Base metals on the London Metal Exchange were mostly higher at the close of trading on Friday August 3, supported by a slight uptick in the yuan and a dip in the dollar index.Over this week, the re-emergence of trade tensions between the United States and China was the driver of a broad downtrend in metals prices, despite broadly positive fundamentals across the complex. In particular,...Read More
Physical iron ore was traded at higher prices on Friday August 3 amid paper-market gains, after China's plan for production cuts in the coming winter was released.Metal Bulletin 62% Fe Iron Ore Index: $67.45 per tonne cfr Qingdao, up by $0.58 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $66.66 per tonne cfr Qingdao, up by $0.58 per tonne.Metal Bulletin 58% Fe Premium Index: $54.93 pe...Read More
Seaborne prices for hard coking coal received support this week, with Chinese buyers generating some buzz in the spot market. Two cargoes of top-tier hard coking coal were traded at $164-167 per tonne cfr China, market sources told Metal Bulletin on Friday August 3. A third cargo was heard to have changed hands around $169 per tonne cfr China, though the...Read More
Austenitic prices in Europe for alloy steel scrap have been stable this week in typically quiet summer activity, while in the UK some small reductions reflect slightly softer nickel prices. Overall, however, participants described both markets as essentially static. With most mills carrying out maintenance work, demand is low.Supply is available but not abundant and there is no pressure on p...Read More
The UK light iron scrap market has been flat this week, stabilizing after losses a week earlier, with market attention focused on the start of monthly delivery negotiations in the UK for settlements to domestic consumers.Metal Bulletin's weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?90-120 ($118-157) per tonne on Friday August 3, unchanged from a week ago....Read More
Canadian resource firm Cobalt Blockchain Inc (COBC) and DLT Labs Inc have completed a joint venture agreement to commercialize Mintrax, a blockchain platform to track the provenance of metals and minerals through the mining supply chain. Mintrax is the first enterprise-grade blockchain platform built to ensure compliance with the Organization for Economic Cooperation and Development due diligence...Read More
Correspondent Dalton Barker recaps the week in the non-ferrous markets.Read More
Base metals on the London Metal Exchange were mostly higher at the close of trading on Friday August 3, supported by a slight uptick in the yuan and a dip in the dollar index.Over this week, the re-emergence of trade tensions between the United States and China was the driver of a broad downtrend in metals prices, despite broadly positive fundamentals across the complex. In particular,...Read More
KAZ Minerals is buying the Baimskaya copper project in Russia to enable it to boost copper production at a lower cost, the company said this week.KAZ has identified the project, which is located in the Chukotka region in Russia's Far East, as one of the world's most significant undeveloped copper assetsFirst production is expected around 2026.Baimskaya has the potential to become a large-scale, lo...Read More
China will apply import tariffs of 25% on a series of US metal products including copper concentrates, the Chinese government said in an official notice on Friday August 3, marking an escalation of the trade war between the two countries.Key base metal raw material products that will be subject to the import tariffs are copper ores and concentrates; copper anodes and cathodes; zinc ores and concen...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week. Base metalsAn uptick in trading activity for the CME's European aluminium premium contracts during July indicates that market participants are eyeing a possible uptrend in aluminium premiums in Europe for the remainder of this year and into 2019.Labor unrest has spread throughout South America...Read More
Copper and zinc stocks in the Shanghai-bonded zone went down amid opened arbitrage opportunities by the end of July, while nickel stocks edged up supported by stainless steel demand and a negative arbitrage kept aluminium stocks unchanged compared with last month.Assessed range for copper stocks down Copper stocks in Shanghai-bonded warehouses stood at 475,000-491,000 tonnes on August 1, compared...Read More
ArcelorMittal has decided to resume the expansion of its Vega do Sul flat-steel rolling facility, in Brazil's southern state of Santa Catarina, to increase production of coated steel and cold-rolled steel goods and supply the growing automotive market. The company said it will invest $330 million to build a 700,000-tonne per year continuous annealing line and a continuous galvanizing line combilin...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Raw MaterialsThe rise in intra-grade price differentials in the iron ore market have led to the need for more granular pricing references for the steelmaking raw material.Seaborne prices for hard coking coal received support this week, with Chinese buyers generating some buzz in the spot market.Vietnam...Read More
Brazil's domestic flat steel product prices increased this month, with local producers able to apply previously announced price increases.Metal Bulletin's monthly assessment of Brazilian domestic hot-rolled coil (HRC) prices reached 2,750-2,900 Reais ($732-772) per tonne ex-works on Friday August 3, up from 2,600-2,750 Reais per tonne ex-works the previous month. Domestic prices for ...Read More
Lossmaking Italian flat steel producer Ilva is at risk of being closed down because it will run out of funds in September this year unless the country's government speeds up its sale process, according to trade union Uilm.The company has been losing ?,?30 million ($35 million) per month and at the moment its funds only total around ?,?60 million, Uilm added."This means that, in mid-September, the...Read More
Demand remained weak in Turkey's domestic market, while export markets also slowed compared to last week due to the summer lull, sources told Metal Bulletin on Friday August 3.Domestic producers are now offering material from October production, and have made some sales. Domestic prices HRC producers in Turkey are offering material at $620-630 per tonne ex-works from October production, and deals...Read More
Polish steelmakers have achieved a transaction price rise for rebar due to strong demand in the domestic market, sources told Metal Bulletin on Friday August 3.Metal Bulletin's price assessment for domestic 12mm B500B-grade rebar in Poland was 2,330-2,360 zloty ($634-642) per tonne ex-works on Friday, up from 2,250-2,300 zloty per tonne ex-works a week ago.The assessment reflected the latest trans...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, HDG, PPGIHot-rolled coilTurkey, domestic, hot-rolled coil, offered at $620-630 per tonne ex-works, October production.Turkey, domestic, hot-rolled coil, traded a...Read More
Three-month base metals prices on the London Metal Exchange were for the most part weaker on the morning of Friday August 3, with the complex down by an average of 0.2%. Aluminium and nickel prices were unchanged to slightly higher, while lead prices led on the downside with a 0.6% fall and copper prices were off by 0.3% at $6,124 per tonne. This follows a mixed day on Thursday, when aluminium, ni...Read More