Treatment and refining charges (TC/RCs) for spot market copper concentrates dropped significantly during the second half of January, with smelters coming to the market for tonnages below benchmark rates and mine sales going at aggressive numbers.Metal Bulletin's copper concentrate TC/RC index dropped by $9.4 per tonne/0.94 cents per lb. Of that drop, $3.2/0.32 cents was due to the addition of a co...Read More
The falling scrap market pushed prices for CIS-origin pig iron down during the week ended Thursday February 1, Metal Bulletin has heard."The market has weakened, and producers can no longer keep pig iron prices high while the scrap market is crashing," a trader told Metal Bulletin.Metal Bulletin's export price assessment for high-manganese pig iron from the CIS region fell to $350-375 per tonne fo...Read More
Lead prices on the London Metal Exchange were 1.7% higher at the close on Thursday February 1, with the metal continuing its fine performance since the turn of 2018. The three-month lead price hit a high of $2,668 per tonne earlier today, the highest since July 29, 2011, and closed just $3 shy of this high level. "The fundamental outlook for lead is strong with low exchange stocks while consumptio...Read More
Finished long steel prices in Europe are expected to remain largely stable in February after rising steadily through January, market participants told Metal Bulletin this week.Domestic offer prices from European steel mills are still supported by high production costs and strong demand from end-users.Market participants expect domestic rebar prices in Northern Europe to remain strong in February,...Read More
The latest metal markets news and price moves to start the North American day on Thursday February 1.Base metals prices on the London Metal Exchange were largely range bound Thursday morning in London.Here is how the LME base metals complex looked at 11:48am in London time. For a snapshot of our exchange news...Read More
Good morning from Metal Bulletin's office in Shanghai, as we bring you the latest news and pricing stories on Thursday February 1.Nickel prices on the Shanghai Futures Exchange were weaker during Asian morning trading on Thursday, with underwhelming data releases from China as well as soft demand from the country's stainless steel sector weighing on the metal's prices.Check Metal Bulletin's live f...Read More
SHANGHAI, Feb 1 (SMM) – Nonferrous metals futures edged down with SHFE aluminium leading the loss with a 1% drop. The ferrous complex saw mixed trading with hot-rolled coil up over 1% and rebar up slightly. Iron ore was down nearly 1%.Copper: Investors have reduced their long bets today, dragging SHFE copper lower. We expect copper prices to stay rangebound in the short term as the US w...Read More
SHANGHAI, Feb 1 (SMM) – Nonferrous metals futures edged down with SHFE aluminium leading the loss with a 1% drop. The ferrous complex saw mixed trading with hot-rolled coil up over 1% and rebar up slightly. Iron ore was down nearly 1%.Copper: Investors have reduced their long bets today, dragging SHFE copper lower. We expect copper prices to stay rangebound in the short term as the US w...Read More
SHANGHAI, Feb 1 (SMM) – Nonferrous metals futures edged down with SHFE aluminium leading the loss with a 1% drop. The ferrous complex saw mixed trading with hot-rolled coil up over 1% and rebar up slightly. Iron ore was down nearly 1%.Copper: Investors have reduced their long bets today, dragging SHFE copper lower. We expect copper prices to stay rangebound in the short term as the US w...Read More
U.S. equity index 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 the Weekly Jobless Claims report. Consensus was an increase to 235,000 from 231,000 last week. Actual was 230,000. Fourth quarter reports continue to pour in. Companies that reported since yesterday's close included Alibaba, Alt...Read More
SHANGHAI, Feb 1 (SMM) – The purchasing managers’ index (PMI) for nickel’s downstream industries in February is expected at 33.92, according to SMM survey. This is lower than 40.34 points for January as stainless steel mills will be in maintenance or see lower output due to Chinese New Year. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more infor...Read More
SHANGHAI, Feb 1 (SMM) – China’s production of 10 nonferrous metals amounted to 53.78 million mt in 2017, up 3% from a year ago, according to data released by the National Development and Reform Commission (NDRC) on Wednesday January 31. The annual growth was up 0.5 percentage point from the previous year.According to the data, copper output was up 7.7% to 8.89 million mt, aluminium was...Read More
SHANGHAI, Feb 1 (SMM) – China’s production of 10 nonferrous metals amounted to 53.78 million mt in 2017, up 3% from a year ago, according to data released by the National Development and Reform Commission (NDRC) on Wednesday January 31. The annual growth was up 0.5 percentage point from the previous year.According to the data, copper output was up 7.7% to 8.89 million mt, aluminium was...Read More
Base metals prices on the London Metal Exchange are struggling to extend gains and are consolidating in high ground this morning, Thursday February 1. Copper ($7,073 per tonne), zinc, aluminium and nickel prices are off between 0.2% and 0.4%, while lead and tin prices are up by 0.2% and 0.1% respectively.Volume has been below average with 6,950 lots traded as of 07.07 am London time. This follows...Read More
Treatment and refining charges (TC/RCs) for spot market copper concentrates dropped significantly during the second half of January, with smelters coming to the market for tonnages below benchmark rates and mine sales going at aggressive numbers.Metal Bulletin's copper concentrate TC/RC index dropped by $9.4 per tonne/0.94 cents per lb. Of that drop, $3.2/0.32 cents was due to the addition of a co...Read More
Lead prices on the London Metal Exchange were 1.7% higher at the close on Thursday February 1, with the metal continuing its fine performance since the turn of 2018. The three-month lead price hit a high of $2,668 per tonne earlier today, the highest since July 29, 2011, and closed just $3 shy of this high level. "The fundamental outlook for lead is strong with low exchange stocks while consumptio...Read More
Comex copper prices were trading in negative territory once again on Thursday February 1 with a bout of poor Chinese data offsetting strong US manufacturing figures. Copper for March settlement on the Comex division of the New York Mercantile Exchange dipped 0.15 cents or 0.1% to $3.1940 per lb. The red metal has failed to set a clear price direction over the past few weeks and inconsistent data r...Read More
Iron ore prices remained largely stable on Thursday February 1 with transactions at Chinese ports and in the seaborne market being concluded at levels close to those a day earlier. Metal Bulletin's 62% Fe Iron Ore Index Today: $72.88 per tonne cfr Qingdao Daily change: down by $0.04 per tonne Month-to-date average: $72.88 per tonne Metal Bulletin's 58% Fe Premium Index Today: $59.59...Read More
Looking back to the last quarter of 2017, the average accuracy of MBR forecasts published in the Steel Market Tracker was 94% (when compared to forecasts published in the September issue). Our forecasts of European flat steel prices proved to be precise once again, with European domestic CRC and HRC prices scoring 99% and 98% accuracy respectively. Although we considered Chinese domestic rebar pri...Read More
The Turkish scrap import market remained quiet on Thursday February 1, with mills holding back in anticipation of a new price level, according to sources.There have been no new transactions heard since a US cargo was sold on January 30 at $348 per tonne cfr for HMS 1&2 (80:20).Suppliers did not want to follow that US cargo and lower their offer prices, Metal Bulletin was told."The mills are t...Read More