As members of the metals industry, including the London Metal Exchange, brokers, traders, producers, consumers, banks and warehouse companies, prepare to gather for LME Asia Week in Hong Kong from Monday May 14, Metal Bulletin reviews the likely topics of discussion.Opening up China's markets China has been opening up its economy and markets recently. In May, China allowed foreign investors to tra...Read More
Chinese export volumes of unwrought aluminium and aluminium products increased 51.9% year on year, but slipped slightly compared with March, according to preliminary Chinese customs data released on Tuesday May 8.China exported 451,000 tonnes of aluminium products, a 51.9% increase or 154,000 tonnes up from 297,000 tonnes exported in April 2017, but a drop of 1,000 tonnes or 0.2% from March 2018 e...Read More
Concern started to spread in the global steel markets this week that trade with Iran is at risk since US President Donald Trump announced on May 8 that his country will withdraw from the nuclear-power deal with the Middle Eastern state.In response, the UK, Germany and France called on the US not to take any steps which would be detrimental to other countries which would like the agreement to remai...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Spot iron ore prices strengthened on Friday after increases in the steel and futures markets, reaching values of more than $67 per tonne.BHP expects suppliers of high-quality steelmaking raw materials to benefit from the increase in Chinese steel capacity utilization rates and margins following the coun...Read More
Russian steelmaker Magnitogorsk Iron & Steel Works (MMK) showed a 5.4% quarter-on-quarter decline in earnings before interest, taxes, depreciation and amortization (Ebitda) for the first quarter of 2018 due to higher key raw material costs, the company said in its recent financial report.In January-March, the company's Ebitda was $560 million, compared with $592 million in the fourth quarter of 20...Read More
Earnings at Brazil-based Votorantim's long steel division, which comprises assets in Argentina and Colombia, increased by 2% year-on-year in the first quarter of 2018, with growth in revenues mostly offset by higher costs.Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) came to 45 million Reais ($12.59 million) in January-March, against 44 million Reais a year befor...Read More
Earnings at ArcelorMittal's Brazilian unit increased by 50.41% year-on-year in the first quarter of 2018, amid stronger steel demand and higher prices.ArcelorMittal Brasil's earnings before interest, taxes, depreciation and amortization (Ebitda) came to $370 million in the first quarter, up from $246 million in the corresponding period in 2017, the company said on Friday May 11.The growth was due...Read More
Indian local secondary steel billet prices have fallen by at least 800 rupees per tonne in the current week even as buyers await further corrections to the prices of semi-finished products.Metal Bulletin's price assessment for domestic secondary billet in India, mainly produced via the induction furnace route, was 34,800-35,000 rupees ($517-520) per tonne ex-mill on Friday May 11. This was down by...Read More
Key data from the pricing sessions in the week ending Friday May 11.China Chinese ferro-chrome spot prices bottomed out after small volumes were available to major stainless steel mills at their lower tender prices for May. Few deals have been closed at new prices this week while market insiders...Read More
The following Metal Bulletin noble alloys, bulk alloys and ores prices changed on Friday May 11:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $11.55-11.70 per lb from $11.80-11.90 Molybdenum US canned molybdic oxide, $/Ib $11.90-12.00 per Ib from $12.20-12.40 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $28.20-28.75 per kg from $28.80-29.10 Ferro-molybdenum US 65...Read More
Prices of Chinese domestic battery-grade lithium compounds stemmed the recent downtrend, while prices in other regions assessed by Metal Bulletin dipped on Thursday May 10. Battery-grade lithium compounds spot prices in China stabilized this week Rest-of-the-world battery-grade lithium compounds softened due to price falls in the Chinese domestic market over the past three weeks Sluggish...Read More
The latest metal markets news and price moves to start the North American day on Friday May 11.Base metals on the London Metal Exchange were mostly higher during morning trading, with aluminium the only metal trading lower."Despite a retreat in the dollar index and talks of peace in the Korean peninsula, overall sentiment in the base metals complex remains...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Friday May 11.Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Friday, with copper and nickel prices putting in the strongest performances of the complex, on the back of a weaker dollar.Check Metal Bulletin's live futures report here. LME snap...Read More
Metal Bulletin proposes to refine the specifications for three European and CIS pig iron prices to reflect existing market conditions. Metal Bulletin invites market participants to take part in a market consultation to refine the specifications of the three prices below. Metal Bulletin has added the chemical compositions into the specifications, specifying the manganese content in the pig iron. Pa...Read More
Export prices for Brazilian pig iron were unchanged this week, due to a lack of trading activity.Metal Bulletin's weekly price assessment for Minas Gerais-origin pig iron exports was stable week-on-week on Friday May 11 at $390-395 per tonne fob.In the same comparison, Metal Bulletin's price assessment for Caraj??s-origin pig iron exports was steady at $400-405 per tonne fob.Offers for materials p...Read More
Turkish steel producers have continued their silence in the deep-sea scrap markets amid high prices and weak demand for finished steel in their export markets. And the approaching Islamic holy month of Ramadan was also expected to reduce demand for both finished steel and raw materials, sources said on Friday May 11.Although the mills in Turkey were expected to book more cargoes for May deliveries...Read More
Deliverable copper stocks at Shanghai Futures Exchange-approved warehouses rise 5.8% or 15,240 tonnes since Friday May 4 to stand at 279,925 tonnes as of May 11.SHFE inventories are usually published on FridaysThis week, Zhongchu Dachang in Shanghai had the most copper stock arrive with 6,814 tonnes entering its sheds. Copper stocks in SHFE warehouses have been on an uptrend since Chinse sellers.....Read More
Spot iron ore prices strengthened on Friday May 11 following increases in the steel and futures markets.Metal Bulletin 62% Fe Iron Ore Index: $67.42 per tonne cfr Qingdao, up by $0.59 per tonne Metal Bulletin 58% Fe Premium Index: $55.07 per tonne cfr Qingdao, up by $0.67 per tonne Metal Bulletin 65% Fe Iron Ore Index: $86.10 per tonne cfr Qingdao, up by $0.90 per tonne Metal Bulletin 62% Fe China...Read More
Seaborne coking coal prices softened on Friday May 11, though market participants in China said that they do not expect any significant drops in the coming week. A cargo of premium hard coking coal changed hands at $181.50 per tonne fob Australia during the day, sources told Metal Bulletin. A trade involving premium materials was also concluded at $185 per tonne fob Australia a day earlier, they s...Read More
In light of feedback received as part of the consultation on its international cobalt price specifications, Metal Bulletin will change the names of its benchmark in-warehouse Rotterdam assessments from January 2019. From January 2019, the name 'standard-grade' will replace the name 'low-grade'. The name 'alloy-grade' will replace the name 'high-grade'. The last date prices will be published under...Read More