Metal Bulletin reviews the major stories that have affected the steel market over the past week.Raw materialsTurkish mills were absent from the global scrap markets during the week ending on July 6, owing to weaker finished steel demand and a wait-and-see attitude.Taiwanese scrap prices ticked up on steady mill demand, while Indian prices were subdued for a second week.Metal Bulletin announced the...Read More
US mills are holding back on further price increases on rebar to avoid a government reaction, thereby making it harder for imports to compete, the International Rebar Producers & Exporters Association (Irepas) said this week.On June 20, US Commerce Secretary Wilbur Ross accused unnamed industry participants of wrongly "profiteering" from Section 232 tariffs on imported steel, suggesting the Trump...Read More
The pig iron market in the United States was silent on the country's Independence Day holiday on July 4, sources told Metal Bulletin this week."[Price] negotiations are taking place [in the US] but, due to the holiday, we expect more activity next week," one pig iron supplier in the Commonwealth of Independent States (CIS) told Metal Bulletin.Metal Bulletin's price assessment for US pig iron...Read More
The UK light iron scrap market finally moved up this week, breaking a 12-week run of stability due to firmer demand and the conclusion of the July monthly delivery settlements to consumers next week.Metal Bulletin's weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?95-125 ($126-165) per tonne on Friday. This compares with the low for the year to date of ?90-11...Read More
Global steel scrap prices softened in the week ended Friday July 6, amid a fall in demand across most regions. Turkey booked no new deep-sea cargoes and the Indian market was also quiet, while prices on the East Coast of the United States remained flat due to a lack of deals.Bucking the trend, prices in Taiwan edged upward with improved demand, after there being no changes last week.Turkey imports...Read More
Steel slab prices in July will be relatively stable in Brazil thanks to steady fundamentals, and will hold up in Asia despite soft demand, market participants told Metal Bulletin on Friday July 6.But slab prices are expected to rise in the Commonwealth of Independent States (CIS) amid increasing prices for finished flat steel products and an expected reduction in supply.AsiaSoutheast Asia's and Ea...Read More
China's domestic rebar prices were unchanged on Friday July 6 amid the sparse trading. Domestic Eastern China (Shanghai): 3,940-3,980 yuan ($593-600) per tonne, unchanged Northern China (Beijing): 3,870-3,910 yuan per tonne, unchanged Bad weather kept end-user demand weak during the day.Sellers maintained their prices flat on seeing futures strengthen at the end of the morning session, though they...Read More
Key data from the pricing session in the week ending Friday July 6. China Most of the ferro-chrome smelters in Inner Mongolia that were idled have restarted, which weighed on Chinese ferro-chrome prices. Increased domestic supply subdued demand for imported charge...Read More
US mills are holding back on further price increases on rebar to avoid a government reaction, thereby making it harder for imports to compete, the International Rebar Producers & Exporters Association (Irepas) said this week.On June 20, US Commerce Secretary Wilbur Ross accused unnamed industry participants of wrongly "profiteering" from Section 232 tariffs on imported steel, suggesting the Trump...Read More
Prices for some coated steel coil products in Turkey increased in the week ended Friday July 6 but demand in the local market was only moderate, Metal Bulletin has heard.Domestic pricesOne producer in northern Turkey reduced its coated coil prices by $10 per tonne during the week.The producer is now offering 0.50mm hot-dipped galvanized coil (HDG) at $770 per tonne ex-works, down from $775 per ton...Read More
After a two-year period of super-fast growth, the expansion of London Metal Exchange warehouses in Asia slowed significantly over the past year. But what lies behind the change - especially as LME storage space in Europe has also continued to dwindle? Warehouse space at the nine LME delivery locations in Asia grew by just 3% to 1,608,813 sq m in the year to June 2018, largely due t...Read More
The pig iron market in the United States was silent on the country's Independence Day holiday on July 4, sources told Metal Bulletin this week."[Price] negotiations are taking place [in the US] but, due to the holiday, we expect more activity next week," one pig iron supplier in the Commonwealth of Independent States (CIS) told Metal Bulletin.Metal Bulletin's price assessment for US pig iron...Read More
Key data from the pricing session in the week ending Friday July 6. China Most of the ferro-chrome smelters in Inner Mongolia that were idled have restarted, which weighed on Chinese ferro-chrome prices. Increased domestic supply subdued demand for imported charge...Read More
The latest metal markets news and price moves to start the North American day on Friday July 6.Base metals on the London Metal Exchange were broadly lower during morning trading, with US import tariffs on Chinese goods coming into effect overnight and weakening market sentiment for the complex.Nickel dipped below $14,000 per tonne during morning trading to levels not seen since May...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Friday July 6. Copper prices on the Shanghai Futures Exchange were under pressure during Asian morning trading on Friday amid growing bearish sentiment in the market ahead of the United States' implementation of trade tariffs against China. Check Metal Bulletin's live futures report here.Leon...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week. Base metalsKatoen Natie Singapore (Jurong) Pte Ltd has withdrawn from London Metal Exchange warehouse services with immediate effect, with the operator and name of the shed switching to Henry Bath Singapore, the LME said on Friday July 6.Metals packaging firm Ball Corp is to cease producti...Read More
The tentacles of US sanctions may be starting to reach further afield, special correspondent Andrea Hotter muses in the latest Hotter on Metals column. Earlier this week on Tuesday July 3, producer and trading company Glencore said it had received a subpoena from the US Department of Justice to produce documents and other records related to a money laundering probe. Sanctions were not mentioned, b...Read More
After a two-year period of super-fast growth, the expansion of London Metal Exchange warehouses in Asia slowed significantly over the past year. But what lies behind the change - especially as LME storage space in Europe has also continued to dwindle? Warehouse space at the nine LME delivery locations in Asia grew by just 3% to 1,608,813 sq m in the year to June 2018, largely due t...Read More
As steel markets grow in maturity and look towards the use of derivatives and hedging tools, it is probably a good time to consider how hedging can increase the transparency of steel pricing and reducing the risks of volatile price trends. Steel trading has traditionally been based on fixed spot prices, with no long-term contracts between buyers and sellers to ensure stability of supply. And trade...Read More
Nickel prices on the London Metal Exchange fell by 1.7% at the close of trading on Friday July 6, ending the week more than 4% lower while ongoing macroeconomic pressure continues to hinder the complex. Closing below $14,000 per tonne for the first time since April 13, nickel prices continued to suffer against a backdrop of falling LME inventory. Total LME nickel stocks are at their lowest si...Read More