SHANGHAI, May 31 (SMM) – Most nonferrous metals rose on Thursday May 31. SHFE nickel surged 2.5% and registered a three-year high of 114,680 yuan/mt. SHFE zinc gained 1.5% with lead and copper slightly up. SHFE aluminium lost 0.78% and tin dipped.The ferrous complex rose across the board. Coking coal jumped 2.4%, coke rose 1.7%, rebar gained 1.5%, hot-rolled coil inched up clo...Read More
SHANGHAI, May 31 (SMM) – Most nonferrous metals rose on Thursday May 31. SHFE nickel surged 2.5% and registered a three-year high of 114,680 yuan/mt. SHFE zinc gained 1.5% with lead and copper slightly up. SHFE aluminium lost 0.78% and tin dipped.The ferrous complex rose across the board. Coking coal jumped 2.4%, coke rose 1.7%, rebar gained 1.5%, hot-rolled coil inched up clo...Read More
SHANGHAI, May 31 (SMM) – Most nonferrous metals rose on Thursday May 31. SHFE nickel surged 2.5% and registered a three-year high of 114,680 yuan/mt. SHFE zinc gained 1.5% with lead and copper slightly up. SHFE aluminium lost 0.78% and tin dipped.The ferrous complex rose across the board. Coking coal jumped 2.4%, coke rose 1.7%, rebar gained 1.5%, hot-rolled coil inched up clo...Read More
Laurentian Bank $LB.CA moved below $46.94 extending an intermediate downtrend.Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakouts: $HRL $BIIB. Breakdown: $KORSEditor's Note: After 10:00 AM EDT, intermediate breakouts included AMD, CHD, DGX, EQR, EXC, EXPE, NEE PGR and VTRNASDAQ Biotech ETF $IBB moved above $108.07 completing a double bottom pattern. Typical strength prio...Read More
Iranian export slab prices fell slightly in the week ended Wednesday May 30, with customers achieving lower prices in recent bookings.Metal Bulletin's weekly price assessment for Iranian slab exports dropped by $5 per tonne week on week on May 30, to $505-510 per tonne fob.A cargo of Iranian slab for shipment in July was reported to have been booked by customers in Southeast Asia within that price...Read More
SHANGHAI, May 31 (SMM) – Spot copper was mostly offered at a discount of 40 yuan/mt to a premium of 20 yuan/mt over the SHFE 1806 contract on Thursday May 31 in the Shanghai market on Thursday May 31. This compared with a discount of 70 yuan/mt to flat on Wednesday May 30.The SHFE 1806 contract hovered at 51,000 yuan/mt, and closed at 51,120 yuan/mt in the morning trading session, up 220 yua...Read More
SHANGHAI, May 31 (SMM) – Copper: LME copper rebounded last night and rose twice to a high of $6,856/mt as LME copper inventory declined and the US dollar weakened. The SHFE 1807 contract was pushed up to a high of 51,370 yuan/mt as LME copper gained and shorts cut their positions. However, it inched down to close 60 yuan/mt lower at 51,270 yuan/mt with limited support. We expect LME cop...Read More
SHANGHAI, May 31 (SMM) – Copper: LME copper rebounded last night and rose twice to a high of $6,856/mt as LME copper inventory declined and the US dollar weakened. The SHFE 1807 contract was pushed up to a high of 51,370 yuan/mt as LME copper gained and shorts cut their positions. However, it inched down to close 60 yuan/mt lower at 51,270 yuan/mt with limited support. We expect LME cop...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
SHANGHAI, May 31 (SMM) – Copper: LME copper rebounded last night and rose twice to a high of $6,856/mt as LME copper inventory declined and the US dollar weakened. The SHFE 1807 contract was pushed up to a high of 51,370 yuan/mt as LME copper gained and shorts cut their positions. However, it inched down to close 60 yuan/mt lower at 51,270 yuan/mt with limited support. We expect LME cop...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 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
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
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
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
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
The latest metal markets news and price moves to start the North American day on Thursday May 31.Base metals on the London Metal Exchange were mostly higher during morning trading on Thursday May 31, with nickel prices recording the strongest upward move of the complex while zinc bucked the trend.Continuing to trade in positive territory above $15,000 per tonne, nickel prices are up...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday May 31.Base metal prices on the Shanghai Futures Exchange were all up during Asian morning trading on Thursday, finding support from the release of positive Chinese data and a weaker dollar.China's manufacturing Purchasing Managers' Index (PMI) for May surprised to the upside with a r...Read More
The prolonged shutdown of Sterlite Copper's Tuticorin smelting and refining complex has driven up premiums for copper cathodes in India and increased demand for duty-free Japanese cathodes.Premiums for grade A copper cathodes basis cif to major Indian ports were quoted at $95-105 per tonne over LME cash prices for the metal, a survey of market participants by Metal Bulletin showed.Tuticorin,...Read More