Indonesia's growing presence in the international market as a stainless steel exporter - made possible by an influx of Chinese-backed producers in the country - presents a potential challenge to China's dominance of the Asian markets, participants told Metal Bulletin.Playing a key role in the market and squeezing China's market share currently is PT Indonesia Tsingshan Stainless Steel, a low-cost...Read More
Pig iron buyers in the United States did not fulfill expectations and resume their booking activities this week, because bids and offers in the market diverged.Metal Bulletin's price assessment for US pig iron imports was unchanged at $410-415 per tonne cfr on Friday July 13 because no new bookings have been heard.Bids from buyers in the country came at $405 per tonne cfr, $5-10 per tonne...Read More
Global scrap prices weakened in most markets except Taiwan during the working week from Monday July 9 to Friday July 13, amid sluggish demand in the major regions.Turkey resumed its deep-sea bookings for August deliveries but at lower prices, which sent the US East Coast export prices down, while the weak demand continued to affect prices in India.But import scrap prices into Taiwan remained stabl...Read More
Turkish steel mills fell quiet again in the scrap markets on Friday July 13, after booking a number of deep-sea cargoes earlier in the week.The steel mills in the country started their deep-sea purchases for August deliveries on Tuesday, and booked six deep-sea cargoes.But the mills were still tentative due to the...Read More
Prices for imports of containerized shredded scrap into India have dropped by almost $10 per tonne this week because demand has been flat, sources told Metal Bulletin on Friday July 13.Metal Bulletin's weekly index for containerized imports of shredded scrap into India dropped by $9.39 per tonne to $371.12 per tonne cfr Nhava Sheva on July 13, from $380.51 cfr Nhava Sheva on July 6.Shredded prices...Read More
The export market for pig iron from Brazil was static this week because buyers showed no interest in purchasing while producers were fully booked until the end of September, Metal Bulletin heard on Friday July 13.Metal Bulletin's weekly price assessment for pig iron exports from the south-eastern Minas Gerais region was unchanged on Friday at $380-385 per tonne fob.Offers from the region were at $...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. JP Morgan gained $0.92 to $107.77 after reporting higher than consensus second quarter earnings.Citigroup eased $0.91 to $67.60 after reporting lower than consensus second quarter revenues.Wells Fargo dropped $1.55 to $54.48 after reporting lower than consensus second quarter revenues.Delta...Read More
Iron ore prices stayed rangebound on Friday July 13 amid continuing concerns about restrictions in China that are intended to reduce environmental emissions.Metal Bulletin 62% Fe Iron Ore Index: $64.04 per tonne cfr Qingdao, down by $0.02 per tonneMetal Bulletin 62% Fe Pilbara Blend fines Index: $62.71 per tonne cfr Qingdao, down by $0.02 per tonneMetal Bulletin 58% Fe Premium Index: $52.03 per to...Read More
China's domestic prices were unchanged on Friday July 13 amid persistently sparse trading, while export prices were largely steady as well for similar reasons.DomesticEastern China (Shanghai): 4,260-4,280 yuan ($638-641) per tonne, unchanged Northern China (Tianjin): 4,150-4,160 yuan per tonne, unchangedDespite slight gains in the futures market, prices in the spot market held steady amid thin tra...Read More
The seaborne coking coal market experienced further decline on Friday July 13 following the latest offers for premium products being made on a trading platform that are some $20 per tonne lower than the last ones.Two cargoes of branded materials were offered on Global Coal at $180-182 per tonne fob Australia during the day, after a couple of weeks of inactivity.A bid was made for a shipment of unb...Read More
Deliverable zinc stocks at Shanghai Futures Exchange-approved warehouses dropped by 16,919 tonnes or 22.6% over the past week to 58,016 tonnes as of Friday July 13. Zinc stocks in the Zhejiang warehouses of Shanghai had the largest decrease of 14,576 tonnes over the past week.The SHFE June zinc contract price closed this week at 20,900 yuan ($3,130.23) per tonne,...Read More
Base metals price on the London Metal Exchange edged mostly lower during morning trading on Friday July 13, pressured by further uncertainty over US-Sino trade relations after the bilateral trade surplus between the two countries widened to record levels in June. While overall exports were recorded at $42.62 billion, China's trade surplus with the United States came in at $28.97 billion for June,...Read More
China's domestic rebar prices were unchanged on Friday July 13 amid soft demand and weakness in the futures market. Domestic Eastern China (Shanghai): 4,060-4,100 yuan ($608-614) per tonne, unchanged Northern China (Beijing): 3,980-4,020 yuan per tonne, unchanged Rebar futures failed to surpass 4,000 yuan per tonne on Friday, with price falls in the afternoon leading to lower buying interest in th...Read More
Base metals markets remain jittery following continued rhetoric from US President Donald Trump over trade. Three-month prices on the London Metal Exchange were down by an average of 0.4% as at 7.32am London time on Friday July 13, with copper prices off by 0.1% at $6,210 per tonne.This follows a general day of consolidation and recovery on Thursday when the complex closed with gains averaging 0.8%...Read More
The following Metal Bulletin minor metals prices changed on Friday July 13:Antimony MB free market regulus, $/tonne: $7,800-8,100 per tonne from $7,900-8,150Antimony MMTA standard grade II, $/tonne: $7,800-8,100 per tonne from $7,900-8,150Bismuth MB China domestic, yuan/tonne: 56,500-57,000 yuan per tonne from 57,800-59,000 yuanChromium MB free market alumino-thermic, $/tonne: $12,700-13,400 per t...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The European stainless steel market is quiet and stable, with the slow summer season having fully taken effect this week and participants awaiting the European Commission's (EC) announcement on the possible introduction of safeguarding measures. Metal Bulletin's weekly base price assessment for 2mm, grade-304 cold-rolled (CR) stainless steel sheet in Northern Europe was stable at ?,?1,000-1,050 ($...Read More
Germany's independent competition authority, Deutsches Bundeskartellamt (German Federal Cartel Office), has imposed fines totaling ?,?205 million ($239 million) on "six special steel companies, a trade association and ten individuals" for fixing prices, it said."For years, the companies have coordinated on important price components for the sale of special steel," Bundeskartellamt president Andrea...Read More
The following Metal Bulletin non-ferrous European free market scrap prices changed on Friday July 13:Aluminium scrapFloated Frag: ?,?1,270-1,310 per tonne from ?,?1,280-1,320Cast: ?,?1,170-1,230 per...Read More
UK ferrous scrap prices for deliveries in July have mostly gone up after a jump in prices to Europe's key export destination of Turkey in June, trade sources told Metal Bulletin this week.Firm UK market fundamentals also supported higher prices, the sources added.But, after last month's gains, a fallback in European prices to Turkey so far in July has resulted in some UK deals being agreed at lowe...Read More