Import prices for flat steel products in South America were unchanged in the third week of May due to a lack of trading activity, Metal Bulletin has heard.The market standstill reflected the difficulty buyers and exporters found in agreeing on prices, according to several sources."Some [Chinese] companies have increased their offer prices this week, but steel consumers are not willing to pay highe...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Physical iron ore prices weakened on Friday May 18, in line with drops in the rebar and futures markets, although earlier increases mean the week-on-week change was minimal.The seaborne coking coal market is in stalemate with a widening gap between bids and offers. Taiwanese scrap import prices widened...Read More
Indian steelmaker JSW Steel has completed the acquisition of Italian long steel producer Acciaierie e Ferriere di Piombino (Aferpi), Italian trade union Fiom-Cgil said on Friday May 18.JSW Steel acquired the mill from Algeria's Cevital for around 6 billion Indian rupees ($88.41 million), according to media reports in India, while Italian reports suggest the deal was valued at closer to ?,?90 milli...Read More
Domestic prices for rebar in Poland have been largely unchanged over the past week despite coming under pressure from import offers, sources told Metal Bulletin on Friday May 18.Metal Bulletin's weekly price assessment for domestic 12mm B500B-grade rebar in Poland was 2,250-2,290 zloty ($619-630) per tonne ex-works on May 18, narrowing upward slightly compared with 2,230-2,290 zloty per tonne ex-w...Read More
Pig iron buyers in the United States, the largest global market for the steelmaking raw material, resumed their purchasing activity after the scrap price for May had become clear in their domestic market, Metal Bulletin has heard.Metal Bulletin's weekly price assessment for US pig iron imports was $405-410 per tonne cfr on Friday May 18, narrowing upward by $5 per tonne from $400-410 per tonne cfr...Read More
The UK inter-merchant price for austenitic alloy steel scrap has risen by ?20-40 per tonne over the past week, following an increase in nickel values, sources told Metal Bulletin on Friday May 18.Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?1,000-1,040 ($1,352-1,406) per tonne delivered on Friday, compared with ?960-1,020 per tonne on May 11."UK m...Read More
Global ferrous scrap prices headed in differing directions during the working week ended Friday May 18, with prices in the bulk sector losing ground while prices for containerized material to Taiwan pushed upward.Turkish scrap import prices slid on lackluster finished steel demand with the start of the Islamic holy month of Ramadan, while prices for exports from the United States fell in two deals...Read More
The range of prices offered for steel slab exports from Brazil narrowed this week, with producers continuing to focus on sales to clients in North America.Offers of Brazilian material were reported around the level of $570 per tonne fob, with rumors of one deal being closed at a price below this mark.But suppliers were not willing to accept any bids below the level of $565 per tonne fob, according...Read More
Indian steelmaker JSW Steel has completed the acquisition of Italian long steel producer Acciaierie e Ferriere di Piombino (Aferpi), Italian trade union Fiom-Cgil said on Friday May 18.JSW Steel acquired the mill from Algeria's Cevital for around 6 billion Indian rupees ($88.41 million), according to media reports in India, while Italian reports suggest the deal was valued at closer to ?,?90 milli...Read More
Following the market consultation, Metal Bulletin will increase the frequency of the CIS export steel billet index, fob Black Sea ports, assessment from weekly to daily starting on May 21.The change is made in response to sufficient market liquidity being observed to adjust the weekly price to a daily calculation. This alteration is designed to capture volatility within the market throughout the d...Read More
SHANGHAI, May 18 (SMM) – The nonferrous complex closed higher except for SHFE tin, aluminium and zinc. Nickel led the gains with a rise of 2.2%, lead grew over 1%, and copper inched up.Ferrous metals dropped across the board with coking coal leading the losses and closing 2.2% lower. Rebar fell over 1%, while coke, hot-rolled coil, and iron ore lost close to 1%.Aluminium: The SHFE 1807...Read More
SHANGHAI, May 18 (SMM) – The nonferrous complex closed higher except for SHFE tin, aluminium and zinc. Nickel led the gains with a rise of 2.2%, lead grew over 1%, and copper inched up.Ferrous metals dropped across the board with coking coal leading the losses and closing 2.2% lower. Rebar fell over 1%, while coke, hot-rolled coil, and iron ore lost close to 1%.Aluminium: The SHFE 1807...Read More
SHANGHAI, May 18 (SMM) – The nonferrous complex closed higher except for SHFE tin, aluminium and zinc. Nickel led the gains with a rise of 2.2%, lead grew over 1%, and copper inched up.Ferrous metals dropped across the board with coking coal leading the losses and closing 2.2% lower. Rebar fell over 1%, while coke, hot-rolled coil, and iron ore lost close to 1%.Aluminium: The SHFE 1807...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. The Canadian Dollar slipped 0.11 to U.S. 78.00 cents following release of economic news at 8:30 AM EDT. Consensus for March Retail Sales was an increase of 0.1% versus a gain of 0.4% in February. Actual was an increase of 0.6%. Consensus for April Consumer Price Index was an increase of a ye...Read More
Key data from the pricing sessions in the week ending Friday May 18.China Chinese ferro-chrome spot prices rose further, buoyed by rising chrome ore prices.Potential supply cuts to major ferro-chrome production hubs following environmental inspections. South Korea and Japan Korea FeCr market on an...Read More
SHANGHAI, May 18 (SMM) –Copper: LME copper stuck between several moving averages with support at the 40-day moving average overnight. As the US dollar is unlikely to fall from highs in the short term, we see LME copper trading rangebound at $6,850-6,900/mt with the SHFE 1807 contract at 51,000-51,500 yuan/mt during the day. Spot discounts are expected at 100-20 yuan/mt as sellers are likely...Read More
SHANGHAI, May 18 (SMM) – SMM assessed imported clean copper concentrate treatment charges (TCs) at $74-81/mt on Friday May 18, up $3/mt from a week ago.Imported copper concentrate supply to Chinese domestic smelters continued to increase as Vedanta's copper smelter at Tuticorin in India remained shut as of May 18, SMM learned. The smelter started a 15-day maintenance from March 27. It is...Read More
SHANGHAI, May 18 (SMM) – Zinc social inventories dipped this week as maintenance works at smelters in north China limited deliveries to warehouses, SMM learned.The overall zinc inventories in warehouses across Shanghai, Tianjin and Guangdong stood at 131,500 mt as of Friday May 18, down 4,600 mt from last Friday. It was also down 7,900 mt from the start of this week, according to SMM da...Read More
Flat stainless steel product prices in Europe fell this week amid high stock levels at warehouses and continued import pressure, sources told Metal Bulletin on Friday March 18.Metal Bulletin's weekly base price assessment for 2mm, grade-304 cold-rolled (CR) stainless steel sheet in Northern Europe fell by ?,?35-50 per tonne week on week to ?,?1,015-1,050 ($1,198-1,239) per tonne delivered on Frida...Read More
Base metals prices on the London Metal Exchange were diverging on the morning of Friday May 18, the main movers being nickel where prices have climbed 1% and aluminium where prices have dropped 0.6%. Zinc prices are down 0.3%, while the rest are little changed with copper prices at $6,869 per tonne. Volume on the LME has been below average, with 3,276 lots traded as at 06.46 am London time. This f...Read More