Lead prices on the London Metal Exchange fell over 5% at the close of trading on Wednesday July 11, topping broad complex losses amid mounting pressure from the ongoing US-China trade spat. Lead prices on the London Metal Exchange fell by more than 5% at the close of trading on Wednesday July 11, topping broad complex losses amid mounting pressure from the ongoing US-China trade spat. Fueled...Read More
CIS export billet prices continued to fall on Wednesday July 11 amid a lack of supporting factors, Metal Bulletin was told.Buying activity in most markets remained close to nil, with customers referring to weak domestic markets for finished long steel products, and consequently expecting import billet prices to drop further.Besides that, import scrap prices in Turkey moved downward again with book...Read More
The latest news and price moves to start the North American day on July 11.Base metals on the London Metal Exchange were plummeted during morning trading due to unsettled by trade tensions amid threats of further US-imposed tariffs against $200 billion worth of Chinese goods.Here is how base metals prices looked at 12:08pm London time:Read our live futures report here."The rout in base metals cont...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Wednesday July 11.Base metals prices on the Shanghai Futures Exchange fell sharply during Asian morning trading on Wednesday, with China-US trade tensions once again weighing on the market.Check Metal Bulletin's live futures report here.Global aluminium premiums were again under pressure from...Read More
Lead prices on the London Metal Exchange fell over 5% at the close of trading on Wednesday July 11, topping broad complex losses amid mounting pressure from the ongoing US-China trade spat. Lead prices on the London Metal Exchange fell by more than 5% at the close of trading on Wednesday July 11, topping broad complex losses amid mounting pressure from the ongoing US-China trade spat. Fueled...Read More
Prices for seaborne Australian iron ore fines and lumps fell slightly on Wednesday July 11 while more details emerged over possible measures to cut emissions in China's steelmaking hub.Metal Bulletin 62% Fe Iron Ore Index: $63.34 per tonne cfr Qingdao, down $0.57 per tonneMetal Bulletin 62% Fe Pilbara Blend fines Index: $62.16 per tonne cfr Qingdao, down $0.66 per tonneMetal Bulletin 58% Fe Premiu...Read More
Seaborne coking coal prices continued to descend on Wednesday July 11 with sellers making more concessions in an attempt to speed up sales. "Chinese traders would rather reduce their offers for cargoes that are already on the water because it doesn't make sense to sell them once they have landed," a Chinese trading source said. Traders previously preferred to sell their cargoes only after they had...Read More
Turkish steel mills declined to make any bookings of deep-sea scrap cargo on Wednesday July 11 but the market widely expects them to purchase more material for August.The mills had returned to the deep-sea scrap markets, buying four cargoes on July 6 and Tuesday July 10 - they paid $343-348 per tonne cfr for USA-origin HMS 1&2 (80:20).More...Read More
Iranian export billet prices increased by $5-10 per tonne over the week ended Wednesday July 11 because the availability of material in the market tightened, Metal Bulletin has heard.One of the reasons for a reduced allocation of billet for exports was increased demand for the semi-finished product in the domestic market. This was not spurred by real consumption, however, but by a loss in the valu...Read More
An open import arbitrage in China helped support nickel premiums in the week to Tuesday July 10, while premiums were unchanged in Europe and the United States. Open import window push premiums in China higher Premiums unchanged in Europe in quieter summer season US demand and premiums stable Chinese premiums up amid open import window Shanghai-bonded Nickel premiums rose at the l...Read More
The Avebury nickel mine, in Australia's island state of Tasmania, is set to restart after almost ten years of inactivity, because of the current high price for nickel and healthier prospects for demand, Metal Bulletin heard on Wednesday July 11.Switzerland-based trader Transamine has signed a multi-year offtake contract with the mine's owner, Dundas Mining, for the sale of all nickel concentrates...Read More
Comex copper prices set a new low this morning on July 11 in the US, with President Donald Trump threatening an additional $200 billion in tariffs on Chinese goods.Copper for September settlement on the Comex division of the New York Mercantile Exchange tumbled 8.45 cents or 3% to $2.7550 per lb. Continued uncertainty surrounding trade relations between the United States and China have added...Read More
Premiums for zinc and lead ingots were unchanged globally over a week in which exchange prices for both metals continued to fall, breaking to fresh one-year lows. Zinc premiums remain under pressure from slack demand, backwardated spreads But LME cash/three-month backwardation narrows vs last week Lead premiums unchanged China zinc premium under pressure amid LME backwardationIn China, premiu...Read More
The latest news and price moves to start the North American day on July 11.Base metals on the London Metal Exchange were plummeted during morning trading due to unsettled by trade tensions amid threats of further US-imposed tariffs against $200 billion worth of Chinese goods.Here is how base metals prices looked at 12:08pm London time:Read our live futures report here."The rout in base metals cont...Read More
Base metals on the London Metal Exchange were broadly lower during morning trading on Wednesday July 11, unsettled by trade tensions amid threats of further US-imposed tariffs against $200 billion worth of Chinese goods.The announcement comes after the US implemented tariffs on $34 billion worth of goods last week, prompting large scale sell-offs across the complex and adding more fuel to the ongo...Read More
Argentina's automotive production dropped by 13.40% year-on-year in June 2018, with the sector affected by a national strike and also by protests in neighboring Brazil, according to national automotive association Adefa.Production totaled 39,420 vehicles in June, compared with 45,496 units in the corresponding month last year, Adefa said last week. It was the first monthly decrease of this year in...Read More
Domestic prices for steel beams in Europe remained unchanged this week, despite mills cutting offer prices in response to the arrival of low-priced imported material, sources told Metal Bulletin on Wednesday July 11.Metal Bulletin's weekly price assessment for domestic S235-grade, 200x200mm category-2 H-beam in Northern Europe were flat week on week at ?,?590-630 ($692-739) per tonne delivere...Read More
Domestic prices for mesh-quality wire rod produced and delivered in Southern Europe strengthened over the past week, amid supply concerns before the expected preliminary decision in the EU safeguard case, sources said on Wednesday July 11.Metal Bulletin's weekly domestic price assessment for mesh-quality wire rod in Southern Europe was ?,?530-550 ($622-645) per tonne delivered on Wednesday, up fro...Read More
Prices for rebar produced and delivered in Southern Europe rose sharply for the second consecutive week while supply tightened amid summer mill maintenance, sources told Metal Bulletin on Wednesday July 11.Metal Bulletin's weekly price assessment for domestic rebar in southern Europe was ?,?505-530 ($593-622) per tonne delivered on Wednesday, up from ?,?500-515 per tonne one week earlier. The asse...Read More
The Turkish Steel Producers Association (TCUD) has warned that Turkey may become an open market for dumped steel imports unless swift action is taken by the government. Turkey's steel exports fell by 3.90% to 8.14 million tonnes in January-May 2018, while steel imports increased by 18% to 7.5 million tonnes, TCUD said on Wednesday, July 11. The main reason for the decline in Turkey's steel ex...Read More