SHANGHAI, May 7 (SMM) –Copper: Copper prices were suppressed by stronger US dollar over the weekend. Technically, LME copper now stands at the $6,840/mt level with pressure from several moving averages, but the SHFE 1806 copper contract still stands below the moving averages with little support. We expect the SHFE 1806 contract to trade at 51,200-51,600 yuan/mt today. Spot prices are seen hi...Read More
Car production in Brazil jumped by 40.4% year on year in April, led by higher sales to domestic and foreign markets.Output totaled 266,100 units, compared with 189,500 vehicles a year earlier, according to figures released by national automobile association Anfavea on Monday May 7.Car sales to the Brazilian local market were 217,300 units in April, up 38.50% from last year's 156,900 units. This wa...Read More
Argentina's car production increased 21.4% year on year in April, according to figures released by the country's automotive association, Adefa, on Friday May 4.The country produced 45,802 vehicles last month, up from 37,731 units a year before."[Automotive] production, exports and sales to the local market continue to report a sustainable...Read More
The European Commission (EC) said on Monday May 7 it has conditionally approved the acquisition of Italian steel producer Ilva by ArcelorMittal, the world's largest steelmaker.The decision is dependent on the divestiture of an extensive remedy package proposed by ArcelorMittal to preserve effective competition in the European steel market, according to the EC."Today's decision makes sure that Arce...Read More
Persistently weak demand in both the Chinese and European antimony markets continued to exert downward pressure on spot prices over the past week.Metal Bulletin assessed the Chinese MMTA standard grade II, delivered duty paid, antimony price at 51,000-51,500 yuan ($8,018-8,096) per tonne on Wednesday May 2, down from 51,500-52,000 yuan in the prior week."Demand from domestic downstream industries...Read More
Physical iron ore prices stayed rangebound on Monday May 7 amid weakness in the steel markets.Metal Bulletin 62% Fe Iron Ore Index: $67.26 per tonne cfr Qingdao, up by $0.98 per tonne Metal Bulletin 58% Fe Premium Index: $55.56 per tonne cfr Qingdao, down by $0.06 per tonne Metal Bulletin 65% Fe Iron Ore Index: $85.30 per tonne cfr Qingdao, up by $0.40 per tonneMetal Bulletin 62% Fe China Port Pri...Read More
The seaborne coking coal market was in a wait-and-watch mode on Monday May 7 after prices moved up last week amid robust buying activity from Chinese participants. "There is some demand for imported cargoes in China, especially as the downstream market is performing fairly well. But I do not see any significant reasons that will push the market to the $200 cfr China level," a steel mill sourc...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Monday May 7. Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Monday, with the complex benefiting from a slightly easier dollar. The London Metal Exchange is closed today due to national holidays.Check Metal Bulletin's live futures report her...Read More
ED&F Man Capital Markets Ltd has appointed Fred Demler as the company's executive vice president and global head of metals, the first time the international financial brokerage firm has created such a role. Demler, who will be based in New York, will be responsible for ED&F Man's global sales and trading staff, working with them to help service and develop the firm's growing client base. It marks...Read More
The seaborne coking coal market was in a wait-and-watch mode on Monday May 7 after prices moved up last week amid robust buying activity from Chinese participants. "There is some demand for imported cargoes in China, especially as the downstream market is performing fairly well. But I do not see any significant reasons that will push the market to the $200 cfr China level," a steel mill sourc...Read More
China's domestic rebar prices dropped on Monday May 7 following falls in the billet market over the weekend. Domestic Eastern China (Shanghai): 4,000-4,050 yuan ($629-637) per tonne, down 50-60 yuan per tonneNorthern China (Beijing): 3,890-3,940 yuan per tonne, widened down 20 yuan per tonneBillet prices dropped sharply during the weekend on high selling interest, which prompted rebar traders to c...Read More
China's domestic hot-rolled coil prices were mixed on Monday May 7, with the market in the east of the country in positive territory and that in the north, down.DomesticEastern China (Shanghai): 4,200-4,220 yuan ($660-663) per tonne, up 20 yuan per tonneNorthern China (Tianjin): 4,050-4,070 yuan per tonne, down 30 yuan per tonneSpot prices edged up in the eastern market following the earlier gains...Read More
Both the European spot and Chinese export ammonium paratungstate (APT) markets saw a greater number of inquiries over the past week amid persistent worries about possible supply disruptions in China resulting from ongoing environmental inspections in the country's Jiangxi province - a major production hub for APT. Concerns over disruptions at APT smelters in Jiangxi province continued More inquiri...Read More
China's domestic rebar prices dropped on Monday May 7 following falls in the billet market over the weekend. Domestic Eastern China (Shanghai): 4,000-4,050 yuan ($629-637) per tonne, down 50-60 yuan per tonneNorthern China (Beijing): 3,890-3,940 yuan per tonne, widened down 20 yuan per tonneBillet prices dropped sharply during the weekend on high selling interest, which prompted rebar traders to c...Read More
Exports of Brazilian copper ore rose 20.2% year on year in April, boosted by increased shipments from the region where Vale's Sossego mine is located.Copper ore exports from the country totaled 95,271 tonnes last month, up from 79,271 tonnes in April 2017 and a 12.7% increase from 84,555 tonnes in March of this year, according to data released by Brazilian foreign trade ministr...Read More
Brazil's bauxite export volumes dropped 30.6% year on year to 545,986 tonnes in April, according to data released by Brazilian foreign trade ministry MDIC late on Friday May 4, reflecting lower shipments from the city in which Minera????o Rio do Norte (MRN) operates.Last month's exports were down from 786,556 tonnes in April 2017 and also marked an 8.6% drop from the March 2018 tota...Read More
MMG's Dugald River zinc mine in Australia achieved commercial production on May 1, the company said on Monday May 7.Dugald River has been online since November 8, 2017, with its first shipment of approximately 10,500 wet metric tonnes (wmt) of zinc concentrate to China on December 16.MMG produced 47,138 tonnes of zinc in concentrate in this year's first quarter, up 45% from the previous quarter, i...Read More
South Korea's Public Procurement Service has floated a tender to procure 1,000 tonnes of special-high-grade zinc, the state agency announced in a tender on Friday May 4.The tender is for London Metal Exchange-registered brands with purity of more than 99.995% for delivery to Incheon port on a cif basis by August 3. The most recent zinc tender by...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Monday May 7. Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Monday, with the complex benefiting from a slightly easier dollar. The London Metal Exchange is closed today due to national holidays.Check Metal Bulletin's live futures report her...Read More
Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Monday May 7, with the complex benefiting from a slightly easier dollar. The dollar index was down by 0.1% at 92.47 as at 11am Shanghai time, this after it had spiked to a high of 92.91 last Friday despite disappointing US employment data for April - see data section below.Aluminium prices have foun...Read More