The persistent widening backwardation on the July/August spread has pushed aluminium premiums in Rotterdam to their lowest this year, with bearish sentiment sweeping the market.The benchmark Rotterdam duty-unpaid P1020 aluminium in-warehouse premium has fallen to $85-95 per tonne on Friday June 29 from $90-100 per tonne assessed on June 19, which held for 10 assessments. This is over 40% lower tha...Read More
The seaborne coking coal market remained quiet on Friday June 29 on subdued demand and sustained bearish sentiment. "Despite the lack of trades, premium materials should still be assessed at around $195-200 per tonne fob Australia. It would be challenging to get a premium cargo below this range," an Indian trader said. "There are too many uncertainties at the moment. The looming China-US trade war...Read More
Deliverable aluminium stocks at Shanghai Futures Exchange-approved warehouses have fallen for the seventh week in a row with stocks now at a three-month low. Deliverable aluminium stocks at Shanghai Futures Exchange-approved warehouses have fallen for the seventh week in a row with stocks now at a three-month low. Aluminium stocks on Friday June 29 were at 936,194 tonnes compared with 941,637 tonn...Read More
China's domestic hot-rolled coil prices edged higher on Friday June 29 despite thin trading, while export prices fell as overseas buyers bet HRC prices in China will soften in the coming days, sources told Metal Bulletin.DomesticEastern China (Shanghai): 4,260-4,270 yuan ($643-645) per tonne, narrowing up 10 yuan per tonneNorthern China (Tianjin): 4,170-4,180 yuan per tonne, up 10 yuan per tonneDo...Read More
Tin prices on the London Metal Exchange continued to struggle during morning trading on Friday June 29, hindered by weak demand and a large delivery pushing total stocks up by more than 10%. Total LME tin inventories are now above 3,000 tonnes for the first time since April 2017, while its three-month price continues to trade below $20,000 per tonne, shedding more than 5% over June. "Tin has...Read More
The arbitrage for copper, aluminium, zinc and nickel imported into China on Friday June 29*Copper -$119.37 (-791.92 yuan) Aluminium -$523.46 (-3,472.70 yuan) Zinc -$8.74 (-58.01 yuan) Nickel -$354.40 (-2,351.15 yuan) *Metal Bulletin calculates the physical arbitrage for import into...Read More
China's domestic rebar prices were largely flat on Friday June 29 amid weak demand, despite futures moving higher. Domestic Eastern China (Shanghai): 3,990-4,030 yuan ($602-609) per tonne, up 10 yuan per tonne Northern China (Beijing): 3,870-3,910 yuan per tonne, unchanged Rebar futures rose further on Friday and billet prices also picked up on good demand. Prices in the spot market, however, were...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Metal Bulletin minor metals prices changed on Friday June 29:Minor metals Antimony MB free market regulus, $/tonne: $7,900-8,150 per tonne from $8,000-8,250 Bismuth MB free market, $/lb: $4.30-4.80 per lb from $4.50-5.00 Bismuth MB China domestic, yuan/tonne: 59,000-60,000 yuan per tonne from 60,000-61,000 yuan Chromium MB free market alumino-thermic, $/tonne: $12,700-13,250 per tonn...Read More
China's domestic stainless steel prices were unchanged over the past week amid weak but stable demand. Metal Bulletin's assessment of prices for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 15,200-15,600 yuan ($2,295-2,356) per tonne including VAT for the week ended Thursday June 28, flat from a week earlier. Demand remained weak over the past week, with end-users...Read More
The following Metal Bulletin non-ferrous European free market scrap prices changed on Friday June 29Aluminium scrap Mixed turnings 6%: ?,?1,065-1,100 per tonne...Read More
The UK light iron scrap market was stable in the week to Friday June 29 for the 12th week in a row, confounding expectations for a rise in line with renewed demand in major export market Turkey in general this month, sources said. Metal Bulletin's weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?90-120 ($118-157) per tonne on Friday. This compares with the low...Read More
Import prices for containerized heavy melting scrap (HMS) in Taiwan remained stable as end-users resisted higher offers from sellers amid tepid demand.Metal Bulletin's assessment of import prices for United States-origin HMS 1&2 (80:20) sold into Taiwan was $330-335 per tonne cfr for the week ended Friday June 29, unchanged from a week earlier.US-origin scrap was offered at $340-343 per tonne cfr...Read More
Three of the most senior base metals managers of Castleton Commodities International (CCI) will leave by the end of year, even though the trading book created three years ago has made money, Metal Bulletin understands.Peter Sellars, global head of metals trading, and Sam Hainsword, head of physical metals trading, will retire by the end of the year, several sources told Metal Bulletin this we...Read More
Copper concentrate treatment and refining charges (TC/RCs) rose sharply in late June, with production disruptions at several Asian smelters give Chinese plants greater buying power.The Metal Bulletin TC/RC index firmed to $79.8 per tonne/7.98 cents per lb from $77/7.7 cents. Terms have risen over 11% in a month from $71.60/7.16 cents at the end of May. "Every time you turn around it's $2.50/0.25 c...Read More
Imports of hot rolled coil (HRC) into the European Union (EU) rose by 5.8% to 3.52 million tonnes during the first five months of 2018 from 3.3 million tonnes in January-May 2017, according to regional steel association Eurometal.Import volumes of Russian-origin HRC into the EU rose sharply to 749,000 tonnes in January-May 2018 from 147,000 tonnes a year earlier.In October 2017, the European Commi...Read More
"In out, in out, shake it all about" - not just a line from the Hokey Cokey, but a pretty accurate picture of the attitude of banks toward the metals (and general commodities) business during his career, Lord Copper reflects.Sometimes it's hot, sometimes it's not, and trading teams have been built, dismantled and built again with what often seems like gay abandon. But that all stopped after the Do...Read More
Governments around the world are keen to prove their green credentials by announcing target dates for the end of sales of vehicles powered by internal combustion engine vehicles and their total replacement by electric ones.The actual demands of different governments vary. Norway, at the forefront of EV take-up, originally believed it could phase out its subsidies by 2015: now, the target has moved...Read More
It is not about whether or not gold is currently oversold; rather it is all about whether or not the U.S. dollar is overbought. The current selloff in gold, which began immediately following prices reaching the 2018 apex at $1,370 ounce, has been driven first and foremost by dollar strength. It is the dollar leading gold prices and not the other way around. There are market analysts who are lookin...Read More
WASHINGTON (Reuters) - President Donald Trump’s nominee to head the Internal Revenue Service promised independent leadership of the U.S. tax-collecting agency on Thursday, but drew a senator’s criticism for not disclosing business ties to a Trump-branded hotel in Hawaii.Charles Rettig, a Beverly Hills, California, tax lawyer, will be tasked with implementing Trump’s sweeping new...Read More