China’s producer price index (PPI) in December rose 4.9% from the same month a year ago, higher than the expectation at 4.8%. The growth in December, however, was lower than the 5.8% seen in November.The country’s consumer price index (CPI), on the other hand, rose 1.8% in December, below the expectation at 1.9%. But this is higher than the growth in November at 1.7%. T...Read More
SHANGHAI, Jan 10 (SMM)? 1/4 ?Copper: There is still room for downward movement for copper prices and we see LME copper likely to trade towards the $7,000/mt level. We expect the LME contract to trade at $7,070-7,130/mt today and the SHFE contract at 54,400-54,900 yuan/mt. Spot premiums are to rise to 30-80 yuan/mt today.Zinc: LME zinc began to slip after touching $3,400/mt and we expect it to trad...Read More
Domestic prices for steel beams in Europe are predicted to increase over the coming weeks while demand levels and ferrous scrap prices stay firm, market sources told Metal Bulletin on Wednesday January 10.Domestic prices have been unchanged since the end of last year, with the material trading at historic high prices.Mills are hoping to raise prices even higher, however, and one Northern European...Read More
European mills are expected soon to increase their domestic offer prices for hot-rolled coil (HRC) by ?,?20-40 per tonne, sources have told Metal Bulletin.In the meantime, Metal Bulletin's weekly price assessment for domestic HRC in Northern Europe was ?,?540-550 ($645-657) per tonne ex-works on Wednesday January 10, compared with ?,?530-550 per tonne ex-works a week earlier.The assessment represe...Read More
Nickel continued to rally on the London Metal Exchange during afternoon trading on Wednesday January 10, closing in positive territory alongside the rest of the metals.The three-month nickel price closed up 1.8% on Tuesday's close, having hit an intraday high of $13,200 per tonne earlier, thanks to a tighter market and robust demand from the stainless steel sector."We have a constructive view over...Read More
A wave of labor negotiations at several of the world's leading copper mines is taking place this year and could have a significant impact to the global copper supply and prices.Among such talks are BHP-operated Escondida mine, Antofagasta's Los Pelambres and several of Codelco's mines, all in...Read More
The London Metal Exchange closed 2017 in positive fashion as average daily volume (ADV) climbed 19.3% after two previous months of decline. Lead was the strongest performer, with ADV climbing over 50% from December 2016 with 55,717 lots. Last month, lead was the only base metal to record a significant year-on-year increase. Copper's ADV was up 24.3% from the previous year to 150,723 lots, after it...Read More
Metals merchant Traxys has hired Paolo Cabrejos to lead and expand its West Latin American trading unit starting this month. Cabrejos was formerly the commercial manager at Peruvian zinc-lead-silver miner Volcan Compa???-a Minera but departed when the miner was...Read More
A restart of production operations at the Ambatovy nickel-cobalt joint venture in Madagascar following a recent tropical cyclone has been delayed to the end of the month due to equipment damage, according to Sherritt International. In particular, damage incurred by the acid production facilities will require repairs that will affect the pace of ramp production up again, the Canada-based company sa...Read More
Comex copper prices bounced back on the morning of Wednesday January 10 morning thanks to a weaker dollar, having previously fallen for three consecutive sessions.Comex copper prices bounced-back Wednesday morning after sliding for three straight sessions amid dollar weakness.Copper for March settlement on the Comex division of the New York Mercantile Exchange rose 2.85 cents or 0.9% to $3.2445 pe...Read More
After a year focused on re-establishing stability, the London Metal Exchange has started 2018 with its attention on driving more liquidity to the bourse by launching the Introducing Broker membership category and broadening its contract portfolio, says senior metals market consultant Martin Hayes. Twelve months ago, it was fair to say that the LME was facing a period of uncertainty - it had lost i...Read More
A union strike scheduled to start on Wednesday January 10 at Glencore's Minera Lomas Bayas copper mine in Chile has been called off after a breakthrough at contract negotiations. The proposal, including a 2% salary increase and a $10,750 bonus, was accepted by unionised workers on Monday, Glencore spokesman Charles Watenphul told Metal Bulletin. As a result, workers have agreed to...Read More
Domestic prices for wire rod rose in both Northern and Southern Europe this week with European mills pushing through increases because of higher production costs, sources told Metal Bulletin on Wednesday January 10.Metal Bulletin's weekly price assessment for domestic mesh-quality wire rod in Northern Europe was ?,?545-565 ($651-675) per tonne delivered on Wednesday, up by ?,?5-20 per tonne from ?...Read More
Prices for hollow steel sections in Southern Europe have increased this week, with producers in the region responding to firm demand, market sources told Metal Bulletin on Wednesday January 10.Metal Bulletin's price assessment for S235-grade square hollow steel sections made in Southern Europe moved up by ?,?15-20 per tonne to ?,?620-645 ($740-770) per tonne delivered on Wednesday.Prices for simil...Read More
Key data from the January 10 pricing session in Europe.Ferro-titanium 70% (max 4.5% Al) $ per kg, delivered duty-paid in EuropeToday Previous Change to midpoint of range Midpoint % change 4.80-5.60 4.80-5.60 0 0 Titanium scrap turnings, unprocessed (max 0.5% Sn) $ per lb, cif European ports Titanium scrap turnings, unprocessed (0.5-2% Sn) $ per l...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday January 10:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $11.00-11.30 per lb from $11.20-11.40 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $26.50-27.10 per kg from...Read More
The Turkish deep-sea scrap market went quiet on Wednesday January 10, with the mills in the country trying to put downward pressure on prices.But while mills were trying to reduce scrap prices, suppliers remained firm because the heavy winter conditions increased their costs, sources said."The mills went quiet, waiting for a supplier who is in hurry to sell. Five or six Baltic Sea suppliers...Read More
China's coke export offer prices have come down from a peak, in line with domestic prices, but limited downside is expected, Metal Bulletin was told on Wednesday January 10.Metal Bulletin's assessment of export prices for Chinese coke with 65% coke strength after reaction (CSR), 12.5% ash, and in physical sizes of 30-90mm, was $360-365 per tonne fob China for the week ended January 9.This was down...Read More
Iron ore prices experienced a slight dip but managed to stay above $78 per tonne cfr China on Wednesday January 10 amid uncertainties resulting from a forecast cyclone in Australia.Metal Bulletin's 62% Fe Iron Ore Index Today: $78.31 per tonne cfr QingdaoDaily change: down by $0.16 per tonneMonth-to-date average: $76.79 per tonneMetal Bulletin's 58% Fe Premium Index Today: $62.71 per tonne cfr Qin...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, 170,000 tonnes of 61% Fe Pilbara Blend fines, sold at $77.09 per tonne cfr China, laycan January 28-February 6.Vale, Global Ore, 170,000 tonnes...Read More