The latest metal markets news and price moves to start the North American day on Thursday January 18.Base metals prices on the London Metal Exchange were back trading in positive territory this morning, supported by slightly stronger Chinese data.Here is how the LME base metals complex looked at 12.43pm London time:For a snapshot of exchange news, check out our live futures report.The LME has appo...Read More
Brazil's foreign trade chamber, Camex, has decided not to impose final trade sanctions against imports of hot-rolled coil (HRC) from China and Russia, despite the confirmation of dumping practices.In a meeting held by Camex's ministers on Thursday January 18, the chamber applied five-year anti-dumping duties on Chinese and Russian HRC, but then suspended the measures due to "public interest."Camex...Read More
Iranian export billet prices lost $10 per tonne over the week while several bookings were heard done at lower prices.Metal Bulletin's weekly price assessment for Iranian export billet was $500-510 per tonne fob on January 17, against $510-520 per tonne fob a week earlier.Offers of billet from traders and mills were varying within the range of $510-520 per tonne fob.In particular on January 15, Kho...Read More
Turkish steel billet prices have weakened slightly amid poor demand in the country, sources said on Thursday January 18.Metal Bulletin's weekly price assessment for billet imports into Turkey was $520-530 per tonne cfr, down at the lower end of the range from...Read More
Turkey's Tosyali Holding is planning to build a steel plant in Ethiopia, Africa, the company announced this week.The mill will produce billet and rebar, and will reduce the country's reliance on imports, chairman Fuat Tosyali said on Wednesday January 17.The company chairman visited Ethiopia last week to meet with the country's minister of foreign investments, Aklilu Hailemicheal.Fu...Read More
Domestic prices for hot-dipped galvanized (HDG) coil in the EU are expected to increase faster in 2018 than those for other flat steel products, according to market sources.The outlook is based on a combination of positive effects from trade defense measures, growing demand among HDG-consuming industries and increasing zinc costs.Due to favorable market conditions, the price spread between cold-ro...Read More
Stronger demand for molybdic oxide in Europe this week has pushed prices to a three and a half year high, with ferro-molybdenum prices increasing to a range also unseen for three and a half years.Molybdenum drummed molybdic oxide prices were last assessed at $11.40-11.65 per lb, in-warehouse Rotterdam on Wednesday January 17. The market was previously assessed at $11.05-11.30 per lb on Friday Janu...Read More
Key data from Metal Bulletin's Wednesday January 17 pricing session in China.Molybdenum concentrate MB Chinese free market, 45% Mo, in-warehouse China, RMB/mtuKey drivers: - Supply continues to be tight, and low selling interest underpins the tightness. - Demand from steel mills for ferro-molybdenum is good given a robust steel market. - Further price increases for ferro-molybdenum in internationa...Read More
Key data from Metal Bulletin's Wednesday January 17 pricing session in China.Tungsten concentrates 65% WO3 in warehouse China RMB/tonne Key drivers: - Low operation rates at ammonium paratungstate (APT) smelters in China's Jiangxi province have slowed demand for tungsten concentrates. - Increased selling appetite with participants looking to square their books ahead of the upcoming Chinese New Yea...Read More
Exporters of Commonwealth of Independent States (CIS)-origin pig iron have held high prices on low material availability, while buyers are in wait-and-see mode amid high stocks. "Mills are sold out till March, thus they can offer [a] high price and wait until some buyer will accept it," one trader told Metal Bulletin. Metal Bulletin's export price assessment for high-manganese pig iron from the CI...Read More
Seaborne iron ore prices saw marginal gains on Thursday January 18 with Metal Bulletin's 62% Fe Iron Ore Index nudging up amid rising port prices and a stronger futures market. Metal Bulletin's 62% Fe Iron Ore IndexToday: $74.87 per tonne cfr Qingdao Daily change: Up by $0.36 per tonne per tonne Month-to-date average: $76.64 per tonne Metal Bulletin's...Read More
The gap between cfr China and fob Australia prices for premium hard coking coal appears to be narrowing, with offers on the latter basis continuing to drop.A cargo of premium hard coking coal is being offered around $230 per tonne fob Australia, compared with $235 per tonne fob earlier this week, market sources told Metal Bulletin on Thursday January 18. Cargoes of premium products were also heard...Read More
The downward momentum in the seaborne iron ore market slowed on Thursday January 18 with strengthening port prices.Key drivers Rising port prices and stronger futures curves on all ferrous products have bolstered seaborne iron ore prices from further slides. Metal Bulletin's 62% Fe fines index has been dropping since it hit a five-month-high near to $80 per tonne last Thursday. Only high grade fin...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreRio Tinto, tender, 190,000 tonnes of 61% Fe Pilbara Blend fines, sold at $73.01 per tonne cfr China, laycan February...Read More
China's ferrous futures ended morning trading little changed from their opening prices again on Thursday January 18. Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,834 ($596) per tonne, down 3 yuan per tonne May hot-rolled coil: 3,846 yuan per tonne, down 1 yuan per tonne Dalian Commodity Exchange...Read More
BHP has lowered the guidance for its metallurgical coal output in its 2018 financial year ending June 30 amid production issues at its Broadmeadow and Blackwater mines in Queensland, Australia.It now expects to produce 41-43 million tonnes of the steelmaking raw material, instead of the previously forecast 44-46 million tonnes.The miner disclosed its updated guidance in its latest production repor...Read More
US aluminium company Alcoa attributed a loss for the fourth quarter of 2017 to the closure of some operations and higher costs.The company reported a net loss of $196 million, primarily due to the shuttering of its Rockdale Operations site in Texas and the divestment of its Portovesme aluminium smelter in Italy. The quarterly results include $391 million worth of special items, which include both...Read More
The London Metal Exchange has appointed Robin Martin as its new head of market development, the exchange said. Robin is currently managing director for market infrastructure at the World Gold Council (WGC). He joined the organisation in November 2012. In July 2017, the LME and the WGC teamed up to launch LMEprecious which introduced...Read More
Swiss special and stainless steel producer Schmolz + Bickenbach (S+B) has increased the value of its bid to acquire a substantial part of French speciality steelmaker Asco Industries (Ascometal), it said late on Thursday January 18.S+B's has bid a total of ?,?195 million ($238.61 million) for Ascometal, including an ?,?82 million investment in the production facilities over the next four years, it...Read More
Robust nickel prices appear to be providing some support to East Asia's stainless steel market amid persistently weak demand.Chinese producers are raising their offers for both stainless cold-rolled coil and hot-rolled sheet due to higher prices for nickel this month, despite soft demand and low bids from buyers.The three-month nickel contract on the London Metal Exchange is averaging at $12,649 p...Read More