China's hot-rolled coil futures bucked the trend during morning trading on Thursday May 24, ending the session higher while other contracts continued to soften.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,529 ($553) per tonne, down 7 per tonne October hot-rolled coil: 3,729 yuan per tonne, up 18 per tonne Dalian Commodity Exchange September iron ore: 456 yuan...Read More
The continuing strike by Brazilian truck drivers over recent rises in fuel prices is causing delays to local steel shipments and exerting a knock-on effect on output levels, sources told Metal Bulletin on Thursday May 24.Planned deliveries by Rio de Janeiro-based flat and long steel producer CSN to the domestic market are being delayed because the shipments rely on truck transportation, a company...Read More
Domestic wire rod prices in the United States have risen by $25 per short ton ($1.25 per hundredweight) in the wake of mill price hikes by Nucor and Keystone Steel & Wire, although the two mills listed different price changes in their customer letters.American Metal Market's price assessments for all US domestic rod grades rose by $1.25 per cwt, in line with one mill hike. The assessment for&...Read More
Earnings at Russian miner and steel producer Mechel dropped by 19% year-on-year in the first quarter of 2018 due to weaker sales by its mining division, the company announced on Thursday May 24.The New York-listed company's adjusted consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) were 18.44 billion roubles ($300.01 million) in January-March 2018, against 22.81...Read More
Exporters of pig iron from the Commonwealth of Independent States increased their sales activity to the key markets of italy and the United States on higher demand from buyers which needed to restock.Metal Bulletin's export price assessment for high-manganese pig iron from the CIS region was $385-390 per tonne fob Black Sea on Thursday May 24, up from $360-385 per tonne fob last week.Ukrainian ste...Read More
Turkish steel producers broke their silence in the deep-sea scrap markets on Thursday May 24 with a fresh transaction for material from the Baltic Sea.A steel producer in the Iskenderun region booked a Baltic Sea cargo, comprising 10,000 tonnes of HMS 1&2 (80:20), 9,500 tonnes of shredded and 5,000 tonnes of plate and structural scrap (P&S) at an average price of $347.50 per tonne cfr.Due to the c...Read More
Three-month base metals prices on the London Metal Exchange were once again mixed on the morning of Thursday May 24, with copper up 0.4% at $6,864 per tonne, while aluminium, nickel and zinc prices were off between 0.2% and 0.5%. Volume on the LME has been above average, with 7,338 lots traded as of 7.40 am London time. This follows a general day of weakness on Wednesday that saw the complex down...Read More
Fireweed Zinc Macmillan Pass PropertyFIREWEED ZINC LTD. (TSXV: FWZ) is pleased to announce the positive results of an independent Preliminary Economic Assessment ("PEA") for its Macmillan Pass Project (the "Project") in Yukon, Canada. The PEA was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") by JDS Energy and Mining, Inc. (JDS) wi...Read More
U.S. equity index futures were lower this morning. S&P futures were down 4 points in pre-opening trade. Index futures were virtually unchanged following release of Weekly Jobless Claims at 8:30 AM EDT. Consensus was 220,000 versus a revised 223,000 last week. Actual was 234,000. Royal Bank (RY $101.12) is expected to open higher after reporting higher than consensus fiscal second quarter earni...Read More
Turkish billet prices have fallen further over the past week amid sluggish demand, sources told Metal Bulletin on Thursday May 24.Metal Bulletin's weekly price assessment for billet imports into Turkey was $520-535 per tonne cfr, widening downward from last week's $530-535 per tonne.CIS billet export prices have nudged down this week due to a lack of buying activity in Turkey,...Read More
China's domestic and export prices for rebar fell again on Thursday May 24 with sellers attempting to secure more bookings.Domestic Eastern China (Shanghai): 3,790-3,830 yuan ($594-600) per tonne, down 20-30 yuan per tonne Northern China (Beijing): 3,830-3,850 yuan per tonne, down 20 yuan per tonne Traders lowered their prices on seeing futures decline in the earlier part of the day. Even when the...Read More
SHANGHAI, May 24 (SMM) – Nonferrous metals saw mixed trading on Thursday May 24. SHFE lead surged 1.5%, tin rose over 1% and aluminium gained 0.8%. SHFE copper dropped 0.9%, zinc lost 0.7% and nickel dipped.The ferrous complex, except for coking coal, rose across the board. Hot-rolled coil led the increases with a gain of 1.5%. Rebar and iron ore rose over 1% and coke nudged up.Cop...Read More
SHANGHAI, May 24 (SMM) – Nonferrous metals saw mixed trading on Thursday May 24. SHFE lead surged 1.5%, tin rose over 1% and aluminium gained 0.8%. SHFE copper dropped 0.9%, zinc lost 0.7% and nickel dipped.The ferrous complex, except for coking coal, rose across the board. Hot-rolled coil led the increases with a gain of 1.5%. Rebar and iron ore rose over 1% and coke nudged up.Cop...Read More
SHANGHAI, May 24 (SMM) – Environmental taxes are likely to drive up production costs for nonferrous metals, given the high levels of emissions in production, said Huang Fuping, Secretary General of the Guangxi Environmental Industry Association. As the Chinese government steps up environmental protection, environmental taxes will become commonplace, he added.At the SMM Le...Read More
SHANGHAI, May 24 (SMM) – Environmental taxes are likely to drive up production costs for nonferrous metals, given the high levels of emissions in production, said Huang Fuping, Secretary General of the Guangxi Environmental Industry Association. As the Chinese government steps up environmental protection, environmental taxes will become commonplace, he added.At the SMM Le...Read More
NANNING, May 24 (SMM) – Despite a potential rebound in the near term, copper prices are likely to extend its downward trend in the longer run, said founder of Shanghai research firm Horizon Insights, Wang Pei. At the SMM Lead Zinc Summit on Thursday May 24 in Nanning, Guangxi province, Wang said that the weakening global economic growth and the growing global visual inventories of...Read More
SHANGHAI, May 24 (SMM) – Spot copper offer discounts narrowed some 10 yuan/mt from Wednesday to 100-20 yuan/mt over the SHFE 1806 contract on Thursday May 24, SMM learned. Weighed down by LME copper, the SHFE copper 1806 contract slumped nearly 500 yuan/mt last night. The contract continued to trade weakly this morning. Sellers attempted to raise offers this morning but t...Read More
SHANGHAI, May 24 (SMM) – Copper: Prices of copper weakened last night as US President Donald Trump's remarks grew US-Sino trade uncertainties. LME copper lost the gains that it made during the past three days and fell back to all moving averages. The SHFE 1807 contact also fell to the 10-day moving average. We expect LME copper to trade at $6,800-6,880/mt today with the SHFE contrac...Read More
SHANGHAI, May 24 (SMM) – Copper: Prices of copper weakened last night as US President Donald Trump's remarks grew US-Sino trade uncertainties. LME copper lost the gains that it made during the past three days and fell back to all moving averages. The SHFE 1807 contact also fell to the 10-day moving average. We expect LME copper to trade at $6,800-6,880/mt today with the SHFE contrac...Read More
SHANGHAI, May 24 (SMM) – Nonferrous metals saw mixed trading on Thursday May 24. SHFE lead surged 1.5%, tin rose over 1% and aluminium gained 0.8%. SHFE copper dropped 0.9%, zinc lost 0.7% and nickel dipped.The ferrous complex, except for coking coal, rose across the board. Hot-rolled coil led the increases with a gain of 1.5%. Rebar and iron ore rose over 1% and coke nudged up.Cop...Read More