SHANGHAI, May 28 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index touched a high of 94.3 last Friday and closed 0.62% higher at 94.24 due to robust US manufacturing data and weakened euro.LME base metals fell across the board except for zinc. LME lead closed over 2% lower, but its week-on-week gain of 4.5% was the...Read More
SHANGHAI, May 28 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index touched a high of 94.3 last Friday and closed 0.62% higher at 94.24 due to robust US manufacturing data and weakened euro.LME base metals fell across the board except for zinc. LME lead closed over 2% lower, but its week-on-week gain of 4.5% was the...Read More
SHANGHAI, May 28 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index touched a high of 94.3 last Friday and closed 0.62% higher at 94.24 due to robust US manufacturing data and weakened euro.LME base metals fell across the board except for zinc. LME lead closed over 2% lower, but its week-on-week gain of 4.5% was the...Read More
Most global billet prices edged down last week, amid lower scrap prices and weaker market activity due to the month-long Ramadan religious observation in Islamic countries.On the scrap side, Metal Bulletin's daily index of HMS 1&2 (80:20) for Northern European material was $331.21 per tonne cfr Turkey on Friday May 25, down from $347.27 per tonne cfr Turkey a week earlier.ChinaBillet prices in Chi...Read More
Most global billet prices edged down last week, amid lower scrap prices and weaker market activity due to the month-long Ramadan religious observation in Islamic countries.On the scrap side, Metal Bulletin's daily index of HMS 1&2 (80:20) for Northern European material was $331.21 per tonne cfr Turkey on Friday May 25, down from $347.27 per tonne cfr Turkey a week earlier.ChinaBillet prices in Chi...Read More
Russian aluminium producer Rusal has offered the light metal for July-Septmeber delivery to main Japanese ports (MJP) on cif basis at $160 per tonne premium over London Metal Exchangecash price, according to six trader sources familiar with the matter. The offer is 24% higher than the second quarter MJP premium of $129 per tonne. "We have a tiny business with Rusal, we would have to disc...Read More
Low grade manganese ore prices rebounded in China after recent low prices attracted fresh consumer appetite and trader interest. Low grade ore prices up nearly 3%High grade prices slide slightlyAlloy prices slide in China and IndiaAlloy prices stable in EuropeFerro-manganese prices hold in United States as silica-manganese weakens.Low grade manganese ore prices ended their two-month slide on Frida...Read More
Prices of ammonium paratungstate (APT) in both Chinese and European markets moved up further over the past week amid massive stoppages in the major production hub of Jiangxi province, while the ferro-tungsten market was quiet as both domestic Chinese and overseas prices declined. Prices of ammonium paratungstate (APT) in both Chinese and European markets moved up further over the past week amid ma...Read More
South Africa's more expensive winter power tariff is likely to push chrome prices higher in China's already tight market. Charge chrome prices keep rising on tighter supplyChrome ore prices follow charge chrome higherChinese domestic alloy prices pause as market awaits June tendersAlloy prices tick up in EuropeAlloy prices hold in Japan, South Korea and United States South African chrome ore...Read More
Chinese silicon export prices continued to trend lower on bearish sentiment resulting from weak domestic consumption, while in Europe prices remained steady in thin trading. The Chinese grade 553 silicon metal export price dropped to $1,840-1,900 per tonne on Friday May 25, down 1.3% from $1,860-1,930 per tonne one week ago. Japanese traders have started extensive procurement since the s...Read More
Turkish domestic auto bundle scrap prices pushed up this week, while ship scrap prices fell due to the weakness of the Turkish lira compared with the US dollar, sources told Metal Bulletin on Monday May 28.Turkish domestic auto bundle scrap prices have risen, while the ship scrap prices were falling due to the weak lira, sources said on Monday May 28.Steel mills in Turkey raised their bu...Read More
Import prices for re-rolling-grade hot-rolled coil sold into Vietnam tightened downward over the past week with distressed cargoes dampening spot price negotiations and traders becoming more willing to lower their offers.Metal Bulletin's assessment of HRC import prices in Southeast Asia - which mainly looks at Chinese 2-3mm SAE1006 HRC and equivalent grades sold into Vietnam - was $600-605 per ton...Read More
China's domestic hot-rolled coil prices maintained their upward trend on Monday May 28 on gains in the futures market. Domestic Eastern China (Shanghai): 4,240-4,260 yuan ($663-666) per tonne, up 30 yuan per tonne Northern China (Tianjin): 4,090-4,110 yuan per tonne, up 10 yuan per tonne Rising futures stimulated buying interest during the day and pushed up spot prices. End-users kept their procur...Read More
Chinese ferrous futures were mostly softer again during morning trading on Monday May 28, with the exception of the coking coal contracts which moved up. Physical prices had softened on Friday amid declining futures despite gains in the steel market.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,590 yuan ($562) per tonne, down 8 yuan per tonneOctober hot-rolled...Read More
China's domestic rebar prices were flat on Monday May 28 on stable trading activity.Domestic Eastern China (Shanghai): 3,830-3,880 yuan ($599-607) per tonne, unchanged Northern China (Beijing): 3,850-3,870 yuan per tonne, unchanged Buyers booked rebar actively in the morning due to the high futures prices in the first hour of trading. But their procurement rates fell in the afternoon after futures...Read More
Import prices for rebar in Singapore decreased over the past week with sellers lowering their offers on weakening market fundamentals.Major Chinese mills had decreased their offers to $555-565 per tonne cfr Singapore from $575-580 per tonne cfr Singapore a week earlier.Turkish mill cargoes were being offered at $555 per tonne cfr Singapore. These offers were also heard in Hong Kong.Forward cargoes...Read More
Taiwan's China Steel Corporation (CSC) has increased its offers for the third quarter of this year due to a bullish outlook for the period."Taiwan has benefited from favorable domestic industrial production as well as overseas export markets. The economy is also expected to continue doing well in the second-half of the year," CSC said.This has been supported by market fundamentals in northeast Asi...Read More
Turkish domestic auto bundle scrap prices pushed up this week, while ship scrap prices fell due to the weakness of the Turkish lira compared with the US dollar, sources told Metal Bulletin on Monday May 28.Turkish domestic auto bundle scrap prices have risen, while the ship scrap prices were falling due to the weak lira, sources said on Monday May 28.Steel mills in Turkey raised their bu...Read More
Trading activity in the physical iron ore market was subdued on Monday May 28 amid softening prices.Metal Bulletin 62% Fe Iron Ore Index: $63.89 per tonne cfr Qingdao, down by $0.05 per tonneMetal Bulletin 58% Fe Premium Index: $53.07 per tonne cfr Qingdao, up by $0.35 per tonneMetal Bulletin 65% Fe Iron Ore Index: $83 per tonne cfr Qingdao, down by $0.40 per tonneMetal Bulletin 62% Fe China Port...Read More
The seaborne iron ore concentrate market softened last week with premiums experiencing a decline along with a drop in the index for 65% Fe fines. Metal Bulletin's weekly 66% Fe Iron Ore Concentrate Index was $87.16 per tonne cfr China last Friday May 25, down $3.69 per tonne - or 4% - from a week earlier. The daily Metal Bulletin 65% Fe Iron Ore...Read More