SHANGHAI, May 15 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index covered lost ground to stand at 92.67 overnight. Base metals saw mixed trading last night. LME nickel surged 3.1%, alunimium gained 1.82% and lead rose over 1% on declining inventory and tight supply. Copper edged down, as LME copper inventorie...Read More
SHANGHAI, May 15 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index covered lost ground to stand at 92.67 overnight. Base metals saw mixed trading last night. LME nickel surged 3.1%, alunimium gained 1.82% and lead rose over 1% on declining inventory and tight supply. Copper edged down, as LME copper inventorie...Read More
The latest news and price moves to start the Asian day on Tuesday May 15.Base metals prices on the London Metal Exchange were mostly mixed at the close of trading on Monday May 14, with the three-month nickel contract climbing 3% during afternoon trading. Read more in our live futures report.Here are how prices looked at the close of trading:Cobalt prices continued to drift last week due to a...Read More
The latest news and price moves to start the Asian day on Tuesday May 15.Base metals prices on the London Metal Exchange were mostly mixed at the close of trading on Monday May 14, with the three-month nickel contract climbing 3% during afternoon trading. Read more in our live futures report.Here are how prices looked at the close of trading:Cobalt prices continued to drift last week due to a...Read More
The latest news and price moves to start the Asian day on Tuesday May 15.Base metals prices on the London Metal Exchange were mostly mixed at the close of trading on Monday May 14, with the three-month nickel contract climbing 3% during afternoon trading. Read more in our live futures report.Here are how prices looked at the close of trading:Cobalt prices continued to drift last week due to a...Read More
A summary of base metals premiums from across the globe for the week to Tuesday May 15.Read More
Base metals on the London Metal Exchange were mostly lower at the close of trading on Tuesday May 15, with copper falling 1.1%. Copper stocks on the LME have fallen more than 10% this month; the price of the metal continues to consolidate around $6,800 per tonne. Stronger demand from China, as well as disruptions in output across the United States and India are weighing on the market. ...Read More
Base metals on the London Metal Exchange were mostly lower during morning trading on Tuesday May 15, with broad consolidation taking place across the complex. Nickel's three-month price remains unchanged at $14,500 per tonne after climbing 3% at Monday's close. The metal reached a high of $14,635 per tonne this morning, breaking above its most recent resistance level at $14,500 per tonne and...Read More
Market acceptance of the quarterly European ferro-chrome benchmark system will continue for at least the short term, according to market participants polled by Metal Bulletin. Discontent with the settlement in previous years appears to have faded because of the stability it offers in relation to the volatility seen on the Chinese spot market. The benchmark is set in negotiations between the buy an...Read More
Industrial action has halted traffic along a key road for moving semi-carbonate manganese ore from mines in Hotazel in South Africa's Northern Cape. The R31 main road was blockaded on Tuesday morning in a dispute over pay to truck drivers. "This could seriously affect deliveries to all parts for all the miners in the area," a source said. The R31 is used to access various ports for "huge volumes"...Read More
Industrial action has halted traffic along a key road for moving semi-carbonate manganese ore from mines in Hotazel in South Africa's Northern Cape. The R31 main road was blockaded on Tuesday morning in a dispute over pay to truck drivers. "This could seriously affect deliveries to all parts for all the miners in the area," a source said. The R31 is used to access various ports for "huge volumes"...Read More
China's import markets for charge chrome and chrome ore have shown signs of recovery after producers refused to cut offers. Charge chrome import prices gain in China UG2 chrome ore prices edge higherChina's domestic ferro-chrome prices holdAlloy prices weaken in South Korea and Japan Alloy prices flatline in Europe and the United StatesCharge chrome and chrome ore prices staged a modest rebound in...Read More
Manganese prices dropped further in China last week on weaker demand downstream. Ore prices fall as much as 6% Chinese alloy prices slide on weaker demand from steel mills Indian silico-manganese weakens European alloy prices flatline US ferro-manganese holds; silico-manganese trading range narrows Manganese ore prices continued lower on Friday May 11 amid weakening demand due to shrinking purchas...Read More
Turkish steel producers broke their silence in the deep-sea scrap markets with the purchase of a UK cargo on Tuesday May 15.A steel mill in the Marmara region booked the cargo, comprising 44,000 tonnes of HMS 1&2 (80:20) at $345 per tonne and 22,000 tonnes of shredded at $366 per tonne cfr.Shredded scrap usually trades at a $5 per tonne premium over HMS 1&2 (80:20), but the supplier said that the...Read More
The new and tighter regulatory environment has left bullion banks in a state of transformation, leaving exchanges to seize the new opportunities. Speaking at the Hong Kong Exchanges & Clearing (HKEX) precious metals seminar during LME Week Asia on Tuesday May 15, managing director of Scotiabank Sunil Kashyap highlighted the challenges bullion banks face following over-the-counter (OTC) regulations...Read More
Sakthi Trading Group has entered a public-private partnership with the government of South Kivu in the Democratic Republic of Congo (DRC) to establish mining service centers for conflict-free sourcing of gold.The goal is eco-friendly and responsible sourcing of gold, Sakthi Trading chief executive officer Hariharan Sundarajan said at the HKEX precious metals seminar here on Tuesday May 15.Sakthi T...Read More
Sakthi Trading and its partners plan to build 10 service centers for small-scale miners in the eastern and western regions of Ghana as well as a refinery in the country, enabling eco-friendly and responsible sourcing of gold, chief executive officer Hariharan Sundarajan said.The government of Ghana has imposed a ban on illegal mining so "small scale and artisanal miners will need to approach the s...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia decreased slightly this week because of limited demand, sources told Metal Bulletin on Tuesday May 15.Buyers preferred to postpone bookings ahead of the Islamic holy month of Ramadan, which starts this week and will lead to a further reduction in market activity.Working hours will be reduced in Saudi Arabia, with Ramadan always...Read More
China's domestic hot-rolled coil prices continued to inch up on Tuesday May 15 with buyers keeping their procurement rates steady. Domestic Eastern China (Shanghai): 4,220-4,240 yuan ($666-669) per tonne, up 10 yuan per tonne Northern China (Tianjin): 4,070-4,090 yuan per tonne, up 10 yuan per tonne Demand for HRC has remained constant in the last few days amid small changes in the futures market,...Read More
Import prices for steel billet and slab in Southeast Asia were relatively steady over the past week amid soft demand as a result of subdued sales downstream, particularly in Indonesia.BilletMetal Bulletin's assessment of import prices for billet in Southeast Asia was $550-560 per tonne cfr for the week ended Monday May 14, narrowing upward by $5 per tonne from a week earlier.Deals involving billet...Read More