SHANGHAI, May 10 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index hit yet another new four-month high at 93.42 overnight amid the rising treasury yields. It then came off a little but remained above 93. It closed at 93.09, up 0.03%.The two-year treasury yield hit 2.53%, its highest level since September 8, 2008, while...Read More
SHANGHAI, May 10 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index hit yet another new four-month high at 93.42 overnight amid the rising treasury yields. It then came off a little but remained above 93. It closed at 93.09, up 0.03%.The two-year treasury yield hit 2.53%, its highest level since September 8, 2008, while...Read More
The latest news and price moves to start the Asian day on Thursday May 10.Base metals prices on the London Metal Exchange were firm at the close of trading on Wednesday May 9, with copper's 1% climb leading a positive afternoon surge across the complex. Read more in our live futures report.Here are how prices looked at Wednesday's close:Latin American steelmaker Gerdau sees the results of the...Read More
The latest news and price moves to start the Asian day on Thursday May 10.Base metals prices on the London Metal Exchange were firm at the close of trading on Wednesday May 9, with copper's 1% climb leading a positive afternoon surge across the complex. Read more in our live futures report.Here are how prices looked at Wednesday's close:Latin American steelmaker Gerdau sees the results of the...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
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
Brazil-focused Canadian vanadium producer Largo Resources has reaped the benefits of strong vanadium pentoxide prices in the three months to March 31, with the company reporting its highest ever quarterly net income in its financial report published on Monday May 7. Largo declared a net income of $45.8 million in the first quarter of 2018, while revenues rose 210% year on year in the same period t...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
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
Chinese aluminum ingot ADC 12 export prices to main Japanese ports (MJP) hit a six-week high on Wednesday May 9 following the one-month ban on US scrap imports to China, while consumers have looked for alternatives amid rising Chinese prices. Metal Bulletin's price assessment for Chinese aluminium alloy ADC 12 delivered to MJPs jumped to $2,000-2,100 per tonne on Wednesday from $1,970-1990 pe...Read More
Silver futures would complement the gold futures that already trade on Hong Kong Exchanges & Clearing (HKEX), chief executive officer Charles Li said in an interview with Metal Bulletin ahead of LME Asia Week.As well, the London Metal Exchange is considering options for LME precious metals as well as hot-rolled coil contracts, Li added.The LME and the World Gold Council teamed up to launch the LME...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 a...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
China's domestic hot-rolled coil prices weakened further on Thursday May 10 amid low trading activity. DomesticEastern China (Shanghai): 4,170-4,200 yuan ($655-659) per tonne, widened downward by 10 yuan per tonneNorthern China (Tianjin): 4,010-4,030 yuan per tonne, down 20 yuan per tonneDemand remained weak in the morning amid losses in the futures market, which led to a slight price decrease in....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
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