Jonathan Berchole has joined BNP Paribas to develop a physical metals trading book and help expand the bank's existing financing business, Metal Bulletin learned on Wednesday July 4. Berchole joined the bank in London this month as head of physical trading, having left Mercuria Energy...Read More
Prices for hot rolled coil (HRC) in the EU have been largely stable over the past week with buyers holding back from deals, sources told Metal Bulletin on Wednesday July 4.The market was expected to remain in wait-and-see mode until the announcement of a preliminary decision in a regional safeguard investigation.The European Commission opened an investigation into 26 steel products in late March,...Read More
The latest metal markets news and price moves for the start of the North American day on Wednesday July 4. Base metals prices on the London Metal Exchange were mostly lower during morning trading following a poor morning session in SHFE trading and growing concerns of global trade tensions. The three-month copper price reached an intraday low of $6,423 per tonne - around its nine-month low - and c...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Wednesday July 4.Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Wednesday, with copper prices sliding to a near two-month low amid weakness in the yuan versus the dollar and an uptick in trade tensions between the United States and China.C...Read More
Jonathan Berchole has joined BNP Paribas to develop a physical metals trading book and help expand the bank's existing financing business, Metal Bulletin learned on Wednesday July 4. Berchole joined the bank in London this month as head of physical trading, having left Mercuria Energy...Read More
The Chinese yuan's recent losses against the US dollar has pressured steel prices in Asia to move down, with continual drops for both flat and long steel products across the region.Traders in the region have dropped prices in a bold move to sell more cargoes before the currency further loses value. Some market participants are betting on more price drops, entering into bigger short-selling positio...Read More
Zinc prices on the London Metal Exchange fell by more than 3% at the close of trading on Wednesday July 4, with the absence of US trading expediting a broad downtick in metals prices. The continuation of growing trade concerns has facilitated market inactivity, and in turn, a broad decline in the complex, while a pullback in global equity markets and a fall in the Chinese yuan has added to bearish...Read More
Brazilian products continued to command a big premium over Australian materials in the seaborne iron ore market on Wednesday July 4.Metal Bulletin 62% Fe Iron Ore Index: $64.20 per tonne cfr Qingdao, down $0.35 per tonne Metal Bulletin 62% Fe Pilbara Blend fines Index: $62.97 per tonne cfr Qingdao, down $0.49 per tonneMetal Bulletin 58% Fe Premium Index: $51.66 per tonne cfr Qingdao, down $0.29 pe...Read More
The seaborne coking coal spot market took a breather on Wednesday July 4 with buyers withdrawing to the sidelines in anticipation of prices to drop. "Coking coal prices are propped up due to speculation and rumors fueling supply concerns but the reason feels weak and unconvincing," a North Asian end-user source said. A South Asian end-user source concurred, saying "the market is definitely going s...Read More
Turkish steel producers have stayed away from the deep-sea scrap market, amid limited domestic and export demand for finished steel products, sources told Metal Bulletin on Wednesday July 4.Steel mills in Turkey have already finished their deep-sea bookings for July and expected to start booking for August. But it seems they are happy to wait as long as they can because of the weak finished s...Read More
New Century Resources has cut its third-quarter forecast for the Century Mine zinc tailing project in Queensland, Australia, but said it remains on track for first production in August. At an investor roadshow the company said the expected output for August to September 2018 was now 4,000 tonnes of zinc metal, rather than the 13,000 tonnes it forecast late last y...Read More
The latest metal markets news and price moves for the start of the North American day on Wednesday July 4. Base metals prices on the London Metal Exchange were mostly lower during morning trading following a poor morning session in SHFE trading and growing concerns of global trade tensions. The three-month copper price reached an intraday low of $6,423 per tonne - around its nine-month low - and c...Read More
The duty-free aluminium import arbitrage between the United States and Asia is little changed this month but remains wide with the US Midwest premium well supported throughout June. 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 has maintained at high levels in every...Read More
Resurfacing concerns over Indonesian tin supply boosted the standard ingot grade premium in the week to Tuesday July 3, while the low-lead premium ticked lower on weak spot demand; other premiums were unchanged on balanced fundamentals. Indonesian supply issues elevate European standard grade premium Low-lead premium pressured down on lower demand United States, China premiums flat on b...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Wednesday July 4 following a poor morning session in SHFE trading and growing concerns about global trade tensions. "The interim slide in oil prices also weighed on base metals prices yesterday afternoon. In addition, evening trading on the Shanghai Futures Exchange showed marked weakness, which has spilled...Read More
A widening backwardation in London Metal Exchange forward prices subdued premium movements globally for zinc while China and Southeast Asia lead markets gain momentum due to environmental restrictions on production there. Backwardation in LME zinc's cash/three-month spread widens to $55.50 per tonne. Indian zinc premiums rose in historical high on the high end of its range. Southeast As...Read More
Italian steelmaker Feralpi increased its crude steel production in January-June 2018 by 3.5% year-on-year, it said this week.Crude steel production was 1.29 million tonnes in the first half of 2018, Feralpi said, compared with 1.24 million tonnes in the corresponding period in 2017.Production of cold-rolled steel products in January-June was largely stable year-on-year at 489,000 tonnes.But hot-ro...Read More
Prices for rebar produced and delivered in Southern Europe rose sharply by ?,?15-25 per tonne over the past week as mills pushed through price increases, sources told Metal Bulletin on Wednesday July 4.Metal Bulletin's weekly price assessment for domestic rebar in southern Europe was ?,?500-515 ($583-600) per tonne delivered on Wednesday, up from ?,?475-500 per tonne one week earlier. The assessme...Read More
Domestic prices for steel beams in Northern Europe went up again this week following mills' price increase last week, sources told Metal Bulletin on Wednesday July 4.Metal Bulletin's weekly price assessment for domestic S235-grade, 200x200mm category-2 H-beam in Northern Europe rose by ?,?10 per tonne to ?,?590-630 ($687-733) per tonne delivered on Wednesday, from ?,?580-620 per tonne delivered on...Read More
Italian re-rollers have increased domestic plate offers again this week after the previous price rise was reflected in a handful of transactions, sources told Metal Bulletin.Metal Bulletin's price assessment for domestic grade-S235JR heavy steel plate in Southern Europe was ?,?570-580 ($664-676) per tonne ex-works on July 4, up from ?,?560-570 per tonne ex-works a week earlier. The price rose ?,?1...Read More