Singapore rebar import prices dropped over the past week on weaker demand from end users.Buyers were staying on the sidelines, with many citing falling domestic and export prices as the key reasons for holding back."Given the falling prices in China, it would not be an ideal time for a buyer to secure any cargoes now," a major fabricator in Singapore said.Negotiation levels have dipped, with buyer...Read More
China's export prices for hot-rolled coil continued to drop on Monday July 9 with Chinese mills shifting their focus overseas following the yuan's recent depreciation, though the domestic market recovered some losses during the day.DomesticEastern China (Shanghai): 4,200-4,220 yuan ($632-635) per tonne, up 10-20 yuan per tonneNorthern China (Tianjin): 4,090-4,120 yuan per tonne, up 10-20 yuan per...Read More
Some strength emerged in the three-month base metals prices on the London Metal Exchange on the morning of Monday July 9, with all of the metals posting gains that averaged 1% as at 7.06am London time. Volume has been above average with 10,063 lots traded. This follows a mixed performance on Friday, when nickel, lead, tin and copper prices dropped, while aluminium and zinc prices rallied. A large...Read More
Prices for ammonium paratungstate (APT) dropped in both China and Europe last week after some idled smelters in Jiangxi province restarted operations, coinciding with the start of the summer demand lull. Chinese, European APT prices under pressure Partial APT production restarts in Jiangxi province Spread between prompt and shipment APT prices narrows amid weak demand Metal Bulletin's...Read More
Turkish deep-sea scrap import prices went down slightly on Monday July 9 with the news of a Baltic Sea cargo being sold last week.A steel mill in the Iskenderun region booked a Baltic Sea cargo comprising 12,000 tonnes of HMS 1&2 (95:5) at $360 per tonne cfr on Wednesday July 4.After the news of this deal was heard, the daily scrap indices slipped on...Read More
Turkish domestic auto bundle (DKP grade) scrap prices have strengthened with improving demand over the past week, while ship scrap prices have only shifted sideways, sources said on Monday July 9.Alloy long steel producer Asil ??elik raised its buy price by TRY50 ($11) per tonne to TRY1,680 ($367) per tonne delivered, while long and flat steel producer ??olakoglu increased its buy price for auto b...Read More
Physical iron ore prices for mainstream 62% Fe Australian fines saw modest gains on Monday July 9 following paper market increases.Metal Bulletin 62% Fe Iron Ore Index: $63.92 per tonne cfr Qingdao, up $0.08 per tonneMetal Bulletin 62% Fe Pilbara Blend fines Index: $62.61 per tonne cfr Qingdao, up $0.39 per tonneMetal Bulletin 58% Fe Premium Index: $51.43 per tonne cfr Qingdao, down $0.09 per tonn...Read More
The seaborne coking coal spot market saw a flurry of transactions on Monday July 9, though Chinese end-users remained on the sidelines. "We have decided to take our time because we have sufficient levels of inventory as of now. There is also some congestion at our port of discharge at the moment," a procurement source in northeast China said. He had submitted a firm bid for a cargo of premium mid-...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.Canadian Pacific (CP $237.23 Cdn.) is expected to open higher after Raymond James upgraded the stock to a Strong Buy. Target price is $275 Cdn.Anadarko (APC $73.66) is expected to open higher after adding $1 billion to its share buyback program. The company also intends to reduce its debt...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 oreRio Tinto, tender, 170,000 tonnes of 61% Fe Pilbara Blend fines, sold at $61.60 per tonne cfr China, laycan July 30-August 8.Rio...Read More
Seaborne iron ore concentrates and pellet prices increased in the week ending Friday July 6 as high-grade and low-alumina products continued to be favored by the market. Iron ore concentratesThe weekly Metal Bulletin 66% Fe Concentrate Index was $97.15 per tonne cfr China on July 9, up by $2.83 per tonne - or 3% - from $94.32 per tonne cfr a week earlier. The daily Metal Bulletin 65% Fe...Read More
China's steel futures rose during morning trading on Monday July 9 despite a continual softening of the physical market last week.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,816 yuan ($574.40) per tonne, up 34 yuan per tonne October hot-rolled coil: 3,892 yuan per tonne, up 34 yuan per tonne Dalian Commodity Exchange...Read More
Base metals on the London Metal Exchange were mostly higher during morning trading on Monday July 9, rebounding against positive US data last week and a broad recovery in global equity markets.Climbing 1.6%, copper's three-month price made the largest recovery after closing at its lowest point in almost a year on Friday. Broadly impacted by trade worries and volatile market conditions, copper...Read More
A squeeze on credit in China and efforts to secure cash won out over fundamental market strength last week, leaving the recent decline in cobalt prices to gain momentum in early July. Metal bulletin's price assessments for high-grade and low-grade cobalt both dropped to $38.85-40 per lb on Friday July 6, off from $39.70-41 per lb on June 29 and down 2.3% over the course of the week.The cobalt...Read More
Some strength emerged in the three-month base metals prices on the London Metal Exchange on the morning of Monday July 9, with all of the metals posting gains that averaged 1% as at 7.06am London time.Volume has been above average with 10,063 lots traded. This follows a mixed performance on Friday, when nickel, lead, tin and copper prices dropped, while aluminium and zinc prices rallied. A large u...Read More
The depreciation of the yuan against the dollar coupled with persistently weak demand pushed Chinese silicon export prices to their lowest level since August 2017. Meanwhile, the European market has stabilized following its recent decline.Metal Bulletin assessed Chinese grade 553 silicon metal export prices at $1,640-1,700 per tonne on Friday July 6, down 3.7% from $1,710-1,760 per tonne one week...Read More
Pig iron export prices from Brazil have gone up because most producers are sold out until September-October, while demand, in the United States in particular, is expected to increase in mid-July for restocking purposes.Metal Bulletin's weekly price assessment for pig iron exports from Brazil was $400-405 per tonne fob for material from the northern Caraj??s region on Friday July 6, up from $390-39...Read More
Pig iron export prices from Brazil have gone up because most producers are sold out until September-October, while demand, in the United States in particular, is expected to increase in mid-July for restocking purposes.Metal Bulletin's weekly price assessment for pig iron exports from Brazil was $400-405 per tonne fob for material from the northern Caraj??s region on Friday July 6, up from $390-39...Read More
NEW YORK, July 6 (LPC) - US bank loan funds saw the first week of outflows after 19 consecutive weeks of inflows as market volatility triggered by the trade war dented investors’ appetite for risk assets.Investors pulled US$184.2m from loan funds in the week ending July 4, according to Lipper. This marked the first week of outflows from loan funds since the week ending February 14.The trade...Read More
WASHINGTON (Reuters) - The U.S. economy created more jobs than expected in June, but steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases this year.Nonfarm payrolls rose by 213,000 jobs last month as manufacturers stepped up hiring, the Labor Department said on Friday. The economy added 37,000 more jobs in April...Read More