Healthy copper demand will persist, supported by growth in emerging economies and the metal's application in the growing electric vehicle market, according to panelists at Metal Bulletin's fourth annual copper seminar on Wednesday June 6.Copper prices have trended upward this year, driven in large part by the metal's varied applications across several industries.American Metal Market's assessment...Read More
Copper mine development is becoming increasingly difficult due to a range of factors, according to industry participants, and during a time when more supply is needed to meet a looming deficit.The global market is expected to fall into a deficit in the coming years due to lack of exploration stemming from stubbornly low prices. According to the International Copper Study Group, the global copper m...Read More
Primary copper smelting capacities have been partly suspended in important regional hubs in China such as Jiangxi province, sources told Metal Bulletin on Thursday June 7.The action was the result of the country's environmental inspection teams being dispatched to 10 provinces to review the progress made in curbing pollution since the end of May.In Jiangxi, home to more than 600,000 tonnes per yea...Read More
Comex copper prices ticked higher on Thursday June 6 due to bullish sentiment on the back of Escondida wage negotiations and a weakening dollar.Copper for July settlement on the Comex division of the New York Mercantile Exchange edged 4.5 cents or 1.4% higher to $3.307 per lb. "Copper price sentiment remains bullish on Thursday June 7; the three-month benchmark has hit a 2018 high...Read More
Toromocho copper mine, the only major greenfield project in Peru, will increase annual capacity by 45% in 2020, owner Aluminum Corp of China (Chinalco) said. The state-owned company plans to spend $1.3 billion on the ramp-up which will boost annual mining output to $2 billion worth of concentrate per year upon completion, Chinalco chairman Ge Hoglin said at a groundbreaking ceremony in the Peruvia...Read More
The latest metal markets news and price moves to start the North American day on Thursday June 7.Copper prices on the London Metal Exchange surged to a fresh 2018 high during morning trading on Thursday June 7, leading the complex after supply-side disruptions pushed prices up."The upswing is continuing this morning, especially in the case of copper. It has climbed to nearly $7,300 per tonne in Lo...Read More
The United States' formerly robust reinforcing bar import market is showing signs of revival, market participants said, with at least one US importer booking some 30,000 tonnes of Turkish rebar recently.After President Donald Trump levied hard 25% Section 232 tariffs against steel imported from North American free Trade Agreement countries and the European Union, Turkish mills firmed up...Read More
Domestic reinforcing bar prices in the United States remain steady as market participants await the impact of the Trump administration's decision to impose Section 232 tariffs of 25% on imported steel products from Canada, Mexico and the European Union.American Metal Market's latest price assessment on June 6 for domestic rebar was $35-36 per hundredweight ($700-720 per short ton), uncha...Read More
Turkish billet import prices have dropped over the past week, while domestic prices have been increasing slightly, sources said on Thursday June 7.Metal Bulletin's weekly price assessment for billet imports into Turkey was $510-520 per tonne cfr on June 7, down from $520-530 per tonne assessed last week on May 31.The price decrease is because of the downturn in...Read More
Domestic rebar and wire rod prices in Turkey have weakened on a US dollar basis due to the strengthening Turkish lira over the past week, sources said on Thursday June 7.Metal Bulletin's weekly price assessment for domestic rebar was $540-555 per tonne ex-works on June 7, down from $550-565 per tonne last week on May 31.The lira was trading at TRY100 to $21.83 on June 7, up...Read More
Sentiment in the CIS billet export market improved on Thursday June 7 after the resumption in scrap and rebar trading between Turkey and the United States earlier in the week.Some market participants said the improvement had yet to be backed up by deals at higher prices, but Metal Bulletin's CIS billet export index has pushed up by $8 per tonne since Tuesday to reach $506 per t...Read More
Turkish rebar export prices have started to recover from the United States' decision to impose a 25% tariff on steel imports from the EU, Canada and Mexico, sources said on Thursday June 7.The US' decision was expected to increase demand for Turkish rebar since the tariff also applied to regions that had been given temporary exemptions and Turkish steel mills became more competitive.Mills in Turke...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transaction: billetBillet CIS,...Read More
Battery cell maker Northvolt has received the environmental permit for what will be Europe's largest lithium-ion battery cell factory, with the initial phase of construction to begin on Friday June 8. The permit was issued for the first section of the factory, in Skellefte?? in the north of Sweden, which will be completed in 2020 and produce eight gigawatt cell capacity per year. The full factory...Read More
Three-month base metals prices on the London Metal Exchange were split into two camps on the morning of Thursday June 7, with copper leading aluminium and nickel higher, while the rest were little changed to weaker. The three-month LME copper price, up by 0.6% at $7,281 per tonne, continues to be supported by supply-side fears stemming from labor negotiations at Chile’s Escondida mine and the...Read More
SHANGHAI, Jun 7 (SMM) – Nonferrous metals, except for SHFE zinc, rose across the board on Thursday June 7. Copper led the gains and jumped nearly 2.2%, aluminium rose nearly 2%, and lead, tin, and nickel inched up. The ferrous complex also soared except for iron ore. Coke gained over 2%, coking coal grew over 1%, rebar rose nearly 1.5%, and hot-rolled coil inched up close to 1%.Copper:...Read More
SHANGHAI, Jun 7 (SMM) – Nonferrous metals, except for SHFE zinc, rose across the board on Thursday June 7. Copper led the gains and jumped nearly 2.2%, aluminium rose nearly 2%, and lead, tin, and nickel inched up. The ferrous complex also soared except for iron ore. Coke gained over 2%, coking coal grew over 1%, rebar rose nearly 1.5%, and hot-rolled coil inched up close to 1%.Copper:...Read More
China's exports of ferrous scrap could be strangled after the country's General Administration of Customs said this week that it intends to crack down on the "smuggling and export of steel waste and scrap," Metal Bulletin Research (MBR) believes.Authorities have arrested 245 individuals suspected of having participated in gangs that tried to sell around 2.41 million tonnes of under-reported steel...Read More
SHANGHAI, Jun 7 (SMM) – Copper smelters in Yunnan province maintained normal operation as of Thursday June 7 after inspection teams from the central government settled in the province on Tuesday June 5, SMM surveyed. This suggested that previous rectifications in Yunnan were effective. Copper mines in the area were also little affected as most small and medium-sized mines...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.Index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EDT. Consensus was 225,000 versus 221,000 last week. Actual was 222,000.JM Smucker dropped $7.82 to $98.70 after reporting lower than consensus fiscal fourth quarter sales and earnings.T...Read More