China's steel futures weakened during morning trading on Wednesday June 6, though steelmaking raw materials contracts largely had some support, with physical prices also trending higher this week amid supply constraints. Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,749 yuan ($587) per tonne, down 8 yuan per tonne October hot-rolled coil: 3,896 yuan per tonne,...Read More
The beginning of June was marked by reduced availability of steel slabs in the global market. Despite this, forecasts for price trends were mixed, taking into account the different factors influencing the various regional markets.Brazil, USAThe Brazilian steel market was hit by a national truck drivers' strike which lasted from May 18 until May 31.The majority of slab producers were affected by th...Read More
China's domestic rebar prices regained some upward momentum on Wednesday June 6 on rising futures. Domestic Eastern China (Shanghai): 3,970-4,010 yuan ($619-626) per tonne, up 30-40 yuan per tonne Northern China (Beijing): 3,900-3,930 yuan per tonne, up 20 yuan per tonne The strengthening futures market encouraged rebar buyers to raise their procurement rates, particularly with nationwide environm...Read More
China will end the anti-dumping tariffs on electrical steel imports from South Korean producer Posco from June 9.This comes after further investigation by the Ministry of Commerce said the price remedies that Posco has pledged would no longer cause the domestic electrical steel...Read More
Domestic prices in Europe for hot-rolled coil (HRC) have been stable over the past week, supported by expectations of an imminent decision in a regional safeguard case, sources told Metal Bulletin on Wednesday June 6.The European Commission (EC) may impose preliminary measures in its safeguard case into 26 types of imported steel products as early as July this year.The EC opened the investigation...Read More
Prices for rebar produced and delivered in Northern Europe have softened over the past week amid continued low demand and high stocks, sources told Metal Bulletin on Wednesday June 6.Metal Bulletin's weekly price assessment for domestic rebar in Northern Europe was ?,?535-545 ($626-637) per tonne delivered on Wednesday, down from ?,?535-550 per tonne delivered on May 30."The situation regarding hi...Read More
Copper prices on the London Metal Exchange continued to rally at the close of trading on Wednesday June 6, ending trading 1.6% higher and surpassing $7,200 per tonne for the first time since January 2. "There is a bit of short covering in copper at the moment. Whether this is just built on fears of Escondida [labor negotiations] is difficult to see," Geordie Wilkes, head of research at Sucden Fina...Read More
Domestic prices for heavy steel plate in Europe have come under pressure this week from slow trading, sources told Metal Bulletin on Wednesday June 6.Demand has been slow because buyers have sufficient stocks of material, market sources said."Buyers have enough plate in stock and are in no hurry to build stocks ahead of the summer market slowdown," a trader added.Southern EuropeApart from the slow...Read More
The latest metal markets news and price moves to start the North American day on Wednesday June 6. Copper prices on the London Metal Exchange continued to rally during morning trading, climbing 0.6% overnight to reach levels not seen since February. The red metal began the week within the $6,800-6,900 per tonne range, continuing to consolidate after short-term pressure surrounding United States-Ch...Read More
Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Wednesday June 6.Most base metal prices on the Shanghai Futures Exchange rose during Asian morning trading on Wednesday June 6 after the US reported strong economic data overnight and the World Bank upped its projections for US and Chinese economic growth this year.Check Metal Bulletin's l...Read More
Trevor Spanner, chief information officer and group risk officer at Hong Kong Exchanges & Clearing (HKEX) Group will leave his position at the end of 2018, Metal Bulletin has learned. "Mr Spanner has decided to leave the company to pursue other interests, but has agreed to stay on as a...Read More
Copper prices on the London Metal Exchange continued to rally at the close of trading on Wednesday June 6, ending trading 1.6% higher and surpassing $7,200 per tonne for the first time since January 2. "There is a bit of short covering in copper at the moment. Whether this is just built on fears of Escondida [labor negotiations] is difficult to see," Geordie Wilkes, head of research at Sucden Fina...Read More
Comex copper prices climbed 1.6% during trading on Wednesday June 6, with prices pushed higher by fears of supply outages resulting from possible industrial action at the Escondida mine in Chile.Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 5 cents or $3.25 per lb.The red metal hit a high of $3.26 per lb earlier today, which was the highest since earlier...Read More
The seaborne coking coal market was subdued on Wednesday June 6 though prices continued to experience support.Buyer sources in India and China said that they were keen to procure June- and July-laycan spot cargoes despite recent price increases. "Some of our term cargoes of premium hard coking coal have been delayed but we've made up for some of that shortfall with spot tonnages," a buyer source i...Read More
Comex copper prices climbed 1.6% during trading on Wednesday June 6, with prices pushed higher by fears of supply outages resulting from possible industrial action at the Escondida mine in Chile.Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 5 cents or $3.25 per lb.The red metal hit a high of $3.26 per lb earlier today, which was the highest since earlier...Read More
Prices for rebar produced and delivered in Southern Europe have fallen by ?,?5-10 per tonne over the past week, with Italian and Spanish mills lowering their offers on continued poor demand, sources told Metal Bulletin on Wednesday June 6.Metal Bulletin's weekly domestic price assessment for rebar in Southern Europe was ?,?480-500 ($561-585) per tonne delivered on Wednesday, down from ?,?485-510 p...Read More
Trevor Spanner, chief information officer and group risk officer at Hong Kong Exchanges & Clearing (HKEX) Group will leave his position at the end of 2018, Metal Bulletin has learned. "Mr Spanner has decided to leave the company to pursue other interests, but has agreed to stay on as a...Read More
Spot premiums for zinc ingots dropped to seven-year lows in Europe but traded flat elsewhere despite a widening price spread backwardation and a consistent import arbitrage into China. Meanwhile, 99.99% lead ingot premiums rose in Europe reflecting a lack of spot supply in the region. Rotterdam and Antwerp premiums dropped to lowest since February 2011 LME zinc cash/three-month price b...Read More
Lead smelters in China's Henan province, home to one third of the country's lead output, plan to cut their production by over 30% during a month-long environment inspection in June, sources sold Metal Bulletin. Jiyuan Wanyang smelter, whose product is listed on the London Metal Exchange under brand "WANYANG", expects its three smelters in Jiyuan city to receive a government order on Wednesday June...Read More
The duty-free aluminium import arbitrage between the United States and Asia remains wide, with 232 tariff concerns and the sanctions on producer Rusal continuing to support the US Midwest premium.The differential between canceling aluminium without the 10% 232 tariff from London Metal Exchange-listed warehouses in Asia and shipping the material into the US Midwest increased for the fourth month in...Read More