SHANGHAI, Jun 1 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index weakened but remained at high levels around 94 with support from robust US data on employment and the personal consumption expenditure (PCE) price index. However, the US announced it will end the temporary exemptions on steel and aluminium dutie...Read More
SHANGHAI, Jun 1 (SMM) – Copper: LME copper fell below the daily moving average after surging to a high of $6,895.5/mt as the US dollar index declined. It is expected to hover at $6,800-6,870/mt today. The SHFE 1807 contract consolidated at 51,405 yuan/mt after rising to above the daily moving average at a high of 51,570 yuan/mt as investors cut their short positions. Pressure was seen a...Read More
SHANGHAI, Jun 1 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index weakened but remained at high levels around 94 with support from robust US data on employment and the personal consumption expenditure (PCE) price index. However, the US announced it will end the temporary exemptions on steel and aluminium dutie...Read More
The European Commission (EC) has encouraged all non-EU countries affected by the "illegal" Section 232 tariffs, imposed by the United States on steel and aluminium imports, to follow its lead and file their own complaints with the World Trade Organization (WTO)."We will today send requests for a consultation panel at the WTO, and we have already started preparations for rebalancing measures with a...Read More
In late April, Brazilian steel institute A??o Brasil revised upward its forecast for the country's consumption, sales and output of steel products this year, due to recovering market conditions.Domestic steel sales, for instance, were predicted by the group to rise by 6.6% in 2018 on an annual basis, to 18.01 million tonnes.But a continuing strike by truck drivers may prevent the steel sector from...Read More
The United States' decision to impose Section 232 tariffs of 25% on steel imports is the "best worst-case scenario", European long steel exporters told Metal Bulletin this week.The US imposed Section 232 tariffs of 25% on steel imports and 10% on aluminium imports from Canada, Mexico and the European Union with effect from 12.01am on Friday June 1. "We are happier with a 25% tariff than a quo...Read More
Price increases for flat steel goods in the Brazilian market will be appled in the first days of trading in June, despite the problems faced by mills related to the continuing strike by the country's truck drivers.On Friday June 1, CSN will raise its prices by 11.75% for hot-rolled coil (HRC) and cold-rolled coil (HRC), while coated product prices will go up by 8.25%, according to Brazilian flat s...Read More
The United Steelworkers trade union (USW) has criticized the US government's decision to remove Canada's exemption from Section 232 tariffs on steel and aluminium products."This decision [to remove Canada's exemption] is unacceptable and calls into serious question the design and direction of the [Trump] administration's trade policy," the union said on May 31."This decision ignores the fact that...Read More
Brazilian slab export prices remained unchanged on Friday June 1, with few offers being heard due to a nationwide strike by truck drivers that affected production in most steelmaking facilities in the country.Metal Bulletin's weekly assessment of Brazil's export slab prices was $580-590 per tonne fob on June 1, stable from the previous week.A few offers were heard to the North American market at $...Read More
Europe import prices for austenitic alloy steel scrap softened this week as the effect of high nickel prices was offset by sluggish demand, sources told Metal Bulletin on Friday June 1. Metal Bulletin's weekly price assessment for 18/8 stainless steel solids imported into mainland Europe was ?,?1,180-1,200 ($1,379-1,402) per tonne cif main European ports on Friday, down from ?,?1,200-1,240 per ton...Read More
Indian steel mills are likely to increase domestic prices for hot-rolled coil (HRC) by about 500 rupees ($7) per tonne this month, factoring in the increase in the cost of production created by the weakening of the country's currency.Officials from at least two large steel mills have confirmed that they were considering increases in the price of domestic HRC for sales in June.Indian domestic HRC p...Read More
Trading activity in the United States has slowed down in the pig iron market since buyers restocked early in May. They are expected to resume purchases later in June, when the trend in the scrap market becomes clear, Metal Bulletin was told on Friday June 1."Further developments will depend on decisions about trade regulations in the US [after it imposed its threatened 25% import tariff on steel p...Read More
The latest metal markets news and price moves to start the North American day on Friday June 1. Nickel prices on the London Metal Exchange climbed 3% during morning trading, reaching levels not seen since the metal's mid-April sanction-related spike. Meanwhile, sideways trading takes effect across the rest of the complex. "The exception is nickel where prices spiked higher in the early hours to $1...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Friday June 1.Base metals prices, with the exception of zinc, on the Shanghai Futures Exchange were all up during Asian morning trading on Friday.Nickel prices outperformed, tracking the recent strength of prices on the London Metal Exchange, while aluminium prices were supported by news that...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metals Blister copper refining charges (RCs) in China edged down in May as spot tonnages were sought following the recent shutdown of several domestic primary smelters and a continued fall in copper scrap imports.The European Commission (EC) has encouraged all non-EU countries affected by t...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.The United States will impose Section 232 tariffs of 25% on steel imports and 10% on aluminium imports from Canada, Mexico and the European Union, US Commerce Secretary Wilbur Ross announced.The Mexican steel association, Canacero, has welcomed the decision by the federal government to take reciprocal m...Read More
The United States' decision to impose Section 232 tariffs of 25% on steel imports is the "best worst-case scenario", European long steel exporters told Metal Bulletin this week.The US imposed Section 232 tariffs of 25% on steel imports and 10% on aluminium imports from Canada, Mexico and the European Union with effect from 12.01am on Friday June 1. "We are happier with a 25% tariff than a quo...Read More
The volatility in global copper stocks this year has benefited trading volumes across both the Chicago Mercantile Exchange (CME) and Shanghai Futures Exchange, while the London Metal Exchange's inventory has fluctuated widely and dropped to a four-month low this week.LME copper stocks fell to 283,375 tonnes on Wednesday May 30, the lowest since January 24. Stocks have rebounded sharply to 311,525...Read More
Steel price trends and market fundamentals in China set the heartbeat for the international spot market. The country is not just the world's biggest steel producer, but also the biggest exporter globally. As such, any price and macroeconomic changes it experiences have a ripple effect on the rest of the world.According to the World Steel Association's (Worldsteel) 2018 edition of World Steel in Fi...Read More
Nickel prices on the London Metal Exchange finished 2.4% higher at the close of trading on Friday June 1, recording gains of 5% on the week amid a broadly stronger base metals complex. The metal has recorded 19 straight days of inventory decline following disruptions to Chinese stainless steel supply due to environmental concerns, leaving total stocks at 290,604 tonnes, their lowest since June 201...Read More