SHANGHAI, Mar 29 (SMM) – Nonferrous metals futures rose across the board during the afternoon trading session on Thursday March 29 with SHFE nickel up close to 2% and copper up nearly 1%.Ferrous metals, meanwhile, all closed over 1% higher, except for coke, which was down just over 1%.Copper: The SHFE 1805 contract hit a high at 50,100 yuan/mt today as some investors added to their long bets...Read More
Tech Talk will not be publishing tomorrow, Good Friday. Next report is to be released on Monday April 2nd. Have a Happy Easter weekend.Pre-opening Comments for Thursday March 29thU.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.Index futures were virtually unchanged following release of economic news a...Read More
SHANGHAI, Mar 29 (SMM) – Norilsk nickel in the Shanghai market traded at a discount of 100-200 yuan/mt against the Wuxi Stainless Steel Exchange 1804 contract on Thursday March 29, while Jinchuan traded at a premium at 400 yuan/mt, SMM learned.Jinchuan offered nickel plate at 96,900 yuan/mt.Prices of nickel futures traded rangebound in the morning and traders made offers actively due to ampl...Read More
SHANGHAI, Mar 29 (SMM) – Copper prices are likely to be rangebound at a relatively high level in 2018 as supplies of copper concentrate tighten, Jiangxi Copper said in its earnings report on Thursday March 28.The growth in global copper concentrate output is set to slow down in the next two to three years as the last round of copper mine investment comes to an end. Consumption, meanwhile, wi...Read More
SHANGHAI, Mar 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose to 90 given the inflow of month-end capital and as concerns of a trade war eased. Positive economic data from the US released overnight also buoyed the index.Base metals saw mixed trading as SHFE metals, except for copper and lead, fell. L...Read More
SHANGHAI, Mar 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose to 90 given the inflow of month-end capital and as concerns of a trade war eased. Positive economic data from the US released overnight also buoyed the index.Base metals saw mixed trading as SHFE metals, except for copper and lead, fell. L...Read More
SHANGHAI, Mar 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose to 90 given the inflow of month-end capital and as concerns of a trade war eased. Positive economic data from the US released overnight also buoyed the index.Base metals saw mixed trading as SHFE metals, except for copper and lead, fell. L...Read More
SHANGHAI, Mar 29 (SMM) –Copper: A stronger US dollar and falling oil prices are likely to keep copper prices under pressure. We expect LME copper to trade at $6,640-6,690/mt today and the SHFE 1805 contract at 49,400-49,900 yuan/mt. Spot discounts are expected at 200-140 yuan/mt.Aluminium: A total of 18,000 lots of short positions were added to SHFE aluminium at the start of the trading...Read More
SHANGHAI, Mar 29 (SMM) –Copper: A stronger US dollar and falling oil prices are likely to keep copper prices under pressure. We expect LME copper to trade at $6,640-6,690/mt today and the SHFE 1805 contract at 49,400-49,900 yuan/mt. Spot discounts are expected at 200-140 yuan/mt.Aluminium: A total of 18,000 lots of short positions were added to SHFE aluminium at the start of the trading...Read More
SHANGHAI, Mar 29 (SMM) –Copper: A stronger US dollar and falling oil prices are likely to keep copper prices under pressure. We expect LME copper to trade at $6,640-6,690/mt today and the SHFE 1805 contract at 49,400-49,900 yuan/mt. Spot discounts are expected at 200-140 yuan/mt.Aluminium: A total of 18,000 lots of short positions were added to SHFE aluminium at the start of the trading...Read More
This year marks the start of a new age of steelmaking for China, according to Chi Jingdong, vice-chairman of the China Iron & Steel Association.The Chinese steel industry will continue to strive for improvements, especially in structural changes and meeting the demand of the country's economy, he said."The Chinese steel industry will work to ensure that domestic steelmakers work to support a stabl...Read More
Measures taken in conjunction with the safeguard case against a number of imported steel products in the EU will have a negative impact on Europe's independent distributors, sources have told Metal Bulletin.The European Commission (EC) launched a safeguard case into 26 carbon and stainless steel products imported into the EU on March 26. The EC claims that the investigation was started to prevent...Read More
The Japanese government is calling on the United States to exempt high-quality Japanese steel from its Section 232 import tariffs.Motofuni Kusachi, chief representative of Japan Iron & Steel Federation, told delegates at the China Iron & Steel Association's 16th International Steel Market and Trade Conference in Xi'an on Thursday March 29 that because Japan exports high-quality prod...Read More
This year marks the start of a new age of steelmaking for China, according to Chi Jingdong, vice-chairman of the China Iron & Steel Association.The Chinese steel industry will continue to strive for improvements, especially in structural changes and meeting the demand of the country's economy, he said."The Chinese steel industry will work to ensure that domestic steelmakers work to support a stabl...Read More
The export market for CIS-origin pig iron was quiet this week mainly because of the Easter holiday in Europe and the United States, Metal Bulletin has been told.Suppliers were not active in the market due to the additional uncertainty in the scrap market.The only deal heard done in the US this week was when Russian steelmaker Tulachermet sold 35,000 tonnes of pig iron at $420 per tonne cfr. That w...Read More
Export prices for Brazil-origin slab have gone unchanged this week, with no volumes being booked, but there is still positive price sentiment among market participants.Metal Bulletin's weekly assessment of Brazil's export slab prices was $580-590 per tonne fob on Thursday March 29, stable from the previous week.No offers were made because mills have not started booking June-shipment material yet,...Read More
Some flat steel prices in Turkey's domestic and export markets went down slightly this week, although import prices were unchanged, market participants told Metal Bulletin on Thursday March 29.Local producers were fully booked until June.Domestic pricesHot-rolled coil (HRC) producers in Turkey have been offering material at $650-660 per tonne ex-works for late-May and early-June production, and a...Read More
Base metals prices on the London Metal Exchange were split into two camps at the close on Thursday March 29 ahead of the market shutting down for a long Easter weekend.The three-month aluminium price closed 1.5% lower as it hit a low of $1,996 per tonne - the lowest since August 8, 2017. "Aluminium therefore cost nearly $300 less than the multi-year high it achieved in early January. Almost all of...Read More
The latest metal markets news and price moves to start the North American day on Thursday March 29.Base metals prices on the London Metal Exchange were mostly higher during morning trading on Thursday March 29, with the market gearing up for a long weekend for Easter holidays. The LME will be closed on Friday March 30 to Monday April 2 inclusive.Lead and aluminium prices were the only base metals...Read More
Good morning from Metal Bulletin's office in Shanghai as we bring you the latest news and pricing stories on Thursday March 29.Base metals traded on the Shanghai Futures Exchange were broadly stronger during Asian morning trading on Thursday, with positive data from the United States overnight and a continued decline in geopolitical risk providing support.Check Metal Bulletin's live futures report...Read More