Last week's delivery of more than 60,000 tonnes of zinc into Antwerp's LME-listed warehouses, the largest single inflow since May 2013, has sent the zinc price spiralling lower to fresh 2018 troughs.Zinc's three-month price dropped 1.2% to a low of $2,970 per tonne during morning trading on Friday May 4, and finished the day 2.7% higher at $3,055 per tonne.Yet in response to the spike in inventori...Read More
Iron ore futures on the Dalian Commodity Exchange have gained increasing influence over the physical market since listing in 2013. Their trading volume reached 657.49 million lots, or 65.749 billion tonnes in 2017, down 3.95% on the year, according to the exchange. China imported 1.075 billion tonnes of iron ore last year, a year-on-year increase of 5%, the National Bureau of Statistics reported....Read More
Base metals on the London Metal Exchange ended the week on a high at the close of trading on Friday May 4, with aluminium's three-month price rocketing 3.5% over the day. The light metal found support during the afternoon, rebounding to a high of $2,367.50 per tonne. Aluminium's cash/three-month spread moved from a backwardation of $1 per tonne earlier in the day, to $20.50b per tonne by clos...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsKorea Zinc, the world's largest custom zinc smelter by volume, has agreed to annual zinc concentrate supply contracts based on the treatment charges (TCs) set between Teck Resources and European smelters, Metal Bulletin understands.South Africa and New Zealand's non-exemption from the...Read More
Glencore attributed a year-on-year increase in its first-quarter copper output to the strong performance of its African assets although production fell from the previous quarter due to the impact of smelter maintenance and mines nearing the end of their productive lives.Glencore produced 345,400 tonnes of copper in the first quarter of this year, up 6.57% from a year ago but down 4.9% from the fou...Read More
Last week's delivery of more than 60,000 tonnes of zinc into Antwerp's LME-listed warehouses, the largest single inflow since May 2013, has sent the zinc price spiralling lower to fresh 2018 troughs.Zinc's three-month price dropped 1.2% to a low of $2,970 per tonne during morning trading on Friday May 4, and finished the day 2.7% higher at $3,055 per tonne.Yet in response to the spike in inventori...Read More
In 2017, trading volume on the Shanghai Futures Exchange shrank by almost one fifth to 1.36 billion lots, mainly led by a drop in rebar and bitumen trading, official data shows, yet trading turnover rose by 5.8% to 89.9 trillion yuan ($14.1 trillion). The SHFE's trading turnover accounted for a 47.9% share of China's futures markets, followed by Dalian Commodity Exchange, which accounted for...Read More
Comex copper prices dipped Friday May 4 morning in the US with a rebounding dollar sinking the latest rally.Copper for July settlement on the Comex division of the New York Mercantile Exchange fell 0.55 cents or 0.2% to $3.0750 per lb. Yesterday, Unites States non-ferrous scrap exports to China were brought to a halt on news that the Chinese government has implemented a 30-day suspension on i...Read More
Singapore Exchange (SGX) achieved a record net profit in the January-March quarter of 2018, with revenue from the derivatives business rising on a year-on-year basis. The exchange posted a net profit of S$100 million ($75 million) in the March quarter, up 21% year on year. Revenue stood at S$ 222.2 million in the period, up 10% in an annual comparison. The derivatives business accounted for 41% of...Read More
Trading on CME's new Shanghai copper premium futures contract has paused after an encouraging debut because market participants have been too busy with aluminium amid US duties and sanctions, sources said. But the contract, which was launched in November 2017 and is settled against the monthly average of Metal Bulletin's daily assessments, is still closely monitored for liquidity growth and seen a...Read More
Brazilian slab export prices were unchanged this week, with few deals and offers heard amid uncertainties concerning the United States' Section 232 trade actions. Metal Bulletin's weekly price assessment for Brazilian slab exports was $560-600 per tonne fob on Friday May 4, stable from a week earlier.Sources confirmed that a slab booking was made in late April from Brazil to the United States at a...Read More
Local prices for rebar in Brazil have increased early in May, which reflects efforts by several producers to put upward pressure on the market throughout the year to date.Rebar prices rose by around 8% last month, according to domestic sources.This lifted Metal Bulletin's monthly price assessment for Brazilian rebar to 2,380-2,580 Reais ($671-728) per tonne delivered on Friday May 4 from 2,200-2,4...Read More
Domestic prices for flat steel products in Brazil remained steady at the beginning of May, amid rumors about impending producer price hikes.Metal Bulletin's monthly price assessment for Brazilian hot-rolled coil (HRC) was steady month on month on Friday May 4, at 2,500-2,600 Reais ($705-733) per tonne ex-works.Over the same period, Metal Bulletin's monthly price assessment for Brazilian cold-rolle...Read More
Prices for imports of cold-rolled coil (CRC) into South America dropped in the first few days of trading in May, due to low-priced offers from China, while the prices for hot-rolled coil (HRC) and hot-dipped galvanized coil (HDG) were stable, Metal Bulletin has heard.Offers were placed by Chinese mills in the export market, after the Labor Day holidays on Monday April 30 and Tuesday May 1 in the A...Read More
Domestic prices for rebar in Poland have been unchanged this week because market activity was slow, sources told Metal Bulletin.Market activity was slow due to public holidays in the first half of this week, according to market sources.Metal Bulletin's weekly price assessment for domestic 12mm B500B-grade rebar in Poland was 2,250-2,290...Read More
Key data from the pricing sessions in the week ending Friday May 4. China May tender prices from major stainless steel mills fell by around 500 yuan ($78) per tonne from April, hitting market sentiment. Charge chrome prices were brought down by more than...Read More
The following Metal Bulletin noble alloys, bulk alloys and ores prices changed on Friday May 4:Noble alloysMolybdenum Europe drummed molybdic oxide, $/lb: $12.30-12.40 per lb from $12.30-12.45Molybdenum US canned molybdic oxide, $/Ib $12.20-12.40 per Ib from $12.30-12.50Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $29.30-29.85 per kg from $29.70-30.00Tungsten European free mark...Read More
Chinese battery-grade lithium carbonate spot prices softened for the third consecutive week after cathode makers shifted their attention to preparing for high power and density production, reducing consumption for the lithium compounds. Battery-grade lithium carbonate spot prices fall Cheaper lithium carbonate from Qinghai province said to be major factor Downstream Chinese cathode mak...Read More
Daily PDFs will be downloadable until Monday May 7. After that, because of the UK's early May bank holiday, the next daily PDF will be downloadable on Wednesday May 9. Read More
South African miner Kudumane Manganese Resources (KMR) has delayed deliveries of some of its manganese ore shipments following heavy rains in the country's Northern Cape region.Supplies from the company's mine in Northern Cape will be affected until August, KMR said."The heavy rains did necessitate the rescheduling of one or two shipments over [May-August]," KMR chief executive officer Thembelani...Read More