Once again, we saw an instant replay in gold when it failed at resistance on Wednesday. At one point, gold had rallied over $20 and was trading around $1,369 before selling off and closing at $1,356. The failure at resistance is disappointing. We are expecting a huge move in either direction. With Wednesday's failure at the top, this now brings the downside into play. The selling continues this mo...Read More
The latest news and price moves to start the Asian day on Thursday April 12.Aluminium continued to rally on the London Metal Exchange at the close of trading on Wednesday April 11, recording its highest close since January 2. Read more in our live futures report.Here are how prices looked at Wednesday's close:Brazil's aluminium industry will ask the government to increase volumes&nb...Read More
The latest news and price moves to start the Asian day on Thursday April 12.Aluminium continued to rally on the London Metal Exchange at the close of trading on Wednesday April 11, recording its highest close since January 2. Read more in our live futures report.Here are how prices looked at Wednesday's close:Brazil's aluminium industry will ask the government to increase volumes&nb...Read More
Bids and price indications for scarce spot alumina cargoes soared late on Thursday April 12, while buyers digested the effect of US sanctions on UC Rusal in a market that has already been tightened by the force majeure at Hydro's Alunorte refinery in Brazil. "We're talking major numbers now... If anyone had a cargo in the Atlantic they could probably get $600 per tonne, easily," a producer source...Read More
Aluminium prices on the London Metal Exchange soared to a ten-year high on Thursday April 12, while the market continues to react to recent US sanctions against Rusal. The three-month aluminium price reached a high of $2,331 per tonne throughout the day, the highest since March 5, 2012. The light metal climbed a further 2% despite reaching a low of $2,202.50 earlier in the day following a 100...Read More
The European Rotterdam duty-unpaid aluminium premium soared 8% on Thursday April 12, with liquidity returning to the market for the first time since the US Treasury sanctioned Rusal last Friday.In the days following the Rusal sanction, the Rotterdam duty-unpaid market hit a standstill. A lack of clarity on the situation, alongside institutions refraining from financing Rusal units, kept premiums s...Read More
Metal Bulletin's battery raw materials team answers some of the key questions raised during our recent web seminar, discussing electric vehicle subsidies, battery chemistries and raw material supplies.If you missed it, follow this link to listen to the free recording.LithiumWhat is happening in lithium recycling that will help to generate more sustainable supplies in the future?There are significa...Read More
Bids and price indications for scarce spot alumina cargoes soared late on Thursday April 12, while buyers digested the effect of US sanctions on UC Rusal in a market that has already been tightened by the force majeure at Hydro's Alunorte refinery in Brazil. "We're talking major numbers now... If anyone had a cargo in the Atlantic they could probably get $600 per tonne, easily," a producer source...Read More
Vedanta Resources subsidiary Sterlite Copper has declared force majeure on contracts to supply its Tuticorin smelter with copper concentrates, three separate suppliers to the plant told Metal Bulletin this week.The Tuticorin smelter, based in the Indian state of Tamil Nadu, had an application for a planned restart rejected by state environmental officials on Tuesday April 10.The rejection came ami...Read More
Import prices for stainless steel in East Asia rose over the past week with Chinese suppliers maintaining their high offers amid costlier nickel, although there was no considerable uptick in demand.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm trimmed cold-rolled coil was $2,100-2,230 per tonne cif East Asian ports for the week ended Wednesday April 11, up $20-100 per tonne...Read More
Turkish steel producers have resumed their bookings for May shipments and prices started to rebound on Thursday April 12.Three deep-sea cargo trades were heard on Thursday, although the deals had been made late on Wednesday, according to market sources.A steel mill in the Marmara region booked a European cargo, comprising 19,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shredded and 11,000 tonnes...Read More
Comex copper prices were dragged lower on Thursday April 12 by escalating geopolitical tensions and signs that the US Federal Reserve will be aggressive in normalizing interest rates, boosting the dollar. Copper for May settlement on the Comex division of the New York Mercantile Exchange tumbled 6.30 cents or 2% to $3.0540 per lb. The red metal has been unable to sustain any consistent direction f...Read More
Base metals traded on the London Metal Exchange experienced downward pressure this morning, Thursday April 12, with the complex posting an average loss of 1.0% amid robust volumes. Zinc is down the most with a 2.3% decline, while tin (-0.1%) is the most resilient.The downward pressure across the industrial metals is being driven by a fragile risk appetite in Asia, evident in domestic equity losses...Read More
China's ferrous futures continued to retreat across the board on Thursday morning April 12, with the benchmark coking coal and coke contracts leading the way in percentage terms.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,386 ($539) per tonne, down 22 yuan per tonne October hot-rolled coil: 3,477 yuan per tonne, down 20 yuan per tonne Dalian Commodity Exchan...Read More
Turkish domestic rebar and wire rod prices went down slightly, on a US dollar basis, due to the weakening lira, sources said on Thursday April 12.Metal Bulletin's weekly price assessment for domestic rebar in Turkey was $570-580 per tonne ex-works, narrowing down on the top end of the range from the $570-590 per tonne assessed last week.The domestic rebar prices in the...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transactions: rebarRebarEgypt, domestic (Ezz Steel), rebar, offered at E ?12,528 ($708) per tonne...Read More
Turkish steel producers have resumed their bookings for May shipments and prices started to rebound on Thursday April 12.Three deep-sea cargo trades were heard on Thursday, although the deals had been made late on Wednesday, according to market sources.A steel mill in the Marmara region booked a European cargo, comprising 19,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shredded and 11,000 tonnes...Read More
Iron ore prices continued to weaken on Thursday April 12, tracking the decline in China's steel market.Metal Bulletin 62% Fe Iron Ore Index: $64.47 per tonne cfr Qingdao, down by $0.32 per tonneMetal Bulletin 58% Fe Premium Index: $52.26 per tonne cfr Qingdao, down by $0.25 per tonneMetal Bulletin 65% Fe Iron Ore Index: $81.70 per tonne cfr Qingdao, unchangedMetal Bulletin 62% Fe China Port Price...Read More
China's ferrous futures continued to retreat across the board on Thursday morning April 12, with the benchmark coking coal and coke contracts leading the way in percentage terms.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,386 ($539) per tonne, down 22 yuan per tonne October hot-rolled coil: 3,477 yuan per tonne, down 20 yuan per tonne Dalian Commodity Exchan...Read More
Turkish billet prices for domestic, export and import trades have all continued to fall over the past week amid sluggish demand, sources told Metal Bulletin on Thursday April 12.CIS-region billet suppliers have continued to lower their offers to Turkey since last week, citing the fall in Chinese export billet prices as well as a slump in import scrap prices in Turkey earlier in the week.They were...Read More