SHANGHAI, May 30 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index surged to a high since November last year at 95.03 overnight and closed 0.47% higher from Monday at 94.85 as euro plunged on concerns over the Italy election crisis. Base metals went down across the board as a result.The White House announced last n...Read More
Nickel prices on the London Metal Exchange climbed 1.4% at the close of trading on Wednesday May 30, while copper volumes traded at their highest since April 19.The three-month nickel price gathered momentum throughout the afternoon, rallying from a daily low of $14,685 per tonne to reach a high of $15,190 per tonne for the day. Nickel's bullish move comes after the US dollar index softened f...Read More
Tight spot supply of Iranian lead ingots has pushed up premiums for major importers such as India and some Southeast Asian countries, while premiums for zinc remain stable across global markets with levels in Europe holding at a multi-year low. Secondary lead premiums for India up $10 per tonne from a week ago, on supply shortage led by summer production lull and Iranian ingot shortage Cert...Read More
Comex copper prices eased on Wednesday May 30 morning in the US, presenting a dip-buying opportunity for the market.Copper for July settlement on the Comex division of the New York Mercantile Exchange declined 1.4 cents or 0.46% to $3.0485 per lb."For the moment we view the weakness on Wednesday...Read More
Key data from the Wednesday May 30 pricing session in Europe. Key drivers - The ferro-titanium spot market has stabilised at current levels after the price increased at the bottom end of its trading range last week. Around 350 tonnes of alloy was reported traded in the past few working days within the current spot price range of $4.95-5.30 per kg duty delivered paid. - Most of the tonnage was repo...Read More
Zinc concentrate treatment charges (TCs) rose to their highest level this year in May, with smelters refraining from purchases of spot tonnages. And the upward trend in lead concentrate TCs reversed after an import arbitrage opened up in China.Both markets remained extremely tight in concentrates, with some smelters seeking to cut back their capacity utilization rates, Metal Bulletin heard on Wedn...Read More
Peruvian zinc and lead miner Volcan has suspended mining at its Anim??n and Islay mines, part of its Chungar subsidiary, the company said in a release to the Peruvian stock exchange late on Tuesday May 29.The Chungar complex produces 96,000 tonnes per year of zinc, 20,000 tpy of lead and 1 tpy of copper, according to a corporate presentation...Read More
Tight spot supply of Iranian lead ingots have pushed up premiums for major importing countries such as India and some Southeast Asian markets, prompting buyers to search for alternative brands and lead bullions. Premiums for secondary lead on a cif basis for India rose by $10 to $50-$60 per tonne from a week ago, with offers of Iranian units reported at the top end of the range. Tha...Read More
An overview of the minor metals markets and the reasons for any price moves. The above...Read More
Turkish steel producers have continued to book deep-sea scrap cargoes for June delivery, sources said on Wednesday May 30.A steel producer in the Marmara region booked a European cargo, comprising 26,500 tonnes of HMS 1&2 (80:20), 10,000 tonnes of shredded and 10,000 tonnes of bonus at an average price of $336 per tonne cfr late on May 29.With the news of this European transaction, the daily indic...Read More
China is likely to take an economic hit from its crackdown on scrap imports, prompting it to adopt a more pragmatic approach in the future, panelists of the Bureau of International Recycling's (BIR) International Trade Council said at the association's Barcelona conference. China has announced several drastic measures to curtail the import of scrap into the country in recent months. The country's...Read More
China's ferrous futures started the day low on Wednesday May 30 but most contracts ended the morning session higher, with the exception of that for iron ore.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,644 yuan ($567.90) per tonne, up 19 yuan per tonne October hot-rolled coil: 3,868 yuan per tonne, up 23 yuan per tonne Dalian Commodity Exchange September iron...Read More
Comex copper prices eased on Wednesday May 30 morning in the US, presenting a dip-buying opportunity for the market.Copper for July settlement on the Comex division of the New York Mercantile Exchange declined 1.4 cents or 0.46% to $3.0485 per lb."For the moment we view the weakness on Wednesday...Read More
Three-month base metals prices on the London Metal Exchange were down across the board by an average of 0.4%, with copper prices off by 0.9% at $6,768 per tonne. Volume has been heavy with 12,850 lots traded as of 07:53 am London time. This follows a mixed performance on Tuesday when copper and lead prices were off 0.5% and 0.3% respectively, aluminium prices closed up by 0.1% and the rest were up...Read More
Domestic prices for heavy steel plate in Southern Europe have decreased over the past week due to slow demand and the lower cost of steel slabs, sources have told Metal Bulletin.Demand has been slow because buyers have sufficient stocks of material, according to market participants.At the same time, however, domestic prices have been supported by low competition from imported material.Southern Eur...Read More
Domestic prices for hot-rolled coil (HRC) have been stable in Europe over the past week with only limited demand for imports, sources have told Metal Bulletin.European buyers have been either buying imported HRC on short delivery times or sourcing material from domestic mills due to expectations of a preliminary decision in a safeguard case, the sources said.The European Commission (EC) opened a s...Read More
Domestic prices for cold-rolled coil (CRC) in the EU have been unchanged over the past week, with low demand for imported material, sources told Metal Bulletin this week.On March 26, the European Commission (EC) opened a safeguard investigation into 26 steel products in an attempt to prevent steel shipments originally destined for the United States from being redirected to the EU market. The inves...Read More
Prices for domestic hollow steel sections narrowed downward in Northern Europe this week, with market activity remaining thin amid regulatory uncertainty, market sources told Metal Bulletin on Wednesday May 30.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe narrowed downward by ?,?5 per tonne to ?,?640-650 ($741-752) per...Read More
Domestic prices for steel beams in both Northern and Southern Europe were largely stable this week, with demand continuing to be mixed, sources told Metal Bulletin on Wednesday May 30.Metal Bulletin's weekly price assessment for domestic S235-grade, 200x200mm category-2 H-beam in Northern Europe widened upward by ?,?5 per tonne to ?,?590-620 ($683-717) per tonne delivered on May 30, from ?,?590-61...Read More
Turkish steel producers have continued to book deep-sea scrap cargoes for June delivery, sources said on Wednesday May 30.A steel producer in the Marmara region booked a European cargo, comprising 26,500 tonnes of HMS 1&2 (80:20), 10,000 tonnes of shredded and 10,000 tonnes of bonus at an average price of $336 per tonne cfr late on May 29.With the news of this European transaction, the daily indic...Read More