Big gains in the billet market over the weekend gave support to tender prices on the seaborne iron ore market on Monday April 2, though premiums for the most-liquid Pilbara Blend fines continued to weaken.Metal Bulletin 62% Fe Iron Ore Index: $65.80 per tonne cfr Qingdao, up by $0.81 per tonne Metal Bulletin 58% Fe Premium Index: $52.49 per tonne cfr Qingdao, up by $0.49 per tonne Metal Bulletin 6...Read More
China's ferrous futures decreased during morning trading on Monday April 2, losing the gains made during last Friday night's trading session.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,366 ($536) per tonne, down 61 yuan per tonne May hot-rolled coil: 3,707 yuan per tonne, down 37 yuan per tonne Dalian Commodity Exchange May iron ore: 445 yuan per tonne, down...Read More
Big gains in the billet market over the weekend gave support to tender prices on the seaborne iron ore market on Monday April 2, though premiums for the most-liquid Pilbara Blend fines continued to weaken.Metal Bulletin 62% Fe Iron Ore Index: $65.80 per tonne cfr Qingdao, up by $0.81 per tonne Metal Bulletin 58% Fe Premium Index: $52.49 per tonne cfr Qingdao, up by $0.49 per tonne Metal Bulletin 6...Read More
China's rebar prices experienced big gains on Monday April 2, especially in the domestic segment, following a surge in the billet market over the weekend.Domestic Eastern China (Shanghai): 3,700-3,740 yuan ($589-595) per tonne, up 140-150 yuan per tonneNorthern China (Beijing): 3,780-3,800 yuan per tonne, up 60-70 yuan per tonneBillet prices rose sharply during the weekend due to strong demand, wh...Read More
SHANGHAI, Apr 2 (SMM) – Nonferrous metals futures rose across the board though China's Caixin manufacturing purchasing managers' index (PMI) failed to meet expectations. SHFE tin jumped over 2% and aluminium rebounded close to 2%. Nickel gained 1.6%, lead rose close to 1% while zinc inched up.The ferrous complex remained strong with coke up more than 3%. Rebar gained over 2%, ir...Read More
SHANGHAI, Apr 2 (SMM) – Nonferrous metals futures rose across the board though China's Caixin manufacturing purchasing managers' index (PMI) failed to meet expectations. SHFE tin jumped over 2% and aluminium rebounded close to 2%. Nickel gained 1.6%, lead rose close to 1% while zinc inched up.The ferrous complex remained strong with coke up more than 3%. Rebar gained over 2%, ir...Read More
SHANGHAI, Apr 2 (SMM) – Nonferrous metals futures rose across the board though China's Caixin manufacturing purchasing managers' index (PMI) failed to meet expectations. SHFE tin jumped over 2% and aluminium rebounded close to 2%. Nickel gained 1.6%, lead rose close to 1% while zinc inched up.The ferrous complex remained strong with coke up more than 3%. Rebar gained over 2%, ir...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 12 points in pre-opening trade. Index futures are responding to news that China has imposed a tariff on 128 U.S. products. Commodity prices moved higher on U.S. Dollar Index weakness. Gold gained $11.20 per ounce, silver added $0.33 per ounce and crude oil gained $0.34 per barrel.Tesla dropped $8.63 to $257.50 on news...Read More
SHANGHAI, Apr 2 (SMM) – The copper spot market in Shanghai saw active transactions on Monday April 2 as discounts stood at 110-40 yuan/mt. This compared with a discount of 180-120 yuan/mt on Friday March 30. Downstream consumers started to restock for the Qingming Festival holiday this week while sellers held back, SMM learned.At noon, standard-quality copper traded at 50,050-50,19...Read More
SHANGHAI, Apr 2 (SMM) – Treatment charges (TCs) for domestic copper concentrate in China remained flat from the previous week and stood at 3,200-3,800 yuan per metal mt for the week ended March 30. In the short term, SMM expects domestic TCs to stay flat due to volatile prices of zinc and uncertainty over the supply of concentrates.Unlike smelters, miners did not raise domestic TCs...Read More
SHANGHAI, Apr 2 (SMM) – Norilsk nickel in the Shanghai market traded at a discount of about 200 yuan/mt against the Wuxi Stainless Steel Exchange 1804 contract on Monday April 2, while Jinchuan traded at a premium of 300 yuan/mt, SMM learned.Jinchuan offered nickel plate at 100,000 yuan/mt.Traders made offers actively due to ample supply, while downstream consumers took a watch-and-wait...Read More
SHANGHAI, Apr 2 (SMM) – China has issued nine batches of approvals for restricted solid scrap material imports this year, with approved copper scrap imports of 337,900 mt, sharply down 88% from the same number of batches in 2017, SMM learned.Taizhou Chiho was approved to import 111,000 mt of copper scrap in Batch One and Batch Nine, down 74% from the same batches of 2017. Zhejiang Judong was...Read More
SHANGHAI, Apr 2 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index edged down below 90 with limited upward momentum, while base metals rose across the board. SHFE nickel jumped over 2.5%, lead surged over 2%, tin rose 1.7%, while zinc, aluminium and copper were up some 1%.China’s official manufacturing purchasi...Read More
SHANGHAI, Apr 2 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index edged down below 90 with limited upward momentum, while base metals rose across the board. SHFE nickel jumped over 2.5%, lead surged over 2%, tin rose 1.7%, while zinc, aluminium and copper were up some 1%.China’s official manufacturing purchasi...Read More
SHANGHAI, Apr 2 (SMM) –Copper: Supported by crude oil prices, SHFE copper rose and stood above the 10-day moving average with KDJ indicator expanding upwards. We expect the contract to trade at 50,200-50,700 yuan/mt today, with spot discounts at 150-100 yuan/mt.Aluminium: We expect LME aluminium to hover around the $2,000/mt level and trade at $1,995-2,020/mt with limited upward room given&n...Read More
SHANGHAI, Apr 2 (SMM) –Copper: Supported by crude oil prices, SHFE copper rose and stood above the 10-day moving average with KDJ indicator expanding upwards. We expect the contract to trade at 50,200-50,700 yuan/mt today, with spot discounts at 150-100 yuan/mt.Aluminium: We expect LME aluminium to hover around the $2,000/mt level and trade at $1,995-2,020/mt with limited upward room given&n...Read More
SHANGHAI, Apr 2 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index edged down below 90 with limited upward momentum, while base metals rose across the board. SHFE nickel jumped over 2.5%, lead surged over 2%, tin rose 1.7%, while zinc, aluminium and copper were up some 1%.China’s official manufacturing purchasi...Read More
Anglo American has again halted iron ore output at its Brazilian Minas-Rio operation, with the company's shipments affected after a pulp leakage at its slurry pipeline on Thursday March 29."The supply is paralyzed, as the stock level of 700,000 tonnes of iron ore ended," the miner told Metal Bulletin on April 2."We are now negotiating [the issue] with each client," it added.The company supplies th...Read More
SHANGHAI, Apr 2 (SMM) –Copper: Supported by crude oil prices, SHFE copper rose and stood above the 10-day moving average with KDJ indicator expanding upwards. We expect the contract to trade at 50,200-50,700 yuan/mt today, with spot discounts at 150-100 yuan/mt.Aluminium: We expect LME aluminium to hover around the $2,000/mt level and trade at $1,995-2,020/mt with limited upward room given&n...Read More
China's steel purchasing managers' index (PMI) rose in March, returning to expansion territory due to an increase in steelmaking activity last month. The index rose 1.1 points from February to 50.6 points, according to data released by the China Federation of Logistics & Purchasing (CFLP) last Saturday March 31.The sub-index for steel production jumped by 5.2 points to 50.6 points, with production...Read More