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
Aluminium inventories are set to draw down during the second quarter of 2018, with prices expected to increase to $2,500 per tonne, Tracy Liao, strategist for industrial commodities at Citi Research, said.Speaking during LME Week Asia, Liao explained that Chinese inventories have increased over 2 million tonnes since the start of 2017 but this year, as capacity expansion slows, inventories are exp...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
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
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
Aluminium inventories are set to draw down during the second quarter of 2018, with prices expected to increase to $2,500 per tonne, Tracy Liao, strategist for industrial commodities at Citi Research, said.Speaking during LME Week Asia, Liao explained that Chinese inventories have increased over 2 million tonnes since the start of 2017 but this year, as capacity expansion slows, inventories are exp...Read More
Premiums for 99.97% lead ingots edged up in Southeast Asia due to continued tightness in spot material from Iran, while European lead premiums dropped in the week to Tuesday May 15 thanks to ample supply. Premiums for "three-nines" lead ingots ticked up in Southeast Asia with spot material bid and offered in a higher range. European lead premiums drop and firm in China on a nearly open impor...Read More
Tin premiums in Europe and the United States declined in the week ended Tuesday May 15 due to the wider availability of Indonesia-origin material and weak appetite from buyers. In China, thin trading activity kept premiums there flat. Rotterdam 99.9% premium hovers near one-month lowSelling activity picks up in USChinese premiums stable U-turn in European tin premiums, Indonesian exports sound ret...Read More
The latest metal markets news and price moves to start the North American day on Wednesday May 16. Base metals on the London Metal Exchange edged higher during morning trading, with tin the only metal recording a downward move. But lead recently recorded a $17 fall to $2,339.50 per tonne. Here is how the base metals complex looked at 12.18pm London time: Read our latest futures report for mor...Read More
Buying activity in the Iranian export billet market was lively in the week ended Wednesday May 16 with customers rushing to place new orders for July-shipment material, especially those in the Gulf Co-operation Council (GCC) countries.They feared that purchases with later delivery dates might be hindered by the threatened reimposition by the United States of trading sanctions against the Middle Ea...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
The volumes of flat steel imported into the EU will remain in balance despite uncertainties related to the Section 232 import tariffs in the United States, according to Gabriel Holub of Slovakian company US Steel Kosice."The level of imports [in the EU] is expected to be balanced in the near future, despite the current uncertainty linked to the Section 232 tariffs and the risk of [steel] volumes b...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
The following Metal Bulletin noble alloys and ores prices changed on Wednesday May 16:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $11.50-11.70 per lb from $11.55-11.70 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg...Read More
The following Metal Bulletin minor metals prices changed on Wednesday May 16:Minor metals Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 50,000-51,500 yuan per tonne from 50,000-51,000 yuan Cobalt MB free market low grade, $/lb: $43.20-43.85 per lb from...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
South African miner Tharisa's net profit after tax in the six months to March 31, 2018, fell by 44.3% year on year, largely due to lower chrome prices. The chrome and platinum group metals (PGM) producer reported net profit after tax of $28.4 million in its interim results released on Thursday May 16. The company's earnings before interest, taxes, depreciation and amortization...Read More