Global ferrous scrap prices were mostly going higher during the working week ended Friday May 11 with prices beginning to climb out of the price trough.Turkish buyers were mostly on the market sidelines due to higher offers and sluggish demand, but a deal concluded at higher prices supported their negotiating position.Upticks in US ferrous scrap export prices to Turkey were capped by a large reduc...Read More
Prices for containerized shredded scrap imports into India went down this week with the weakness of the rupee against the dollar putting buying activity on hold, market sources told Metal Bulletin on Friday May 11.Metal Bulletin's weekly index for containerized imports of shredded scrap into India was $385.94 per tonne cfr Nhava Sheva on May 11, down by $4.79 week-on-week from $390.73 per tonne cf...Read More
UK ferrous scrap prices for monthly deliveries to consumers in May were unchanged this month, with any possible planned price increases cancelled out by the weakness of sterling against the dollar, trade sources told Metal Bulletin on May 11.Prices for trend-indicating grades in the UK such as HMS 1&2 (old steel) and OA (plate and structural) were flat this week, remaining at ?180-205 ($244-277)...Read More
Export prices for Brazilian steel slab material declined this week, with companies struggling to sell volumes to the United States after an annual quota was set in the wake of the northern country's Section 232 trade investigation.Metal Bulletin's weekly price assessment for Brazil export slab narrowed downward to $560-580 per tonne fob on Friday May 11, from $560-600 per tonne fob a week before.S...Read More
Indian local secondary steel billet prices have fallen by at least 800 rupees per tonne in the current week even as buyers await further corrections to the prices of semi-finished products.Metal Bulletin's price assessment for domestic secondary billet in India, mainly produced via the induction furnace route, was 34,800-35,000 rupees ($517-520) per tonne ex-mill on Friday May 11. This was down by...Read More
ArcelorMittal predicts that demand for steel will continue to pick up after posting positive financial results for the first quarter of 2018, the company said on Friday May 11."The improvement in global steel market dynamics has continued into 2018, supporting an encouraging financial performance in the first quarter," chairman and chief executive officer Lakshmi Mittal said.The world's biggest st...Read More
Flat and long stainless steel product prices in Europe have gone unchanged over the past week amid low activity because of public holidays across Europe and high stock levels at warehouses, sources told Metal Bulletin on Friday March 11.Metal Bulletin's weekly base price assessment for 2mm, grade-304 cold-rolled (CR) stainless steel sheet was stable week-on-week at ?,?1,050-1,100 ($1,248-1,308) pe...Read More
China's domestic stainless steel prices moved up over the past week amid active trading. Metal Bulletin's assessment of prices for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,700-15,100 yuan ($2,313-2,376) per tonne including VAT for the week ended Thursday May 10, up 300-500 yuan per tonne from a week earlier. Trading activity picked up over the past week with end-...Read More
SHANGHAI, May 11 (SMM) – Nonferrous metals futures saw mixed trading on Friday May 11. SHFE lead led the gains with a rise of over 1%. Copper grew nearly 0.7%, and aluminium inched up. Zinc, nickel, and tin went down slightly. The ferrous complex strengthened across the board with more gains in the afternoon. Coke rose nearly 3.2% from Thursday, iron ore gained almost 3%, while rebar, h...Read More
SHANGHAI, May 11 (SMM) – Nonferrous metals futures saw mixed trading on Friday May 11. SHFE lead led the gains with a rise of over 1%. Copper grew nearly 0.7%, and aluminium inched up. Zinc, nickel, and tin went down slightly. The ferrous complex strengthened across the board with more gains in the afternoon. Coke rose nearly 3.2% from Thursday, iron ore gained almost 3%, while rebar, h...Read More
SHANGHAI, May 11 (SMM) – Nonferrous metals futures saw mixed trading on Friday May 11. SHFE lead led the gains with a rise of over 1%. Copper grew nearly 0.7%, and aluminium inched up. Zinc, nickel, and tin went down slightly. The ferrous complex strengthened across the board with more gains in the afternoon. Coke rose nearly 3.2% from Thursday, iron ore gained almost 3%, while rebar, h...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.The Canadian Dollar slipped 0.09 to 78.41 cents U.S. following release of Canada' April Employment report at 8:30 AM EDT. Consensus was a gain in employment of 19,600 versus an increase of 32,300 in March. Actual was a drop of 1,100. Consensus for the Unemployment Rate was 5.8%, unchanged...Read More
SHANGHAI, May 11 (SMM) – Both production and sales of vehicles in China saw month-on-month declines in April but maintained their stable year-on-year increases, according to data from the China Association of Automobile Manufacturers (CAAM).China’s vehicle sales reached 2.32 million units in April, down 12.7% from a month ago but up 11.5% from a year ago. This brought the January-April...Read More
SHANGHAI, May 11 (SMM) – Both production and sales of vehicles in China saw month-on-month declines in April but maintained their stable year-on-year increases, according to data from the China Association of Automobile Manufacturers (CAAM).China’s vehicle sales reached 2.32 million units in April, down 12.7% from a month ago but up 11.5% from a year ago. This brought the January-April...Read More
SHANGHAI, May 11 (SMM) – Both production and sales of vehicles in China saw month-on-month declines in April but maintained their stable year-on-year increases, according to data from the China Association of Automobile Manufacturers (CAAM).China’s vehicle sales reached 2.32 million units in April, down 12.7% from a month ago but up 11.5% from a year ago. This brought the January-April...Read More
Three-month base metals prices on the London Metal Exchange gave a mixed performance on the morning of Friday May 11, with the complex averaging a slight 0.1% gain as at 06.42 am London time. Copper and aluminium were down by 0.2% and 0.4% respectively, nickel and zinc were little changed, while lead (+0.7) and tin (+0.3%) were the complex’s strongest performers. But with a total trading volu...Read More
SHANGHAI, May 11 (SMM) – Buyers in the spot zinc market in China showed a preference over lower-priced imported materials amid sufficient supply on Friday May 11, SMM learned.Trading liquidity was flat from the previous day as most downstream customers purchased on demand without stockpiling intention. In addition, some smelters were reluctant to let go cargoes at a lower price.In Shanghai,...Read More
SHANGHAI, May 11 (SMM) – Major copper ore producing countries including Chile, Peru and Zambia have raised their output forecast by 700,000 mt this year following higher production registered in the first quarter.In 2017, the total output of these three countries accounted for 44.3% of global copper ore production. SMM expects global copper ore output growth to reach 3.3% this year...Read More
SHANGHAI, May 11 (SMM) –Copper: The US dollar fell as the US consumer-price inflation growth for April missed expectations. Crude oil prices extended its gains as closing prices registered a new high since 2014, and this buoyed copper prices. LME copper surged overnight with a higher trading range, and now stands among moving averages. The SHFE 1807 contract cli...Read More
SHANGHAI, May 11 (SMM) –Copper: The US dollar fell as the US consumer-price inflation growth for April missed expectations. Crude oil prices extended its gains as closing prices registered a new high since 2014, and this buoyed copper prices. LME copper surged overnight with a higher trading range, and now stands among moving averages. The SHFE 1807 contract cli...Read More