Chinese ferrous futures remained subdued during morning trading on Thursday May 10, ending the session little changed from their opening prices after the physical steel and iron ore markets weakened a day earlier.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,587 yuan ($564) per tonne, unchanged October hot-rolled coil: 3,682 yuan per tonne, down 5 yuan per ton...Read More
Import rod markets have been quiet in the United States, with traders still hesitant to close on cargoes due to ongoing uncertainty around Section 232 exemptions. American Metal Market kept its assessment of import rod prices steady, at $600-635 per ton ($661-700 per tonne), flat from two weeks ago. The price has been unchanged since February 28, when traders grew concerned about future cargoes be...Read More
US wire rod mills have shrugged off a $10-per-gross-ton decline in Chicago shredded scrap to keep steel rod prices flat, market participants said. American Metal Market kept its domestic industrial-quality rod price flat, at $38-$40 per hundredweight, in an assessment on Wednesday May 9. Buyers polled by American Metal Market saw prices in a range of $37-41.50 per cwt, although the $37 per cw...Read More
Buying activity in the European long steel markets is likely to remain cautious because of weak demand and relatively high stock levels among consumers, market sources told Metal Bulletin this week.Rebar consumption is expected to rise with the weather improving through May and construction projects ramping up, but public holidays in several areas across Europe during the month could damp any poss...Read More
The export market for pig iron from the Commonwealth of Independent States was quiet this week because sellers and buyers preferred to wait to see whether prices would fall, sources told Metal Bulletin on Thursday May 10."The busheling-grade scrap price in the United States didn't decrease, while shredded scrap went down by $10-20 [per tonne] in May. That could cause a reduction in pig iron prices...Read More
Turkish steel mills have extended their absence from the deep-sea scrap markets due to increasing offer prices and sluggish finished steel demand in the country's export markets, sources said on Thursday May 10.The mills were expected to book more cargoes for May to replenish their low stock levels, but instead they decided to fall silent with the latest increase in prices.A steel mill in the Marm...Read More
Iron ore prices at ports in China softened on Thursday May 10 while those for seaborne cargoes picked up some strength.Metal Bulletin 62% Fe Iron Ore Index: $66.83 per tonne cfr Qingdao, up by $0.37 per tonne Metal Bulletin 58% Fe Premium Index: $54.40 per tonne cfr Qingdao, up by $0.11 per tonne Metal Bulletin 65% Fe Iron Ore Index: $85.20 per tonne cfr Qingdao, unchangedMetal Bulletin 62% Fe Chi...Read More
Turkish billet prices have remained stable over the past week with demand for material being very limited, sources said on Thursday May 10.The billet mills in the CIS region tried to increase their offer prices, in line with the uptick in Turkish imported scrap prices. But, due to poor demand for rebar, none of the customers...Read More
The price of imported steel billet and local rebar prices have been mostly unchanged in Egypt this week, sources told Metal Bulletin on Thursday May 10.The country's rebar biggest producer, Ezz Steel, is still offering material at E ?12,528 ($705) per tonne ex-works, including 14% VAT, while Beshay Steel, also a major domestic producer, is offering rebar at E ?12,525 per tonne ex-works including 1...Read More
China's domestic rebar prices continued to trend downward on Thursday May 10 amid persistently weak demand. Domestic Eastern China (Shanghai): 3,890-3,940 yuan ($611-619) per tonne, down 60 yuan per tonneNorthern China (Beijing): 3,870-3,920 yuan per tonne, down 10 yuan per tonne Rebar futures were trading below Wednesday's settlement price of 3,596 yuan per tonne for most of the day before c...Read More
Chinese ferrous futures remained subdued during morning trading on Thursday May 10, ending the session little changed from their opening prices after the physical steel and iron ore markets weakened a day earlier.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,587 yuan ($564) per tonne, unchanged October hot-rolled coil: 3,682 yuan per tonne, down 5 yuan per ton...Read More
Base metals prices on the London Metal Exchange were more negative than positive on the morning of Thursday May 10, with all of the metals, except for tin (+0.2%) and lead (0.0%), down by an average 0.6%. Aluminium prices led the decline with a 1.1% drop to $2,330 per tonne, while copper prices were down by 0.1% at $6,811 per tonne. Volume on the LME has been below average, with 4,769 lots traded...Read More
East Asia's stainless steel market strengthened slightly over the past week, with elevated nickel prices keeping mills under pressure to raise their offers.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm trimmed cold-rolled coil was $2,230-2,310 per tonne cif East Asian ports for the week ended Wednesday May 9, up $10-60 per tonne from a week earlier. Metal Bulletin's assessm...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade. The British Pound moved slightly lower after the Bank of England maintained its overnight lending rate at 0.5%.Index futures moved slightly higher following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was 220,000 versus 211,000 last week. Actual was 211,00...Read More
SHANGHAI, May 10 (SMM) – Nonferrous metals futures inched up for the most part on Thursday May 10. Tin gained nearly 0.5%, while copper, zinc, and lead went up slightly. Aluminium edged down, and nickel fell close to 0.4%.The ferrous complex rose across the board except for iron ore, which lost over 0.4%. Hot-rolled coil gained nearly 1%, while rebar, coking coal, and coke edged up.Copper: T...Read More
SHANGHAI, May 10 (SMM) – Nonferrous metals futures inched up for the most part on Thursday May 10. Tin gained nearly 0.5%, while copper, zinc, and lead went up slightly. Aluminium edged down, and nickel fell close to 0.4%.The ferrous complex rose across the board except for iron ore, which lost over 0.4%. Hot-rolled coil gained nearly 1%, while rebar, coking coal, and coke edged up.Copper: T...Read More
SHANGHAI, May 10 (SMM) – Nonferrous metals futures inched up for the most part on Thursday May 10. Tin gained nearly 0.5%, while copper, zinc, and lead went up slightly. Aluminium edged down, and nickel fell close to 0.4%.The ferrous complex rose across the board except for iron ore, which lost over 0.4%. Hot-rolled coil gained nearly 1%, while rebar, coking coal, and coke edged up.Copper: T...Read More
SHANGHAI, May 10 (SMM) – Spot copper was mostly offered at a premium of 10-100 yuan/mt over the SHFE 1805 contract on Thursday May 10 in the Shanghai market. This compared with a premium of 20-100 yuan/mt on the previous day. Transactions of high-quality copper cooled from the previous days, with cargoes mostly offered at a premium of 80 yuan/mt, SMM learned. Trading of standard-quality...Read More
SHANGHAI, May 10 (SMM) – Sales of new-energy passenger vehicles in China came in at 73,145 units in April, up 150% year on year and up 31.3% month on month, according to data from China Passenger Car Association (CPCA) released on Wednesday May 9.The jump in April suggested a continuous growing demand, Cui Dongshu, secretary general at CPCA, was quoted as saying in local media reports.The A0...Read More
SHANGHAI, May 10 (SMM) – Sales of new-energy passenger vehicles in China came in at 73,145 units in April, up 150% year on year and up 31.3% month on month, according to data from China Passenger Car Association (CPCA) released on Wednesday May 9.The jump in April suggested a continuous growing demand, Cui Dongshu, secretary general at CPCA, was quoted as saying in local media reports.The A0...Read More