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) – Traders continued to lower offers in China’s spot zinc market on Thursday May 10 as supply of imported zinc increased, SMM learned.Trading liquidity picked up slightly as the SHFE zinc 1806 contract fell and closed at 23,855 yuan/mt at mid-day. But most downstream buyers still took a watch-and-wait stance.In Shanghai, #0 zinc mostly traded at 23,920-24,000 yuan...Read More
SHANGHAI, May 10 (SMM) –Copper: LME copper rebounded to a high of $6,810/mt from a low of $6,766/mt during the European trading session overnight. The SHFE 1807 contract traded rangebound overnight. Its trading level nudged up and hit the five-day moving average. We expect LME copper to trade at $6,800-6,850/mt today with SHFE 1807 contract at 50,900-51,300 yuan/mt. Spot premiums are seen to...Read More
SHANGHAI, May 10 (SMM) –Copper: LME copper rebounded to a high of $6,810/mt from a low of $6,766/mt during the European trading session overnight. The SHFE 1807 contract traded rangebound overnight. Its trading level nudged up and hit the five-day moving average. We expect LME copper to trade at $6,800-6,850/mt today with SHFE 1807 contract at 50,900-51,300 yuan/mt. Spot premiums are seen to...Read More
SHANGHAI, May 10 (SMM) –Copper: LME copper rebounded to a high of $6,810/mt from a low of $6,766/mt during the European trading session overnight. The SHFE 1807 contract traded rangebound overnight. Its trading level nudged up and hit the five-day moving average. We expect LME copper to trade at $6,800-6,850/mt today with SHFE 1807 contract at 50,900-51,300 yuan/mt. Spot premiums are seen to...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
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
Alcoa and Rio Tinto have set up a joint-venture firm with investment from the governments of Canada and the Canadian province of Quebec as well as technology firm Apple to license and sell technology creating carbon-free aluminium.The new company, Elysis, will receive funding totaling Canadian $188 million ($146 million) and will be headquartered in Montreal with a research facility in Quebec's Sa...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
Base metals on the London Metal Exchange were mixed at the close of trading on Thursday May 10, with copper climbing 1.5% while tin's three-month price dipped 1.3%.Despite dropping 0.38%, the US dollar reached a fresh 2018 high of 93.42 this week, with mixed reactions across the base metals complex. The US currency gained momentum in the run-up to president Trump's announcement that the US wi...Read More
The latest metal markets news and price moves to start the North American day on Thursday May 10.Copper prices rallied to a three-week high on the London Metal Exchange during morning trading on Thursday May 10, with falling stocks continuing to boost prices.On-warrant stocks for the red metal now sit at 230,575 tonnes after 15 consecutive days of decline - leaving available stocks at their lowest...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday May 10.Base metals prices on the Shanghai Futures Exchange were mostly up during Asian morning trading on Thursday, with copper leading the rest of the complex, except aluminium and lead, higher.Check Metal Bulletin's live futures report here.LME snapshot at 03.55 am London timeLatest...Read More
Base metals on the London Metal Exchange were mixed at the close of trading on Thursday May 10, with copper climbing 1.5% while tin's three-month price dipped 1.3%.Despite dropping 0.38%, the US dollar reached a fresh 2018 high of 93.42 this week, with mixed reactions across the base metals complex. The US currency gained momentum in the run-up to president Trump's announcement that the US wi...Read More
The London Metal Exchange is maintaining the status quo on its treatment of Iranian aluminium brand Iralco after the United States said this week that it will reintroduce nuclear-related sanctions on Iran, the bourse said in a notice to members on Thursday May 10. "The LME does not propose any action in respect of Iralco brand metal at this time. The LME will continue to monitor the situation and...Read More
A 109-day queue for aluminium out of the ISTIM warehouse in Port Klang developed last month following a series of large cancelations on the London Metal Exchange, according to LME data released on Thursday May 10. On-warrant aluminium stocks in Port Klang fell 66% during April leaving just 110,496 of available stock at the ISTIM warehouse. The cancelations followed the announcement of US sanctions...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
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
Chilean copper mine production rose 30.8% in March from a year ago, a recovery from when the country's output was severely affected by the 44-day strike at the Escondida mine.Production from all Chilean mines of 487,900 tonnes in March was up from 373,100 tonnes in the corresponding month of 2017, according to the latest figures published by Chilean copper commission Cochilco.This mostly reflects...Read More
Democratic Republic of the Congo (DRC) miner Gecamines' push to dissolve Katanga Mining Ltd subsidiary Kamoto Copper Company (KCC) has been delayed according to a release from Katanga on Tuesday May 8. Glencore-owned Katanga received a decision from the DRC Supreme Court allowing KCC to challenge the competency of the Kolwezi Commercial Court to rule on litigation regarding the dissolution of...Read More