The Turkish steel mills prefer to stay out of the deep-sea scrap market for a second consecutive week this week because of the approach of the Islamic holy month of Ramadan and the current low demand for their finished steel products, sources said on Monday May 14.The mills booked a number of deep-sea cargoes in the week before last, and are still expected to buy more scrap for delivery in May. Bu...Read More
Turkish domestic scrap prices have shown mixed dynamics over the past week with auto bundle scrap prices going up while ship scrap prices weakened, sources said on Monday May 14.A number of steel mills have raised their auto bundle scrap prices because of strengthening demand, with the country's steel producers being quiet in the deep-sea scrap import markets.Alloy long steel producer Asil ??elik...Read More
Trading activity remained thin in the physical iron ore market on Monday May 14, though prices rose amid gains in the steel and futures segments.Metal Bulletin 62% Fe Iron Ore Index: $68.93 per tonne cfr Qingdao, up by $1.51 per tonne Metal Bulletin 58% Fe Premium Index: $55.70 per tonne cfr Qingdao, up by $0.63 per tonne Metal Bulletin 65% Fe Iron Ore Index: $87.20 per tonne cfr Qingdao, up by $1...Read More
Italian steelmaker Acciaierie Venete has suspended production at its Padova plant in Northern Italy after four employees were injured by molten steel from a defective ladle carrying the material on May 13.Long steel production at the plant has stopped while an investigation into the accident, which also caused a fire at the plant, takes place.The company hopes to restart its rolling mill by Tuesda...Read More
Prices in the Black Sea billet export market picked up by $9 per tonne over the week ended Monday May 14 with customers accepting higher prices from CIS-region suppliers, Metal Bulletin has learnt.The fact that the US threatened last week to reimpose international trading sanctions on Iran, which may result in reduced billet export volumes from the Middle Eastern country, gave additional support t...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade. Aurora Cannabis (ACB $8.07) made a share exchange takeover offer for MedReleaf (LEAF $24.90) valued at $3.2 billion.Xerox fell $1.47 to $28.70 after dropping its merger plans with Fujifilm. JP Morgan downgraded the stock to Neutral from Overweight. Lululemon added $0.63 to $98.54 after JP...Read More
China's domestic rebar prices were mixed on Monday May 14, with those in east China remaining unchanged while the northern region pushed through increase. Export prices also rose slightly amid higher bids. Domestic Eastern China (Shanghai): 3,960-4,010 yuan ($625-633) per tonne, unchanged Northern China (Beijing): 3,930-3,970 yuan per tonne, up 30 yuan per tonne The frequent but slight changes exp...Read More
SHANGHAI, May 14 (SMM) – Most nonferrous metals rose and closed higher on Monday May 14. SHFE nickel surged 2.4%, lead gained 1.3% and tin and copper inched up. SHFE aluminium and zinc edged down.The ferrous complex rose across the board with coke leading the gains with an increase of 2.3%. Iron ore jumped 2.2%, coking coal rose 0.7% with rebar and hot-rolled coil inched up.Copper: As longs...Read More
SHANGHAI, May 14 (SMM) – Most nonferrous metals rose and closed higher on Monday May 14. SHFE nickel surged 2.4%, lead gained 1.3% and tin and copper inched up. SHFE aluminium and zinc edged down.The ferrous complex rose across the board with coke leading the gains with an increase of 2.3%. Iron ore jumped 2.2%, coking coal rose 0.7% with rebar and hot-rolled coil inched up.Copper: As longs...Read More
SHANGHAI, May 14 (SMM) – Most nonferrous metals rose and closed higher on Monday May 14. SHFE nickel surged 2.4%, lead gained 1.3% and tin and copper inched up. SHFE aluminium and zinc edged down.The ferrous complex rose across the board with coke leading the gains with an increase of 2.3%. Iron ore jumped 2.2%, coking coal rose 0.7% with rebar and hot-rolled coil inched up.Copper: As longs...Read More
Both the European spot and Chinese export ammonium paratungstate markets continued to move higher last week amid concerns of supply disruptions due to continued environmental inspections in China. Concerns over disruptions at ammonium paratungstate smelters in Jiangxi province, a major production hub, continue More inquiries were seen in the European spot and Chinese export markets for ammo...Read More
SHANGHAI, May 14 (SMM) –Copper: Copper prices saw steady gains last Friday night on a weakened US dollar. LME copper stood above all moving averages with strong support, and it is expected to trade at $6,900-6,960/mt today. The SHFE 1807 copper contract stood above the 20-day moving average with pressure from the 60-day moving average. We see it trading at 51,400-51,800 yuan/mt during the da...Read More
SHANGHAI, May 14 (SMM) – SMM takes a bearish outlook on nickel prices in May and June as optimism from nickel sulphate for the battery industry weakened. Whether pressure will emerge from the nickel pig iron (NPI) side in the stainless steel industry remains to be seen.The price gap between China's battery-grade nickel sulphate in nickel content and nickel cathode will continue to n...Read More
SHANGHAI, May 14 (SMM) – China’s zinc social inventories inched up slightly over the weekend with the inflow of imported materials, SMM found.The overall zinc inventories in warehouses across Shanghai, Tianjin and Guangdong rose 3,300 mt to 139,400 mt as of Monday May 14, SMM data showed. This is up from 136,100 on Friday May 11.The inventories in Guangdong and Tianjin declined ab...Read More
Afarak has confirmed a first-quarter loss of ?,?700,000 ($836,000) due to lower ferro-chrome prices, higher costs and a stronger South African rand.The London and Helsinki-listed mining and metallurgical group, which owns the Mogale ferro-alloys plant in South Africa, reported negative earnings before interest, tax, depreciation and amortization (Ebitda) of ?,?700,000 compared with positive Ebitda...Read More
SHANGHAI, May 14 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index fell after rising to a four-month high last week, gaining 0.01% week on week to stand at 92.84 last Friday due to a moderate US consumer price index (CPI).Base metals mostly strengthened last Friday as a result. Both LME and SHFE copper went up sligh...Read More
SHANGHAI, May 14 (SMM) –Copper: Copper prices saw steady gains last Friday night on a weakened US dollar. LME copper stood above all moving averages with strong support, and it is expected to trade at $6,900-6,960/mt today. The SHFE 1807 copper contract stood above the 20-day moving average with pressure from the 60-day moving average. We see it trading at 51,400-51,800 yuan/mt during the da...Read More
SHANGHAI, May 14 (SMM) –Copper: Copper prices saw steady gains last Friday night on a weakened US dollar. LME copper stood above all moving averages with strong support, and it is expected to trade at $6,900-6,960/mt today. The SHFE 1807 copper contract stood above the 20-day moving average with pressure from the 60-day moving average. We see it trading at 51,400-51,800 yuan/mt during the da...Read More
SHANGHAI, May 14 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index fell after rising to a four-month high last week, gaining 0.01% week on week to stand at 92.84 last Friday due to a moderate US consumer price index (CPI).Base metals mostly strengthened last Friday as a result. Both LME and SHFE copper went up sligh...Read More
SHANGHAI, May 14 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index fell after rising to a four-month high last week, gaining 0.01% week on week to stand at 92.84 last Friday due to a moderate US consumer price index (CPI).Base metals mostly strengthened last Friday as a result. Both LME and SHFE copper went up sligh...Read More