The latest metal markets news and price moves for the start of the North American day on Tuesday April 10. Base metals prices on the London Metal Exchange continued to find support during morning trading today, with aluminium continuing its strong momentum following record volumes traded yesterday. Here's how the LME base metals complex looked at 12.56pm London time:Hassan Butt had the details as...Read More
Good morning from Metal Bulletin's office in Shanghai as we bring you the latest news and pricing stories on Tuesday April 10.Copper prices on the Shanghai Futures Exchange strengthened during Asian morning trading on Tuesday, after a further cooling in trade tensions between the United States and China led to increased buying interest among investors.Check Metal Bulletin's live futures report her...Read More
Martin Vydra will retire from Canada-based nickel and cobalt producer Sherritt International at the end of April, Metal Bulletin understands. Vydra, who is senior vice-president, commercial & technologies, has held a wide range of senior roles at Sherritt during the 31 years he has spent...Read More
Nigel Dentoom has been appointed the chief executive officer (CEO) of Metdist Enterprises Ltd, a United Kingdom-based unit of diversified group Minmetco. Dentoom will assume the position of CEO in mid-April, undertaking a senior role within the group's international operations. Minmetco, Metdist Enterprises' ultimate parent, has interests spanning global metals trading and manufacturing, leisure,...Read More
Base metals prices on the London Metal Exchange continued to climb at the close of trading on Tuesday April 10, while aluminium volumes surpassed 37,000 lots traded. Aluminium maintained its upward momentum throughout the day, reaching a high of $2,242 per tonne, the highest since January 29. "Supply fears and uncertainty are the factors driving aluminium prices higher, but such an overreaction ma...Read More
The London Metal Exchange has introduced a "temporary conditional suspension" on placing Rusal metal on-warrant, effective from April 17, it said on Tuesday April 10. This follows the announcement on Friday April 6 that the United States has sanctioned and frozen the assets of Oleg Deripaska and UC Rusal. In a notice released to LME members today, the exchange stated that the suspension is in plac...Read More
Comex copper prices surged to close to a one-month high in the US morning on Tuesday April 10, with the dollar retreating and the complex becoming more optimistic due to fundamental demand trends. Copper for May settlement on the Comex division of the New York Mercantile Exchange rose 5.15 cents or 1.7% to $3.1285 per lb. Earlier, the price touched $3.1280 per lb, the highest since March 15. "Whil...Read More
The London Metal Exchange has introduced a "temporary conditional suspension" on placing Rusal metal on-warrant, effective from April 17, it said on Tuesday April 10. This follows the announcement on Friday April 6 that the United States has sanctioned and frozen the assets of Oleg Deripaska and UC Rusal. In a notice released to LME members today, the exchange stated that the suspension is in plac...Read More
Chilean state-owned miner Codelco will maintain its copper output at stable levels this year before a small increase in 2019 and small declines the following two years, new commercial vice president Roberto Ecclefield said. Production from Codelco's wholly-owned mines is expected to be slightly lower at 1.67 million tonnes in 2018 compared with 1.73 million tonnes last year due to declining ore gr...Read More
Brazil's aluminium premiums have returned to 2015 levels and are expected to rise further in the short term due to supply disruption in the country and soaring US Midwest premiums.Hydro's Albras smelter announced on Tuesday April 10 that it is reducing its aluminium production by half due to alumina supply constraints. The curtailment represents 230,000 tonnes on an annualized basis, roughly 25% o...Read More
Vedanta Resources' planned restart of its Tuticorin copper smelter in Tamil Nadu, India, will be delayed after its application to do so was rejected by state environmental officials."The application has been rejected for want of more clarifications. The company is evaluating further course of action," Vedanta said via the London Stock Exchange.The announcement comes amid continued...Read More
A summary of base metals premiums from across the globe for the week to Tuesday April 10.Read More
Brazilian miner Vale is "enthusiastic" about China's economic prospects, which will result in increasing demand for its high-grade Caraj??s iron ore, chief executive officer Fabio Schvartsman has said."[The] Chinese are in another period of development," he told delegates at Ita??'s Macro Vision investors conference on Tuesday April 10. "They do not want growth at any cost, they want quality growt...Read More
Alumina prices have continued to accelerate so far this week, underpinned by tightness caused by disrupted production at Hydro's Alunorte alumina refinery. Metal Bulletin's daily fob Australia alumina index was calculated at $476.39 per tonne on Tuesday April 10, up $24.67 or 5.5% compared with the previous day's assessment. "The market is tight, and only getting tighter by the day. You can e...Read More
Mexican car production fell by 10.90% year-on-year in March, according to figures released by national automotive association, Amia, on Monday April 9.The country produced 331,109 vehicles last month, compared with 371,447 vehicles in the same month a year earlier.The reduction was mainly due to the lower number of working days in March 2018, which also affected domestic sales, Amia...Read More
Prices for imported steel billet in the United Arab Emirates decreased this week, while rebar prices were stable, sources told Metal Bulletin on Tuesday April 10.Demand for imported rebar in both the UAE and Saudi Arabia remained weak.Domestic rebarThe major rebar producers in the UAE announced new rebar prices on March 26.The biggest steel producer, Emirates Steel, increased its rebar price to 2,...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia continued to fall this week, pushing buyers to refrain from bookings and hope for better deals later, sources told Metal Bulletin on Tuesday April 10.Demand was moderate in the UAE but continued to be weak in Saudi Arabia.UAEChina offered hot-rolled coil (HRC) at $610-615 per tonne cfr, while offers from Taiwan came in at $615-6...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transactions: HRC, CRC, HDGHot-rolled coilChina, export, hot-rolled coil (2mm), offered at $610-615 per tonne cfr, to the UAE.India, export, hot-rolled coil, offered at $620-625 per ton...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transaction: billetBilletIran, export, billet, offered...Read More
The latest metal markets news and price moves for the start of the North American day on Tuesday April 10. Base metals prices on the London Metal Exchange continued to find support during morning trading today, with aluminium continuing its strong momentum following record volumes traded yesterday. Here's how the LME base metals complex looked at 12.56pm London time:Hassan Butt had the details as...Read More