Metal Bulletin reviews the major stories that have affected the steel market over the past week.Iron ore prices ended the week above the $65-per-tonne mark, with most market participants staying away on Friday April 27 to cut their risk ahead of a four-day trading break in China due to a public holiday over the first two days of next week.Meanwhile, India's largest iron ore miner, NMDC, lowered it...Read More
Indian domestic secondary billet prices have risen by at least 600 rupees ($9) per tonne this week, with demand for semi-finished steel being strong while availability was low.Secondary billet is mainly produced in induction furnaces, and Metal Bulletin's price assessment for the product on Friday April 27 was 35,500-35,700 rupees ($531-534) per tonne ex-mill. This was an increase of 600 rupees pe...Read More
UK long steel producer British Steel remains confident about its wire rod export business despite growing protectionism in international steel markets, Richard Sims, the company's managing director for wire rod, told Metal Bulletin last week.This protectionist trend saw the European Commission (EC) start a safeguard investigation into imports of 26 steel products on March 26.This had the intention...Read More
The light iron scrap market in the UK was steady for a third week on Friday April 27, with business sufficiently active to support current prices, Metal Bulletin has heard.But lower export prices to major overseas buyers of European scrap such as Turkey may undermine the UK market in the near future.Metal Bulletin's weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis w...Read More
Global ferrous scrap prices were mostly going down during the working week ended Friday April 27 due to thinner trading and weaker demand.A public holiday in Turkey reduced the demand for bulk cargoes, while a slight pickup in daily prices toward the end of the week did not boost week-on-week price changes. The weak bulk export sales in the United States added downward pressure to bulk prices, com...Read More
Prices for containerized shredded scrap imported into India were stable this week with buyers returning to the market following a lull in activity, sources told Metal Bulletin on Friday April 27.Metal Bulletin's weekly index for containerized imports of shredded scrap into India was largely unchanged this week at $385.15 per tonne cfr Nhava Sheva on April 25, down by $0.29 week-on-week, compared w...Read More
Export prices for Brazilian steel slab widened downward this week with prices in the United States market differing from those in other buying destinations because of negotiations for exemptions to the Section 232 import tariffs.Metal Bulletin's weekly assessment of Brazil's slab export prices fell to $560-600 per tonne fob on Friday April 27, compared with $600-610 per tonne fob a week before.Lat...Read More
Indian domestic secondary billet prices have risen by at least 600 rupees ($9) per tonne this week, with demand for semi-finished steel being strong while availability was low.Secondary billet is mainly produced in induction furnaces, and Metal Bulletin's price assessment for the product on Friday April 27 was 35,500-35,700 rupees ($531-534) per tonne ex-mill. This was an increase of 600 rupees pe...Read More
Dow Jones Industrial and S&P 500 futures were lower this morning. S&P 500 futures were down 4 points in pre-opening trade. Index futures were virtually unchanged following release of first estimate of U.S. Real GDP. Consensus was growth at a 2.0% rate. Actual was 2.3%. First quarter reports continue to pour in. Companies that released results from yesterday's close included Amazon, Cabot O...Read More
China's domestic rebar prices rebounded slightly on Friday April 27, supported by an uptick in sales volume ahead of the long weekend. Domestic Eastern China (Shanghai): 3,890-3,930 yuan ($614-621) per tonne, up 30 yuan per tonne Northern China (Beijing): 3,750-3,770 yuan per tonne, up 20 yuan per tonne Customers raised their procurement rates ahead of the long weekend, with Chinese markets closed...Read More
SHANGHAI, Apr 27 (SMM) – Nonferrous metals rebounded for the most part except for copper. SHFE nickel led the gains with a rise of over 1.3%, lead went up nearly 1%, while tin, aluminium, and zinc inched up. The ferrous complex saw mixed trading with slower rates of decline. Iron ore, coking coal, and coke dipped over 1%. Hot-rolled coil and rebar closed nearly 1% higher....Read More
SHANGHAI, Apr 27 (SMM) – Nonferrous metals rebounded for the most part except for copper. SHFE nickel led the gains with a rise of over 1.3%, lead went up nearly 1%, while tin, aluminium, and zinc inched up. The ferrous complex saw mixed trading with slower rates of decline. Iron ore, coking coal, and coke dipped over 1%. Hot-rolled coil and rebar closed nearly 1% higher....Read More
SHANGHAI, Apr 27 (SMM) – Domestic downstream orders for zinc oxide grew this week as downstream companies stocked up, SMM learned. Foreign trade orders downstream remained weak this week.Domestic demand came from the sectors of chemicals, electronics, tyres, feedstock, and ceramics. Zinc oxide processors stockpiled earlier this week as zinc prices fell when LME zinc inventories surged. ...Read More
Both flat and long stainless steel products' prices in Europe have remained unchanged over the past week amid continued low market activity, sources told Metal Bulletin on Friday April 27.Metal Bulletin's weekly base price assessment for 2mm, grade-304 cold-rolled (CR) stainless steel sheet was stable week on week at ?,?1,050-1,100 ($1,276-1,336) per tonne delivered in Northern Europe on Friday."M...Read More
SHANGHAI, Apr 27 (SMM) –Copper: LME copper rebounded from a low and traded rangebound overnight. Technically, it continued to stand above all moving averages with sufficient support but its trading level dipped. The SHFE 1806 contract came off a high with support at the 10-day moving average and resistance at the five- and 60-day moving averages. We expect LME copper to trade at $6,900-...Read More
SHANGHAI, Apr 27 (SMM) – Nonferrous metals rebounded for the most part except for copper. SHFE nickel led the gains with a rise of over 1.3%, lead went up nearly 1%, while tin, aluminium, and zinc inched up. The ferrous complex saw mixed trading with slower rates of decline. Iron ore, coking coal, and coke dipped over 1%. Hot-rolled coil and rebar closed nearly 1% higher....Read More
SHANGHAI, Apr 27 (SMM) – Tongling Nonferrous Metals reported net profits of 203 million yuan for the first quarter of this year, up 40.5% year on year, according to its earnings report on Thursday April 26. This compared with an average growth of 98.4% for the nonferrous smelting and processing industry.The company’s revenue amounted to 17.74 billion yuan during the three-month p...Read More
European alloy steel surcharges for May deliveries of grade-304 cold-rolled (CR) stainless steel sheet have risen for the fourth consecutive month on an increase in nickel costs.The May alloy surcharge for 2mm grade-304 CR stainless steel sheet - based on data published by Outokumpu, Acerinox and Aperam - is ?,?1,385-1,434 ($1,683-1,742) per tonne. This is up month-on-month from April's surcharge...Read More
Base metals prices on the London Metal Exchange were broadly down this morning, Friday April 27, with only aluminium in positive territory - up by 0.8% at $2,289 per tonne. The rest were all lower by an average of 0.3%. Volume is up from this time on Thursday, but at 4,449 lots as of 06.16 am London time is still below average. Thursday’s trading started on a weak footing, but most of the met...Read More
SHANGHAI, Apr 27 (SMM) – Cargos with invoices for May traded more actively than those with April invoices while downstream buyers stockpiled on Friday April 27 before the Labour Day holiday, SMM learned.In Shanghai, #0 zinc mostly traded at 24,020-24,140 yuan/mt. The 0# common brands with invoices for May were offered at a premium of 150-170 yuan/mt over the SHFE 1805 contract with 0# Shuang...Read More