Prices for imports of containerized shredded scrap into India are expected to continue to rise over the coming week, market sources told Metal Bulletin on Friday March 2.Metal Bulletin's weekly index for containerized imports of shredded scrap into India was $391.83 per tonne cfr Nhava Sheva on Friday, compared with $382.52 per tonne cfr last week.Indian mills have enjoyed prosperous export market...Read More
Industrial Metallurgical Holding (IMH) - the Russian company that manages the country's largest pig iron supplier, Tulachermet - expects that the appetite of the US market for pig iron may increase in the Section 232 fallout, it told Metal Bulletin."We can assume that the decision [to impose trade tariffs under Section 232] will significantly increase the utilization rate of steelmaking capacities...Read More
Turkish scrap import prices have continued to increase in line with demand from the country's steel producers, sources said on Friday March 2.Metal Bulletin's daily index for Northern European HMS 1&2 (80:20) closed the day at $362.81 per tonne cfr, up by $5.76 per tonne day-on-day.The daily index for similar US-origin scrap closed at $372.43 per tonne...Read More
Major steel producer Nippon Steel & Sumitomo Metal Corp (NSSMC) expects demand and profit margins for steel to remain high in Japan for the next three years, a senior official has told Metal Bulletin.The forecast is based on tight market fundamentals and healthy demand from downstream industries, as well as indirect demand for infrastructure projects associated with the Tokyo Olympic Games in 2020...Read More
Iron ore prices slipped to $78 per tonne cfr China on Friday March 2 after both the futures and steel markets weakened.Metal Bulletin's 62% Fe Iron Ore IndexToday: $78.34 per tonne cfr QingdaoDaily change: down by $1.05 per tonneMonth-to-date average: $78.87 per tonneMetal Bulletin's 58% Fe Premium IndexToday: $61.67 per tonne cfr QingdaoDaily change: down by $0.38...Read More
Trading activity in the seaborne coking coal market picked up ahead of the weekend, which saw the first cargo of premium low-vol product being sold to a Chinese buyer on a fixed-price basis in at least a week.The top-tier cargo changed hands around $238 per tonne cfr China, sources told Metal Bulletin on Friday March 2. A cargo of second-tier materials was also traded at $195 per tonne fob Austral...Read More
Deliverable copper stocks at Shanghai Futures Exchange-approved warehouses have continued to increase during the week to Friday March 3, while lead saw the greatest declines.Copper stocks increased 41,755 tonnes to 260,287 tonnes this week, up 19.1% from 218,532 tonnes recorded on February 23 when the market reopened after the Lunar New Year holidays. Zhongchu Wusong warehouse in Shanghai sa...Read More
Base metals prices on the London Metal Exchange were little changed during morning trading on Friday March 2, with the complex restricted by thin liquidity and a firmer dollar. Aluminium's benchmark cash/three-month spread swung back into contango for the first time since February 14 this morning - now at $1.75 per tonne contango from $6 per tonne backwardation at the close yesterday.The backwarda...Read More
Trading activity in the physical iron ore market died down on Friday March 2 amid retreating futures and steel prices in China.Key driversIron ore futures fell by about 1% compared with its settlement price a day earlier, while spot rebar and hot-rolled coil prices also fell 20-30 yuan ($3.10-4.70) per tonne.Both the seaborne market and Chinese ports saw little trading activity during the day. Not...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Friday March 2*Copper -$77.68 (-494.36 yuan) Aluminium -$428.60 (-2,727.56 yuan) Zinc -$136.62 (-869.42 yuan) Nickel -$335.54 (-2,135.33 yuan) * Metal Bulletin calculates the...Read More
China's domestic rebar prices dropped slightly on Friday March 2 with trading activity falling ahead of the weekend.Domestic Eastern China (Shanghai): 4,060-4,100 yuan ($639-646) per tonne, down 20 yuan per tonne Northern China (Beijing): 4,100-4,130 yuan per tonne, down 20-30 yuan per tonne A weakening of demand pushed down rebar prices during the day. Market participants expect trading activity...Read More
China's ferrous futures continued to have a subdued morning on Friday March 2, having extended losses from Thursday night's trading session.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 4,002 yuan ($6) per tonne, down 2 yuan per tonne May hot-rolled coil: 4,079 yuan per tonne, down 2 yuan per tonne Dalian Commodity Exchange May iron ore: 537.50 yuan per tonne, uncha...Read More
There has been a rise in the number of cadmium tenders, boosted by healthy demand and higher cadmium prices, sources told Metal Bulletin. Cadmium prices have been rising due to strong demand from India and a shortage of supply in the market. But supply has continued through tenders, according to market sources. Metal Bulletin assessed the 99.95% cadmium quotation at 140-150 cents per lb on Fr...Read More
Ferroglobe has welcomed the final determinations from the US Department of Commerce on the anti-dumping and countervailing duty investigations against certain silicon metal imports, the ferro-alloys producer said on Friday March 2.Commerce on March 1 issued its final determinations in the trade cases against imports of silicon metal from Australia, Brazil, Norway and Kazakhstan, revising some duti...Read More
The following Metal Bulletin minor metals prices changed on Friday March 2:Minor metals Cadmium MB free market min 99.95%, cents/lb: 140-150 per lb from 135-145 Cadmium MB free market min 99.99%, cents/lb: 145-165 per lb from 140-155 Chromium MB free market alumino-thermic, $/tonne: $10,500-11,000 per tonne from...Read More
An overview of China's minor metals markets in the week of February 26-March 2 and the reasons for any price moves.Read More
The US Department of Commerce has issued its final determinations in the trade cases against imports of silicon metal from Australia, Brazil, Norway and Kazakhstan, revising some duties upward from its preliminary rulings.Brazil was hit with the highest final dumping duties.Commerce has levied a country-wide dumping rate of 68.97% for all Brazilian silicon metal producers and exporters, including...Read More
European alloy surcharges for March deliveries of grade-316 cold-rolled (CR) stainless steel sheet have risen sharply month on month amid further increases in nickel and molybdenum costs.The March assessment for molybdenum-containing 2mm grade-316 CR sheet - compiled by Metal Bulletin based on data released by Outokumpu, Acerinox and Aperam - rose by ?,?88-112 per tonne to ?,?2,011-2,072...Read More
The European Steel Association, Eurofer, has welcomed the European Commission's pledge of "appropriate and swift measures" after the United States finally announced Section 232 trade tariffs.US president Donald Trump announced the imposition of import duties of 25% on steel and 10% aluminium on March 1. "We welcome the [EC] announcement [that] appropriate and swift measures will be taken...Read More
Stainless steel prices in China's domestic market decreased slightly over the past week due to high inventories. Metal Bulletin's assessment of prices for benchmark 304 stainless CRC in the major market of Wuxi was 14,700-15,300 yuan ($2,315-2,409) per tonne including VAT for the week ended Thursday March 1, down 100-200 yuan per tonne from a week earlier. Spot market inventory levels have increas...Read More