Flat steel buyers in the United Arab Emirates and Saudi Arabia preferred to delay their purchasing this week because end-user demand was not strong and buyers were still not used to the newly imposed 5% VAT regime, sources told Metal Bulletin on Tuesday January 16.The UAE and Saudi Arabia both imposed a 5% rate of VAT with effect from January 1, 2018.UAEHot-rolled coil (HRC) was offered at $590-61...Read More
A summary of base metals premiums across the globe for the week to Tuesday January 16.Read More
Primary aluminium stocks at the three main Japanese ports (MJP) rebounded by 3% month on month in December, according to Marubeni Corp data released on Tuesday January 16. Total MJP aluminium stocks stood at 241,900 tonnes at end of December, compared with 234,900 tonnes at the end of November. Total aluminium stocks remained down 1.2% or 33,600 tonnes from December 2016 levels. Stocks could ease....Read More
China Hongqiao, the world's largest aluminium producer, will issue 650 million shares with a total value of about HK$6.2 billion ($800 million), it said in a filing to Hong Kong Exchanges & Clearing (HKEX) on Tuesday January 16. The placing shares account for approximately 8.07% of the existing issued share capital of the company and about 7.46% of the issued share capital of the company as enlarg...Read More
Brazilian market participants are diverging about the imposition of anti-dumping duties into hot-rolled coil (HRC) imports from China and Russia.The divergence comes just after the Brazilian market was surprised by the finance ministry's acceptance that the adoption of trade measures against HRC from China and Russia would be detrimental to the national industrial chain and contribute to raise the...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transactions: HRC, CRC, HDGHot-rolled coilChina, export, hot-rolled coil, offered at $590-610 per tonne cfr, to the UAE.China, export,...Read More
Brazilian steelmaker Usiminas has increased its flat steel prices for the domestic distribution chain by 13%, sources told Metal Bulletin this week.The adjustment, valid for hot-rolled coil (HRC), cold-rolled coil (CRC) and hot-dipped galvanized coil (HDG), comes into effect on January 29, the market participants added."The reasons behind Usiminas's price increase are similar to the ones that led...Read More
CIS export rebar and wire rod prices have gone up by $10-15 per tonne in the first half of January with mills selling material from February production at higher prices.In addition, the availability of material, wire rod in particular, was reduced due to the continued absence from the market of Russia's Abinsk Electric Steel Mill and satisfactory sales in previous weeks.Metal Bulletin's weekly pri...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transactions: rebarRebarUAE (Emirates Steel), domestic, rebar, offered at 2,340 dirhams ($637) per tonne ex-works.UAE (Conares...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transactions: billetBillet Iran, export, billet, traded at...Read More
The global vanadium pentoxide (V2O5) and ferro-vanadium markets continued upward on strong momentum to start 2018, with prices surging amid concerns over thinning supply availabilities. Chinese V2O5, ferro-vanadium prices surge on low availability, robust demandEuropean ferro-vanadium prices follow Chinese market, run wild amid trader frenzyUS FeV market follows overseas markets upward amid low in...Read More
Chinese low-grade manganese ore prices have continued to rally on stronger silico-manganese futures markets; while the European and US manganese alloy markets have followed strong ore markets upward.Low-grade ore price rises on higher silico-manganese futures, while high-grade price dips amid demand lullChinese alloys prices continue backslide on lackluster demandEU alloys prices bolstered by stea...Read More
UK ferrous scrap prices for monthly deliveries to consumers in January have settled with increases of around ?15-20 per tonne compared with December's settlements, trade sources told Metal Bulletin this week.One main factor in settling January contracts was the steady increase in the scrap import price into Turkey, a key export market for British steel scrap, sources said. Metal Bulletin's daily...Read More
Prices for short-sea scrap imports arriving in Spain have fallen by ?,?10 ($12) per tonne over the past week, which could lead to a dip in Turkish deep-sea import scrap prices, market sources told Metal Bulletin on Tuesday January 16. Weaker demand from Spanish mills has led to a fall in short-sea import prices for United Kingdom-origin HMS 1&2 (80:20), which was ?,?280-283 per tonne cfr northern...Read More
Iron ore prices dropped below $76 per tonne cfr China on Tuesday January 16 on a lack of trading in the seaborne market.Metal Bulletin's 62% Fe Iron Ore Index Today: $75.71 per tonne cfr QingdaoDaily change: down by $0.88 per tonneMonth-to-date average: $77.00 per tonneMetal Bulletin's 58% Fe Premium Index Today: $61.76 per tonne cfr QingdaoDaily...Read More
The seaborne coking coal market continues to await transactions to underline price direction, although expectations of a weakening market are gathering momentum. "Any buying interest would be below $250 per tonne fob Australia now," a seller source said, adding that enquiries for second-tier materials remain robust. A buyer source said that the lack of interest from China, coupled with alleviating...Read More
Seaborne iron ore market continued to weaken on Tuesday January 16 amid limited trading activity, with high inventory levels at Chinese ports and mills' smaller margins capping prices for the steelmaking raw material.Key drivers There were few inquiries made for seaborne cargoes, including high-grade fines, during the day, according to trading sources. A few mills were also heard to be reselling t...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...Read More
London Metal Exchange base metals prices were weaker across the board during morning trading on Tuesday January 16, with nickel prices falling the most. The complex is correcting this morning after Monday's rally, which saw copper and nickel prices close up over $100 per tonne on support from the weaker dollar. Nickel prices have plummeted $480 per tonne this morning, while copper prices retreated...Read More
China's rebar market regained some stability on Tuesday January 16 amid sparse trading. Domestic Eastern China (Shanghai): 3,710-3,760 yuan ($576-584) per tonne, widened downward by 10 yuan per tonne Northern China (Beijing): 3,750-3,780 yuan per tonne, unchanged Traders attempted to prop up prices in the morning on seeing the gains in the billet and futures markets earlier in the day.But buyers r...Read More