Comex copper staged a modest increase on Tuesday April 30 morning in the United States amid a weakening dollar and market hopes that a US-China trade resolution is upcoming.The copper price for July settlement on the Comex division of the New York Mercantile Exchange increased 1.10 cents to $2.9080 per lb. The red metal has been unable to set a clear price direction over the past few weeks, with a...Read More
The seaborne coking coal spot market was stable on Tuesday April 30 amid thin trading ahead of a three-day Labor Day break in China."Our indicative offers for premium hard coking coal were around $207-209 per tonne cfr China since last Friday but they failed to garner much interest. We will offer our cargoes again next week, after the public holiday in China," a Chinese trader said.The Port of Jin...Read More
Aluminium producer Rusal's sales of aluminium value-added products (VAP) were down 22.2% year on year in the first quarter of 2019 amid US sanctions and high premiums, it announced on April 30.Sales of value-added product, such as billet, foundry and slabs, reached 256,000 tonnes in the first quarter of 2019, compared with 333,000 tonnes in the fourth quarter of 2018. First-quarter sales were down...Read More
The steel mills in Turkey have continued to book deep-sea cargoes for June deliveries, although prices were still weakening, sources told Fastmarkets on Tuesday April 30.A steel mill in the Marmara region booked a US cargo, comprising 22,000 tonnes of HMS 1&2 (90:10) at $306 per tonne, 13,000 tonnes of shredded at $309 per tonne and 5,000 tonnes of bonus...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday April 30 that are worth another look.With LME Asia Week fast approaching, Fastmarkets MB took an in-depth look at one of the topics likely to dominate discussions at this year's event: What is keeping aluminium prices on the Shanghai Futures Exchange elevated following the cut to China's value-added tax early in April?Brazil's p...Read More
Blister copper spot refining charges (RCs) in China were unchanged in April while the copper arbitrage window remained negative throughout the month, to discourage import interest, Fastmarkets heard on Tuesday April 30.The cost to turn the intermediate product of 98-99% copper content into refined copper was stable at $160-170 per tonne on April 30, the same as at the end of March.Several bids wer...Read More
The premium paid for European nickel briquettes fell to its lowest level since July 11, 2017 on April 30, amid extremely weakened demand from the stainless steel sector for the material, while European off-warrant supply remains healthy and facilitates the decline.End-user stainless steel demand, which uses nickel and has a direct impact on its consumption, is not perceived as weak by the market,...Read More
Comex copper staged a modest increase on Tuesday April 30 morning in the United States amid a weakening dollar and market hopes that a US-China trade resolution is upcoming.The copper price for July settlement on the Comex division of the New York Mercantile Exchange increased 1.10 cents to $2.9080 per lb. The red metal has been unable to set a clear price direction over the past few weeks, with a...Read More
Brazil's primary aluminium production totaled 147,000 tonnes in the first quarter of 2019, falling by 24.7% compared with 195,100 tonnes in the first quarter of 2018, the country's association for the sector, Abal, said on Monday April 29.Output volumes are decreasing because the Albras smelter, located in the northern state of Par??, is using only half of its capacity following environmental issu...Read More
The European Commission (EC) will halt its anti-dumping investigation into imports of welded steel tubes, pipes and hollow profiles, whether of square or rectangular cross-section, originating from Macedonia, Russia and Turkey, market participants told Fastmarkets on Tuesday April 30.The EC opened the case on September 28 last year after the defence committee of the Welded Steel Tubes Industry of...Read More
Turkey's biggest steel producer, Erdemir Group, has reported earnings before interest, taxes, depreciation and amortization (Ebitda) for the first three months of 2019 of TRY1.733 billion ($291.3 million*).This was up by 3.82% from TRY1.669 billion for the corresponding period in 2018.The group sold 1.888 million tonnes of flat steel products in January-March 2019, down by 2.53% from the 1.937 mil...Read More
Prices for hot-rolled coil (HRC) in China may not have room to move much higher because a further 31.05 million tonnes per year of capacity will come onstream in 2019, market sources in the country told Fastmarkets this week.At least 13 HRC production lines were scheduled for start-up in 2019, and two of these started operations last month at the Hebei Zongheng Iron & Steel Group in northern China...Read More
Domestic rebar producers in the UAE maintained their prices this week while the cost of rebar and billet imports edged up after buyers accepted higher offers due to low stock levels, sources told Fastmarkets on Tuesday April 30.Domestic rebar Local rebar producers in the UAE kept their prices unchanged for May production material, with demand expected to remain poor due to the Islamic holy month o...Read More
German metals distributor Kl??ckner expects its 2019 earnings to be negatively affected by "declining demand" and weaker steel prices, it said on Tuesday April 30."Against the background of unexpected... negative price effects and declining demand developments - especially in the [EU] automotive business," Kl??ckner expects its operating income to fall to ?,?50-60 million for the second quarter, d...Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil were mostly stable during the week ended on Tuesday April 30 due to lackluster demand in overseas markets.Buying interest in Southeast Asia was muted over the week due to the uncertainty caused by the elections in Indonesia and the Philippines, a market source in Tianjin said. Cold rolled coilFastmarkets MB's weekly export p...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%...Read More
Physical iron ore trading slowed on Tuesday April 30 ahead of the May Day holiday in China on May 1-4, while prices strengthened on news of production restrictions on mills in Tangshan.MB 62% Fe Iron Ore Index: $94.17 per tonne cfr Qingdao, up $0.12 per tonne. MB 62% Fe Pilbara Blend Fines Index: $93.20 per tonne cfr Qingdao, up $0.37 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $97.27 per ton...Read More
The seaborne coking coal spot market was stable on Tuesday April 30 amid thin trading ahead of a three-day Labor Day break in China."Our indicative offers for premium hard coking coal were around $207-209 per tonne cfr China since last Friday but they failed to garner much interest. We will offer our cargoes again next week, after the public holiday in China," a Chinese trader said.The Port of Jin...Read More
Fastmarkets has amended its direct reduced (DR)-grade iron ore pellet premium Middle East reference.Following a one month consultation period and from April 30, Fastmarkets will use its 65% Fe Brazilian Fines Index, cfr Qingdao (MBIOI-65-BZ) as the base price for its direct reduced (DR)-grade iron ore pellet premium Middle East reference.Previously, Fastmarkets' 62% Fe Fines Index, cfr Qingdao (MB...Read More
Brazil's Vale has appointed Eduardo Bartolomeo as its chief executive officer, succeeding Fabio Schvartsman.The Brazilian miner's board of directors confirmed the appointment of the senior executive at a meeting on Monday April 29. With 10 years of experience in...Read More