Turkish steel producers have resumed their deep-sea scrap purchases, trading two US shipments and a UK cargo in the past few days, sources said on Tuesday May 8.The mills in the country were waiting until the International Rebar Producers & Exporters Association (Irepas) conference in Warsaw, which ends today, to see which direction the market moves, and decided to pay slightly higher prices for d...Read More
Physical iron ore trading and prices stayed tepid on Tuesday May 8 despite gains in the futures market.Metal Bulletin 62% Fe Iron Ore Index: $66.80 per tonne cfr Qingdao, down by $0.46 per tonne Metal Bulletin 58% Fe Premium Index: $55.54 per tonne cfr Qingdao, down by $0.02 per tonne Metal Bulletin 65% Fe Iron Ore Index: $85.20 per tonne cfr Qingdao, down by $0.10 per tonneMetal Bulletin 62% Fe C...Read More
Chinese ferrous futures mostly increased during morning trading on Tuesday May 8, with the exception of the coking coal and coke contracts, which fell slightly.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,658 yuan ($575) per tonne, up 3 yuan per tonneOctober hot-rolled coil: 3,752 yuan per tonne, up 10 yuan per tonneDalian Commodity Exchange September iron or...Read More
Global steel slab prices decreased in April, but trading remained weak in all regions due to poor demand and uncertainty about how the market will develop after the Section 232 trade investigation in the United States.Southeast AsiaIn Southeast Asia, slab offers started to come down early in May, but market participants believe that the current prices are still high.Despite lower offers, no large...Read More
Eastern China's domestic rebar prices maintained their downward trend on Tuesday May 8 due to softer demand, while in northern China prices were flat in stable trading.Domestic Eastern China (Shanghai)): 3,980-4,030 yuan ($625-633) per tonne, down 20 yuan per tonneNorthern China (Beijing): 3,890-3,940 yuan per tonne, unchangedIn eastern China, demand decreased for a second day because end use...Read More
Chinese ferrous futures mostly increased during morning trading on Tuesday May 8, with the exception of the coking coal and coke contracts, which fell slightly.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,658 yuan ($575) per tonne, up 3 yuan per tonneOctober hot-rolled coil: 3,752 yuan per tonne, up 10 yuan per tonneDalian Commodity Exchange September iron or...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points in pre-opening trade. First quarter reports continue to pour in. Reporting companies since yesterday's close included AMC Entertainment, Crocs, Dean Foods, Discovery, Dish, George Weston, Hertz, Jacobs Engineering, Mosaic, Nutrien, SeaWorld, Valeant, WestJet and Zillow.The Canadian Dollar was virtually unchan...Read More
SHANGHAI, May 8 (SMM) – Nonferrous metals futures rose for the most part on Tuesday May 8 but at slower rates from the previous day. SHFE zinc led the gains with an increase of 1.34%, lead grew over 1% and aluminium and copper inched up. Nickel fell from highs to close nearly 1% higher. Tin dipped nearly 0.9% from Monday.The ferrous complex saw mixed&n...Read More
SHANGHAI, May 8 (SMM) – Nonferrous metals futures rose for the most part on Tuesday May 8 but at slower rates from the previous day. SHFE zinc led the gains with an increase of 1.34%, lead grew over 1% and aluminium and copper inched up. Nickel fell from highs to close nearly 1% higher. Tin dipped nearly 0.9% from Monday.The ferrous complex saw mixed&n...Read More
Chinese ferro-vanadium and vanadium pentoxide (V2O5) offers softened on limited export activity this past week, while the European markets were stagnant on a lack of spot market demand. Chinese vanadium export activity limited, offering prices slideEuropean vanadium markets inactive, prices flat US ferro-vanadium spot market activity picks up, prices narrow The Chinese ferro-vanadium export market...Read More
SHANGHAI, May 8 (SMM) – Nonferrous metals futures rose for the most part on Tuesday May 8 but at slower rates from the previous day. SHFE zinc led the gains with an increase of 1.34%, lead grew over 1% and aluminium and copper inched up. Nickel fell from highs to close nearly 1% higher. Tin dipped nearly 0.9% from Monday.The ferrous complex saw mixed&n...Read More
Chinese ferro-silicon prices were stable last week, but shortened supply and more active trading suggest an uptick in pricing ahead. Chinese domestic market sees active trading, short supplyEuropean prices slide on thin trading activity US spot market stable amid spot inactivity Chinese domestic ferro-silicon market supported by tight supplyChinese domestic ferro-silicon prices were stable last we...Read More
SHANGHAI, May 8 (SMM) – China’s imports of unwrought copper and copper products rose 46% year on year in April as demand for refined copper was bolstered by tighter supplies of copper scrap imports, SMM believed.China imported 439,000 mt of unwrought copper and copper products in April, flat from March, according to data from China Customs. Imports of unwrought copper and cop...Read More
SHANGHAI, May 8 (SMM) –Copper: The strong US dollar suppressed copper prices overnight. The SHFE 1807 contract fell to a low of 51,220 yuan/mt from open at 51,630 yuan/mt and closed at 51,250 yuan/mt. SHFE copper now struggles among moving averages with support from the 40-day moving average. We expect the SHFE 1807 contract to trade at 51,150-51,600 yuan/mt today with LME copper at $6,820-6...Read More
SHANGHAI, May 8 (SMM) – In China's spot zinc market on Tuesday May 8, smelters were keener to sell and lowered premiums as the SHFE zinc 1806 contract climbed up in the morning. Buyers mostly purchased as needed. In Shanghai, #0 zinc mostly traded at 23,990-24,120 yuan/mt. The 0# common brands were offered at a premium of 80-160 yuan/mt over the SHFE 1806 contract with 0# Shuan...Read More
Manganese ore prices dropped as much as 8.4% in the past week amid deteriorating downstream demand. Low-grade ore prices fall below $6 per dmtu High-grade ore prices drop more than 4% Chinese alloy prices weaken on poorer demand from mills Indian silico-manganese prices drop Alloy prices hold in Europe, United StatesManganese ore prices sustained heavy losses on Friday May 4 amid poor demand from...Read More
SHANGHAI, May 8 (SMM) –Copper: The strong US dollar suppressed copper prices overnight. The SHFE 1807 contract fell to a low of 51,220 yuan/mt from open at 51,630 yuan/mt and closed at 51,250 yuan/mt. SHFE copper now struggles among moving averages with support from the 40-day moving average. We expect the SHFE 1807 contract to trade at 51,150-51,600 yuan/mt today with LME copper at $6,820-6...Read More
SHANGHAI, May 8 (SMM) – Henan Yuguang Zinc plans to suspend a production line from May 10 to June 9 for routine maintenance of production equipment, SMM learned.About 10,000 mt of output is likely to be affected during the month-long suspension. The company will continue to supply long-term contracts while other orders will be halted. For editorial queries, please contact...Read More
SHANGHAI, May 8 (SMM) – SHFE zinc climbed up unexpectedly on Monday May 7 as it traded without being weighed down by its LME counterpart, and as risk-taking sentiment in the market recovered after the US-China trade negotiations.The SHFE zinc index gained 2.49% during the day on May 7 as shorts reduced their positions with a total of 25,700 lots of decline in the SHFE zinc index. Suppor...Read More
SHANGHAI, May 8 (SMM) –Copper: The strong US dollar suppressed copper prices overnight. The SHFE 1807 contract fell to a low of 51,220 yuan/mt from open at 51,630 yuan/mt and closed at 51,250 yuan/mt. SHFE copper now struggles among moving averages with support from the 40-day moving average. We expect the SHFE 1807 contract to trade at 51,150-51,600 yuan/mt today with LME copper at $6,820-6...Read More