Comex copper prices inched up in the US morning on Thursday May 31, after falling to a three-week low on Wednesday. Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 0.5 cents to $3.074 per lb. "Metals ended mixed yesterday, with copper falling to a three-week low...Read More
China's domestic rebar prices moved up on Thursday May 31 amid a strengthening of the billet and futures markets.Domestic Eastern China (Shanghai): 3,920-3,970 yuan ($610-618) per tonne, up 50 yuan per tonne Northern China (Beijing): 3,870-3,890 yuan per tonne, up 10 yuan per tonne Although spot prices rose, trading activity did not pick up in tandem with them with most buyers having a pessimistic...Read More
Concerns over a supply shortage of coking coal emerged among market participants outside China on Thursday May 31, ending the deadlock between sellers and buyers that has lasted several weeks."There will be a decrease in spot cargo availability in the July-September quarter due to [Australian rail freight operator] Aurizon's new maintenance plan. There are some adjustments in our contract for that...Read More
Turkish steel mills have continued their transactions in the deep-sea scrap markets for June deliveries, with prices going down slightly and a further decrease expected, sources said on Thursday May 31.A steel mill in the Izmir region booked a UK cargo, comprising 21,000 tonnes of HMS 1&2 (80:20) at $331.50 per tonne cfr, late on May 29. This was the second cargo booked late on Tuesday.As a result...Read More
Metal Bulletin proposes to migrate its existing price assessment for battery-grade lithium carbonate, ex-works China, to an index. Data collected by Metal Bulletin shows that there is sufficient liquidity in China's domestic market to warrant the conversion of the existing assessed price to a tonnage-weighted index. The Chinese lithium market is also closely watched by lithium producers and the ba...Read More
Base metals on the London Metal Exchange closed mostly higher on Thursday May 31, ending the month broadly supported with most metals trading in positive territory. Despite falling 0.3% during the afternoon, nickel's three-month price continues to trade above $15,000 per tonne after breaking above the nearby resistance level at Wednesday's close. The metal's consistent supply outflows are pro...Read More
The implementation of the threatened US tariff on imports of European aluminium is unlikely to have any immediate effect on prices and premiums in Europe, market participants have said.Wilbur Ross, the United States' commerce secretary, announced on Thursday May 31 that aluminium originating from the EU, Canada and Mexico will be subject to tariffs from just after midnight on the morning of Friday...Read More
The Mexican government will take reciprocal measures against the United States, following the imposition of Section 232 duties on steel and aluminium imports from the country, the economy secretariat said on Thursday May 31."In the face of the tariffs set by the US, Mexico will impose equivalent measures against various products such as flat steel (hot-rolled and cold rolled sheet, coated [goods]...Read More
The prolonged shutdown of Sterlite Copper's Tuticorin smelting and refining complex has driven up premiums for copper cathodes in India and increased demand for duty-free Japanese cathodes.Premiums for grade A copper cathodes basis cif to major Indian ports were quoted at $95-105 per tonne over LME cash prices for the metal, a survey of market participants by Metal Bulletin showed.Tuticorin,...Read More
The latest metal markets news and price moves to start the North American day on Thursday May 31.Base metals on the London Metal Exchange were mostly higher during morning trading on Thursday May 31, with nickel prices recording the strongest upward move of the complex while zinc bucked the trend.Continuing to trade in positive territory above $15,000 per tonne, nickel prices are up...Read More
Operations at Yuguang Gold & Lead's primary copper smelter in Henan province have been halted since the beginning of this week following a technical failure at its oxygen plant, a company source told Metal Bulletin. The copper smelter in Jiyuan, Henan province has a primary smelting capacity of 110,000 tonnes per year, according to the company's website. "A pipe in the oxygen plant collapsed...Read More
Base metals on the London Metal Exchange were mostly higher during morning trading on Thursday May 31, with nickel prices recording the strongest upward move of the complex while zinc bucked the broadly positive trend. Continuing to trade in positive territory above $15,000 per tonne, nickel prices are up 0.5% on the morning amid a strong upward trend for the metal. Buoyed by robust demand from th...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transactions: billetBilletCIS, export, billet, offered at $510 per tonne fob Black Sea.CIS, export, billet, 150,000 tonnes, traded...Read More
Imported steel billet prices fell, while domestic rebar prices were unchanged in Egypt this week on limited demand, sources told Metal Bulletin on Thursday May 31. Metal Bulletin's weekly price assessment for domestic rebar in Egypt on May 31 was unchanged at E ?12,525-12,528 per tonne ex-works. The country's rebar biggest producer, Ezz Steel, is...Read More
Turkish domestic rebar and wire rod prices have increased on a US dollar basis on the back of a strengthening lira even though demand remains low, sources said on Thursday May 31.Metal Bulletin's weekly price assessment for domestic rebar in Turkey on Thursday was $550-565 per tonne ex-works, up from $545-555 per tonne last week.The lira rebounded from a record-low last week, after the country's C...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transactions: rebarRebar Egypt, domestic (Ezz Steel), rebar, offered at E ?12,528 ($698) per...Read More
Turkish rebar and wire rod export prices continued to slide in line with sluggish demand and ongoing effects of Section 232 tariffs, sources said on Thursday May 31.Turkish steel producers reduced their offers to as low as $540 per tonne fob on actual weight basis, compared with $550-560 per tonne last week.However, only a few customers were interested in buying at...Read More
Metal Bulletin is proposing to discontinue its weekly price assessment for Saudi Arabia rebar imports $ per tonne cfr. Rebar imports into Saudi Arabia have been decreasing rapidly since 2017 and have become almost nonexistent in 2018. The country's local rebar capacity is now sufficient to meet declining demand to the extent that Saudi Arabia has exported some cargoes of billet and rebar. https://...Read More
Largo Resources Ltd expected to resume production at its Maracas Menchen vanadium mine in Brazil as early as Thursday May 31 after operations were disrupted by a national truckers' strike.While the Toronto-based vanadium producer described the operational impact as minimal, the company was forced to temporarily suspend operations at the Maracas Menchen Mine for four days. A settlement to the natio...Read More
European spot prices for molybdic oxide have increased so far this week amid higher deals done in Europe and in Asia, while ferro-molybdenum was steady and is set to move up if oxide prices increase again, sources said. One major consumer in the steel sector, South Korea's Posco, is expected to settle tenders for 200-300 tonnes each of oxide and ferro-molybdenum by the end of this week, which shou...Read More