Tharisa has acquired a 90% stake in Salene Chrome Zimbabwe Ltd for an undisclosed sum, the South African chrome producer announced on Wednesday May 16.The company acquired the holding from the Leto Settlement Trust, which has family links to Tharisa chief executive officer Phoevos Pouroulis and is the beneficial shareholder of Tharisa's major shareholder, Medway Developments Ltd. Leto will keep a...Read More
Lower-than-expected mined zinc output and smelter maintenance in China will support the zinc price to stay above $3,000 per tonne this year, according to the leading zinc smelter at LME Week Asia."At the beginning of this year, the industry thought there would be a 120,000 tonnes of growth in mined zinc output, but now it's unlikely. The suspended small mines were not coming back and the grades at...Read More
Spot market copper concentrate treatment and refining charges (TC/RCs) rose to 3.5-month highs in mid-May, with the market becoming progressively bearish due to the continued outage at Sterlite Copper's Tuticorin smelter in India. Metal Bulletin's copper concentrates TC/RC index rose by $2.4/0.24 cents over the past two weeks to $70.5/7.05 cents, its highest since the end of January. Terms fo...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
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
Most of the base metals prices on the London Metal Exchange were little changed on the morning of Wednesday May 16, the exceptions were zinc (+0.6%) and tin (-0.5%). Copper was up by 0.1% at $6,818 per tonne.Volume on the LME has been below average, with 3,245 lots traded as at 06.27 am London time. This follows a day of two halves on Tuesday where prices came under pressure as the morning progres...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
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
Domestic prices for hot-rolled coil (HRC) in the EU have been largely unchanged over the past week, sources told Metal Bulletin on Wednesday May 16.But sentiment remains negative in Southern and Central Europe, they said. This was blamed on limited buying activity and competition from imports.In the north, however, prices were expected to be largely stable, due to a degree of recovery in demand an...Read More
Mexican steel producer Altos Hornos de M?(C)xico (Ahmsa) has brought forward by one week planned maintenance work at its No2 blast oxygen furnace at its Monclova unit, in Coahuila state, after an accident at the unit."The facility has suffered minor damage that does not affect its operation," the mill said in a note to Mexico's stock exchange, BMV, earlier this week."[The company has] decided to c...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
Prices for rebar produced and delivered in Southern Europe have remained unchanged over the week as market activity continued to remain low, sources told Metal Bulletin on Wednesday May 16.Metal Bulletin's weekly domestic price assessment for rebar in Southern Europe was ?,?490-520 ($582-618) per tonne delivered on Wednesday, unchanged over the week."Nothing has changed - market activity is really...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
The price gap between seaborne cargoes of Brazilian Blend fines and Pilbara Blend fines widened further on Wednesday May 16 amid a mixed market.Metal Bulletin 62% Fe Iron Ore Index: $68.03 per tonne cfr Qingdao, up by $0.75 per tonne Metal Bulletin 58% Fe Premium Index: $54.56 per tonne cfr Qingdao, unchanged Metal Bulletin 65% Fe Iron Ore Index: $86.20 per tonne cfr Qingdao, down by $0.10 per ton...Read More
China's ferrous futures fluctuated during morning trading on Wednesday May 16, before experiencing a spike in the last ten minutes before the end of the session.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,689 yuan ($580) per tonne, up 14 yuan per tonne October hot-rolled coil: 3,834 yuan per tonne, up 41 yuan per tonne Dalian Commodity Exchange September iro...Read More
China's domestic rebar prices were unchanged on Wednesday May 16 on sparse trading amid softening futures. Domestic Eastern China (Shanghai): 3,980-4,030 yuan ($625-633) per tonne, unchanged Northern China (Beijing): 3,940-3,970 yuan per tonne, unchanged Traders kept their offers flat in the morning due to the weakness in the futures market.Although the futures market picked up in the last 10 minu...Read More
Most of the base metals prices on the London Metal Exchange were little changed on the morning of Wednesday May 16, the exceptions were zinc (+0.6%) and tin (-0.5%). Copper was up by 0.1% at $6,818 per tonne. Volume on the LME has been below average, with 3,245 lots traded as at 06.27 am London time. This follows a day of two halves on Tuesday where prices came under pressure as the morning progre...Read More
Domestic prices for hollow steel sections in Europe went down this week with offers being reduced again due to quiet trading conditions, market sources told Metal Bulletin on Wednesday May 16.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe fell by ?,?5 per tonne to ?,?645-655 ($767-778) per tonne delivered on May 16, fro...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Index futures were virtually unchanged following release of April Housing Starts at 8:30 AM EDT. Consensus was a slip to 1.307 million units from 1.319 million units in March. Actual was 1.287 million units.Macy's soared $2.74 to $32.67 after releasing stronger than consensus first quarter s...Read More
SHANGHAI, May 16 (SMM) – Both nonferrous and ferrous metals closed mixed on Wednesday May 16. SHFE nickel, aluminium, zinc edged up. SHFE copper closed 0.5% lower and tin dipped. SHFE lead closed flat.Coke rose close to 1% while hot-rolled coil gained 0.7%. Rebar closed flat. Iron ore dropped close to 1% and coking coal dipped.Copper: The SHFE 1807 contract regained almost all losses at...Read More