, zinc edged up. SHFE copper closed 0.5% lower and tin dipped. SHFE lead closed flat.Coke rose close to 1% while hot-rolled coil gained 0.7%. Rebar closed flat. Iron ore dropped close to 1% and coking coal dipped.Copper: The SHFE 1807 contract regained almost all losses at...Read More
HONG KONG, May 16 (SMM) – Following a strong rally earlier this year to 10-year highs, zinc prices have retreated and looked like “an old man in the room” compared with other metals, according to Vivienne Lloyd, senior analyst of base metals at Macquarie Bank.This was largely due to increased exchange inventory and a flattened forward curve, she told delegates at a seminar held b...Read More
Turkish steel services provider Coskunoz and Russian steelmaker Magnitogorsk Iron & Steel Works (MMK) opened a steel service center in Alabuga, Tatarstan, on Monday May 14.The center will have processing capacity for 150,000 tonnes per year and will offer sheet metal bending and piercing services to the automotive sector.Its potential customers will include...Read More
SHANGHAI, May 16 (SMM) – Spot copper in the Shanghai market was offered at a discount of 120-80 yuan/mt over the SHFE 1806 contract on the morning of Wednesday May 16, SMM learned.This compared with a discount of 10 yuan/mt to a premium of 60 yuan/mt over the SHFE 1805 contract in the previous morning. The SHFE 1805 contract was delivered on Tuesday with a settlement price of 50,910 yua...Read More
SHANGHAI, May 16 (SMM) –Copper: Base metals faced resistance as US Treasury yields touched a seven-year high and as the US dollar strengthened last night. LME copper lacked upward momentum after it rose to a high of $6,905/mt, and fell to a low of $6,765/mt as the US dollar gained. The SHFE 1807 contract also dipped overnight as its LME counterpart weakened. The contract is likely...Read More
SHANGHAI, May 16 (SMM) –Copper: Base metals faced resistance as US Treasury yields touched a seven-year high and as the US dollar strengthened last night. LME copper lacked upward momentum after it rose to a high of $6,905/mt, and fell to a low of $6,765/mt as the US dollar gained. The SHFE 1807 contract also dipped overnight as its LME counterpart weakened. The contract is likely...Read More
SHANGHAI, May 16 (SMM) –Copper: Base metals faced resistance as US Treasury yields touched a seven-year high and as the US dollar strengthened last night. LME copper lacked upward momentum after it rose to a high of $6,905/mt, and fell to a low of $6,765/mt as the US dollar gained. The SHFE 1807 contract also dipped overnight as its LME counterpart weakened. The contract is likely...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