SHANGHAI, May 16 (SMM) –Copper: Base metals faced resistance as US Treasury yields touched a seven-year high and as the US dollar strengthened last night. LME copper lacked upward momentum after it rose to a high of $6,905/mt, and fell to a low of $6,765/mt as the US dollar gained. The SHFE 1807 contract also dipped overnight as its LME counterpart weakened. The contract is likely...Read More
SHANGHAI, May 16 (SMM) –Copper: Base metals faced resistance as US Treasury yields touched a seven-year high and as the US dollar strengthened last night. LME copper lacked upward momentum after it rose to a high of $6,905/mt, and fell to a low of $6,765/mt as the US dollar gained. The SHFE 1807 contract also dipped overnight as its LME counterpart weakened. The contract is likely...Read More
SHANGHAI, May 16 (SMM) –Copper: Base metals faced resistance as US Treasury yields touched a seven-year high and as the US dollar strengthened last night. LME copper lacked upward momentum after it rose to a high of $6,905/mt, and fell to a low of $6,765/mt as the US dollar gained. The SHFE 1807 contract also dipped overnight as its LME counterpart weakened. The contract is likely...Read More
Tata Steel, "continues to be bullish on steel prices and spreads with the improving demand situation in India," chief executive officer and managing director, TV Narendran, said on Wednesday May 16.Finished steel demand in India is forecast to reach 92 million tonnes in 2018, up from 87 million tonnes in 2017. Indian steel demand will rise to 98 million tonnes in 2019, according to Tata Steel's Ma...Read More
Gulf Co-operation Council (GCC) countries are finding common ground over the threat fromsteel being redirected as a result of the United States decision to impose tariffs on imports.Saeed Al Remeithi, ceo of the United Arab Emirates biggest steelmaker, Emirates Steel, said that GCC countries were acutely aware of the issue and are keen to limit the impact of steel being redirected from t...Read More
Salzgitter expects its earnings to rise in 2018 despite "strained market conditions," the German steelmaker said in its first-quarter results published on Tuesday May 14.The company expects volatility in raw materials prices as well as "massive distortions of competition in countries outside the EU, and sustained import pressure and foreign policy developments," it said.Salzgitter raised its full-...Read More
Tata Steel, "continues to be bullish on steel prices and spreads with the improving demand situation in India," chief executive officer and managing director, TV Narendran, said on Wednesday May 16.Finished steel demand in India is forecast to reach 92 million tonnes in 2018, up from 87 million tonnes in 2017. Indian steel demand will rise to 98 million tonnes in 2019, according to Tata Steel's Ma...Read More
Base metals on the London Metal Exchange recorded mixed figures at the close of trading on Wednesday May 16, with low volumes traded and broad consolidation in effect across the complex amid a surging dollar. Climbing 0.3% during the afternoon, nickel's three-month price continues to find support above $14,000 per tonne, reaching a high of $14,635 per tonne today. Nickel's core support from t...Read More
Gulf Co-operation Council (GCC) countries are finding common ground over the threat fromsteel being redirected as a result of the United States decision to impose tariffs on imports.Saeed Al Remeithi, ceo of the United Arab Emirates biggest steelmaker, Emirates Steel, said that GCC countries were acutely aware of the issue and are keen to limit the impact of steel being redirected from t...Read More
Domestic prices for heavy steel plate in Europe have been largely unchanged over the past week in a quiet market, sources told Metal Bulletin on Wednesday May 16."The market is stable and slow, and there is no significant pressure on domestic prices because mills [particularly in Northern Europe] are well booked," a trader said.Metal Bulletin's weekly...Read More
The latest metal markets news and price moves to start the North American day on Wednesday May 16. Base metals on the London Metal Exchange edged higher during morning trading, with tin the only metal recording a downward move. But lead recently recorded a $17 fall to $2,339.50 per tonne. Here is how the base metals complex looked at 12.18pm London time: Read our latest futures report for mor...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Wednesday May 15.Base metals prices on the Shanghai Futures Exchange diverged during Asian morning trading on Wednesday, with rising stocks and a surge in the dollar sinking copper.Check Metal Bulletin's live futures report here.SHFE snapshot at 11.01am Shanghai timeMost-traded SHFE contracts&...Read More
The lower revenues from reduced London Metal Exchange trading fees - seen when HKEX, the exchange's owner, published its first-quarter results last week - is unsurprising and should not be a cause for mutterings at the current LME Asia Week gathering in Hong Kong. First-quarter revenue from HKEX' commodities business was down 7% from a year earlier - despite a 20% year-on-year jump in average dail...Read More
Gulf Co-operation Council (GCC) countries are finding common ground over the threat fromsteel being redirected as a result of the United States decision to impose tariffs on imports.Saeed Al Remeithi, ceo of the United Arab Emirates biggest steelmaker, Emirates Steel, said that GCC countries were acutely aware of the issue and are keen to limit the impact of steel being redirected from t...Read More
A shift to a monthly European ferro-chrome benchmark or an index based on a number of regional markets are some ways the negotiated contract figure could be improved to bring more stability and keep it relevant in a sometimes volatile market, ferro-chrome participants told Metal Bulletin.The role of the quarterly European ferro-chrome benchmark is set to continue in the short term, according to so...Read More
The lower revenues from reduced London Metal Exchange trading fees - seen when HKEX, the exchange's owner, published its first-quarter results last week - is unsurprising and should not be a cause for mutterings at the current LME Asia Week gathering in Hong Kong. First-quarter revenue from HKEX' commodities business was down 7% from a year earlier - despite a 20% year-on-year jump in average dail...Read More
Base metals on the London Metal Exchange recorded mixed figures at the close of trading on Wednesday May 16, with low volumes traded and broad consolidation in effect across the complex amid a surging dollar. Climbing 0.3% during the afternoon, nickel's three-month price continues to find support above $14,000 per tonne, reaching a high of $14,635 per tonne today. Nickel's core support from t...Read More
Comex copper prices experienced minor buying during midweek trading on Wednesday May 16 morning in the US, with little to push the market in either direction.Copper for July settlement on the Comex division of the New York Mercantile Exchange inched up 0.50 cents or 0.2% to $3.0610 per lb. "In the short term, we envisage LME copper prices to continue consolidating within the converging...Read More
Aluminium inventories are set to draw down during the second quarter of 2018, with prices expected to increase to $2,500 per tonne, Tracy Liao, strategist for industrial commodities at Citi Research, said.Speaking during LME Week Asia, Liao explained that Chinese inventories have increased over 2 million tonnes since the start of 2017 but this year, as capacity expansion slows, inventories are exp...Read More
The Turkish steel mills have gone quiet in the deep-sea scrap markets once again, sources said on Wednesday May 16.After the news of a UK cargo sold on May 15 at $345 per tonne for HMS 1&2 (80:20) and $366 per tonne for shredded, no more deep-sea transactions have been heard in the market.Baltic Sea scrap suppliers were heard offering HMS 1&2 (80:20) at $360 per tonne cfr, but were ready to sell a...Read More