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
The TSX Composite Index is expected to open slightly lower this morning. The Index is expected to respond to drop in the price of crude oil, down another $0.98 to $66.90 per barrel in overnight trade. Russia and OPEC reportedly are considering an increase in oil production.Trading activity on Canadian markets is expected to be quiet today in response to closed U.S markets for their Memorial Day ho...Read More
SHANGHAI, May 28 (SMM) – Nonferrous metals, except for SHFE lead, rose across the board on Monday May 28. SHFE tin led the increases with a gain of over 2%. SHFE zinc rose nearly 1.6%, while nickel, copper, and aluminium inched up.Most ferrous metals closed lower except for coking coal. Iron ore fell nearly 1%, while coke, hot-rolled coil, and rebar dipped.Copper: As shorts continue to exit...Read More
SHANGHAI, May 28 (SMM) – Nonferrous metals, except for SHFE lead, rose across the board on Monday May 28. SHFE tin led the increases with a gain of over 2%. SHFE zinc rose nearly 1.6%, while nickel, copper, and aluminium inched up.Most ferrous metals closed lower except for coking coal. Iron ore fell nearly 1%, while coke, hot-rolled coil, and rebar dipped.Copper: As shorts continue to exit...Read More
SHANGHAI, May 28 (SMM) – Nonferrous metals, except for SHFE lead, rose across the board on Monday May 28. SHFE tin led the increases with a gain of over 2%. SHFE zinc rose nearly 1.6%, while nickel, copper, and aluminium inched up.Most ferrous metals closed lower except for coking coal. Iron ore fell nearly 1%, while coke, hot-rolled coil, and rebar dipped.Copper: As shorts continue to exit...Read More
SHANGHAI, May 28 (SMM) – Stainless steel scrap is likely to weigh on high-grade nickel pig iron (NPI) in China as additional supply, following Chinese government’s crackdown on induction furnaces, may see it increasingly used as raw materials for stainless steel, SMM believes.Last week, the government of Dainan town in Jiangsu province announced a shutdown of induction furnaces ac...Read More
SHANGHAI, May 28 (SMM) – Social inventories of zinc grew slightly last weekend but remained at relatively low levels, with limited arrivals in China’s three major markets, SMM learned.Overall zinc inventories in warehouses across Shanghai, Tianjin and Guangdong stood at 120,400 mt as of Monday May 28, up just 300 mt from last Friday. It was down 9,100 mt from the start of last week, ac...Read More
SHANGHAI, May 28 (SMM) – Spot copper was mostly offered at a discount of 90-20 yuan/mt to the SHFE 1806 contract on Monday May 28 in the Shanghai market. This compared with a discount of 110-30 yuan/mt on Friday May 25.The SHFE 1806 contract hovered at 51,300 yuan/mt with pressure during the morning trading session. Transactions started to pick up in the morning as traders widened disco...Read More
SHANGHAI, May 28 (SMM) – Copper: LME copper dipped below the daily moving average to a low of $6,840/mt last Friday night as the US dollar gained. It is likely to dip on a stronger US dollar as an US-North Korea meeting is likely to be held as scheduled. The SHFE 1807 contract also fell last Friday with pressure from the 60-day moving average. It is expected to trade at 51,250-51,600 yu...Read More
SHANGHAI, May 28 (SMM) – Copper: LME copper dipped below the daily moving average to a low of $6,840/mt last Friday night as the US dollar gained. It is likely to dip on a stronger US dollar as an US-North Korea meeting is likely to be held as scheduled. The SHFE 1807 contract also fell last Friday with pressure from the 60-day moving average. It is expected to trade at 51,250-51,600 yu...Read More
SHANGHAI, May 28 (SMM) – Downstream buyers held back from zinc purchases in the spot market in Shanghai on Monday May 28 as offer prices rose over the weekend, SMM learned.While premiums were unchanged from last Friday, offers were higher as the SHFE 1806 zinc contract gained some 300 yuan/mt to close at 24,065 yuan/mt this morning. In Shanghai, #0 zinc mostly traded at 24,120-24,150 yu...Read More
SHANGHAI, May 28 (SMM) – Copper: LME copper dipped below the daily moving average to a low of $6,840/mt last Friday night as the US dollar gained. It is likely to dip on a stronger US dollar as an US-North Korea meeting is likely to be held as scheduled. The SHFE 1807 contract also fell last Friday with pressure from the 60-day moving average. It is expected to trade at 51,250-51,600 yu...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
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
Buyers in the seaborne coking coal spot market are still resisting offers for premium products above $195 per tonne cfr China, sources told Metal Bulletin on Monday May 28. A cargo of second-tier hard coking coal with 8.2% ash and 23% volatile matter was heard to have traded at $170 per tonne fob Australia. But cargoes of premium hard coking coal that were still being offered...Read More
Good morning from Metal Bulletin's offices in Asia, bringing the latest news and pricing stories on Monday May 28. Zinc prices rose on the SHFE today, driven by falling inventories.Check Metal Bulletin's live futures report here. SHFE snapshot at 11:14 am Shanghai timeMost-traded SHFE contracts Price (yuan per tonne)Change since previous session's close (yuan)Copper (June)51,480-10Aluminium (...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
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
Buyers in the seaborne coking coal spot market are still resisting offers for premium products above $195 per tonne cfr China, sources told Metal Bulletin on Monday May 28. A cargo of second-tier hard coking coal with 8.2% ash and 23% volatile matter was heard to have traded at $170 per tonne fob Australia. But cargoes of premium hard coking coal that were still being offered...Read More