After US President Donald Trump signed into law a 10% tariff on aluminium imports into the United States, premiums in the US saw some movement but European premiums were stuck waiting for more clarity on the trade measures. Market tentative, awaiting US tariff effect The US foundry alloy premium moved slightly higher following the formalization of Trump's tariffs on aluminium and steel imports - w...Read More
Nickel was the best performer on the London Metal Exchange at the close on Friday March 9, gaining more than 4%, with most of the complex ending the week on a high.The three-month nickel price recovered by $570 per tonne after a large 27,244-tonne cancellation at LME-listed warehouses this morning."Nickel is still enjoying overall bullishness that has been in place since it recovered from its June...Read More
Comex copper prices rebounded in morning trading on Friday March 8 in the United States after the publication of a jobs report that exceeded expectations.Copper for May settlement on the Comex division of the New York Mercantile Exchange recovered 3.4 cents or 1.1% to trade recently at $3.1130 per lb. Yesterday, the contract slid to the lowest point since February 12.This morning, the US non-farm...Read More
Unionized workers at Antofagasta's Los Pelambres mine in Chile have voted to strike, rejecting the latest offer for a collective labor agreement from the miner."Around 99% of the voting workers voted in favor of a legal strike," Federacion Minera de Chile treasurer Dino Saltori said in a statement on the organization's website.Antofagasta had offered improvements for miner benefits and a "salary r...Read More
The latest metal markets news and price moves to start the North American day on Friday March 9.The three-month nickel price on the London Metal Exchange regained $100 per tonne in morning trading, supported by a large cancellation of stocks at LME-listed warehouses. Most other metals were largely unchanged but under pressure.Here's how base metals prices looked at 12:20 London time:Read our live...Read More
A predicted deficit in the copper concentrates market could be exacerbated, with mining companies facing ever greater hurdles to bring new projects on stream, according to panellists at the Metal Bulletin Copper Conference.The copper market has for years experienced declining ore grades at major mines, and this combined with consistent demand growth could lead to deficits in the coming years, acco...Read More
Metal Bulletin proposes to make the South Korean cif and fca P1020 aluminium premiums duty-free only to better reflect current market conditions.The current assessments - Aluminium P1020 cif South Korea and Aluminium P1020 fca South Korea - include both duty-free and non-duty free aluminium. Metal Bulletin proposes to only include in both assessments aluminium which can be imported into South Kore...Read More
The Chilean government has started an anti-dumping case against rebar imports from Mexico, according to a document made public on Friday March 9. The country's anti-price distortion commission will analyze imports of rebar from Mexico from January to December 2017.In 2015, Chile launched an anti-dumping probe into rebar imports from Mexico, resulting in anti-dumping duties of...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.All eyes this week were on US President Donald Trump's decision to confirm his previously announced tariffs of 25% on steel imports and 10% on aluminium imports into the US.Metal Bulletin's team has extensively analyzed the likely effects on the global steel market of the trade action signed off under t...Read More
Import prices for flat steel goods in the South American market edged up this week, driven by higher hot-rolled coil (HRC) values."HRC is always the first [product] to feel the effects of higher slab costs," a trader said.Metal Bulletin's weekly price assessment for HRC imports into South America was $660-670 per tonne on Friday March 9, up from last week's $650-660 per tonne cfr.China-origin...Read More
European steel association Eurofer has condemned the decision by US President Donald Trump to set import tariffs on steel and aluminium as being "damaging and counterproductive for both the US and EU economies."Trump set blanket tariffs of 25% on steel imports and 10% on aluminium imports on Thursday March 8. They were announced last week as a response to the Section 232 investigation into the nat...Read More
Indian mills have raised their offer prices for exports of commercial-grade hot-rolled coil (HRC) by at least $10 per tonne to $670-675 per tonne fob Indian ports, compared with bookings achieved about a week ago at $660-665 per tonne fob Indian ports.But the mills have not been able to achieve HRC export bookings after raising their export offers, market participants said."We have not booked HRC...Read More
Key data from Metal Bulletin's Wednesday March 7 pricing session in China.Molybdenum concentrate Metal Bulletin Chinese free market, 45% Mo, in-warehouse China, RMB per mtu Key drivers- Supply is tight on earlier plant turnarounds conducted by major miners.- Recent surge in Chinese exports for January 2018 further underpins supply tightness.-...Read More
The following Metal Bulletin noble alloys, bulk alloys and ores prices changed on Friday March 9:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $12.90-13.10 per lb from $13.00-13.20 Molybdenum US canned molybdic oxide, $/Ib $13.00-13.10 per Ib from $12.90-13.10 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $30.80-31.40 per kg from $30.80-31.80 Ferro-molybdenum US 6...Read More
A steady increase in ferrous scrap demand to key destinations such as Turkey and the Indian subcontinent from Europe has pulled up prices for light iron, grade-5C steel scrap in the United Kingdom this week, sources told Metal Bulletin on Friday March 9.The UK light iron scrap market has now moved up for four weeks in a row.Metal Bulletin's price assessment for UK grade-5C ferrous scrap on an inte...Read More
Prices for shredded scrap imported in containers into India have increased for the fifth week running, supported by good demand and robust international scrap markets, sources told Metal Bulletin on Friday March 9.But certain market sources said that the market could stop rising over the next seven days, with Indian finished steel prices struggling amid a drop in Chinese rebar prices and worries o...Read More
Export prices for CIS-origin pig iron have gone up again amid further growth in the scrap and flat steel products markets, Metal Bulletin has heard.Metal Bulletin's export price assessment on Thursday March 8 for high-manganese pig iron from the CIS region was $350-375 per tonne fob Black Sea, widening upward by $10 per tonne week on week.A deal was heard in Turkey for Ukraine-origin pig iron at $...Read More
Turkish scrap import prices inched lower on Friday March 9 on news of a fresh trade. A steel mill in the Marmara region of Turkey booked a Baltic Sea cargo late on Thursday March 8, comprising 28,000 tonnes of HMS 1&2 (80:20) at $375.25 per tonne and 7,000 tonnes of bonus at $385.75 per tonne cfr. Metal Bulletin's daily index for Northern European HMS 1&2 (80:20)...Read More
Export prices for Brazilian pig iron were unchanged this week, as suppliers refused to accept low-priced bids."US buyers tried to book some volumes at cheap prices, but came back home empty-handed," a Brazil-based source said. "They asked for a very low price, so we didn't close a deal," a second market participant said. "Also, demand in the Brazilian domestic market is quite good and we are able...Read More
Physical iron ore prices fell below the $70-per-tonne-cfr mark on Friday March 9 amid persistent losses in China's steel and futures markets.Key driversChina's ferrous futures recorded across-the-board losses for a third day. The benchmark iron ore contract continued to be the worst performer, with a 5.2% decline in comparison with the settlement price on Thursday. The contract closed at a 3.5-mon...Read More