Key data from the Wednesday May 30 pricing session in Shanghai.Key drivers:- Limited spot availability of Jinchuan cobalt, a major cobalt brand, in China supported domestic metal prices despite weakening local futures prices. - Offers and deals for Jinchuan cobalt were about 600,000-610,000 yuan per tonne (equivalent to approximately $36.54-37.15 per lb China VAT-free) midweek; meanwhile imported...Read More
Turkish steel mills have continued their transactions in the deep-sea scrap markets for June deliveries, with prices going down slightly and a further decrease expected, sources said on Thursday May 31.A steel mill in the Izmir region booked a UK cargo, comprising 21,000 tonnes of HMS 1&2 (80:20) at $331.50 per tonne cfr, late on May 29. This was the second cargo booked late on Tuesday.As a result...Read More
A dismal economic situation in Turkey is piling pressure on prices in ferrous scrap markets around the world, delegates said at the Bureau of International Recycling (BIR) international conference in Barcelona. Sentiment among delegates was mainly downbeat during the four-day event in Spain. Ferrous scrap exporters pointed to a strong US dollar compared to key importer currencies and traders compl...Read More
Comex copper prices inched up in the US morning on Thursday May 31, after falling to a three-week low on Wednesday. Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 0.5 cents to $3.074 per lb. "Metals ended mixed yesterday, with copper falling to a three-week low...Read More
China's manufacturing purchasing managers' index (PMI) for May surprised to the upside at 51.9, having been expected to remain at April's level of 51.4, though the positivity surrounding this release has yet to filter through to base metals prices on the London Metal Exchange. Three-month base metals prices on the LME were for the most part little changed during morning trading on Thursday May 31....Read More
Cobalt prices fell midweek amid slower spot demand and easing immediate supply concerns, Metal Bulletin heard on Thursday May 31.Benchmark low-grade cobalt prices fell by 1% to $42.25-43.40 per lb, in-warehouse, on May 30. This was down from the previous assessment of $42.75-43.75 per lb.High-grade cobalt prices were assessed at $42.25-43.50 per lb, in-warehouse, down by 1.2% compared with the pre...Read More
Metal Bulletin proposes to migrate its existing price assessment for battery-grade lithium carbonate, ex-works China, to an index. Data collected by Metal Bulletin shows that there is sufficient liquidity in China's domestic market to warrant the conversion of the existing assessed price to a tonnage-weighted index. The Chinese lithium market is also closely watched by lithium producers and the ba...Read More
Stainless steel prices in East Asia moved up over the past week amid sustained upward momentum in the nickel segment and falling spot market inventory levels in China.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm trimmed cold-rolled coil was $2,230-2,320 per tonne cif East Asian ports for the week ended Wednesday May 30, up $30-60 per tonne from a week earlier.Metal Bulleti...Read More
China's ferrous futures mostly edged up during morning trading on Thursday May 31 despite a drop in the latest steel purchasing managers' index (PMI). Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,682 yuan ($573.30) per tonne, up 6 yuan per tonne October hot-rolled coil: 3,895 yuan per tonne, up 5 yuan per tonne Dalian Commodity Exchange September iron ore: 46...Read More
China's major steel mills raised their daily crude steel output rates again in mid-May on good demand and healthy profit. Member mills of the China Iron & Steel Association (Cisa) produced crude steel at an average rate of 2 million tonnes per day during the second 10 days of May, up 3% from 1.94 million tpd in early May, according to...Read More
Prices for imported flat-rolled steel in the United States fell ahead of widespread anticipation that the Trump administration will end exemptions from Section 232 tariffs and quotas for Canada, Mexico and the European Union.Tariffs, quotas or a combination of both will kick in at 12.01am US Eastern Time on Friday June 1, unless President Donald Trump backtracks at the last minute, sources said.A...Read More
Imported steel billet prices fell, while domestic rebar prices were unchanged in Egypt this week on limited demand, sources told Metal Bulletin on Thursday May 31. Metal Bulletin's weekly price assessment for domestic rebar in Egypt on May 31 was unchanged at E ?12,525-12,528 per tonne ex-works. The country's rebar biggest producer, Ezz Steel, is...Read More
Turkish domestic rebar and wire rod prices have increased on a US dollar basis on the back of a strengthening lira even though demand remains low, sources said on Thursday May 31.Metal Bulletin's weekly price assessment for domestic rebar in Turkey on Thursday was $550-565 per tonne ex-works, up from $545-555 per tonne last week.The lira rebounded from a record-low last week, after the country's C...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transactions: rebarRebar Egypt, domestic (Ezz Steel), rebar, offered at E ?12,528 ($698) per...Read More
Trading activity in the export market for pig iron from the Commonwealth of Independent States slowed down this week because buyers in the United States had restocked and preferred to wait for clarity about the price of scrap in June.Suppliers have almost their closed order books for July and can wait to get a clearer view of the US domestic scrap market. Traditionally, the scrap price there is se...Read More
Turkish steel mills have continued their transactions in the deep-sea scrap markets for June deliveries, with prices going down slightly and a further decrease expected, sources said on Thursday May 31.A steel mill in the Izmir region booked a UK cargo, comprising 21,000 tonnes of HMS 1&2 (80:20) at $331.50 per tonne cfr, late on May 29. This was the second cargo booked late on Tuesday.As a result...Read More
Physical iron ore prices continued to strengthen on Thursday May 31, with Brazilian materials still outshining others.Metal Bulletin 62% Fe Iron Ore Index:$65.32 per tonne cfr Qingdao, down by $0.46 per tonneMetal Bulletin 58% Fe Premium Index:$53.31 per tonne cfr Qingdao, up by $0.16 per tonneMetal Bulletin 65% Fe Iron Ore Index:$85.80 per tonne cfr Qingdao, up by $0.90 per tonneMetal Bulletin 62...Read More
Turkish steel billet prices have continued to soften over the past week, in line with the downturn in the country's imported scrap prices, sources said on Thursday May 31.Suppliers in the CIS region reduced their billet offers to $530-535 per tonne cfr, while buyers in Turkey were looking for prices in the range of $515-520 per tonne.But no significant deals have been heard in the market in recent...Read More
China’s manufacturing purchasing managers’ index (PMI) for May surprised to the upside at 51.9, having been expected to remain at April’s level of 51.4, though the positivity surrounding this release has yet to filter through to base metals prices on the London Metal Exchange. Three-month base metals prices on the LME were for the most part little changed during morning trading on T...Read More
China's domestic rebar prices moved up on Thursday May 31 amid a strengthening of the billet and futures markets.Domestic Eastern China (Shanghai): 3,920-3,970 yuan ($610-618) per tonne, up 50 yuan per tonne Northern China (Beijing): 3,870-3,890 yuan per tonne, up 10 yuan per tonne Although spot prices rose, trading activity did not pick up in tandem with them with most buyers having a pessimistic...Read More