Key data from Metal Bulletin's Wednesday June 27 pricing session in China.Key drivers- Price weakness in domestic and foreign ferro-molybdenum markets has pressured Chinese miners to lower their offer prices for molybdenum concentrates.- Ferro-molybdenum tender prices from Chinese steel mills dipped to 106,000-109,000...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday June 28.Base metals prices on the Shanghai Futures Exchange were generally up during Asian morning trading on Thursday, with the complex continuing to benefit from easing concerns surrounding global trade tensions. Check Metal Bulletin's live futures report here.Steel and aluminium pu...Read More
Three-month base metals prices on the London Metal Exchange were marginally higher during morning trading on Thursday June 28, with the complex up by an average of 0.2%. Nickel led the gains with a 0.7% increase to hover near $15,000 per tonne, followed by aluminium that was up by 0.3%, while lead and tin edged up by 0.1% and copper and zinc were little changed. Volume has been quite light with 3,...Read More
The latest bids, offers and deals in the global markets for ferrous scrap products. Latest transaction: HMS, shredded, P&SHMS, shredded, P&STurkey, import, 30,000 tonnes of shredded traded at $368 per tonne...Read More
Turkish steel producers continued their deep-sea scrap purchases for August deliveries on Thursday June 28.A steel mill in northern Turkey booked a Canadian cargo, comprising 30,000 tonnes of shredded and 20,000 tonnes of HMS 1&2 (90:10) at an average price of $368 per tonne cfr.And a steel mill...Read More
China's domestic coking coal prices were relatively stable in the month of June despite adjustments to assessment prices due to time lag as a result of their relatively static nature compared with their seaborne counterparts, sources said. Metal Bulletin's weekly assessment of domestic prices for hard coking coal in Shanxi delivered to Tangshan stood at 1,390-1,750 yuan per tonne on Thursday June...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 $62.50 per tonne cfr China, laycan July 15-24.Beijing Iron Ore Trading...Read More
Mainstream iron ore prices stayed rangebound on Thursday June 28 while high-grade lumps and fines were able to fetch higher premiums.Metal Bulletin 62% Fe Iron Ore Index: $64.44 per tonne cfr Qingdao, down $0.16 per tonneMetal Bulletin 58% Fe Premium Index: $52.02 per tonne cfr Qingdao, down $0.47 per tonneMetal Bulletin 65% Fe Iron Ore Index: $91.10 per tonne cfr Qingdao, up $0.50 per tonneMetal...Read More
A cargo of premium hard coking coal fetched a significantly higher price on Thursday June 28, though market participants have dismissed the transaction as one-off. The August-laycan cargo of a top Australian brand was sold at $211 per tonne cfr China to an end-user in northeastern China.Market participants were unanimous with the notion that it was "tough" for premium hard coking coal to trade any...Read More
China's ferrous futures fluctuated in a small range during morning trading on Thursday June 28. Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,738 yuan ($566) per tonne, down 10 yuan per tonne October hot-rolled coil: 3,873 yuan per tonne, down 3 yuan per...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to 220,000 from 218,000 last week. Actual was 227,000. Consensus for updated first quarter GDP was unchanged from the previous annualized estimate...Read More
CVG Venalum has halted at least one shipment to a United States-based customer while the company deals with allegations that its senior management was involved in a money-laundering and drug trafficking scheme using the plant as cover, a person familiar with the matter told Metal Bulletin. The Venezuelan state-owned firm was recently named in a US Department of the Treasury's Office of Foreign Ass...Read More
The arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday June 28*Copper -$115.53 (-765.98 yuan) Aluminium -$533.77 (-3,538.90 yuan) Zinc $10.73 (71.16 yuan) Nickel -$363.72 (-2,411.47 yuan) *Metal Bulletin calculates the physical arbitrage for import into...Read More
China's domestic hot-rolled coil prices rose further on Thursday June 28 after rebounding a day earlier, returning to levels market participants considered as "normal" amid a balance between supply and demand.DomesticEastern China (Shanghai): 4,250-4,270 yuan ($644-647) per tonne, up 20-30 yuan per tonneNorthern China (Tianjin): 4,160-4,170 yuan per tonne, up 10-40 yuan per tonneThe recovery snapp...Read More
Zinc prices on the London Metal Exchange climbed 1.5% during morning trading, buoyed by a fresh cancelation of more than 15,000 tonnes in New Orleans, while a healthy US dollar index adds further pressure to the complex. Pushing back above $2,900 per tonne over the morning, zinc prices are taking a positive turn, pushing higher against a 6% drop in on-warrant stock levels. The metal's technical fo...Read More
Steelmakers around the world can improve their plant performance, safety and product quality by further digitizing their processes, delegates at the Asian Stainless Steel Forum 2018 heard on Thursday June 28.Mills could automate their electric-arc furnaces (EAFs) and converters, deploying smart sensors and collecting big data to improve processes, Zhai Yuyou, director of sales at technology provid...Read More
East Asia's stainless steel prices held steady over the past week amid an illiquid spot market.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm trimmed cold-rolled coil was $2,240-2,300 per tonne cif East Asian ports for the week ended Wednesday June 27, unchanged from a week earlier.Metal Bulletin's assessment of prices for benchmark 304 stainless trimmed hot-rolled sheet was...Read More
Key data from the Wednesday June 27 pricing session in Shanghai.Key drivers - An accumulation of scrap material at US ports following the temporary shutdown of the North American division of the China National Certification and Inspection Group pushed US exporters to lower their prices to facilitate sales and clear their inventories. - The resultant heavy scrap flows entering China from the US pre...Read More
Chinese zinc smelters should cut zinc production by 10% to raise flagging metal prices and boost concentrate treatment charges (TCs), smelter Shaanxi Dongling said on Thursday June 28 while confirming a 62.5% cut on its own production. China's fourth largest zinc smelter, Dongling, cut refined zinc output indefinitely to 9,000 tonnes per month in May from 24,000 tpm previously, general manager Xun...Read More
The Italian steel distribution network faces a shake-up from ArcelorMittal's efforts to meet its anti-trust obligations to acquire steelmaker Ilva.The European Commission (EC) EC has requested the "sale availability" of four ArcelorMittal CLN Distribuzione Italia (AM CLN) steel service centers (SSCs), Cesare Vigan??, the managing director of ArcelorMittal CLN Distribuzione Italia (AM CLN), said."T...Read More