The Qu?(C)bec government said it will push the United States government to exempt its aluminium industry from the Section 232 duties that the Trump administration announced last Thursday would be levied on imports of metal from Canada. Qu?(C)bec smelters make the vast majority of aluminium exported from Canada, and much of it destined for the US."Qu?(C)bec will look to obtain an exemption for the...Read More
Canada's minister of international trade told world aluminium sector leaders on Monday June 4 that he deplored the United States' imposition of duties against imports of Canadian metal, branding it "deeply troubling and unacceptable." Arguing that the action would "do nothing to address the problem of global overcapacity," Fran??ois-Philippe Champagne said that US President Donald Trump's Section...Read More
Leading Chinese stainless steel mills last week issued higher ferro-chrome tender prices for June, which lent support to the prices for UG2 chrome ore and ferro-chrome. Price for ferro-chrome into China moves up UG2 chrome ore into China nudges higher High-carbon ferro-chrome in Europe unchanged Low-carbon ferro-chrome ticks up on top end Ferro-chrome prices in Japan and South Korea rise.Metal Bul...Read More
The latest metal markets news and price moves to start the North American day on Monday June 4. The latest metal markets news and price moves to start the North American day on Monday June 4. The three-month copper and aluminium prices rose slightly on the London Metal Exchange in today's morning trading. The copper price ticked $48 higher to $6,944 per tonne, with the market awaiting further...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Monday June 4.Copper prices on the Shanghai Futures Exchange rose during Asian morning trading on Monday, benefiting from supply-side concerns, while the rest of the complex was little changed to stronger.Check Metal Bulletin's live futures report here.LME snapshot at 03.17am London timeLatest...Read More
Base metals on the London Metal Exchange ended trading mostly higher on Monday June 4, with tin the only metal to trade negatively amid strong performances in three-month copper, lead and nickel prices. Rallying more than 2% during afternoon trading, lead's three-month price broke its nearby resistance level at $2,500 per tonne. "We expect the LME lead price to continue consolidating within a...Read More
Volumes traded on the CME's European aluminium futures premiums contract recorded positive figures for May, attributed to participants looking to position following the US sanctions on Rusal. The duty-paid premium contract rebounded tenfold against continued strength in duty-unpaid volumes, while the duty-unpaid futures were steadily high. In May, 1,785 lots of the Rotterdam duty-paid aluminium pr...Read More
The Comex copper price edged higher on Monday June 4 on a weaker dollar and positive fundamentals for the US economy. Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 2.7 cents or 0.9% to $3.1255 per lb. "This morning, global risk-taking appetite is positive because investors continue to digest the...Read More
A global meeting of senior aluminium executives has heard calls for a multilateral solution for the problem of overcapacity. The goal would be integrating China and its state-owned enterprises into the world trading system in a way that is acceptable to major market economy regulators.Debates were held on Monday June 4 at an aluminium summit in Montreal. It was staged in the Canadian city days bef...Read More
Offer prices for hot-rolled (HR) and cold-rolled (CR) steel sheet in Russia's Central region around Moscow, the principal steel-consuming region in the country, have started to go down after rising repeatedly since January.Metal Bulletin's weekly assessment of the price for Russia-origin 4mm HR sheet was 46,100-46,200 roubles ($741-742) per tonne cpt Moscow on Monday June 4, including VAT. This na...Read More
Recent protectionist actions by the United States could hurt the European stainless market, although global stainless steel demand is expected to see sustained growth in the coming years, according to an industry executive. The Section 232 tariffs have the potential to escalate into a trade war, which "doesn't help economic growth. I'm concerned about the consequences of this protectionist action,...Read More
There were six key takeaways from Metal Bulletin's Sixth International Nickel Conference in Toronto on Thursday May 31 and on June 1:A battery conference masquerading as a nickel conference Conference participants were clearly excited about the looming electric vehicle (EV) battery revolution, which is expected to move into high gear over the next decade. Nickel is a critical metal in lithium-ion...Read More
The Aluminium Association of Canada is assessing the list of aluminium products that could be subject to retaliatory duties following the United States' imposition of Section 232 tariffs to identify lines that may be re-exported multiple times during complex manufacturing processes.The industry group will request that these lines are reduced from the Canadian government safeguard duty list.The pro...Read More
Base metals on the London Metal Exchange ended trading mostly higher on Monday June 4, with tin the only metal to trade negatively amid strong performances in three-month copper, lead and nickel prices. Rallying more than 2% during afternoon trading, lead's three-month price broke its nearby resistance level at $2,500 per tonne. "We expect the LME lead price to continue consolidating within a...Read More
Plate prices in the United States have risen on steady demand, extended lead times at some mills and the possibility of a squeeze in US supplies due to the Section 232 tariffs versus Canada, Mexico and the European Union.American Metal Market assessed cut-to-length plate at $46.50 per hundredweight ($930 per ton) on Friday June 1, up 0.5% from $46.25 per cwt previously.Lead times are in a wide ran...Read More
The finalization of Section 232 tariffs last week has prompted some developers to award building and steel contracts more quickly than usual, likely in an effort to avoid even higher steel costs in the future, one northeastern structural steel fabricator said. Developers awarded "quite a few" contracts immediately in the wake of news that President Donald Trump won't exclude Canada, Mexico and the...Read More
The purchasing managers' index (PMI) for the eurozone manufacturing sector fell to a 15-month low in May 2018 as the slowdown in the region's growth continued, data supplier IHS Markit said on Friday June 1.The final rating for May was 55.5, down from 56.2 in April, making it the fifth consecutive rating fall this year. However, this follows a record high in December 2017.A figure higher than 50 i...Read More
The market for hot-rolled coil (HRC) and cold-rolled coil (CRC) in the Commonwealth of Independent States continued to be poor over the past week because of unfavorable circumstances in most key outlets.Metal Bulletin's weekly price assessment for CIS-origin HRC exports was $535-555 per tonne fob Black Sea on Monday June 4, down from $545-560 per tonne a week earlier."The Middle East has [its seas...Read More
CIS export prices for rebar and wire rod continued to decline in early June under pressure from growing competition with Turkish suppliers as well as lower bids placed by customers.Metal Bulletin's weekly price assessment for CIS rebar exports was $545-550 per tonne fob Black Sea on Monday June 4, against $545-555 per tonne fob Black Sea last week.Russia's Abinsk Electric Steel Mill was offering r...Read More
Demand for flat steel in Turkey will remain moderate through June, but prices are believed to have bottomed during May, market participants told Metal Bulletin."Local demand is not good, but exports are good. I don't think prices will fall - they have bottomed already," one market participant said on Friday June 1."Our prices are low compared with global prices. In the United States, hot-rolled co...Read More