Commodities fund Tiberius is seeking to underpin a new world of digital currency transactions with a bullish future for industrial and precious metals, by launching a physical metals-backed cryptocurrency called Tiberius Coin.The fund, based in Zug in Switzerland, has more than $300 million of assets under management. In March, it will allow initial investment in the currency ahead of an ICO, or I...Read More
Comex copper prices bounced back on Wednesday January 31 after a multi-session downturn with a softening dollar lifting the metals complex. Copper for March settlement on the Comex division of the New York Mercantile Exchange gained 2.90 cents or 0.9% to $3.2180 per lb. The contract had been on a four-day losing streak. "Judging by the limited pullback and decent dip-buying interest, bulls are sti...Read More
Base metals prices on the London Metal Exchange are for the most part firmer this morning, Wednesday January 31, the exceptions being aluminium (-0.3%) and lead that is little changed, while the rest of the complex is up by an average of 0.6% - ranged between tin (0.4%) and nickel (0.7%), with copper prices up by 0.5% at $7,117 per tonne. Volume has been average with 8,535 lots traded as of 07.08...Read More
Domestic prices for heavy steel plate in Europe are expected to rise following the positive trend settled in the region's market for steel coil products, sources told Metal Bulletin on Wednesday January 31.High slab costs are also expected to support higher plate prices, especially in Southern European, where the majority of plate produced by re-rollers, according to market source.Metal Bulletin's...Read More
Domestic prices for cold-rolled coil (CRC) increased in the European Union this week, in line with a general upturn in sentiment in the region, sources told Metal Bulletin.Domestic prices for cold-rolled coil (CRC) increased in the European Union this week, in line with a general upturn in sentiment in the region, sources told Metal Bulletin.Prices for domestic hot-rolled coil (HRC) have incr...Read More
High prices for steel slabs from the CIS region and Brazil are unlikely to cause further price increases in the Turkish coil and Italian heavy plate markets, according to market sources.The increase in slab costs was supported by reduced availability of the material, and has already been reflected in finished steel product prices in two main outlet markets - Turkey and the European Union. Further...Read More
Earnings at ArcelorMittal's Brazilian division rose by 59.9% year-on-year in the fourth quarter of 2017, due to increased volumes and prices.Earnings before interest, taxes, depreciation and amortization (Ebitda) totaled $341 million in the October-December period, up from $213 million a year before, ArcelorMittal announced on Wednesday January 31.The company shipped 3.05 million tonnes of steel p...Read More
Mills and stockholders are taking differing approaches to the domestic European beam markets in light of a fresh price rise for the material, sources told Metal Bulletin on Wednesday January 31.Prices for domestic steel beams narrowed upward in Northern Europe this week, with the market continuing to be supported by the strong demand seen since last year.But some sources felt that stockholders who...Read More
Export prices for Southern European rebar have gone unchanged week-on-week amid continued low market activity, sources told Metal Bulletin on Wednesday January 31.Metal Bulletin's weekly export price assessment for Southern European rebar was ?,?490-505 ($607-626) per tonne fob main ports on Wednesday."There is little activity but we cannot rush into the market and drop prices immediately. The bes...Read More
Billet import volumes into Turkey have fallen over the past three years, with the producers opting to buy scrap because the price margin between these two products has widened since the second half of 2016, making scrap imports more profitable.In 2015, Turkey imported 7.85 million tonnes of steel billet, while scrap imports totaled 16.25 million tonnes in the same year, according to the Turkish St...Read More
Turkish steel producers went quiet again on Wednesday January 31 but still expected to book more cargoes for March, according to sources.Market participants expected the Turkish buyers to show some buying interest through to the end of the week."The Turks need to buy more scrap for March. I think they will be back in the...Read More
Iron ore prices continued to hover around $73 per tonne cfr China on Wednesday January 31 amid an inactive physical market. Metal Bulletin's 62% Fe Iron Ore Index Today: $72.92 per tonne cfr Qingdao Daily change: down by $0.05 per tonne Month-to-date average: $75.83 per tonne Metal Bulletin's 58% Fe Premium Index Today: $59.96...Read More
Billet import volumes into Turkey have fallen over the past three years, with the producers opting to buy scrap because the price margin between these two products has widened since the second half of 2016, making scrap imports more profitable.In 2015, Turkey imported 7.85 million tonnes of steel billet, while scrap imports totaled 16.25 million tonnes in the same year, according to the Turkish St...Read More
High prices for steel slabs from the CIS region and Brazil are unlikely to cause further price increases in the Turkish coil and Italian heavy plate markets, according to market sources.The increase in slab costs was supported by reduced availability of the material, and has already been reflected in finished steel product prices in two main outlet markets - Turkey and the European Union. Further...Read More
China's domestic rebar prices were still largely flat on Wednesday January 31 amid an inactive market. Domestic Eastern China (Shanghai): 3,820-3,880 yuan ($603-613) per tonne, narrowed downward by 10 yuan per tonneNorthern China (Beijing): 3,900-3,940 yuan per tonne, unchangedThe market remained inactive during the day with more contractors stopping procurement.A few sellers lowered their prices...Read More
The German metals sector is being hit with a number of day-long strikes this week while negotiations over pay between employers and trade union IG Metall continue, Metal Bulletin heard on Wednesday January 31.German metals companies could incur a significant loss of revenue, due to production and delivery shortfalls as a result of the strikes, along with additional costs for catching up on outages...Read More
The European Commission (EC) has reintroduced definitive anti-dumping duties on imports from China of cast-iron castings, it announced on Wednesday January 31.Anti-dumping duties will be set at 15.50-38.10% for products such as manhole covers and gratings used in street drainage systems, according to...Read More
The German metals sector is being hit with a number of day-long strikes this week while negotiations over pay between employers and trade union IG Metall continue, Metal Bulletin heard on Wednesday January 31.German metals companies could incur a significant loss of revenue, due to production and delivery shortfalls as a result of the strikes, along with additional costs for catching up on outages...Read More
Gerdau has entered into a definitive agreement with Optimus Steel to sell its wire rod mill and two downstream facilities located in Texas, United States, for $92.50 million, the Brazil-based steelmaker announced on Wednesday January 31.The Beaumont steel unit has a maximum melt shop capacity of around 700,000 tonnes per year and produces both wire rod and coiled rebar.American Metal Market's...Read More
Mills and stockholders are taking differing approaches to the domestic European beam markets in light of a fresh price rise for the material, sources told Metal Bulletin on Wednesday January 31.Prices for domestic steel beams narrowed upward in Northern Europe this week, with the market continuing to be supported by the strong demand seen since last year.But some sources felt that stockholders who...Read More