Trump's import tariffs may have been welcomed by US manufacturing sectors for being supportive of domestic production, but the sanctions on Russia and Rusal-made aluminium could have far greater repercussions, Lord Copper muses. You don't have to be an admirer of President Trump to admit that one thing he does seem to be well tuned in to is the hopes and fears of the people who gave him his victor...Read More
The aluminium market has got an awful lot going for it as the stand-out metal on the London Metal Exchange, both in terms of price performance, at a six-year high near $2,370 per tonne, and record electronic outright turnovers which have been seen in excess of 30,000 lots daily. This scenario, based on a compelling and previously unpredicted perfect storm of supply-demand fundamentals, global trad...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
Comex copper prices failed to maintain enough momentum to open higher in the Tuesday April 17 session in the US, with geopolitical tensions outweighing a solid fundamental outlook.Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 3.2 cents or 1.1% to $3.0635 per lb. However, the contract gained significantly in the past two sessions.Over the next few months,...Read More
Seaborne iron ore prices outperformed portside values on Tuesday April 17.Metal Bulletin 62% Fe Iron Ore Index: $64.51 per tonne cfr Qingdao, up by $0.58 per tonneMetal Bulletin 58% Fe Premium Index: $52.22 per tonne cfr Qingdao, up by $0.13 per tonneMetal Bulletin 65% Fe Iron Ore Index: $82 per tonne cfr Qingdao, up by $1 per tonneMetal Bulletin 62% Fe China Port Price Index: 458 yuan per wet ton...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia continued to fall this week, with market participants expecting further declines, sources told Metal Bulletin on Tuesday April 17.Demand was weak in both countries, and no improvement was expected because the Islamic holy month of Ramadan will start in mid-May and market activity will reduce even more.UAEChina offered hot-rolled...Read More
The vanadium markets in Europe and the United States retreated last week, with traders continuing to sell off inventories to protect against weakening prices in the Chinese market as well as slowing spot market demand. Chinese ferro-vanadium, vanadium pentoxide prices fall on softer demand outside of China. European ferro-vanadium market slides on pressure from quiet spot marketEuropean...Read More
Copper premiums moved in different directions across Europe, while greater trading interest in bonded stocks versus cif cargoes weighed on premiums in Shanghai. Meanwhile, despite expectations of rising freight costs, copper premiums in the United States were stable this week due to limited spot availability. European copper premiums head in different directionsShanghai cif copper premiums soften...Read More
Aluminium premiums across Asia and Europe continued to soar higher, following the recent US sanctions imposed on UC Rusal, while the spot main Japanese ports (MJP) premium climbed to a three-year high. Rotterdam duty-paid jumps 37% week on week as premiums hit three year highsMJP spot premium at highest since May 2015US premiums flat but clouded with uncertainty Rusal sanctions propel premiu...Read More
A summary of base metals premiums from across the globe for the week to Tuesday April 17.Please click...Read More
Comex copper prices failed to maintain enough momentum to open higher in the Tuesday April 17 session in the US, with geopolitical tensions outweighing a solid fundamental outlook.Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 3.2 cents or 1.1% to $3.0635 per lb. However, the contract gained significantly in the past two sessions.Over the next few months,...Read More
Trump's import tariffs may have been welcomed by US manufacturing sectors for being supportive of domestic production, but the sanctions on Russia and Rusal-made aluminium could have far greater repercussions, Lord Copper muses. You don't have to be an admirer of President Trump to admit that one thing he does seem to be well tuned in to is the hopes and fears of the people who gave him his victor...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
Brazilian flat steel producer Usiminas plans to increase its domestic prices for distributors by June, chief executive officer Sergio Leite said on Tuesday April 17."We are focused on raising [local] prices... If you look at the [difference between the domestic and] import prices, there is room for a price increase and we have the intention...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
Khouzestan Steel, Iran's largest exporter of semi-finished steel products, intends to integrate its production and is negotiating to buy local plate producer Oxin Steel, a company source told Metal Bulletin on Tuesday April 16.Oxin Steel is located in the southern province of Khuzestan and is Iran's biggest producer of heavy plates, with capacity for 1 million tonnes per year. It also has a direct...Read More
European flat steel product distributors reported a slight increase in shipments in February.The European federation for steel, tube and metals distribution and trade, Eurometal, said on Tuesday April 17, there had been a 0.6% year-on-year increase in shipments in February despite significant rise in prices. Metal Bulletin's price assessment for domestic hot-rolled coil (HRC) in Northern Europe...Read More
The EU has requested consultations with the United States under the Dispute Settlement Mechanism of the World Trade Organization (WTO) regarding the import tariffs imposed by the country under its Section 232 trade legislation.The request to the WTO, filed by the EU on Monday April 16 under article 12.3 of the Safeguards Agreement, stated that although the US characterizes the new tariffs on steel...Read More
The Brazilian competition regulator, Cade, has approved the sale of long steel assets from ArcelorMittal Brasil to Mexico's Grupo Simec, according to a document published in the country's official gazette on Monday April 16.These divestments are part of the merger process between ArcelorMittal Brasil and local long steel producer Votorantim Siderurgia. In February, Cade approved the merger between...Read More
Metal Bulletin has added four battery-grade lithium price assessments to its existing coverage of the battery raw materials sector. Metal Bulletin has established a dedicated, global team to track the lithium ion battery raw materials supply chain while it evolves and responds to demand from the electric vehicle (EV) sector. China is the world's largest consumer of lithium, and is expected to ramp...Read More