The US government's easing of sanctions on Rusal benefits the Russian aluminium producer's employees, US consumers of the metal - and any potential buyers of Oleg Deripaska's shareholding, writes Lord Copper."The Moving Finger writes; and, having writ,Moves on: nor all thy Piety nor WitShall lure it back to cancel half a Line,Nor all thy Tears wash out a Word of it."Well, that's what Omar Kayyam s...Read More
Shahnawaz Islam, director of metals research and product development at CME Group, is leaving the exchange after nearly three years, a representative confirmed on Friday April 27.Shan, who was promoted from manager to director in March, will stay in London but will return to a...Read More
The US government's easing of sanctions on Rusal benefits the Russian aluminium producer's employees, US consumers of the metal - and any potential buyers of Oleg Deripaska's shareholding, writes Lord Copper."The Moving Finger writes; and, having writ,Moves on: nor all thy Piety nor WitShall lure it back to cancel half a Line,Nor all thy Tears wash out a Word of it."Well, that's what Omar Kayyam s...Read More
Metal Bulletin reported in May 2017 that movements in the spread between 37% fob and 44% cif manganese ore indices might provide clues about direction in subsequent weeks.At the time, Metal Bulletin had observed that a narrowing of the spread between the prices for the two grades of manganese ore was often followed by a rise in prices and that a widening of the spread often preceded a pr...Read More
Base metals on the London Metal Exchange ended the week on a downward move at the close of trading on Friday April 27, with both copper and nickel prices falling more than 2%.Copper's three-month price spent most of the day consolidating in positive territory close to the $7,000 per tonne mark. The red metal dipped during the afternoon, with prices falling more than 2% to below $6,800 per ton...Read More
Comex copper prices fell to a multi-week low to close the week on April 27 morning in the US, with a rising dollar and geopolitical uncertainty weighing on the red metal.Copper for May settlement on the Comex division of the New York Mercantile Exchange collapsed 7.40 cents or 2.4% to $3.0400 per lb. Earlier, the contract weakened to $3.0305, the lowest point since April 6."Next week is going to b...Read More
Most iron ore market participants stayed away on Friday April 27 to cut their risk ahead of a 4-day trading break in China due to a public holiday over the first two days of next week.Metal Bulletin 62% Fe Iron Ore Index: $65.68 per tonne cfr Qingdao, down by $0.60 per tonneMetal Bulletin 58% Fe Premium Index: $55.48 per tonne cfr Qingdao, down by $0.42 per tonneMetal Bulletin 65% Fe Iron Ore Inde...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
The US government's easing of sanctions on Rusal benefits the Russian aluminium producer's employees, US consumers of the metal - and any potential buyers of Oleg Deripaska's shareholding, writes Lord Copper."The Moving Finger writes; and, having writ,Moves on: nor all thy Piety nor WitShall lure it back to cancel half a Line,Nor all thy Tears wash out a Word of it."Well, that's what Omar Kayyam s...Read More
Despite healthy economic fundamentals across metals markets, geopolitical uncertainty casts a shadow over Sucden Financial's altogether positive market outlook, the commodity broker's Quarterly Metals Report Briefing highlighted.In its second-quarter trading ranges, the broker omitted forecasts for both aluminium and nickel following the recent storm of uncertainty surrounding the metals' price ac...Read More
Southern Copper Corp (SCC) increased its core earnings in the first quarter of 2018, with higher metals prices giving a positive boost to sales revenues despite a decline in copper production.The company's adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) totaled $939.4 million in January-March, against $722.3 million a year before, the miner said on Wednesday April...Read More
Base metals on the London Metal Exchange ended the week on a downward move at the close of trading on Friday April 27, with both copper and nickel prices falling more than 2%.Copper's three-month price spent most of the day consolidating in positive territory close to the $7,000 per tonne mark. The red metal dipped during the afternoon, with prices falling more than 2% to below $6,800 per ton...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week. Base metalsGeoffrey Gao will become chief executive officer of Australian-Chinese miner MMG from this August.Minera Escondida has ended early talks with its unionized workers aimed at agreeing a new labor deal, the Chilean copper producer said.Anglo American recorded a 13% year-on-year decline...Read More
Oleg Deripaska has agreed, in principle, to reduce his shareholding in the EN+ Group to below 50% and resign from the company's board, the company announced today. EN+ Group holds a 48.1% stake in UC Rusal - both companies have been hit by United States' sanctions imposed on Deripaska earlier this month. VTB Capital, the investment bank, owns 4.35% of EN+ and Deripaska and his family own the...Read More
Comex copper prices fell to a multi-week low to close the week on April 27 morning in the US, with a rising dollar and geopolitical uncertainty weighing on the red metal.Copper for May settlement on the Comex division of the New York Mercantile Exchange collapsed 7.40 cents or 2.4% to $3.0400 per lb. Earlier, the contract weakened to $3.0305, the lowest point since April 6."Next week is going to b...Read More
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
Import prices for flat steel in South America have increased this week, due to high-priced offers from China, Metal Bulletin has heard."[Chinese] export offers rose due to rising domestic values," a trader said on Friday April 27.China-origin offers of cold-rolled coil (CRC) were recorded at $680 per tonne cfr in Brazil and at $670-675 per tonne cfr along the region's Pacific coast.Meanwhile, Chin...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
Coated coil prices in Turkey fell this week because of lackluster demand in both the local and export markets, sources told Metal Bulletin on Friday April 27.Domestic pricesOne Northern Turkish producer was offering 0.50mm hot-dipped galvanized coil (HDG) at $780 per tonne ex-works this week.Southern Turkish producers were offering the product at $810 per tonne ex-works this week, down from $820-8...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transactions: HRC, CRC, HDG, PPGIHot-rolled coilTurkey, domestic, hot-rolled coil, offered at $625-630 per tonne ex-works, June production.Turkey, domestic, hot-rolled coil, traded at $...Read More