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
Nickel premiums worldwide were largely stable during the week ending Tuesday June 5 in thin trading conditions across all regions although Rotterdam uncut cathodes came under pressure, reflecting the approach of the traditional summer slowdown. Uncut cathodes in Rotterdam fall to $220-265 per tonne Shanghai nickel premiums remain flat on thin trading Demand for US material stable Start of sum...Read More
Egypt's biggest steel producer, Ezz Steel, enjoyed strong local demand and recorded a 190% increase in consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) in the first quarter of 2018, the company said on Tuesday June 5.The company was helped in this by Egypt imposing anti-dumping duties on rebar imports from China, Turkey and Ukraine for a period of five years wit...Read More
Domestic prices for mesh-quality wire rod produced and delivered in Southern Europe went unchanged over the past week, but prices could come under pressure amid continued weak demand, sources said on Wednesday June 6.The Southern European domestic price for mesh-quality wire rod was ?,?520-535 ($608-626) per tonne delivered on June 6."Non-integrated mesh producers are squeezed right now and they a...Read More
Domestic prices for steel beams in Southern Europe edged up this week on a dip in stock levels while Northern Europe prices remained stable, with demand continuing to be mixed, sources told Metal Bulletin on Wednesday June 6.Metal Bulletin's weekly price assessment for domestic S235-grade, 200x200mm category-2 H-beam in Northern Europe was unchanged week on week at ?,?590-620 ($690-725) per tonne...Read More
Key data from the Wednesday June 6 pricing session in Europe. Key drivers - Alloy producers reckon the market will consolidate above $5 per kg duty delivered paid in June due to increased consumer demand.- But traders reckon there is buying availability below that level. A 60-tonnes tender from Swedish steelmaker SSAB with a deadline on Thursday should provide spot price guidance...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday June 6:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $11.45-11.55 per lb from $11.40-11.50 Ferro-molybdenum basis 65%...Read More