Turkish domestic prices for rebar and wire rod continued to increase over the past week with the exchange-rate value of the country's lira falling, and the costs for imported scrap rising, sources said on Thursday September 6.Metal Bulletin's weekly price assessment for domestic rebar on Thursday was TRY3,950-4,070 ($594-612) per tonne ex-works, including 18% VAT, up from last week's TRY3,760-3,92...Read More
Turkish billet prices have strengthened over the past week, in line with the increasing scrap values, sources said on Thursday September 6.Although, the demand for imported billet in Turkey was sluggish with mills focusing on scrap imports instead, market participants said.Metal Bulletin's weekly price assessment for billet imports into Turkey was $485-490 per tonne cfr on September 6, up from $47...Read More
Investors keen to tap into the electrification of the world's transport networks should look upstream to the battery metals market instead of buying shares in automakers, according to Ulrich Ernst, the chief executive officer of Blackstone Resources.The electric vehicle (EV) revolution will first emerge as a mixture of differing technologies, from hybrids to all-electric cars powered by an ever-ev...Read More
Barrick is highly likely to partner with at least one Chinese entity to pursue growth in its copper business, according to the company's chairman. The presence of copper in the company's portfolio alongside gold had led the firm to consider whether to divest the base metal and focus on the precious metal, said the chairman, John Thornton, who added that that option was dismissed because it would n...Read More
Comex copper prices continued to demonstrate that Tuesday's sell-off was not a new trend on Thursday September 6 morning in the US, with the base metals group benefiting from a weaker dollar and solid US data.Copper prices for December settlement on the Comex division of the New York Mercantile Exchange rose 3.70 cents, or 1.4%, to $2.6470 per lb.Following the Labor Day weekend, copper prices tumb...Read More
The latest metal markets news and price moves to start the North American day on Thursday September 6. The prices of base metals traded on the London Metal Exchange were mostly higher during morning trading on Thursday September 6, spurred by a bout of fresh buying due to a weaker dollar and progress in the United States and Canada trade talks.Appreciating by more than 1% during the morning, coppe...Read More
South Korea's state-run Public Procurement Service (PPS) bought a combined total of 2,000 tonnes of aluminium through two tenders that closed on Tuesday September 4, according to notices posted on the PPS' website.Glencore International secured the two tenders of 1,000 tonnes each at $98 per tonne basis cif...Read More
The prices of base metals traded on the London Metal Exchange were mostly higher during morning trading on Thursday September 6, spurred by a bout of fresh buying amid a weaker dollar and progress in US-Canadian trade talks. Appreciating by more than 1% over the morning, copper's three-month price recovered losses made at Wednesday's close, climbing back toward $6,000 per tonne while total on-warr...Read More
Three-month base metals prices on the London Metal Exchange were on divergent paths this morning, Thursday September 6, after a mixed performance on Wednesday. Zinc led on the upside with a 0.9% rebound, while nickel remained under pressure with a 0.5% fall. Lead was up by 0.3% while the rest were little changed, with copper prices at $5,883 per tonne. Volume across the complex has been above aver...Read More
US domestic rebar prices remain robust in the face of softening scrap, while the forecast for imported material has remained in limbo ever since the US doubled the Section 232 tariffs on Turkish steel on Friday August 10.American Metal Market's assessment for domestic rebar remained at $35-36 per hundredweight ($700-720 per short ton) fob Midwest mill on Wednesday September 5, with imported rebar...Read More
German steel conglomerate ThyssenKrupp is planning to build a new hot-dipped galvanizing line in Dortmund, Germany, the company said earlier this week.The new line will be built next to the existing one to allow them to share technical and supply services. The new unit will increase the site's capacity for hot-dipped coated products by 500,000 tonnes per year to a total of 1 million tpy.The announ...Read More
ArcelorMittal reached agreement with Italian trade unions over its proposed acquisition of Italian flat steel producer Ilva on Thursday September 6, according to press reports.The agreement will open the way for Ilva to be taken over by the AM Investco consortium led by ArcelorMittal, according to news providers Reuters, La Repubblica and Il Sole 24 Ore.Metal Bulletin's price assessment for domest...Read More
U.S. equity index futures were slightly higher this morning. S&P 500 futures were up 3 points in pre-opening trade. Index futures were virtually unchanged following release of economic news. Consensus for Weekly Jobless Claims released at 8:30 AM EDT was an increase to 215,000 from 213,000 last week. Actual was 203,000. Consensus for August ADP Private Employment released at 8:15 AM EDT was a...Read More
Turkish steel producers were in negotiations to buy deep-sea scrap shipments on Thursday September 6 but went through the day without making any bookings.Over the course of Wednesday, mills in the country had booked six deep-sea cargoes totalling 160,000 tonnes, and they have continued to negotiate for more material, Metal Bulletin was told."There are offers in the market at around $320 per tonne...Read More
Seaborne iron ore prices picked up on Thursday September 6 with index-linked shipments of Pilbara Blend fines traded at little or no discount.Metal Bulletin 62% Fe Iron Ore Index: $68.39 per tonne cfr Qingdao, up by $1.60 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $67.42 per tonne cfr Qingdao, up by $1.60 per tonne.Metal Bulletin 62% Fe Iron Ore Index, Low Alumina: $74.60 per tonne...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 oreVale, private tender, 95,000 tonnes of 62% Fe Brazilian Blend fines, sold at $75.30 per tonne cfr China, laycan October...Read More
Prices in the seaborne coking coal spot market are on the rise with higher bids emerging among buyers. The highest bid for a cargo of premium mid-vol materials at a miner's tender was submitted by a trader at around $193 per tonne cfr China, sources told Metal Bulletin on Thursday September 6. The outcome of the tender was not known at the time of writing.The highest bid made for a similar product...Read More
China's ferrous futures rose during morning trading on Thursday September 6, following the confirmation of steel production restrictions in Tangshan for this month, which had been issued earlier this week only to be withdrawn shortly after.Futures closing prices - morning sessionShanghai Futures ExchangeJanuary rebar: 4,137 yuan ($605) per tonne, up 39 yuan per tonneJanuary hot-rolled coil: 4,135...Read More
China's domestic rebar prices were relatively steady on Thursday September 6, with prices in the eastern region rising slightly while those in the north stayed flat.Domestic Eastern China (Shanghai): 4,450-4,490 yuan ($651-657) per tonne, up 10 yuan per tonneNorthern China (Beijing): 4,330-4,360 yuan per tonne, unchangedGains in the futures market during the day led to more trading activity in eas...Read More
Cobalt metal prices stabilized during the second half of August after inquiries resumed when market participants returned from the summer break, while sulfate prices continued to slide. Price moves: Aggressive summer selling continued into August and pushed Metal Bulletin's low-grade cobalt price down to an eight-month low. But a resumption of buying interest sent out a signal that the blue m...Read More