SHANGHAI, May 25 (SMM) – Copper: Copper prices gained last night as the US dollar index weakened. Struggling between several moving averages, LME copper is expected to move above them and trade at $6,860-6,920/mt today with support from longs. The SHFE 1807 contract hovered between the five- and 60-day moving averages last night with support from the 20-day moving average. It is likely...Read More
NANNING, May 25 (SMM) – China's growth into the world's largest consumer of auto tyres since 2016 is of great significance to the domestic zinc oxide industry, said Wang Yanlong, chairman of Orlon Zinc Corporation in Weifang of Shandong province. He believes that the tyre industry will be dominated by current, leading companies as well as new, larger firms th...Read More
NANNING, May 25 (SMM) – Development of 5G networks in China is likely to bolster the demand for galvanised steel in next two to three years, said Zhang Qifu, president of the Asia Pacific General Galvanizers Association and director of the hot-dipping department at the Chinese Society of Corrosion and Protection.In China, galvanised steel is mostly used in building infrastructure such a...Read More
SHANGHAI, May 25 (SMM) – Copper: Copper prices gained last night as the US dollar index weakened. Struggling between several moving averages, LME copper is expected to move above them and trade at $6,860-6,920/mt today with support from longs. The SHFE 1807 contract hovered between the five- and 60-day moving averages last night with support from the 20-day moving average. It is likely...Read More
SHANGHAI, May 25 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar lost momentum and fell to a low of 93.6 last night as US President Donald Trump pulled out of the meeting with North Korea. It closed 0.2% lower at 93.78. Base metals rose for the most part with LME nickel leading the gains with a nearly 2% rise...Read More
NANNING, May 25 (SMM) – The tightness of global zinc and lead concentrate is likely to ease from this year onwards with new capacities and recovered capacities, according to Lian Chuanshuang, general manager of Tibet Huayu Mining.About 664,000 mt of zinc concentrate output are estimated to be added in the international market in 2018 and 683,000 mt in 2019, according to data that Lian shared...Read More
SHANGHAI, May 25 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar lost momentum and fell to a low of 93.6 last night as US President Donald Trump pulled out of the meeting with North Korea. It closed 0.2% lower at 93.78. Base metals rose for the most part with LME nickel leading the gains with a nearly 2% rise...Read More
Flat stainless steel product prices in Europe were unchanged this week amid continued high stock levels at warehouses, sources told Metal Bulletin on Friday March 25.Metal Bulletin's weekly base price assessment for 2mm, grade-304 cold-rolled (CR) stainless steel sheet in Northern Europe was ?,?1,015-1,050 ($1,190-1,231) per tonne delivered on Friday.The price had weakened by ?,?35-50 per tonne on...Read More
SHANGHAI, May 25 (SMM) – To improve air quality and regulate pollution for the Shanghai Cooperation Organisation (SCO) Summit in Qingdao, Shandong province, environmental protection authorities in Shandong and Jiangsu will undertake inspections from May 30-June 11. All of Shandong province will subjected to the probes while just Xuzhou and Lianyungang in Jiangsu will be affected. The ef...Read More
China's ferrous futures were subdued during morning trading on Thursday May 24, with only the hot-rolled coil contract ending the session just above negative territory after posting solid gains a day earlier.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,568 ($559) per tonne, down 22 per tonne October hot-rolled coil: 3,797 yuan per tonne, up 1 per tonne Dalian...Read More
NANNING, May 25 (SMM) – Profits in China’s lead and zinc industries are likely to diverge further as processing fees decline and costs of ore materials rise, said Peng Tao, Secretary General of lead and zinc at the China Nonferrous Metals Industry Association.In the first quarter of this year, profits in lead and zinc gained 6.4% and stood at 5.37 billion yuan, acco...Read More
China's domestic stainless steel prices widened over the past week with buyers picking up the pace of their procurement.Metal Bulletin's assessment of prices for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,800-15,300 yuan ($2,318-2,396) per tonne including VAT for the week ended Thursday May 24, compared with 14,900-15,200 yuan per tonne a week earlier. A...Read More
SHANGHAI, May 25 (SMM) – Copper: Copper prices gained last night as the US dollar index weakened. Struggling between several moving averages, LME copper is expected to move above them and trade at $6,860-6,920/mt today with support from longs. The SHFE 1807 contract hovered between the five- and 60-day moving averages last night with support from the 20-day moving average. It is likely...Read More
NANNING, May 25 (SMM) – China’s zinc fundamentals are likely to reach a tight balance by 2019, with new capacities across smelters, said SMM senior analyst Liu Mengyue.Over 200,000 mt of capacities are planned to be added this year, but only 160,000 mt of additional zinc production is expected, she told delegates at the SMM Lead Zinc Summit on Thursday May 24 in Nanning, Guangxi.T...Read More
SHANGHAI, May 25 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar lost momentum and fell to a low of 93.6 last night as US President Donald Trump pulled out of the meeting with North Korea. It closed 0.2% lower at 93.78. Base metals rose for the most part with LME nickel leading the gains with a nearly 2% rise...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Physical iron ore prices softened on Friday May 25 amid declining futures and despite gains in the steel market. They reached their lowest level since April 16, when prices were $63.93 per tonne.Chinese demand for iron ore is expected to be stable this year, with steel producers prioritizing capacity cu...Read More
All vehicle production lines in Brazil came to a halt on Friday May 25 due to the continuing strike by Brazilian truck drivers over recent rises in fuel prices."The truckers' strike will significantly affect our sales, output and export results," Antonio Megale, president at national automobile association Anfavea, said late on Thursday May 24."The automobile industry generates as much as 250 mill...Read More
In the second of this two-part feature, Metal Bulletin looks at the developments in the coking coal market since September 2016, a time period when prices for the steelmaking raw material experienced extreme swings. Between November 2013 - when Metal Bulletin's fob Australia Premium Hard Coking Coal Index was launched - and August 2016, the month-on-month change in the index's average was mostly a...Read More
Indian domestic secondary billet prices have risen by at least 800 rupees ($12) per tonne this week on rising demand for finished long products such as rebar, Metal Bulletin heard on Friday May 25.Prices on Friday for Indian domestic secondary billet, mainly produced via induction furnaces, were 36,600-36,800 rupees ($535-538) per tonne ex-mill, up by 800 rupees per tonne compared with last week's...Read More
Global ferrous scrap prices softened during the week ended Friday May 25, with falling Turkish scrap prices and the country's weaker lira muting trade activity both within the country and internationally.The fall in the value of the lira reduced the number of cargoes booked this week, leading to weaker offer prices. The markets in the United States and India both stagnated as a result of the Turki...Read More