Iron ore prices retreated on Monday April 16 on thin trading amid China's weakening steel and futures markets.Metal Bulletin 62% Fe Iron Ore Index: $63.93 per tonne cfr Qingdao, down by $1.03 per tonneMetal Bulletin 58% Fe Premium Index: $52.09 per tonne cfr Qingdao, down by $0.28 per tonneMetal Bulletin 65% Fe Iron Ore Index: $81 per tonne cfr Qingdao, down by $1.20 per tonneMetal Bulletin 62% Fe...Read More
CIS export billet prices remained largely unchanged in the week ended Monday April 16 amid reduced buying activity in the major outlets.Some market participants expected more price declines in the near term, because of the uncertainty in the scrap market."The market [for steel billet exports] will soon fall to $505 per tonne fob Black Sea," one trader said.Meanwhile, some sources expected the mark...Read More
China's domestic rebar prices retreated amid thin trading on Monday April 16 due to losses in the futures market. Domestic Eastern China (Shanghai): 3,650-3,700 yuan ($582-590) per tonne, down 10 yuan per tonne Northern China (Beijing): 3,640-3,680 yuan per tonne, down 20-30 yuan per tonne Rebar futures declined throughout the day, which led to a deterioration of sentiment and lower prices in the...Read More
Chinese domestic ferro-silicon prices stabilized last week, with production cuts and a sudden jump in ferro-silicon futures on the Zhengzhou Commodity Exchange supporting the free market. China garners production, futures support Europe awaits tenders results US ends six-week losing streak Metal Bulletin assessed Chinese domestic spot ferro-silicon (basis 75% silicon) prices uncha...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points in pre-opening trade.Index futures were virtually unchanged following release of economic news released at 8:30 AM EDT. Consensus for March Retail Sales was an increase of 0.4% versus a decline of 0.1% in February. Actual was an increase of 0.6%. Excluding auto sales, consensus for March Retail Sales was an i...Read More
SHANGHAI, Apr 16 (SMM) – Nonferrous metals futures rose across the board on Monday April 16, as SHFE nickel led the gains with a rise of nearly 1.7%. Aluminium and zinc rose close to 1%, tin gained over 0.7% while lead and copper inched up.Most ferrous metals closed lower except for coke. Iron ore dipped nearly 2.6%, coking coal dropped close to 2.5%, rebar fell almost 2%, and hot-rolle...Read More
SHANGHAI, Apr 16 (SMM) – Nonferrous metals futures rose across the board on Monday April 16, as SHFE nickel led the gains with a rise of nearly 1.7%. Aluminium and zinc rose close to 1%, tin gained over 0.7% while lead and copper inched up.Most ferrous metals closed lower except for coke. Iron ore dipped nearly 2.6%, coking coal dropped close to 2.5%, rebar fell almost 2%, and hot-rolle...Read More
SHANGHAI, Apr 16 (SMM) – Nonferrous metals futures rose across the board on Monday April 16, as SHFE nickel led the gains with a rise of nearly 1.7%. Aluminium and zinc rose close to 1%, tin gained over 0.7% while lead and copper inched up.Most ferrous metals closed lower except for coke. Iron ore dipped nearly 2.6%, coking coal dropped close to 2.5%, rebar fell almost 2%, and hot-rolle...Read More
SHANGHAI, Apr 16 (SMM) – China's imports of unwrought copper and copper products in March grew 22% month on month and stood at 439,000 mt, according to data from China Customs. Imports for March also inched up 2.1% year on year.In the first quarter of the year, China imported 1.23 million mt of unwrought copper and copper products, up 7.3% from the same period last year.SMM believed...Read More
SHANGHAI, Apr 16 (SMM) – In an emergency response to the heavily-polluted weather in the Beijing, Tianjin and Hebei area this week, Tangshan city has initiated measures to cut emissions from 20:00 on Sunday April 16, SMM learned.On top of current non-heating season cutbacks, a further cut of 50%in output was imposed on sintering machines. Coke ovens were required to prolong co...Read More
SHANGHAI, Apr 16 (SMM) – In an emergency response to the heavily-polluted weather in the Beijing, Tianjin and Hebei area this week, Tangshan city has initiated measures to cut emissions from 20:00 on Sunday April 16, SMM learned.On top of current non-heating season cutbacks, a further cut of 50%in output was imposed on sintering machines. Coke ovens were required to prolong co...Read More
Steel demand in Japan was largely steady in February, according to statistics released by the Japan Iron & Steel Federation (JISF).The country's total domestic steel consumption during the month edged up by 0.6% year on year to 3.59 million tonnes, according to data released on Monday April 16.The manufacturing sector consumed 1.2% more steel in February in comparison with...Read More
SHANGHAI, Apr 16 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendDespite airstrikes in Syria by the US, UK and France, the US dollar index edged up slightly and closed at 89.78 on Friday April 13 as trade tension eased and the Federal Reserve Board’s March meeting took a aggressive stance.Most base metals rose but saw...Read More
SHANGHAI, Apr 16 (SMM) – In an emergency response to the heavily-polluted weather in the Beijing, Tianjin and Hebei area this week, Tangshan city has initiated measures to cut emissions from 20:00 on Sunday April 16, SMM learned.On top of current non-heating season cutbacks, a further cut of 50%in output was imposed on sintering machines. Coke ovens were required to prolong co...Read More
SHANGHAI, Apr 16 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendDespite airstrikes in Syria by the US, UK and France, the US dollar index edged up slightly and closed at 89.78 on Friday April 13 as trade tension eased and the Federal Reserve Board’s March meeting took a aggressive stance.Most base metals rose but saw...Read More
SHANGHAI, Apr 16 (SMM) –Copper: LME copper rose and hit the five-day moving average but faced pressure at the 10-day moving average, as KDJ indicator extended downwards last Friday night. The SHFE 1806 contract mostly traded below all moving averages, and touched the joint of five- 10-, and 20- day moving averages with apparent pressure. The copper market was generally sluggish given un...Read More
SHANGHAI, Apr 16 (SMM) –Copper: LME copper rose and hit the five-day moving average but faced pressure at the 10-day moving average, as KDJ indicator extended downwards last Friday night. The SHFE 1806 contract mostly traded below all moving averages, and touched the joint of five- 10-, and 20- day moving averages with apparent pressure. The copper market was generally sluggish given un...Read More
SHANGHAI, Apr 16 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendDespite airstrikes in Syria by the US, UK and France, the US dollar index edged up slightly and closed at 89.78 on Friday April 13 as trade tension eased and the Federal Reserve Board’s March meeting took a aggressive stance.Most base metals rose but saw...Read More
SHANGHAI, Apr 16 (SMM) – Operating rates at Chinese copper rod producers jumped to 79.4% in March, up 10.05 percentage points year on year and 31.73 percentage points on the month, as orders improved from the electric wire and cable industry, according to an SMM survey.In April, operating rates are expected to further increase to 80.9% as producers reported brisk orders during the high seaso...Read More
SHANGHAI, Apr 16 (SMM) –Copper: LME copper rose and hit the five-day moving average but faced pressure at the 10-day moving average, as KDJ indicator extended downwards last Friday night. The SHFE 1806 contract mostly traded below all moving averages, and touched the joint of five- 10-, and 20- day moving averages with apparent pressure. The copper market was generally sluggish given un...Read More