Lead was the only base metal traded on the London Metal Exchange to close in positive territory on Friday February 9, with the others falling while the dollar strengthened further.The three-month copper price hit its lowest since December 14 earlier today before closing back below $6,700 per tonne for the first time in 2018. "The copper price continues to unwind, touching its lowest in nearly eigh...Read More
The US aluminium foundry premium has stayed flat again this month, while premiums in Germany and Eastern Europe slipped.US foundry alloy premium flat on limited spot activity The US aluminium foundry alloy premium has remained at 9-11 cents per pound, with market participants reporting that conditions cited for raising other US aluminium premiums did not appear to have an effect. "I assume ABI [Al...Read More
Rio Tinto is continuing to assess the viability of the Jadar lithium-borate project in Serbia, which already hits a number of key criteria for approval, a senior executive at Rio Tinto told Metal Bulletin. "For us, Jadar is a great asset and has a by-product credit, which puts it at the lower end of the cost curve. We have to finalize the feasibility and pre-feasibility studies, and get board appr...Read More
Comex copper prices slipped to a multi-month low in US morning trading on Friday February 9, with a stronger dollar, reduced liquidity and stock market gyrations all combining to weigh on the base metals complex. Copper for March settlement on the Comex division of the New York Mercantile Exchange was recently down 2.85 cents or 0.92% to $3.0535 per lb. This morning, the contract fell to $3.0475,...Read More
Chile's copper mine production fell 0.9% in 2017, mostly affected by strike action at BHP-operated Escondida mine. The country's total output came to 5.5 million tonnes, against 5.55 million in 2016, according to figures from the Chilean copper commission, Cochilco. Concentrates accounted for 3.92 million tonnes of copper produced last year, from 3.89 million tonnes in...Read More
The latest metal markets news and price moves to start the North American day on Friday February 9.Base metals prices on the London Metal Exchange were down across the board during morning trading following a significant rise in aluminium and copper stocks. Here's how LME base metals prices looked at 12:11 London time:Read our live futures report here. "Base metals are likely to enjoy renewed...Read More
The London Metal Exchange's average daily volume (ADV) was little changed for January 2018 when compared with the previous year, but only when you take into account trading changes due to the Markets in Financial Instruments Directive (MiFID) II.The headline ADV figure for January 2018 is 712,722 lots per day, which appears to be a huge increase on face value compared with 619,524 lots in January...Read More
Rebar prices in Argentina increased this month, as long steel producers made an adjustment due to cost increases, sources told Metal Bulletin. Metal Bulletin's weekly assessment of Argentina's domestic rebar went up to $860-865 per tonne ex-works on Friday February 9 from $840-850 per tonne ex-works the previous month. Prices of other long steel products, such as bars, have risen this month by 4-5...Read More
Brazilian flat steel and iron ore producer Usiminas has begun looking into investment in a new galvanizing unit, if the recovery of the Brazilian economy is confirmed.The reason is the strong demand for galvanized products in the Brazilian market, chief executive officer Sergio Leite told analysts during a conference call on Friday February 9."We have started preliminary studies...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 $640 per tonne ex-works, April production.Turkey, export, hot-rolled coil, offered at $620-...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Both the iron ore and coking coal markets became quieter on Friday due to a slowdown in trading activity ahead of the Chinese lunar new year holiday.Metal Bulletin's 62% Fe Iron Ore Index ended the week at less than $77 per tonne, while Metal Bulletin's coal indices were flat at $199.42 per tonne cfr Ch...Read More
Brazilian steel and iron ore producer Usiminas is trying to apply a 20% increase in prices for its flat steel products to industrial clients, chief executive officer S?(C)rgio Leite said on Friday February 9.The move follows an increase of around 20% in annual price contracts with carmakers."We concluded negotiations in late December with carmakers, regarding our pricing contracts in 2018, and we...Read More
Indian domestic hot rolled coil prices continued to be stable over the past week, even though there was a shortage in local markets.The absence of imported HRC in the domestic market has aggravated the shortfall as most importers have been left with negligible HRC stocks from their earlier imports. "Chinese commercial grade HRC continues to be commercially unviable for import while there...Read More
The following Metal Bulletin noble alloys, bulk alloys and ores prices changed on Friday February 9:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $12.20-12.50 per lb from $12.10-12.50 Molybdenum US canned molybdic oxide, $/Ib $12.10-12.30 per Ib from $11.90-12.20 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $30.00-30.80 per kg from $30.00-30.40 Ferro-molybdenum U...Read More
Due to a technical error, the following prices were inadvertently published by Metal Bulletin Group on Friday February 9. - Ferro-vanadium, 78% min fob China $ per kg V -...Read More
Turkish ferrous scrap import prices rebounded at the end of the working week of Monday February 5 to Friday February 9, boosted by expectations that finished steel demand is likely to bounce back soon.Import scrap prices in Taiwan are still trending downward on very limited demand before the Lunar New Year, while Indian import prices moved in the opposite direction due to an improved appetite for...Read More
Turkish steel producers continued their bookings for March at comparatively stable prices on Friday February 9.A steel mill in the Marmara region came to the market and booked a US cargo at $353 per tonne cfr for 32,000 tonnes of shredded.The same mill also booked...Read More
Prices for ferrous scrap imported in containers into India inched upward this week, with good demand from mills combining with firm finished steel markets in the country, sources said on Friday February 9.Solid demand in the country prevented a sharper drop in Indian import prices last week, at a time when the Turkish import market was weakening more acutely.But with the Turkish market reversing w...Read More
The price range for austenitic alloy steel scrap imported into mainland Europe fell by ?,?20 per tonne week-on-week on Friday February 9, after the nickel price weakened sharply.Metal Bulletin's weekly price assessment on Friday for 18/8 stainless steel solids imported into mainland Europe was ?,?1,120-1,150 ($1,373-1,410) per tonne cif main European ports, compared with ?,?1,140-1,170 per tonne c...Read More
Export prices for Brazilian pig iron were unchanged this week, amid upcoming holidays in various global regions and uncertainty over scrap prices in the United States."The market is waiting for a clear direction on where scrap prices in the US are heading," a Brazil-based source said."Besides closely following the settlement of US scrap prices, the Brazilian pig iron market is also quiet due to th...Read More