Physical iron ore prices were rangebound on Thursday May 3 amid mixed signals from the futures and steel markets.Metal Bulletin 62% Fe Iron Ore Index: $66.87 tonne cfr Qingdao, down by $0.11 per tonne Metal Bulletin 58% Fe Premium Index: $56.02 per tonne cfr Qingdao, up by $0.08 per tonne Metal Bulletin 65% Fe Iron Ore Index: $85.30 per tonne cfr Qingdao, unchanged Metal Bulletin 62% Fe China Port...Read More
The price of steel billet imported into Egypt increased slightly this week while local rebar prices were unchanged, sources told Metal Bulletin on Thursday May 3.The country's biggest producer, Ezz Steel, is still offering rebar at E ?12,528 ($707) per tonne ex-works, including 14% VAT, while Beshay Steel, also a major domestic producer, is offering rebar...Read More
China's domestic rebar prices maintained their upward trend on Thursday May 3 following positive futures in the morning trading session. Domestic Eastern China (Shanghai): 4,060-4,100 yuan ($638-644) per tonne, up 40 yuan per tonneNorthern China (Beijing): 3,910-3,940 yuan per tonne, up 40 yuan per tonneThe most-traded October rebar futures contract rose above Wednesday's settlement price of...Read More
By Peter KennedyThe Moa nickel-cobalt operation, a 50-50 joint venture with the Cuban government. Source Sherritt International Inc.Nickel is back on investor radar screens amid hopes that growing electric vehicle demand will boost consumption of the base metal.That's good news for Sherritt International Inc. [S-TSX] a Toronto-based company that is engaged in a nickel mining joint venture with the...Read More
European spot prices for molybdic oxide and ferro-molybdenum dropped this week while May public holidays took place across much of the continent but trading activity is likely to pick back up in the near term, sources said.Consumers in the steel sector are due to issue tenders for prompt delivery, which should provide near-term direction for spot prices, they said. Prices have been generally drift...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 7 point in pre-opening trade. Index futures moved lower following release of economic news at 8:30 AM EDT. Consensus for first quarter Productivity was an increase of 1.0%. Actual was an increase of 0.7%. Consensus for Weekly Jobless Claims was an increase to 220,000 from 209,000 last week. Actual was 211,000. Consens...Read More
SHANGHAI, May 3 (SMM) – Nonferrous metals futures mostly inched up except for zinc on Thursday May 3. SHFE aluminium rose nearly 1%, while copper, lead, nickel, and tin went up slightly.The ferrous complex also rose for the most part. Coke gained over 1.5%, coking coal and iron ore grew more than 1%. Hot-rolled coil fell nearly 1%, and rebar edged down.Aluminium: As LME aluminium g...Read More
SHANGHAI, May 3 (SMM) – Just one company received approval to import copper scrap in the 11th batch of approvals for restricted solid scrap material imports released on Thursday May 3, SMM learned.The company, located in Qingyuan city in Guangdong province, was approved to import 6,862 mt of copper scrap this year. Overall approved copper scrap imports in the 11 batches this y...Read More
SHANGHAI, May 3 (SMM) – Nonferrous metals futures mostly inched up except for zinc on Thursday May 3. SHFE aluminium rose nearly 1%, while copper, lead, nickel, and tin went up slightly.The ferrous complex also rose for the most part. Coke gained over 1.5%, coking coal and iron ore grew more than 1%. Hot-rolled coil fell nearly 1%, and rebar edged down.Aluminium: As LME aluminium g...Read More
Base metals prices on the London Metal Exchange were for the most part little changed on the morning of Thursday May 3, with copper prices up just 0.1% at $6,825 per tonne. The exceptions were zinc prices, which were down 1% at $3,080 per tonne and lead prices that were up 0.5% at $2,290 per tonne. Volume on the LME has been average, with 6,196 lots traded as of 07:02 am London time. This follows...Read More
Vancouver, British Columbia, Canada – Canada Zinc Metals Corp. (the “Company”, TSX Venture Exchange: CZX) is pleased to announce that the Company will change its name from “Canada Zinc Metals Corp.” to “ZincX Resources Corp.” and will commence trading on the TSX Venture Exchange under the new name and the new stock symbol “ZNX” beginning Monday...Read More
SHANGHAI, May 3 (SMM) –Copper: As the US dollar index rebounded to a fresh high, LME copper traded rangebound overnight and SHFE copper’s trading range fell slightly. We expect LME copper to trade at $6,770-6,820/mt today with the SHFE 1806 contract at 50,800-51,200 yuan/mt. In the physical market, offers are stabilising as futures consolidate. Spot discounts are seen at 60-20 yuan/mt....Read More
SHANGHAI, May 3 (SMM) – An inflow of imported zinc is likely to weigh on domestic prices after the arbitrage window opened in May.Several factors contributing to the opening of the arbitrage window include a delivery of 56,500 mt into LME warehouses last month, a declining social inventory in China amid the high season, and the value-added tax (VAT) cut in China. This has led the SHFE/LME pr...Read More
SHANGHAI, May 3 (SMM) – Nonferrous metals futures mostly inched up except for zinc on Thursday May 3. SHFE aluminium rose nearly 1%, while copper, lead, nickel, and tin went up slightly.The ferrous complex also rose for the most part. Coke gained over 1.5%, coking coal and iron ore grew more than 1%. Hot-rolled coil fell nearly 1%, and rebar edged down.Aluminium: As LME aluminium g...Read More
SHANGHAI, May 3 (SMM) –Copper: As the US dollar index rebounded to a fresh high, LME copper traded rangebound overnight and SHFE copper’s trading range fell slightly. We expect LME copper to trade at $6,770-6,820/mt today with the SHFE 1806 contract at 50,800-51,200 yuan/mt. In the physical market, offers are stabilising as futures consolidate. Spot discounts are seen at 60-20 yuan/mt....Read More
SHANGHAI, May 3 (SMM) – Spot copper in the Shanghai market was offered at a discount of 50-10 yuan/mt against the SHFE 1805 contract on the morning of Thursday May 3, SMM learned.This is down from a discount of 20 yuan/mt to a premium of 20 yuan/mt in the previous morning. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our re...Read More
SHANGHAI, May 3 (SMM) –Copper: As the US dollar index rebounded to a fresh high, LME copper traded rangebound overnight and SHFE copper’s trading range fell slightly. We expect LME copper to trade at $6,770-6,820/mt today with the SHFE 1806 contract at 50,800-51,200 yuan/mt. In the physical market, offers are stabilising as futures consolidate. Spot discounts are seen at 60-20 yuan/mt....Read More
Export prices for pig iron from the Commonwealth of Independent States have weakened again because of low demand in key markets, sources have told Metal Bulletin.Trading activity was also affected by May Day public holidays in Europe and the CIS region.Metal Bulletin's export price assessment for high-manganese pig iron from the CIS region was $365-385 per tonne fob Black Sea on Thursday May 3, na...Read More
Base metals on the London Metal Exchange were mostly lower at the close of trading on Thursday May 3, with zinc breaking below $3,000 per tonne and diving to its lowest point since August 2017. Zinc kept steady early in the day but took a 1.3% drop prior to the close after spending much of the week consolidating around the $3,050-$3,100-per-tonne mark.A delivery of more than 60,000 tonnes was ship...Read More
Nyrstar's earnings before interest, taxes, depreciation, and amortization (Ebitda) for the first quarter of 2018 fell by ?,?3 million ($3.6 billion) or 5.5% year on year to ?,?54 million, the company said on Thursday May 3. Despite benefitting from a 23% increase in zinc prices, after London Metal Exchange prices rallied to a high of $3,259 per tonne, and ramp-up of the Middle Tennessee Mines, Nyr...Read More