U.S. equity index futures were lower this morning. S&P 500 futures were down 25 points in pre-opening trade. Futures are responding to new trade war fears with China.Index futures moved lower following release of the U.S. March employment report released at 8:30 AM EDT. Consensus for March Non-farm Payrolls was 178,000 versus revised 326,000 in February. Actual was 103,000. Consensus for March...Read More
Argentina's car output increased by 25.2% year on year in March, according to figures released by national automotive association Adefa on Thursday April 5.Production reached 49,655 units compared with 39,675 units in March 2017."The recovery of production levels, after three years [of declines], is being led by the improvement of ... domestic demand and...Read More
Indian state-run steelmaker Rashtriya Ispat Nigam Ltd (RINL) hopes to report a net profit over the next year thanks to an upswing in steel demand, the company said on Friday April 6."We hope to earn a net profit, with input prices stabilizing and all segments of steel demand showing stable growth," managing director P Madhusudan said.RINL, also known as Vizag Steel, said on Friday that, despite ma...Read More
Brazilian slab export prices remained unchanged this week, with few offers heard, but producers were reported to be hoping for a new increase in offers for May-production batches.Metal Bulletin's weekly assessment of Brazil export slab prices was unchanged on Friday April 6, at $580-590 per tonne fob.Demand for slab was reported to be increasing, with buyers in Europe and Southeast Asia returning...Read More
Iron ore output in Peru grew 41.2% year on year in February, according to figures released by the country's mining ministry, MEM, late on Wednesday April 4.Production came to 942,042 tonnes, compared with 667,313 tonnes a year before.This rise was due to increased output at Shougang Hierro Per??, a subsidiary of China-based Shougang Group, as well as...Read More
Offers for Brazilian slab will likely increase in April on sellers' optimism despite growing resistance from buyers, after the United States temporarily delayed its Section 232 import tariffs on Brazil. But in Asia, slab prices are expected to remain steady or even decline slightly on sluggish trading and weakness in upstream and downstream segments, while products from the Commonwealth of Indepen...Read More
Base metals prices on the London Metal Exchange are for the most part weaker this morning, Friday April 6, following further announcements from the White House of increased tariffs against China. The main movers are nickel (-1.2%), copper (-0.9%) at $6,755 per tonne, lead (-0.7%) and zinc (-0.5%), while tin and aluminium are little changed. Volume remains light with 2,931 lots traded as of 07.31 a...Read More
The United States has sanctioned and frozen the assets of Oleg Deripaska and UC Rusal that are subject to US jurisdiction, prompting bullish sentiment and expectations of tightness in the US aluminium market, industry participants told Metal Bulletin."All assets subject to US jurisdiction of the designated individuals and entities, and of any other entities blocked by operation of law as a result...Read More
Local prices for flat steel goods in Brazil were stable for the second week in a row in early April, with new price adjustments expected only in June.Metal Bulletin's monthly price assessment for Brazilian hot-rolled coil (HRC) was steady month on month on Friday April 6, at 2,500-2,600 Reais ($750-780) per tonne ex-works.Over the same period, Metal Bulletin's monthly price assessment for Brazilia...Read More
Brazilian slab export prices remained unchanged this week, with few offers heard, but producers were reported to be hoping for a new increase in offers for May-production batches.Metal Bulletin's weekly assessment of Brazil export slab prices was unchanged on Friday April 6, at $580-590 per tonne fob.Demand for slab was reported to be increasing, with buyers in Europe and Southeast Asia returning...Read More
The UK inter-merchant price range for austenitic alloy steel products narrowed upward by ?10 per tonne this week while the price of nickel fluctuated, sources said on Friday April 6.Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?940-980 ($1,319-1,375) per tonne delivered on Thursday, compared with ?930-980 per tonne on March 29.The London Metal Exch...Read More
The latest metal markets news and price moves to start the North American day on Friday April 6.Base metal prices were lower across the board on the London Metal Exchange during morning trading, due to the US announcing it could impose further sanctions on Chinese products.US President Donald Trump announced further tariff considerations against Chinese products, proposing a further $100 billion i...Read More
Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Friday April 6. Base metals prices on the London Metal Exchange were mostly lower during Asian morning trading on Friday after United States President Donald Trump said he has instructed his administration to consider $100 billion in additional tariffs against China.The LME three-month cop...Read More
While hybrid and electric vehicles (EV) continue to grow in popularity, is there enough charging infrastructure to sustain the UK's electric dreams, Lord Copper asks.Over the past few weeks, I have been conducting a straw poll about the subject of hybrid and pure electric vehicles.No statistician would work from the arbitrary sample I have but, that proviso aside, I have found most reactions to be...Read More
Aluminium prices on the London Metal Exchange had rallied by 2.2% at the close on Friday April 6 following the announcement that the United States has sanctioned and frozen Oleg Deripaska's assets subject to US jurisdiction,which includes Rusal.The three-month aluminium price closed at $2,042 per tonne, its highest since before the Easter break. "[Aluminium made] a late charge to $2,055 per t...Read More
Seaborne coking coal prices saw little movement on Friday April 6, with buyers anticipating the downtrend to resume next week with cyclone fears subsiding. Both Hay Point Coal Terminal and Abbot Point Coal Terminal in Queensland, Australia, are unloading coal trains, rail freight operator Aurizon confirmed on Friday. "Aurizon Network is working with its rail customers in regard to recommencing the...Read More
Base metal prices were lower across the board on the London Metal Exchange during morning trading on Friday April 6, due to the US announcing further impositions on Chinese products. US President Donald Trump announced further tariff considerations against Chinese products, proposing a further $100 billion in trade sanctions. "The market is still overreacting to Trump's trade rants. Trade tar...Read More
Indian steel mills are likely to increase domestic hot rolled coil (HRC) prices about 750 rupees ($12) per tonne following a surge in commodities' prices in the international market this week, sources told Metal Bulletin.Officials from at least two Indian mills confirmed that the domestic price for HRC in April will be hiked at least Rs750 per tonne. "The mills have not officially sent a revised p...Read More
Steel scrap prices in the major global markets have shown strong declines following the sharp fall in Turkish imported scrap values during the working week from Monday April 2 to Friday April 6.Taiwanese and US scrap prices did remain stable but the pressure on US prices as strengthened over the week.Turkey importsTurkish import scrap prices fell sharply after steel producers managed to get lower...Read More
Chilean copper producer Codelco has reached an agreement with unionized workers at its Radomiro Tomic division for a new labor contract, thereby avoiding the risk of a strike action.Nearly 70% of the voting workers approved the company's latest wage offer, which proposes a 1% real pay rise and a net end-of-negotiations bonus...Read More