Cobalt prices fell on Wednesday May 2 for the first time since October, with the potential bullish impact of legal action against Glencore by Dan Gertler insufficient to offset greater competition to secure spot sales in the immediate term. Metal Bulletin assessed low-grade cobalt prices at $43.50-44.25 per lb in-warehouse on Wednesday, down 0.5% from $43.70-44.45 per lb previously. High...Read More
Domestic prices for cold-rolled coil (CRC) in Europe have been largely stable over the past week, sources told Metal Bulletin on Wednesday April 25.The market has been in "wait-and-see" mode with participants waiting for a final decision from the United States about its Section 232 import tariffs and an expected announcement arising from a safeguard case in the EU, sources said."There is a little...Read More
Base metals on the London Metal Exchange were split at the close of trading on Wednesday May 2, with aluminium and nickel prices climbing more than 2%. Aluminium's three-month price made the largest gains over the afternoon, reaching a high of $2,330 per tonne and closing 2.6% higher. Despite continued volatility, the price has held above $2,200 per tonne.News today of the United States' extension...Read More
Prices for Iranian exports of steel billet and slab decreased somewhat in the week ended Wednesday May 2 with customers targeting lower prices because of the unstable conditions in the global billet market.Metal Bulletin's weekly price assessment for Iranian billet exports was $480-500 per tonne fob on May 2, against $495-505 per tonne fob a week earlier.Recent bookings of Iranian billet were repo...Read More
The latest metal markets news and price moves to start the North American day on Wednesday May 2. Base metals prices on the London Metal Exchange were mostly up during morning trade, after participants in China and Europe returned from public holidays to boost volumes and prices. "The much anticipated return of the Chinese traders had the desired and expected effect as value bids helped bolster pr...Read More
Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Wednesday May 2.Base metal prices on the Shanghai Futures Exchange were broadly down during trading on Wednesday after the dollar strengthened significantly on Tuesday.Aluminium prices were also under pressure from easing supply concerns following the latest sanction and trade policy devel...Read More
Metals market veteran Michael Hutchinson has joined the board of Switzerland-based Tiberius group as non-executive chairman, Tiberius told Metal Bulletin on Wednesday May 2. "Mike is an experienced and very successful metal man who will help us achieve our ambitious growth targets," Chris Eibl, founder and chief executive office of Tiberius, said. "He has tremendous amounts of knowledge in all are...Read More
Zug-based AMR Trading has named ex-Rusal executive Alex Tattersall its new chief executive officer, while Vitaly Sidorov has taken the helm of parent company AMR-BK Group, which owns aluminium sheet and plate plant Belaya Kalitva in Russia. Tattersall, who left UC Rusal last month amid US sanctions imposed on the Russian producer, has overall sales and marketing responsibility for all exports...Read More
China could be badly affected by a shrinking import market for hot-rolled coil in Vietnam once Formosa Ha Tinh Steel fires up its new blast furnace this month, market sources told Metal Bulletin this week.Formosa Ha Tinh plans to increase its mill operating rates to "high" levels once its fires up its new 4,300 cubic meter No2 blast furnace in mid-May, a source told Metal Bulletin this week."...Read More
Base metals on the London Metal Exchange were split at the close of trading on Wednesday May 2, with aluminium and nickel prices climbing more than 2%. Aluminium's three-month price made the largest gains over the afternoon, reaching a high of $2,330 per tonne and closing 2.6% higher. Despite continued volatility, the price has held above $2,200 per tonne.News today of the United States' extension...Read More
The seaborne iron ore market picked up after the May 1 public holiday, following the announcement by steel mills of price hikes for early May shipments. Metal Bulletin 62% Fe Iron Ore Index: $66.98 tonne cfr Qingdao, up by $1.55 per tonne Metal Bulletin 58% Fe Premium Index: $55.94 per tonne cfr Qingdao, up by $0.46 per tonne Metal Bulletin 65% Fe Iron Ore Index: $85.30 per tonne cfr Qi...Read More
The seaborne coking coal spot market was stable on Wednesday May 2, although market sentiment was generally more positive."The market had earlier fallen too much, and this is a normal correction," a trading source said. Premium low-vol cargoes with May and June laycan were heard offered against index with 4% premium, according to a northeastern end user. "We haven't started offering yet...Read More
Domestic prices for hot-rolled coil (HRC) in Southern Europe have fallen slightly this week, sources told Metal Bulletin on Wednesday May 2, although the direction in which prices are moving is not entirely clear because the market has been slowed by holidays in Europe early in the week.Domestic prices remained under pressure, with end-users still resisting price rises from distributors because th...Read More
Metals market veteran Michael Hutchinson has joined the board of Switzerland-based Tiberius group as non-executive chairman, Tiberius told Metal Bulletin on Wednesday May 2. "Mike is an experienced and very successful metal man who will help us achieve our ambitious growth targets," Chris Eibl, founder and chief executive office of Tiberius, said. "He has tremendous amounts of knowledge in all are...Read More
Tin premiums in Europe rose slightly in the week to Tuesday May 1 due to lack of availability, while premiums in both China and the United States held steady. Indonesian smelters now allowed to renew export licenses, but when shipments will resume is unclear Chinese tin is being sold in Europe, which could put downward pressure on premiums Some US consumers refusing to purchase Bolivian tinThe Lon...Read More
Refining charges (RC) for blister copper, a substitute for copper scrap in refined production, fell in April following a drop in scrap imports into China. Metal Bulletin assessed RCs for 98-99% blister copper on a cif China basis at $225-245 per tonne on Monday April 30, down $5 month on month, with several spot deals of African tonnages settled within the range. A cif Shanghai blister copper...Read More
Zug-based AMR Trading has named ex-Rusal executive Alex Tattersall its new chief executive officer, while Vitaly Sidorov has taken the helm of parent company AMR-BK Group, which owns aluminium sheet and plate plant Belaya Kalitva in Russia. Tattersall, who left UC Rusal last month amid US sanctions imposed on the Russian producer, has overall sales and marketing responsibility for all exports...Read More
Concern in the market surrounding recent sanctions against Rusal pushed the Midwest premium higher this month to widen the import aluminium arbitrage between Asia and the United States. The differential between canceling aluminium from London Metal Exchange warehouses in Asia and shipping the material into the US Midwest increased for the third month in a row. With the estimated arbitrage fo...Read More
The latest metal markets news and price moves to start the North American day on Wednesday May 2. Base metals prices on the London Metal Exchange were mostly up during morning trade, after participants in China and Europe returned from public holidays to boost volumes and prices. "The much anticipated return of the Chinese traders had the desired and expected effect as value bids helped bolster pr...Read More
The Brazilian steel sector has agreed to the US government's offer to set quotas for steel shipments into that country, thus avoiding a 25% tariff resulting from the US Section 232 investigation. Producers have agreed to limit their exports to 70% of the 2015-17 average for finished steel products and 100% of the three-year average for semi-finished steel products, although the final details about...Read More