Base metals prices on the London Metal Exchange closed mostly in negative territory on Thursday June 28, with lead edging 1.5% lower amid broad downward trends in tin and copper. Although lead had previous shown some resilience to the recent slowdown across the complex, prices dropped below $2,400 per tonne for the first time since May 18. Broad strength in the dollar continues to weigh on th...Read More
The Italian steel distribution network faces a shake-up from ArcelorMittal's efforts to meet its anti-trust obligations to acquire steelmaker Ilva.The European Commission (EC) EC has requested the "sale availability" of four ArcelorMittal CLN Distribuzione Italia (AM CLN) steel service centers (SSCs), Cesare Vigan??, the managing director of ArcelorMittal CLN Distribuzione Italia (AM CLN), said."T...Read More
Prices for CIS export billet fell on Thursday June 28 due to slow trading in the country's key markets of Turkey and the wider Middle East, sources told Metal Bulletin.Metal Bulletin's CIS billet export index was $518 per tonne fob Black Sea on Thursday, compared with $520 per tonne fob Black Sea on June 27.CIS mill offers were predominantly around $520-525...Read More
The latest metal markets news and price moves for the start of the North American day on Thursday June 28.Zinc prices on the London Metal Exchange climbed 1.5% during morning trading, buoyed by a fresh cancelation of more than 15,000 tonnes in New Orleans, while a healthy US dollar index adds further pressure to the complex.Pushing back above $2,900 per tonne over the morning, zinc prices are taki...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday June 28.Base metals prices on the Shanghai Futures Exchange were generally up during Asian morning trading on Thursday, with the complex continuing to benefit from easing concerns surrounding global trade tensions. Check Metal Bulletin's live futures report here.Steel and aluminium pu...Read More
Base metals prices on the London Metal Exchange closed mostly in negative territory on Thursday June 28, with lead edging 1.5% lower amid broad downward trends in tin and copper. Although lead had previous shown some resilience to the recent slowdown across the complex, prices dropped below $2,400 per tonne for the first time since May 18. Broad strength in the dollar continues to weigh on th...Read More
Mainstream iron ore prices stayed rangebound on Thursday June 28 while high-grade lumps and fines were able to fetch higher premiums.Metal Bulletin 62% Fe Iron Ore Index: $64.44 per tonne cfr Qingdao, down $0.16 per tonneMetal Bulletin 58% Fe Premium Index: $52.02 per tonne cfr Qingdao, down $0.47 per tonneMetal Bulletin 65% Fe Iron Ore Index: $91.10 per tonne cfr Qingdao, up $0.50 per tonneMetal...Read More
A cargo of premium hard coking coal fetched a significantly higher price on Thursday June 28, though market participants have dismissed the transaction as one-off. The August-laycan cargo of a top Australian brand was sold at $211 per tonne cfr China to an end-user in northeastern China.Market participants were unanimous with the notion that it was "tough" for premium hard coking coal to trade any...Read More
European alloy steel surcharges for July deliveries of grade-304 cold-rolled (CR) stainless steel sheet have risen for the sixth consecutive month on an increase in nickel costs to reach their highest level since June 2011. The July alloy surcharge for 2mm grade-304 CR stainless steel sheet - based on data published by Outokumpu, Acerinox and Aperam - is ?,?1,624-1,648 ($1,886-1,914) per tonne. Th...Read More
Turkish rebar export prices pushed up over the past week, while wire rod prices remained largely unchanged, sources said on Thursday June 28.Steel mills in the country were offering rebar for export at around $550-560 per tonne fob on an actual weight basis, although some sources said offers for larger...Read More
Cobalt 27 Capital Corp has closed a deal to buy the equivalent of 32.6% of the cobalt production from a unit of Vale, creating the world's first pure cobalt stream. The production will come from Vale's Voisey's Bay mine, including its proposed expansion, and will start from January 2021. The electric metals investment vehicle has paid Vale an upfront cash consideration of $300 million, which repre...Read More
The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are to work closer together while the United States moves to ease the regulatory burden on financial market participants. The agencies said that they have approved a new Memorandum of Understanding (MOU) that specifically addresses the regulatory regime for swaps and security-based swaps, an area that...Read More
Oil and gas conglomerate BP plc is to buy Chargemaster, the UK's largest electric vehicles (EVs) charging company, and plans to deploy the network across its forecourts in the country over the next 12 months. The charging company, to be rebranded BP Chargemaster, has over 6,500 charging points across the UK through its Polar network. The company also designs, builds, sells and maintains EV chargin...Read More
Comex copper prices tumbled to the lowest price since August 2017 this morning in the US, with bearish investors capturing the market due to threats of an impending trade war.Copper for September settlement on the Comex division of the New York Mercantile Exchange crashed 4.45 cents or 1.5% to $2.9400 per lb. The contract is now trading at the lowest point since mid-August and has fallen in 10 of...Read More
The proposed acquisition of platinum group metals (PGMs) producer Lonmin plc by Sibanye-Stillwater has been unconditionally approved by the UK Competition and Markets Authority (CMA), with the deal now requiring the go-ahead from the South African competition authorities. The deal, which was announced on December 14, also requires the approval of Lonmin and Sibanye-Stillwater shareholders. Both co...Read More
The latest metal markets news and price moves for the start of the North American day on Thursday June 28.Zinc prices on the London Metal Exchange climbed 1.5% during morning trading, buoyed by a fresh cancelation of more than 15,000 tonnes in New Orleans, while a healthy US dollar index adds further pressure to the complex.Pushing back above $2,900 per tonne over the morning, zinc prices are taki...Read More
GFG Alliance is eyeing what it calls "higher value" steel long products rather than flat-rolled products for potential US acquisitions, a top executive told American Metal Market. The UK-based conglomerate, which fired up a Georgetown, South Carolina wire rod mill earlier this week, isn't ruling out acquisitions or restarts of flat-rolled mills, but is prioritizing steel long products for now, sai...Read More
Prices for imported wire rod into the United States have spiked dramatically, mainly as a result of the June 1 implementation of Section 232 tariffs against the previously exempt European Union, Canada and Mexico.American Metal Market's latest price assessment for wire rod imports jumped by 21.9% to $744-762 per short on Wednesday June 27, from $600-635 per ton previously.Import rod prices ha...Read More
Prices for flat-rolled steel imports into the United States have jumped along with higher domestic prices and increased costs for foreign hot band.American Metal Market's price assessment for imported hot-rolled coil has increased to $820-880 per from $810-860 per ton previously.That higher end of the price range represents Turkish material - inclusive of 25% Section 232 tariffs and applicable ant...Read More
Turkish imported billet prices have gone up on higher offers from CIS suppliers, while domestic and export billet prices have gone down amid weak demand over the past week, sources said on Thursday June 28.Suppliers in the CIS region have raised their billet offers for Turkish customers to $540-550 per tonne cfr levels, but failed to sell at those prices, according to the sources."CIS mills were t...Read More