Oliver Nugent, who previously worked on base metals business development at the London Metal Exchange, has joined ING Bank as a commodities strategist, Metal Bulletin has learned.Nugent left the LME in London in December 2017 and moved to ING in Amsterdam to cover metals and the broader commodity asset class, alongside other strategists Warren Patterson and...Read More
Comex copper prices declined for the fourth consecutive session on Wednesday January 17 morning in the US, with the red metal facing a strong bout of speculative selling.Copper for March settlement on the Comex division of the New York Mercantile Exchange dipped 2.85 cents or 0.9% to $3.1910 per lb. Trading has ranged from $3.1865 to $3.2210."Rising global stock levels, stale-long liquidations amo...Read More
The latest metal markets news and price moves to start the North American day on Wednesday January 17.Base metals prices on the London Metal Exchange were little changed during morning trading on Wednesday January 17, with prices looking to consolidate after Tuesday's sell off.The three-month aluminium price came under pressure yesterday, closing down 2%, but has edged $2 higher this morning.Here...Read More
German steelmaker Saarstahl is planning to install a new continuous billet caster, the company said on Wednesday January 17.The five-strand billet caster with annual capacity for 850,000 tonnes of billet will be installed at Saarstahl's...Read More
Domestic prices for cold-rolled coil (CRC) increased in Southern Europe this week and are expected to soon move up further, sources told Metal Bulletin.The rise was supported by a lack of competitive import offers in the market. Metal Bulletin's weekly price assessment for domestic CRC in Southern Europe was ?,?610-640 ($735-772) per tonne ex-works on Wednesday December 17, up from ?,?59...Read More
Prices for domestic hollow sections remained largely stable across Europe this week, with market sources waiting for a clear direction in the price of hot-rolled coil (HRC).HRC prices were expected to rise across Europe after mills including ArcelorMittal announced a hefty increase to their first-quarter offer prices at the end of last year. But prices for the flat steel material have remained ste...Read More
Key data from the Wednesday January 17 pricing session in Europe. Ferro-titanium 70% (max 4.5% Al) $ per kg, delivered duty-paid in EuropeKey drivers: - The ferro-titanium spot price as edged up and the range narrowed this week, with more than 250 tonnes of alloy being traded and reported at $5-5.65 per kg. However, a deal for almost 50 tonnes of alloy was sold to Scandinavia and at a higher price...Read More
Key data from Metal Bulletin's Wednesday January 17 pricing session in Europe.Ferro-tungsten basis 75% W Rotterdam duty unpaid $ per kg in warehouse Key drivers:- Tightening prompt availability, improving demand - Rising ammonium paratunsgate (APT) prices...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday January 17:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $11.40-11.65 per lb from $11.05-11.30 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $28-28.80 per kg from $26.50-27.20...Read More
The following Metal Bulletin minor metals prices changed on Wednesday January 17:Antimony MB free market regulus, $/tonne: $8,100-8,400 per tonne from $8,050-8,350 Antimony MMTA standard grade II, $/tonne: $8,100-8,400 per tonne from $8,050-8,350 Cobalt MB free market high grade, $/lb: $37.00-38.00 per lb from $36.95-37.80...Read More
South African manganese ore producers face delays of up to two weeks to ship material after derailments disrupted deliveries to the country's Saldana port. "Derailments caused severe delays; shipments have been pushed back by two weeks," one miner told Metal Bulletin. A second supplier source said he was unable to book material because shipping slots had not been confirmed. South African state tra...Read More
Some Chinese stainless steel mills are struggling to secure sufficient ferro-chrome supply for January after prices have risen due to unexpected production cuts. Power constraints and rising raw materials prices have pushed up production costs in south China, triggering production cuts and a rally in ferro-chrome prices. Major Chinese stainless steel mills raised their high carbon ferro-chrome ten...Read More
Around 75% of Vale's iron ore sales in 2018 will carry premiums over the 62% Fe reference price, a senior executive has said.Currently, about 40% of the miner's iron ore sales, involving volumes with 65% Fe, include a premium of $15 per tonne, while 35% of the company's sales comprising materials blended in Malaysia and China carry a premium of $2-3 per tonne, investor relations Andr?(C) Figueired...Read More
Vale expects to reduce its debt level to $10 billion in 2018, investor relations director Andr?(C) Figueiredo said during a presentation for investors on Wednesday January 17 in S??o Paulo.This compares with net debt of $21.07 billion in the third quarter of 2017.The company's fourth-quarter 2017 results have yet to be released, but its debt level should have come down to $15-16 billion by the end...Read More
The Turkish steel mills extended their silence in the deep-sea scrap markets on Wednesday January 17, because of tight supply in the US and high prices, according to market participants.The mills were expected to book more cargoes for February, but the weak demand for their finished goods was keeping them out of the market.Meanwhile, the heavy winter conditions along the US East Coast...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, 61% Fe Pilbara Blend...Read More
Trading activity for seaborne hard coking coal picked up this week, with Chinese market participants flagging interest for low-ash, low-sulfur materials. Tier-two cargoes were heard to have changed hands at around $182-185 per tonne fob Australia this week, market participants told Metal Bulletin on Wednesday January 17. "The pick-up in the trading of second-tier materials is along expected lines...Read More
Seaborne iron ore prices retreated on Wednesday January 17, as end-users took a cautious approach to procurement amid narrowing marginsMetal Bulletin's 62% Fe Iron Ore IndexToday: $74.51 per tonne cfr QingdaoDaily change: Down by $1.20 per tonneMonth-to-date average: $76.79 per tonneMetal Bulletin's 58% Fe Premium IndexToday: $61.47 per tonne...Read More
Prices for physical iron ore retreated further on Wednesday January 17 amid concerns of a weakening Chinese steel market, and along with them, margins.Key driversPrices for both seaborne iron ore and port materials declined, tracking the general downtrend in the paper market for most of the day, though the benchmark contract for iron ore picked up just before the close of the trading session.China...Read More
Base metals prices on the London Metal Exchange were little changed during morning trading on Wednesday January 17, with prices looking to consolidate after Tuesday's sell off. The three-month aluminium price came under pressure yesterday, closing down 2%. But they have edged $2 higher this morning. "Aluminium came under additional selling pressure after reports that the production hub of Xinjiang...Read More