SHANGHAI, Apr 17 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightAs US treasury yield rates declined, the US dollar index fell 0.41% overnight and hovered around 89.4. Base metals rose across the board, with LME metals driving their SHFE counterparts. LME aluminium rose close to 5% and hit a new high since September 2011 at one...Read More
SHANGHAI, Apr 17 (SMM) –Copper: A fall in the US dollar pushed up copper prices overnight. LME copper stood above the 20-day moving average and touched a high of the 60-day moving average. The SHFE 1806 contract also stood at the 20-day moving average with much upward room. We expect LME copper to trade at $6,850-6,920/mt today and the SHFE contract to trade at 50,500-51,000 yuan/mt. Spot pr...Read More
Bears react to SRB destocking news ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as soon...Read More
SHANGHAI, Apr 17 (SMM) –Copper: A fall in the US dollar pushed up copper prices overnight. LME copper stood above the 20-day moving average and touched a high of the 60-day moving average. The SHFE 1806 contract also stood at the 20-day moving average with much upward room. We expect LME copper to trade at $6,850-6,920/mt today and the SHFE contract to trade at 50,500-51,000 yuan/mt. Spot pr...Read More
SHANGHAI, Apr 17 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightAs US treasury yield rates declined, the US dollar index fell 0.41% overnight and hovered around 89.4. Base metals rose across the board, with LME metals driving their SHFE counterparts. LME aluminium rose close to 5% and hit a new high since September 2011 at one...Read More
ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as soon as it’s published.SubscribeRead More
SHANGHAI, Apr 17 (SMM) –Copper: A fall in the US dollar pushed up copper prices overnight. LME copper stood above the 20-day moving average and touched a high of the 60-day moving average. The SHFE 1806 contract also stood at the 20-day moving average with much upward room. We expect LME copper to trade at $6,850-6,920/mt today and the SHFE contract to trade at 50,500-51,000 yuan/mt. Spot pr...Read More
Click here to download the Selected Demand IndicatorsACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the lat...Read More
Fears that a global trade war would swiftly follow the imposition of Section 232 tariffs by the United States have been overplayed, World Steel Association (Worldsteel) director-general Edwin Basson has said, launching its latest short-range forecast.The tariff debate is moving further and further away from steel, according to Basson, who said that initial fears of a significant effect on steel pr...Read More
Base metals prices had a strong start to the trading week after a solid close on Monday April 16. Two metals dominated the headlines yesterday: the London Metal Exchange’s three-month aluminium price continued its vertical surge, while nickel closed above $14,000 per tonne amid growing concerns that the United States could implement additional sanctions on Russia. But overnight news suggests...Read More
Russia's Magnitogorsk Iron & Steel Works (MMK) reduced shipments of steel products to foreign customers by 20.7 % year on year, to 605,000 tonnes in the first quarter of 2018, the company said on Tuesday April 17.Russia's Magnitogorsk Iron & Steel Works (MMK) reduced shipments of steel products to foreign customers by 20.7 % year on year, to 605,000 tonnes in the first quarter of 2018, the co...Read More
The stoppage of Anglo American's Minas-Rio iron ore operation in Brazil will have an effect, albeit a small one, on worldwide supplies and prices of high-grade materials.The miner first halted iron ore output at its venture on Monday March 12, after a rupture of the slurry pipeline designed to transport material from the mining site in Minas Gerais state to the port terminal in Rio de Janeiro stat...Read More
Russia's Magnitogorsk Iron & Steel Works (MMK) reduced shipments of steel products to foreign customers by 20.7 % year on year, to 605,000 tonnes in the first quarter of 2018, the company said on Tuesday April 17.Russia's Magnitogorsk Iron & Steel Works (MMK) reduced shipments of steel products to foreign customers by 20.7 % year on year, to 605,000 tonnes in the first quarter of 2018, the co...Read More
China's crude steel and finished steel output remained in an upward trend in March.The country produced 73.98 million tonnes of crude steel in March, up 4.5% from a year earlier, the National Bureau of Statistics (NBS) said on Tuesday April 17. China's...Read More
Aluminium on the London Metal Exchange closed above $2,400 per tonne on Tuesday April 17 for the first time since September 2011, continuing its strong momentum triggered by the United States imposing sanctions against Russian aluminium producer Rusal. The light metal has been the most active across the complex since the sanction announcements on Friday April 6, recording daily high-low ranges of...Read More
Turkish steel mills have continued their bookings for May deliveries of material as expected, while prices went up slightly on Tuesday April 17.A steel producer in the Iskenderun region booked a Baltic Sea cargo, comprising 13,000-17,000 tonnes of HMS 1&2 (80:20) at $356 per tonne and 7,000-8,000 tonnes of shredded at $361 per tonne cfr late on April 16.The cargo was scheduled to...Read More
The stoppage of Anglo American's Minas-Rio iron ore operation in Brazil will have an effect, albeit a small one, on worldwide supplies and prices of high-grade materials.The miner first halted iron ore output at its venture on Monday March 12, after a rupture of the slurry pipeline designed to transport material from the mining site in Minas Gerais state to the port terminal in Rio de Janeiro stat...Read More
Prices for imported steel rebar in the United Arab Emirates and Saudi Arabia decreased this week, while billet import prices were stable, sources told Metal Bulletin on Tuesday April 17.Demand for imported rebar in both the UAE and Saudi Arabia remained weak, however.Domestic rebarThe major rebar producers in the UAE announced their current prices on March 26.The biggest steel producer, Emirates S...Read More
The latest metal markets news and price moves to start the North American day on Tuesday April 17. Aluminium prices on the London Metal Exchange reached a high of $2,435 per tonne during morning trading, continuing its momentum in the wake of the US sanction against Russian aluminium producer Rusal. The price had dipped below the $2,400 per tonne mark by midday.Here is how the LME base metals comp...Read More
Good morning from Metal Bulletin's offices in Shanghai as we bring you the latest news and pricing stories on Tuesday April 17. Base metals prices on the Shanghai Futures Exchange were mostly up during Asian morning trading on Tuesday, partially buoyed by positive Chinese economic data. Meanwhile, the fallout surrounding the sanctions imposed by the United States on Russian aluminium producer UC R...Read More