SHANGHAI, May 18 (SMM) –Copper: LME copper stuck between several moving averages with support at the 40-day moving average overnight. As the US dollar is unlikely to fall from highs in the short term, we see LME copper trading rangebound at $6,850-6,900/mt with the SHFE 1807 contract at 51,000-51,500 yuan/mt during the day. Spot discounts are expected at 100-20 yuan/mt as sellers are likely...Read More
SHANGHAI, May 18 (SMM) – SMM assessed imported clean copper concentrate treatment charges (TCs) at $74-81/mt on Friday May 18, up $3/mt from a week ago.Imported copper concentrate supply to Chinese domestic smelters continued to increase as Vedanta's copper smelter at Tuticorin in India remained shut as of May 18, SMM learned. The smelter started a 15-day maintenance from March 27. It is...Read More
SHANGHAI, May 18 (SMM) – Zinc social inventories dipped this week as maintenance works at smelters in north China limited deliveries to warehouses, SMM learned.The overall zinc inventories in warehouses across Shanghai, Tianjin and Guangdong stood at 131,500 mt as of Friday May 18, down 4,600 mt from last Friday. It was also down 7,900 mt from the start of this week, according to SMM da...Read More
Flat stainless steel product prices in Europe fell this week amid high stock levels at warehouses and continued import pressure, sources told Metal Bulletin on Friday March 18.Metal Bulletin's weekly base price assessment for 2mm, grade-304 cold-rolled (CR) stainless steel sheet in Northern Europe fell by ?,?35-50 per tonne week on week to ?,?1,015-1,050 ($1,198-1,239) per tonne delivered on Frida...Read More
Base metals prices on the London Metal Exchange were diverging on the morning of Friday May 18, the main movers being nickel where prices have climbed 1% and aluminium where prices have dropped 0.6%. Zinc prices are down 0.3%, while the rest are little changed with copper prices at $6,869 per tonne. Volume on the LME has been below average, with 3,276 lots traded as at 06.46 am London time. This f...Read More
SHANGHAI, May 18 (SMM) – Total approved copper scrap imports for this year rose to 482,400 mt, after the 12th batch of approvals for restricted solid scrap material imports was released on Tuesday May 15, SMM learned. This is down 83.9% from the total of 11 batches in 2017.Ten companies that imported scrap metals, waste plastics, and waste paper received approval. Approvals we...Read More
SHANGHAI, May 18 (SMM) – China's zinc spot market traded more actively in Shanghai than in Guangdong on Friday May 18, SMM learned. Offers in both markets rose.Buyers in Shanghai showed a preference for SMC imported zinc from Australia, which traded at a premium of 50-70 yuan/mt. Downstream demand in Shanghai held steady amid relatively tight supplies, SMM learned.In Shanghai, #0 zinc mo...Read More
China's ferrous futures generally trended downward during morning trading on Friday May 18.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,628 yuan ($570) per tonne, down 37 yuan per tonne October hot-rolled coil: 3,804 yuan per tonne, down 31 yuan per tonne Dalian Commodity Exchange September iron ore: 477.50 yuan per tonne,...Read More
SHANGHAI, May 18 (SMM) –Copper: LME copper stuck between several moving averages with support at the 40-day moving average overnight. As the US dollar is unlikely to fall from highs in the short term, we see LME copper trading rangebound at $6,850-6,900/mt with the SHFE 1807 contract at 51,000-51,500 yuan/mt during the day. Spot discounts are expected at 100-20 yuan/mt as sellers are likely...Read More
SHANGHAI, May 18 (SMM) – Operating rates across China's zinc galvanising plants in April gained 19.29 percentage points on the month and stood at 86.1%, SMM surveyed. This is up 19.16 percentage points on the year. Most galvanising plants in north China cut production for environmental inspections in April 2017, and this accounted for the significant year on year increase in operati...Read More
SHANGHAI, May 18 (SMM) –Copper: LME copper stuck between several moving averages with support at the 40-day moving average overnight. As the US dollar is unlikely to fall from highs in the short term, we see LME copper trading rangebound at $6,850-6,900/mt with the SHFE 1807 contract at 51,000-51,500 yuan/mt during the day. Spot discounts are expected at 100-20 yuan/mt as sellers are likely...Read More
Indian steelmaker JSW Steel has completed the acquisition of Italian long steel producer Acciaierie e Ferriere di Piombino (Aferpi), Italian trade union Fiom-Cgil said on Friday May 18.JSW Steel acquired the mill from Algeria's Cevital for around 6 billion Indian rupees ($88.41 million), according to media reports in India, while Italian reports suggest the deal was valued at closer to ?,?90 milli...Read More
Tight supply in the US market pushed billets to another record high, while European premiums edged lower in a competitive and active market.The US billet market saw the most change, climbing 6% to reach a fresh high. The move up in the US helped push the premium in Brazil to its highest in more than two years.Ali billet upcharge sets recordThe 6063 aluminium spot billet upcharge set a record on Fr...Read More
Coated coil prices in Turkey decreased this week, with demand poor in both the local and export markets, sources told Metal Bulletin on Friday May 17.Domestic pricesOne Northern Turkish producer was offering 0.50mm hot-dipped galvanized coil (HDG) at $760-780 per tonne ex-works this week while a second producer offered similar product at $780-790 per tonne ex-works.Southern Turkish producers were...Read More
Pig iron buyers in the United States, the largest global market for the steelmaking raw material, resumed their purchasing activity after the scrap price for May had become clear in their domestic market, Metal Bulletin has heard.Metal Bulletin's weekly price assessment for US pig iron imports was $405-410 per tonne cfr on Friday May 18, narrowing upward by $5 per tonne from $400-410 per tonne cfr...Read More
The range of prices offered for steel slab exports from Brazil narrowed this week, with producers continuing to focus on sales to clients in North America.Offers of Brazilian material were reported around the level of $570 per tonne fob, with rumors of one deal being closed at a price below this mark.But suppliers were not willing to accept any bids below the level of $565 per tonne fob, according...Read More
The latest metal market news and price moves to start the North American day on Friday May 18. Base metals on the London Metal Exchange were broadly lower during morning trading, with marginal drops across the complex largely due to a strengthening dollar and nickel the only metal to buck the trend.Nickel's three-month price climbed 1.2%, outperforming the complex and reaching a high of $14,850 pe...Read More
Good morning from Metal Bulletin's offices in Asia, bringing the latest news and pricing stories on Friday May 18. Good morning from Metal Bulletin's offices in Asia, bringing the latest news and pricing stories on Friday May 18. Base metals prices on the Shanghai Futures Exchange were largely higher during Asian morning trading on Friday May 18, with the exception of tin and aluminium - the latte...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Physical iron ore prices weakened on Friday May 18, in line with drops in the rebar and futures markets, although earlier increases mean the week-on-week change was minimal.The seaborne coking coal market is in stalemate with a widening gap between bids and offers. Taiwanese scrap import prices widened...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsThe London Metal Exchange has shelved its idea of developing a dealer-to-client platform, following the results of last year's discussion paper, chief executive officer Matthew Chamberlain said.The exchange also does not have projections of how much revenue it might make eve...Read More