SHANGHAI, Apr 12 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightWeighed down by potential US military action in Syria, the US dollar index edged down slightly and hovered around 89.5, but received some support from the Fed’s March meeting.The Syria factor also depressed base metals except for LME aluminium. LME aluminium...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
SHANGHAI, Apr 12 (SMM) –Copper: LME copper registered a loss overnight, along with its Shanghai counterpart. We see it trading at $6,910-6,960/mt today. With strong support from the five- and 20-day moving averages, the SHFE 1806 contract is likely to trade at 50,800-51,500 yuan/mt with spot prices ranging from a discount of 40 yuan/mt to a premium of 20 yuan/mt today.Aluniniu...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
Decreases in China's domestic and export coke prices have not been halted, although some market participants had expected they would, because the steel markets have yet to gain momentum and coking coal prices are still weakening.Metal Bulletin's assessment of export prices for Chinese coke with 65% coke strength after reaction (CSR), 12.5% ash, and in physical sizes of 30-90mm, was $315-325 per to...Read More
The latest metal markets news and price moves to start the North American day on Thrusday April 12.Aluminium prices on the London Metal Exchange dipped for the first time this week during morning trading on Thursday April 12, following a 101,725-tonne delivery into European LME-listed warehouses.The delivery was split between Rotterdam and Vlissingen, with 68,150 tonnes delivered into Rotterdam. T...Read More
Good morning from Metal Bulletin's offices in Shanghai as we bring you the latest news and pricing stories on Thursday April 12.Base metals prices on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Thursday, with rising geopolitical tensions subduing risk appetite in the market.Geopolitical tensions picked up overnight after United States President Donald Trump mad...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
Decreases in China's domestic and export coke prices have not been halted, although some market participants had expected they would, because the steel markets have yet to gain momentum and coking coal prices are still weakening.Metal Bulletin's assessment of export prices for Chinese coke with 65% coke strength after reaction (CSR), 12.5% ash, and in physical sizes of 30-90mm, was $315-325 per to...Read More
Market participants say they expect more deliveries of aluminium metal into London Metal Exchange warehouses over the next few days after more than 100,000 tonnes were delivered into Europe in the morning of Thursday April 12. The large delivery comes three days after the LME announced that it will suspend the placing of Rusal metal on-warrant with effect from April 17. The suspension was a r...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
Moody's Investors Service and Fitch Ratings have withdrawn all ratings of UC Rusal, the aluminium company said on Thursday April 12. "Moody's has decided to withdraw the ratings for its own business reasons," Rusal said. Fitch has withdrawn its ratings due to the sanction restrictions of the Office of Foreign Assets Control of the Department of the Treasury of the United States of America...Read More
Market participants say they expect more deliveries of aluminium metal into London Metal Exchange warehouses over the next few days after more than 100,000 tonnes were delivered into Europe in the morning of Thursday April 12. The large delivery comes three days after the LME announced that it will suspend the placing of Rusal metal on-warrant with effect from April 17. The suspension was a r...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
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
Turkey's Tosyali is planning to invest in an integrated steel plant in Osmaniye, southern Turkey, chief executive Fuat Tosyali said this week. The plant, fully owned by Tosyali Holding, will use local iron ore, and the investment will be completed in seven years' time, with an investment of $7 billion. It will have crude steel production capacity of 2 million tonnes-per-year, and will re...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
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
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