Flat steel inventories in China rose in July on weak demand for hot-rolled coil (HRC) from the downstream industries, while plate producers increased production on firm demand from end-users.Long steel inventories of rebar and wire rod showed decreases following mandatory production cuts in major steelmaking cities such as Tangshan, Shandong, Guangdong, Xuzhou, Wuxi and Changzhou, imposed in an at...Read More
Nickel closed more than 3% lower on the London Metal Exchange on Wednesday August 1, with recent gains unraveling amid a fresh trade rift between the United States and China. The three-month nickel price had climbed to their highest in more than two weeks on July 31, closing above $14,000 per tonne, but they sank towards $13,500 per tonne in Wednesday afternoon trading.Despite robust demand from t...Read More
Zinc treatment charges (TCs) have risen to their highest in almost two years, with lower exchange prices for the metal making smelters in China lower output, while terms for lead concentrates fell with arbitrage trades exacerbating a market significantly short of supply.TCs, discounts on the zinc price paid to smelters for the costs of processing concentrates to metal, shot up to $65-75 per tonne,...Read More
The aluminium import arbitrage between the United States and Asia tightened this month for both duty-free and duty-paid material, with market participants noting that the arbitrage opportunity is looking less attractive.The differential between canceling aluminium without the 10% Section 232 tariff from London Metal Exchange-listed warehouses in Asia and shipping the material into the US Midwest h...Read More
Prices for domestic hollow steel sections made in Europe were flat for a third week during the usual seasonal summer lull, sources told Metal Bulletin on Wednesday August 1.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged at ?,?640-660 ($749- 773) per tonne delivered on August 1."It's very slow and very quiet. We've seen...Read More
Domestic prices for steel beams in Europe went up this week because demand has remained high, with some market participants expecting further price increases, sources told Metal Bulletin on Wednesday August 1.Metal Bulletin's weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe narrowed week on week to ?,?630-640 ($738-749) per tonne delivered on August...Read More
Summary of Rio Tinto's first half production results for the six months ended June 20 (Rio Tinto share unless otherwise indicated, year-on-year change).Iron ore shipments (100% basis)168.8 million tonnes, +9%Iron ore production (100% basis)168.7 million tonnes, +7%Hard coking coal3.276 million tonnes, +4%Copper, mined296.1 million tonnes, +42%Copper, refined117.9 million tonnes, +53%Bauxite25.931...Read More
A shortage of high-purity nickel is expected to be seen after 2018 because current market prices are below the incentive levels needed to develop new nickel projects, according to Canada-based nickel and cobalt producer Sherritt International.Demand continues to exceed available supply, the company said, so the nickel market is expected to go into a structural deficit.This will be despite a contin...Read More
Nickel closed more than 3% lower on the London Metal Exchange on Wednesday August 1, with recent gains unraveling amid a fresh trade rift between the United States and China. The three-month nickel price had climbed to their highest in more than two weeks on July 31, closing above $14,000 per tonne, but they sank towards $13,500 per tonne in Wednesday afternoon trading.Despite robust demand from t...Read More
The Chilean government has called for a resolution to the strike at Codelco's 300,000 tonnes per year copper mine, Chuquicamata.The government expects "both workers and the company to reach an agreement soon," Chile's general secretary Cecilia P?(C)rez Jara said on Tuesday as reported by local publication Soycalama.The strike at Chuquicamata was instigated in...Read More
Nickel premiums in China and cut cathode premiums in Europe have both moved higher this week, while the rest of the nickel market was flat during the seasonal summer quiet period. China premiums climb as import window closes European cut cathodes rise; rest of market flat Demand lull leaves US premiums unchangedChina nickel cif premiums higher on financing needsMetal Bulletin assessed the cif Shan...Read More
Comex copper prices tumbled to a one-week low in the US morning on Wednesday August 1 after investors exited the complex due to ongoing worries about trade issues and potential strikes in South America. Copper for September settlement on the Comex division of the New York Mercantile Exchange tumbled 7.70 cents or 2.7% to $2.7545 per lb. "While we think the summer sell-off in copper is not justifie...Read More
Confusion at national customs authorities across Europe, created by the implementation of the safeguard measures on steel imports imposed by the European Commission (EC), has caused delays for steel importers, market sources told Metal Bulletin this week.The EC's preliminary measures in the safeguard case came into effect on July 18, in the form of tariff rate quotas (TRQs) on 23 product categorie...Read More
ArcelorMittal reported a 45.5% year-on-year jump in its second-quarter earnings in a financial statement released on Wednesday August 1, because of higher steel prices.The company's earnings before interest, taxes, depreciation and amortization (Ebitda) increased to $3.07 billion in April-June 2018, up from $2.11 billion in the corresponding period of 2017.Earnings improved in all of ArcelorMittal...Read More
Turkey exported 552,308 tonnes of flat steel products in June 2018, according to figures recently released by the Turkish Statistical Institute (TUIK).This volume was up by 42.67% from the 387,114 tonnes exported in June 2017, the institute said.Export volumes are expected to continue to rise, mainly thanks to strong demand in Europe.Demand for coated coil is also strong in Europe and the United S...Read More
Three-month base metals prices on the London Metal Exchange were down across the board by an average of 1% on the morning of Wednesday August 1. Zinc led the decline with a 1.7% drop to $2,590 per tonne, while copper was down by 1.2% at $6,244 per tonne. The disappointing release of China’s Caixin manufacturing purchasing manager’s index (PMI) for July – easing to 50.8 from 51 and b...Read More
Key data from the Wednesday August 1 pricing session in Europe. Key drivers - There is persistent industry talk of a fall in availability of ferro-titanium supply to Europe from Russia, which is prompting near-term demand for European supplies. - Most alloy consumers have their current-quarter delivery needs already covered in longer-term delivery contracts, although there may be more capacity for...Read More
The following Metal Bulletin minor metals prices changed on Wednesday August 1:Minor metals Antimony MMTA standard grade II, $/tonne: $7,800-8,200 per tonne from $7,900-8,200 Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 50,500-51,000 yuan per tonne from 51,000-52,000 yuan Cobalt MB free market high grade, $/lb: $34.75-36.00...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday August 1:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $12.45-12.55 per lb from $12.10-12.30 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $30.00-30.20 per kg from...Read More
Pre-opening Comments for Wednesday August 1stU.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade despite strength in Apple, highest weighted stock in the IndexIndex futures were virtually unchanged following release of the July ADP Private Employment report at 8:15 AM EDT. Consensus was 185,000 additions during the month. Actual was 219,000.In...Read More