China's major steel mills raised their daily crude steel output rates again in mid-May on good demand and healthy profit. Member mills of the China Iron & Steel Association (Cisa) produced crude steel at an average rate of 2 million tonnes per day during the second 10 days of May, up 3% from 1.94 million tpd in early May, according to...Read More
I've spent a lot of time and effort outlining the actual condition of our nation's Social Security system... along with some of the changes that could be coming down the pike.Yet I'm continually amazed at how many misunderstandings everyday Americans have about the program!For example, a survey of people in my age bracket revealed that 29% expected to claim Social Security benefits at age 65.The p...Read More
Prices for imported flat-rolled steel in the United States fell ahead of widespread anticipation that the Trump administration will end exemptions from Section 232 tariffs and quotas for Canada, Mexico and the European Union.Tariffs, quotas or a combination of both will kick in at 12.01am US Eastern Time on Friday June 1, unless President Donald Trump backtracks at the last minute, sources said.A...Read More
The time to buy bank stocks is now.More specifically, the time to buy shares of Citigroup (C) is now.That is the word from the legendary activist hedge fund ValueAct Capital. ValueAct isn’t just talking, they are acting. ValueAct has invested a whopping $1.2 billion into shares of this banking giant.1Luckily for us, ValueAct also explains exactly why the market thumping investment firm is po...Read More
Cobalt prices fell midweek amid slower spot demand and easing immediate supply concerns, Metal Bulletin heard on Thursday May 31.Benchmark low-grade cobalt prices fell by 1% to $42.25-43.40 per lb, in-warehouse, on May 30. This was down from the previous assessment of $42.75-43.75 per lb.High-grade cobalt prices were assessed at $42.25-43.50 per lb, in-warehouse, down by 1.2% compared with the pre...Read More
Trading activity in the export market for pig iron from the Commonwealth of Independent States slowed down this week because buyers in the United States had restocked and preferred to wait for clarity about the price of scrap in June.Suppliers have almost their closed order books for July and can wait to get a clearer view of the US domestic scrap market. Traditionally, the scrap price there is se...Read More
Comex copper prices inched up in the US morning on Thursday May 31, after falling to a three-week low on Wednesday. Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 0.5 cents to $3.074 per lb. "Metals ended mixed yesterday, with copper falling to a three-week low...Read More
Turkish steel billet prices have continued to soften over the past week, in line with the downturn in the country's imported scrap prices, sources said on Thursday May 31.Suppliers in the CIS region reduced their billet offers to $530-535 per tonne cfr, while buyers in Turkey were looking for prices in the range of $515-520 per tonne.But no significant deals have been heard in the market in recent...Read More
The latest metal markets news and price moves to start the North American day on Thursday May 31.Base metals on the London Metal Exchange were mostly higher during morning trading on Thursday May 31, with nickel prices recording the strongest upward move of the complex while zinc bucked the trend.Continuing to trade in positive territory above $15,000 per tonne, nickel prices are up...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday May 31.Base metal prices on the Shanghai Futures Exchange were all up during Asian morning trading on Thursday, finding support from the release of positive Chinese data and a weaker dollar.China's manufacturing Purchasing Managers' Index (PMI) for May surprised to the upside with a r...Read More
The prolonged shutdown of Sterlite Copper's Tuticorin smelting and refining complex has driven up premiums for copper cathodes in India and increased demand for duty-free Japanese cathodes.Premiums for grade A copper cathodes basis cif to major Indian ports were quoted at $95-105 per tonne over LME cash prices for the metal, a survey of market participants by Metal Bulletin showed.Tuticorin,...Read More
Comex copper prices inched up in the US morning on Thursday May 31, after falling to a three-week low on Wednesday. Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 0.5 cents to $3.074 per lb. "Metals ended mixed yesterday, with copper falling to a three-week low...Read More
China's domestic rebar prices moved up on Thursday May 31 amid a strengthening of the billet and futures markets.Domestic Eastern China (Shanghai): 3,920-3,970 yuan ($610-618) per tonne, up 50 yuan per tonne Northern China (Beijing): 3,870-3,890 yuan per tonne, up 10 yuan per tonne Although spot prices rose, trading activity did not pick up in tandem with them with most buyers having a pessimistic...Read More
Concerns over a supply shortage of coking coal emerged among market participants outside China on Thursday May 31, ending the deadlock between sellers and buyers that has lasted several weeks."There will be a decrease in spot cargo availability in the July-September quarter due to [Australian rail freight operator] Aurizon's new maintenance plan. There are some adjustments in our contract for that...Read More
Turkish steel mills have continued their transactions in the deep-sea scrap markets for June deliveries, with prices going down slightly and a further decrease expected, sources said on Thursday May 31.A steel mill in the Izmir region booked a UK cargo, comprising 21,000 tonnes of HMS 1&2 (80:20) at $331.50 per tonne cfr, late on May 29. This was the second cargo booked late on Tuesday.As a result...Read More
Metal Bulletin proposes to migrate its existing price assessment for battery-grade lithium carbonate, ex-works China, to an index. Data collected by Metal Bulletin shows that there is sufficient liquidity in China's domestic market to warrant the conversion of the existing assessed price to a tonnage-weighted index. The Chinese lithium market is also closely watched by lithium producers and the ba...Read More
Base metals on the London Metal Exchange closed mostly higher on Thursday May 31, ending the month broadly supported with most metals trading in positive territory. Despite falling 0.3% during the afternoon, nickel's three-month price continues to trade above $15,000 per tonne after breaking above the nearby resistance level at Wednesday's close. The metal's consistent supply outflows are pro...Read More
The implementation of the threatened US tariff on imports of European aluminium is unlikely to have any immediate effect on prices and premiums in Europe, market participants have said.Wilbur Ross, the United States' commerce secretary, announced on Thursday May 31 that aluminium originating from the EU, Canada and Mexico will be subject to tariffs from just after midnight on the morning of Friday...Read More
The Mexican government will take reciprocal measures against the United States, following the imposition of Section 232 duties on steel and aluminium imports from the country, the economy secretariat said on Thursday May 31."In the face of the tariffs set by the US, Mexico will impose equivalent measures against various products such as flat steel (hot-rolled and cold rolled sheet, coated [goods]...Read More
The prolonged shutdown of Sterlite Copper's Tuticorin smelting and refining complex has driven up premiums for copper cathodes in India and increased demand for duty-free Japanese cathodes.Premiums for grade A copper cathodes basis cif to major Indian ports were quoted at $95-105 per tonne over LME cash prices for the metal, a survey of market participants by Metal Bulletin showed.Tuticorin,...Read More