China's domestic rebar market maintained its upward momentum on Thursday January 18 amid active trading. Domestic Eastern China (Shanghai): 3,760-3,830 yuan ($584-595) per tonne, up 20-30 yuan per tonne Northern China (Beijing): 3,800-3,820 yuan per tonne, up 20-30 yuan per tonne Trading houses actively purchased rebar throughout the day to build up their inventories on seeing the steady gains in...Read More
Robust nickel prices appear to be providing some support to East Asia's stainless steel market amid persistently weak demand.Chinese producers are raising their offers for both stainless cold-rolled coil and hot-rolled sheet due to higher prices for nickel this month, despite soft demand and low bids from buyers.The three-month nickel contract on the London Metal Exchange is averaging at $12,649 p...Read More
Mexico's Ministry of Economy has removed definitive countervailing duties on certain imports of graphite electrodes from China and the United Kingdom, according to the International Rebar Producers & Exporters Association (Irepas).Effective immediately, Mexico will not apply duties to graphite electrode imports from China or the UK, Irepas said on Wednesday January 17. Mexico imposed duties as hig...Read More
Healthy profit margins sent China's crude steel output to a new high in 2017 after dropping closer to the 800-million-tonne mark in the two preceding years. The world's second-largest economy produced a total of 831.73 million tonnes of crude steel last year, according to data released by the National Bureau of Statistics (NBS) on Thursday January 18. This is up 5.7% from a year earlier, the burea...Read More
Summary of BHP's production results for the three months ended December 31, 2017.(year-on-year change) Copper 429,000 tonnes, +20% Iron ore 62 million tonnes,...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close on Thursday January 18, with only tin bucking the higher trend. Aluminium prices closed over 2% higher than Wednesday's close price supported by stronger-than-expected Chinese data and the dollar weakening once more. "Judging by its current technical configuration, LME aluminium continues to consolidate from recent gai...Read More
Oyu Tolgoi has declared force majeure on copper, gold and silver concentrate shipments to customers due to a protest by Chinese coal transporters in the area of the Ganqimaodu border zone, Turquoise Hill Resources said. Safe and normal mine operations, including underground development, have been maintained and no production impact is expected, the company added. The protestors used a large number...Read More
The Turkish deep-sea scrap market continued to remain quiet on Thursday January 18, with Turkish steel mills staying away due to the current high prices, sources told Metal Bulletin.Turkish steel producers were expecting to be back for more February cargoes, but they are struggling with softening rebar export values and weak demand in the country's major export markets.Suppliers in the United Stat...Read More
Turkish domestic rebar and wire rod prices continued to remain firm this week, in line with good demand in the country's local market.Metal Bulletin's weekly price assessment for domestic rebar on Thursday January 18 was $570-575 per tonne ex-works, widening upward from the $570-572 per tonne of last week.The domestic...Read More
The latest metal markets news and price moves to start the North American day on Thursday January 18.Base metals prices on the London Metal Exchange were back trading in positive territory this morning, supported by slightly stronger Chinese data.Here is how the LME base metals complex looked at 12.43pm London time:For a snapshot of exchange news, check out our live futures report.The LME has appo...Read More
Good morning from Metal Bulletin's office in Shanghai, as we bring you the latest news and pricing stories on Thursday January 18.Base metals prices on the Shanghai Futures Exchange were generally higher during Asian morning trading on Thursday with copper prices outperforming, while the others gave a more subdued performance ahead of key Chinese data releases today. Check Metal Bulletin's live fu...Read More
SHANGHAI, Jan 18 (SMM)? 1/4 ?Lead stood out among nonferrous metals with a 1% rise. Tin declined 1% and nickel slipped 0.43%. Copper, zinc and aluminium slid slightly.The ferrous complex performed better. Iron ore rose 1.42% and rebar rose 1%. Coke edged up 0.74% and hot-rolled coil gained 0.55%. Coking coal gained slightly.Copper: Copper faces a downward trend in the short term, an...Read More
SHANGHAI, Jan 18 (SMM)? 1/4 ?Lead stood out among nonferrous metals with a 1% rise. Tin declined 1% and nickel slipped 0.43%. Copper, zinc and aluminium slid slightly.The ferrous complex performed better. Iron ore rose 1.42% and rebar rose 1%. Coke edged up 0.74% and hot-rolled coil gained 0.55%. Coking coal gained slightly.Copper: Copper faces a downward trend in the short term, an...Read More
SHANGHAI, Jan 18 (SMM)? 1/4 ?Lead stood out among nonferrous metals with a 1% rise. Tin declined 1% and nickel slipped 0.43%. Copper, zinc and aluminium slid slightly.The ferrous complex performed better. Iron ore rose 1.42% and rebar rose 1%. Coke edged up 0.74% and hot-rolled coil gained 0.55%. Coking coal gained slightly.Copper: Copper faces a downward trend in the short term, an...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 250,000 versus 261,000 last week. Actual was 220,000. Consensus for January Philly Fed Index was a drop to 25.0 from a revised 27.9 in December. Actual was 22.2....Read More
China's gross domestic product (GDP) grew 6.9% in 2017, beating expectations of 6.8%. GDP growth for 2016 was also 6.9%GDP in Q4 2017 grew 6.8%, slightly above expectations of 6.7%.On a quarterly basis, GDP expanded 1.6%, just under expectations of 1.7%.The article is edited by SMM and is provided for information purpose only. It does not mean SMM agrees with its views and...Read More
SHANGHAI, Jan 18 (SMM)? 1/4 ?Premiums of Jinchuan nickel traded at 200-300 yuan/mt against contract 1802 on the Wuxi Stainless Steel Exchange. Jinchuan offered 96,800 yuan/mt for refined nickel on Thursday January 18, 2017.Nickel traded in the range of 96,100-96,800 yuan/mt.Russian nickel traded against contract 1802 at discounts of 100-200 yuan.For editorial queries, please contact Dais...Read More
China's gross domestic product (GDP) grew 6.9% in 2017, beating expectations of 6.8%. GDP growth for 2016 was also 6.9%GDP in Q4 2017 grew 6.8%, slightly above expectations of 6.7%.On a quarterly basis, GDP expanded 1.6%, just under expectations of 1.7%.The article is edited by SMM and is provided for information purpose only. It does not mean SMM agrees with its views and...Read More
SHANGHAI, Jan. 18 (SMM)? 1/4 ?Nonferrous metals saw more deficits from January to November 2017 compared to the same period in 2016, according to a release from the World Bureau of Metal Statistics (WBMS).AluminiumAluminium saw a deficit of 1.57 million mt, following a deficit of 770,000 mt in 2016. Demand for primary aluminium for January to November 2017 was 54.92 million mt. This was 1.41...Read More
China's gross domestic product (GDP) grew 6.9% in 2017, beating expectations of 6.8%. GDP growth for 2016 was also 6.9%GDP in Q4 2017 grew 6.8%, slightly above expectations of 6.7%.On a quarterly basis, GDP expanded 1.6%, just under expectations of 1.7%.The article is edited by SMM and is provided for information purpose only. It does not mean SMM agrees with its views and...Read More