Demand from basic oxygen furnaces (BOFs) and the bottoming out of steel prices in China have kept domestic ferrous scrap prices in the country's eastern region unchanged for the past three weeks.Metal Bulletin's weekly assessment of prices for domestic heavy scrap of no less than 6-8mm in thickness delivered to mills in east China stood at 2,300-2,530 yuan ($364-400) per tonne on Friday February 9...Read More
Iron ore prices fell below $77 per tonne cfr China on Friday February 9 due to a slowdown in trading activity ahead of the Chinese New Year holidays.Metal Bulletin's 62% Fe Iron Ore Index Today: $76.46 per tonne cfr QingdaoDaily change: down by $0.86 per tonneMonth-to-date average: $75.70 per tonneMetal Bulletin's 58% Fe Premium Index Today: $60.88 per tonne cfr QingdaoDaily change: down by $0.92...Read More
The Shanghai Futures Exchange will launch its much-awaited crude oil futures on March 26, the exchange said on Friday February 9. The contract - which will be denominated in yuan and accept foreign exchange as a margin - will trade on the Shanghai International Energy Exchange (INE), a SHFE subsidiary. The INE's crude oil futures launch is being closely watched by the global...Read More
Base metals prices on the London Metal Exchange were down across the board during morning trading on Friday February 9 after aluminium and copper stocks rose significantly. The three-month copper price dropped to a low of $6,784.50 per tonne this morning with on-warrant stocks climbing 22% this week. "LME on-warrant stocks have risen another 10% today, resulting in a 53,600 tonne or 22% rise this...Read More
China's hot-rolled coil futures tumbled on Friday February 9, though spot prices for the product were unchanged due to sparse trading.DomesticEastern China (Shanghai): 4,110-4,130 yuan ($650-654) per tonne, unchangedNorthern China (Tianjin): 4,000-4,030 yuan per tonne, unchangedThe Shanghai stock market plummeted for a fourth day, which led to growing risk aversion that weighed on ferrous futures...Read More
Chinese demand for seaborne coking coal remains underpinned ahead of next week's New Year Holiday, market participants said on Friday February 9. Surging domestic coking coal prices in the country and limited inventories meant mills were encouraging buyers to enquire about seaborne materials, a trader source said. "Some domestic miners have already gone on leave and that is further tightening...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Metal Bulletin minor metals prices changed on Friday February 9:Minor metals Antimony MB free market regulus, $/tonne: $8,500-8,700 per tonne from $8,400-8,600 Antimony MMTA standard grade II, $/tonne: $8,400-8,600...Read More
Most Chinese minor metals markets were quiet in the week to Friday February 9, the week before the Lunar New Year holiday. The major logistics companies in China have closed and most minor metals market participants...Read More
Base metals traded on the London Metal Exchange are experiencing downward pressure this morning, Friday February 9, with the complex posting an average loss of 0.7% amid healthy volumes. Nickel (-1.6%) has been hit the worst, while copper (-0.2%) appears to be the most resilient.The downward pressure across the industrial metals is driven by a deterioration in risk sentiment in Asia, evident in eq...Read More
Annual aluminium wheel alloy silicon 7 ingot premiums in Japan and South Korea for 2018 supply have largely settled at lower levels than those for last year, market sources told Metal Bulletin.Annual premiums in Japan have settled at $105-120 per tonne cif main Japanese ports for 2018 supply, down slightly from a range of $110-120 per tonne for supply in the prior year. The premiums were assessed...Read More
Swedish steelmaker Ovako predicts that it will achieve a higher volume of sales in the first quarter of 2018, driven by strong industrial activity among its customers, the company said on Friday February 9.Eurozone manufacturing output has been at multi-year highs during recent months, and Sweden has seen strong markets for cars, trucks and industrial equipment, Ovako said.The company's sales volu...Read More
China's ferrous futures trended downward during the morning trading session on Friday February 9. Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,922 ($621) per tonne, down 8 yuan per tonne May hot-rolled coil: 4,008 yuan per tonne, down 14 yuan per tonne Dalian Commodity Exchange May iron ore: 529.50 yuan per tonne, down 1.50 yuan per tonne May coking coal: 1,363 y...Read More
China's domestic stainless steel prices stabilized over the past week with more and more participants leaving the market ahead of the Chinese New Year. Metal Bulletin's assessment of prices for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,500-15,500 yuan ($2,295-2,453) per tonne including VAT for the week ended Thursday February 8, the same as a week earlier. "More a...Read More
The following Metal Bulletin non-ferrous European free market scrap prices changed on Friday February 9:Aluminium ingot Duty paid delivered works...Read More
Prices for flat steel products in Brazil increased in early February, following the adjustments announced by local producers during January.Metal Bulletin's monthly price assessment for Brazilian hot-rolled coil (HRC) rose to 2,500-2,600 Reais ($763-793) ex-works on Friday February 9, from 2,300-2,400 Reais per tonne ex-works on January 5.In the same...Read More
Rebar prices in Brazil were steady at the beginning of February, amid uncertainty over the approval of the merger between ArcelorMittal Brasil and local long steel producer Votorantim Siderurgia.Metal Bulletin's monthly price assessment for Brazilian rebar was 2,200-2,400 Reais ($677-738) per tonne delivered on Friday February 9, stable on a monthly basis.The transaction, which will turn Votoranti...Read More
Latin American steel group Ternium and Japan's Nippon Steel & Sumitomo Metal Corp (NSSMC) have reached an agreement over the control of Brazilian steel and iron ore producer Usiminas.The two firms, which are Usiminas' main shareholders, have agreed to establish new rules to govern their relationship as members of the Usiminas control group and to "amicably resolve and terminate the pending legal d...Read More
Prices for flat steel products in Brazil increased in early February, following the adjustments announced by local producers during January.Metal Bulletin's monthly price assessment for Brazilian hot-rolled coil (HRC) rose to 2,500-2,600 Reais ($763-793) ex-works on Friday February 9, from 2,300-2,400 Reais per tonne ex-works on January 5.In the same...Read More
Rebar prices in Brazil were steady at the beginning of February, amid uncertainty over the approval of the merger between ArcelorMittal Brasil and local long steel producer Votorantim Siderurgia.Metal Bulletin's monthly price assessment for Brazilian rebar was 2,200-2,400 Reais ($677-738) per tonne delivered on Friday February 9, stable on a monthly basis.The transaction, which will turn Votoranti...Read More