SHANGHAI, May 23 (SMM) – Most nonferrous metals traded weakly, rangebound on Wednesday May 23. SHFE tin recovered slightly from its poor performance last week and gained 0.8%. SHFE copper saw a smaller increase, and closer higher than yesterday. SHFE zinc dropped close to 1%, aluminium slid 0.8%, nickel lost 0.6% and lead dipped.The ferrous complex fell across the board with coking...Read More
SHANGHAI, May 23 (SMM) – As supplies accumulated in Shanghai, spot copper offers widened to a discount of 110-30 yuan/mt over the SHFE 1806 contract on Wednesday May 23. This compared with a discount of 90 yuan/mt to flat on Tuesday.As supplies of standard-quality copper grew, especially of imported brands, offers fell to a discount of 110 yuan/mt from 90 yuan/mt the previous day. Trans...Read More
A fire at United Stainless Steel Company's (USCO) stainless steel re-rolling mill in Salman Industrial City in Al Hidd, northern Bahrain, early on Tuesday May 22, has halted operations and could result in lost production, market sources told Metal Bulletin on Wednesday May 23.A fire at United Stainless Steel Company's (USCO) stainless steel re-rolling mill in Salman Industrial City in Al Hidd, nor...Read More
SHANGHAI, May 23 (SMM) – China will slash import tariffs on certain vehicles to 15%, the Ministry of Finance (MOF) said on Tuesday May 22. Cuts will take effect on July 1.This includes the current 25% tariff levied on 135 items and the 20% duty on four items.Tariffs on 79 auto parts will fall to 6%, from current levels of 8-25%. Auto parts that will have lower import duti...Read More
SHANGHAI, May 23 (SMM) – In Shanghai's spot zinc market on Wednesday May 23, traders continued to lower premiums from Tuesday given fewer transactions. Downstream buyers maintained their bearish outlook on zinc prices, SMM learned. Despite lower offers, overall transactions remained flat from Tuesday in Shanghai. The SHFE zinc 1806 contract hovered between a narr...Read More
SHANGHAI, May 23 (SMM) – Copper: Copper prices rebounded as the US dollar weakened overnight. LME copper touched a high of $6,999/mt as the inventory shrank 2,752 mt following days of increase. It is likely to trade at $6,930-7,030/mt today with strong support while the SHFE 1807 contract is to trade at 51,800-52,200 yuan/mt. Adequate supplies are likely to widen spot discounts to ...Read More
SHANGHAI, May 23 (SMM) – China will slash import tariffs on certain vehicles to 15%, the Ministry of Finance (MOF) said on Tuesday May 22. Cuts will take effect on July 1.This includes the current 25% tariff levied on 135 items and the 20% duty on four items.Tariffs on 79 auto parts will fall to 6%, from current levels of 8-25%. Auto parts that will have lower import duti...Read More
SHANGHAI, May 23 (SMM) – China will slash import tariffs on certain vehicles to 15%, the Ministry of Finance (MOF) said on Tuesday May 22. Cuts will take effect on July 1.This includes the current 25% tariff levied on 135 items and the 20% duty on four items.Tariffs on 79 auto parts will fall to 6%, from current levels of 8-25%. Auto parts that will have lower import duti...Read More
SHANGHAI, May 23 (SMM) – Copper: Copper prices rebounded as the US dollar weakened overnight. LME copper touched a high of $6,999/mt as the inventory shrank 2,752 mt following days of increase. It is likely to trade at $6,930-7,030/mt today with strong support while the SHFE 1807 contract is to trade at 51,800-52,200 yuan/mt. Adequate supplies are likely to widen spot discounts to ...Read More
SHANGHAI, May 23 (SMM) – Copper: Copper prices rebounded as the US dollar weakened overnight. LME copper touched a high of $6,999/mt as the inventory shrank 2,752 mt following days of increase. It is likely to trade at $6,930-7,030/mt today with strong support while the SHFE 1807 contract is to trade at 51,800-52,200 yuan/mt. Adequate supplies are likely to widen spot discounts to ...Read More
Prices for domestic hollow steel sections edged downward slightly in Northern Europe this week, with trade activity remaining thin, market sources told Metal Bulletin on Wednesday May 23.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe widened downward by ?,?5 per tonne to ?,?640-655 ($754-772) per tonne delivered on May...Read More
Argentina's crude steel output grew by 26% year on year in April, according to figures released by the national steel association, Acero Argentino, on Tuesday May 22.The country produced 463,000 tonnes of crude steel last month, compared with 367,400 tonnes in the same period a year earlier.But April's output was down by 2.3% in comparison with the 473,900 tonnes produced in March.Steel consumptio...Read More
A fire at United Stainless Steel Company's (USCO) stainless steel re-rolling mill in Salman Industrial City in Al Hidd, northern Bahrain, early on Tuesday May 22, has halted operations and could result in lost production, market sources told Metal Bulletin on Wednesday May 23.A fire at United Stainless Steel Company's (USCO) stainless steel re-rolling mill in Salman Industrial City in Al Hidd, nor...Read More
The European Commission (EC) will set a 25% safeguard duty on steel and aluminium imported from the US from June 20 this year if the EU is not exempted from Section 232 tariffs.The EC will only apply the measures if the World Trade Organization (WTO) approves the move. The duties will affect a number of US products, including steel and aluminium.If applied, the measures will be enacted in two...Read More
Taiwan's ferrous scrap imports surged by 34% on the year in March, according to the territory's customs agency.Taiwan imported 331,821 tonnes of ferrous scrap during the month, 84,569 tonnes higher than the 247,252 tonnes it took in a year earlier, data from the Taiwanese Customs Administration showed.March's...Read More
Prices for domestic hollow steel sections edged downward slightly in Northern Europe this week, with trade activity remaining thin, market sources told Metal Bulletin on Wednesday May 23.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe widened downward by ?,?5 per tonne to ?,?640-655 ($754-772) per tonne delivered on May...Read More
Domestic prices for mesh-quality wire rod produced and delivered in both Northern and Southern Europe were unchanged this week, with weaker demand in the domestic market and a lack of import offers, sources said on Wednesday May 23.The Southern European domestic price for mesh-quality wire rod was unchanged over the week at ?,?525-535 ($619-631) per tonne delivered on May 23."There is a degree of...Read More
Iranian export steel billet prices picked up in the week ended Wednesday May 23 because of the limited volumes of material available for shipment before August, when renewed trading sanctions are expected to be enforced on the country by the United States.The US withdrew from an international deal on Iran's nuclear power industry on May 8, and has said that it will reimpose its trading sanctions a...Read More
Domestic prices for steel beams in Northern Europe fell again this week on continuing limited demand, sources told Metal Bulletin on Wednesday May 23. Metal Bulletin's weekly price assessment for domestic S235-grade, 200x200mm category-2 H-beam in Northern Europe dipped ?,?5 per tonne to ?,?590-615 ($695-724) per tonne delivered on Wednesday May 23, from ?,?595-620...Read More
The latest metal markets news and price moves to start the North American day on Wednesday May 23. Base metals on the London Metal Exchange were mostly lower during morning trading, with tin recording the only positive move despite continued strength in lead and nickel prices. Falling 1.8% over the morning, copper's three-month price has lost most of Tuesday's gains, with the red metal drifting ba...Read More