Metal Bulletin will follow guidance provided by the US Office of Foreign Assets Control (OFAC) and the London Metal Exchange on the treatment of Rusal production when assessing its aluminium premiums.Transactions, bids and offers in the US, Japanese and European markets for Rusal's aluminium ingots and products produced after April 6 will be discarded and not taken into consideration when assessin...Read More
Base metals on the London Metal Exchange were mixed at the close of trading on Wednesday April 25, with zinc falling 2.5% after a 30,075-tonne delivery into Antwerp rattled price sentiment.The metal recorded its widest intraday price move in a week, reaching a low of $3,129.50 per tonne. Positive backdrops continue to support a potential uptrend for zinc however, with Metal Bulletin's...Read More
Despite its potential impact on nickel ore supply, the latest development in the Philippine mining industry is having lesser impact on Shanghai Futures Exchange nickel prices while market participants focus on demand-side issues. SHFE nickel prices have trended down since the most-traded SHFE July nickel contract hit a high of 109,790 yuan ($17,396) per tonne on April 18, the highest since May 201...Read More
The global aluminium market is facing "increased market uncertainty" following the United States' import tariffs on the metal, sanctions on UC Rusal and the Brazilian authorities' order to halve production at Alunorte refinery, Norilsk Hydro said on Wednesday April 25. "The US sanctions on Rusal have caused great uncertainty in the world's aluminium markets and will impact trade flows and availabi...Read More
The manganese supply squeeze continued to push manganese flakes higher this week, with prices climbing more than 8%.Metal Bulletin assessed the manganese flake in-warehouse price at $2,495-2,640 per tonne on Wednesday April 25, up 8.7% from the previous assessment and trading at levels last seen in December 2016. The supply squeeze in Rotterdam and a lack of offers from China have pushed manganese...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Turkish steel producers returned to the deep-sea scrap markets for UK-origin cargoes on Wednesday April 25, with prices going down slightly.Metal Bulletin's daily index for Northern European HMS 1&2 (80:20) closed the day at $341.07 per tonne cfr, down by $1.53 per tonne day-on-day.The daily index for similar US-origin material closed at $349.67 per...Read More
CLSA's Andrew Driscoll has topped the base metals leader board in the Apex first-quarter 2018 contest, with an accuracy rating of 98.56%, while Georgette Boele of ANB Amro was top of the precious metals table with 98.20% accuracy.Click on the image below to download the full report. Second in the base metals leader board is Edward Meir of INTL FCStone with 98.43% accuracy, while Citi's Nell Agate...Read More
Comex copper prices dipped in morning trading on Wednesday April 25 amid a rising dollar and a lack of fresh catalysts. Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 1.40 cents or 0.4% to $3.1280 per lb. The contract has been unable to set clear price direction over the past few weeks....Read More
The International Monetary Fund (IMF) has recently raised its economic growth forecast for Latin America and the Caribbean while a gradual recovery continues in the region, which was severely affected by the 2014-16 decline in commodity prices.The region's gross domestic product (GDP) is now expected to rise by 2% year-on-year in 2018, against a previous forecast of a 1.9% increase, the IMF said i...Read More
Domestic prices for hot-dipped galvanized coil (HDG) in the EU have been under pressure from low offers from Turkey, sources told Metal Bulletin on Wednesday April 25."HDG prices [in Southern Europe] showed a reduction due to the offers from Turkey. European steelmakers are struggling to get close to the level of import prices," an Italian trader said.Metal Bulletin's weekly price assessment for i...Read More
Domestic prices for cold-rolled coil (CRC) in Europe have moved down over the past week due to slow trading activity, sources told Metal Bulletin on Wednesday April 25.The market has been slow because distributors are more focused on selling material from stock than on making new deals with mills."I foresee a weak market for the whole month of May," a Southern European trader said.In addition, Sou...Read More
United Arab Emirates steel producer Conares Steel cut its domestic rebar price on Wednesday, April 25. The company is offering rebar at 2,216 dirhams ($603) per tonne ex-works, down from 2,381.5 dirhams per tonne ex-works. The...Read More
European authorities are thought to be considering whether to start an anti-dumping case into imports of steel hollow sections originating from Macedonia, sources told Metal Bulletin on Wednesday April 25."The information has been circulating in the market that the European Commission [EC] might start a trade case into Macedonian hollow sections. But it is unclear if [European steel association] E...Read More
Prices for domestic hollow steel sections edged downward slightly in Northern Europe this week due to low levels of activity but Southern European prices remained stable, market sources told Metal Bulletin on Wednesday April 25.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe was down by ?,?5 to ?,?660-665 ($806-812) per...Read More
Turkish steel producers returned to the deep-sea scrap markets for UK-origin cargoes on Wednesday April 25, with prices going down slightly.Metal Bulletin's daily index for Northern European HMS 1&2 (80:20) closed the day at $341.07 per tonne cfr, down by $1.53 per tonne day-on-day.The daily index for similar US-origin material closed at $349.67 per...Read More
The seaborne iron ore market continued to weaken on Wednesday April 25, with a cargo of Pilbara Blend fines even offered at a discount against the May average of an index.Metal Bulletin 62% Fe Iron Ore Index: $66.38 per tonne cfr Qingdao, down by $0.88 per tonneMetal Bulletin 58% Fe Premium Index: $55.94 per tonne cfr Qingdao, down by $0.14 per tonneMetal Bulletin 65% Fe Iron Ore Index: $84.70 per...Read More
China's steel futures edged up during morning trading on Wednesday April 25, with prices in the physical market gaining strength amid some recovery in demand.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,581 yuan ($567) per tonne, up 17 yuan per tonne October hot-rolled coil: 3,690, up 9 yuan per tonne Dalian Commodity Exchange September iron ore: 473 yuan per...Read More
China's domestic rebar prices stopped rising on Wednesday April 25 after demand softened. Domestic Eastern China (Shanghai): 3,880-3,920 yuan ($615-621) per tonne, unchangedNorthern China (Beijing): 3,740-3,770 yuan per tonne, unchanged Rebar futures did not perform as strongly as they did in the last couple of days, which led buyers to cut their procurement rates on expectations of lower prices i...Read More
Despite its potential impact on nickel ore supply, the latest development in the Philippine mining industry is having lesser impact on Shanghai Futures Exchange nickel prices while market participants focus on demand-side issues. SHFE nickel prices have trended down since the most-traded SHFE July nickel contract hit a high of 109,790 yuan ($17,396) per tonne on April 18, the highest since May 201...Read More