The latest news and price moves to start the Asian day on Wednesday June 27.Base metals prices on the London Metal Exchange rebounded in late trading after ending mostly lower at the 5 pm close on Tuesday June 26, weakened by volatile trade relations between the United States and other major economies. Read more in our live futures report.Here are how prices looked at the close of t...Read More
Base metals on the London Metal Exchange ended mostly higher at the close of trading on Wednesday June 27, with nickel and zinc prices making a slight recovery from recent lulls while copper and tin prices continue to drift. Falling 0.3% over the afternoon, copper's three-month price closed at a three-month low, ending below $6,700 per tonne for the first time since March 28. The red metal ha...Read More
A lingering LME backwardation added further downward pressure to Shanghai and Taiwan zinc premiums in the latest pricing session on Tuesday June 26. Backwardation in LME zinc's cash/three-month spread widened to $47.25 per tonne on Wednesday. US rates were unchanged, but the logistics and freight market were characterized as nightmarish. Lead demand remains strong in Asia, particularl...Read More
Comex copper prices were once again facing a bout of selling with a stronger dollar and the persistent threat of additional tariffs weighing on the red metal. Copper for September settlement on the Comex division of the New York Mercantile Exchange dipped 1.50 cents or 0.5% to $2.9770 per lb. The With trade tensions mounting, commodities continue to face pressure from macroeconomic instability, ty...Read More
The recent rally in silico-manganese futures prices on China's Zhengzhou Commodities Exchange (ZCE) can largely be attributed to an impending shortage of the alloy in the country, market participants told Metal Bulletin.Silico-manganese futures prices on the ZCE have undergone a steep rally recently, with the exchange's most-traded July silico-manganese contract reaching of 8,126 yuan ($1,251) per...Read More
South African manganese miner Tshipi has been exceeding its production targets and ensuring it has adequate stockpiles to take advantage of high manganese ore prices.Metal Bulletin's 37% manganese ore index, fob Port Elizabeth stood at $5.74 per dry metric tonne unit (dmtu) on Friday June 22, up 42.4% from $4.03 per dmtu a year ago. Tshipi is targeting manganese ore production of 3.3 million tonne...Read More
China's crude stainless steel capacity is expected to increase by 7.5 million tonnes per year to 44-45 million tpy by 2020, although there is some pessimism about mills' utilization rates, according to Zhang Zhifang, chairman of Chinese producer Taiyuan Iron & Steel. Production capacity of cold-rolled stainless steel in particular will increase in the short term, Zhang pointed out during his prese...Read More
China's crude stainless steel capacity is expected to increase by 7.5 million tonnes per year to 44-45 million tpy by 2020, although there is some pessimism about mills' utilization rates, according to Zhang Zhifang, chairman of Chinese producer Taiyuan Iron & Steel. Production capacity of cold-rolled stainless steel in particular will increase in the short term, Zhang pointed out during his prese...Read More
Turkish steel mills have resumed their deep-sea scrap purchases with slightly lower prices, sources said on Wednesday June 27.A steel producer in the Marmara region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $353 per tonne and 5,000 tonnes of bonus at $368 per tonne cfr late on Tuesday June 26.Most market participants were expecting steel mills to resume buying...Read More
Comex copper prices were once again facing a bout of selling with a stronger dollar and the persistent threat of additional tariffs weighing on the red metal. Copper for September settlement on the Comex division of the New York Mercantile Exchange dipped 1.50 cents or 0.5% to $2.9770 per lb. The With trade tensions mounting, commodities continue to face pressure from macroeconomic instability, ty...Read More
Most European steelmakers have increased their hot-rolled coil prices by ?,?20 ($23) per tonne this week, sources told Metal Bulletin on Wednesday June 27.The rises are expected to be supported by the impact of the preliminary findings in a European Commission safeguarding case, along with a lack of competitive import offers, according to market sources.The EC opened an in...Read More
The Italian authorities have postponed the takeover of steelmaker Ilva by ArcelorMittal until September 15, the minister of economic development, labour & social policies, Luigi Di Maio, said this week.Originally, ArcelorMittal expected to finalise the acquisition of Ilva by the end of the second quarter."I am evaluating every possible impact related to the decision I will have," Di Maio said.&nbs...Read More
China's domestic hot-rolled coil prices widened on Wednesday June 27 after trading activity picked up in the latter half of the day in response to lower offers, a situation that traders went on to capitalize on.DomesticEastern China (Shanghai): 4,220-4,250 yuan ($642-647) per tonne, widening by 10 yuan per tonneNorthern China (Tianjin): 4,120-4,160 yuan per tonne, widening upward by 20 yuan per to...Read More
Prices for rebar produced and delivered in Southern Europe widened upwards by ?,?10 per tonne over the past week, sources told Metal Bulletin on Wednesday June 27.Metal Bulletin's weekly price assessment for domestic rebar in southern Europe was ?,?475-500 ($555-584) per tonne delivered on Wednesday, up from ?,?475-490 per tonne one week earlier. The assessment includes offers and deals heard...Read More
Domestic prices for mesh-quality wire rod produced and delivered in both Northern and Southern Europe remained largely unchanged over the past week, sources said on Wednesday June 27.Metal Bulletin's weekly domestic price assessment for mesh-quality wire rod in Northern Europe widened downwards by ?,?5 per tonne on Wednesday at ?,?530-545 ($619-636) per tonne delivered, compared with ?,?535-5...Read More
Prices for domestic hollow steel sections narrowed in Northern Europe this week as mills prepared to push up prices, sources told Metal Bulletin on Wednesday June 27.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe narrowed by ?,?5 per tonne to ?,?640-650 ($747-759) per tonne delivered on Wednesday June 27, from ?,?6...Read More
Turkish steel mills have resumed their deep-sea scrap purchases with slightly lower prices, sources said on Wednesday June 27.A steel producer in the Marmara region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $353 per tonne and 5,000 tonnes of bonus at $368 per tonne cfr late on Tuesday June 26.Most market participants were expecting steel mills to resume buying...Read More
Iron ore prices remained largely rangebound on Wednesday June 27, though those for high-grade fines and lumps continued to strengthen.Metal Bulletin 62% Fe Iron Ore Index: $64.60 per tonne cfr Qingdao, down $2.02 per tonneMetal Bulletin 58% Fe Premium Index: $52.49 per tonne cfr Qingdao, down $0.28 per tonneMetal Bulletin 65% Fe Iron Ore Index: $90.60 per tonne cfr Qingdao, up $0.20 per tonneMetal...Read More
China's ferrous futures largely trended downward during morning trading on Wednesday June 27 on weaker sentiment, dampening trading activity in the spot market. Uncertainty over China's monetary policy adjustments and a brewing global trade war were among the factors weighing on sentiment.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,699 yuan ($563) per tonne,...Read More
Prices in the CIS export billet market remained unchanged on Wednesday June 27, but negative sentiment among market participants was growing due to a lack of trading and the downward price trend in China's domestic market."Chinese billet [prices have] collapsed so we are likely to [be affected by] the decrease," a producer source told Metal Bulletin.A trader source co...Read More