The US spot 6063 aluminium billet premium rose again in early April, and industry participants foresee further tightness in the market following the announcement of US sanctions against Russian aluminium producer UC Rusal.American Metal Market's latest assessment of the spot 6063 extrusion billet upcharge came to 13-13.5 cents per pound on Friday April 6, up from 11-13 cents per pound in mid-March...Read More
Aluminium prices on the London Metal Exchange had rallied by 2.2% at the close on Friday April 6 following the announcement that the United States has sanctioned and frozen Oleg Deripaska's assets subject to US jurisdiction,which includes Rusal.The three-month aluminium price closed at $2,042 per tonne, its highest since before the Easter break. "[Aluminium made] a late charge to $2,055 per t...Read More
The United States has sanctioned and frozen Oleg Deripaska's assets subject to US jurisdiction, the US Treasury said in a release on Friday April 6. The department designated Deripaska, who stepped down as president of both UC Rusal and EN+ in February, as a Russian oligarch. Deripaska is a non-executive director on EN+. The department said in the release he has acted or purportedly acted...Read More
Comex copper prices once again experienced selling pressure on Friday April 6 morning in the US, with trade talks between China and the US hitting a critical juncture. Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 2.55 cents or 0.8% to $3.0490 per lb. Overnight, US President Donald Trump announced further tariff considerations against Chinese product...Read More
The latest metal markets news and price moves to start the North American day on Friday April 6.Base metal prices were lower across the board on the London Metal Exchange during morning trading, due to the US announcing it could impose further sanctions on Chinese products.US President Donald Trump announced further tariff considerations against Chinese products, proposing a further $100 billion i...Read More
Base metal prices were lower across the board on the London Metal Exchange during morning trading on Friday April 6, due to the US announcing further impositions on Chinese products. US President Donald Trump announced further tariff considerations against Chinese products, proposing a further $100 billion in trade sanctions. "The market is still overreacting to Trump's trade rants. Trade tar...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Seaborne coking coal prices saw little movement on Friday April 6, with buyers anticipating the downtrend to resume next week with cyclone fears subsiding.Warnings that cyclone Iris could intensify off the coast of Queensland had dominated sentiment in the seaborne coking coal market earlier in the...Read More
Domestic prices of hot-rolled coil (HRC) and cold-rolled coil (CRC) in Argentina increased this month amid recovering demand and higher international prices."There was a small adjustment in some prices," an Argentinian distributor said.Metal Bulletin's monthly assessment of Argentina's domestic HRC increased to $750-755 per tonne ex-works on Friday April 6, from $740-745 per tonne ex-works a month...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transactions: HRC, CRC, HDG, PPGIHot-rolled coilTurkey, domestic, hot-rolled coil, offered at $675 per tonne ex-works, late-May production.Turkey, domestic, hot-rolled coil, traded at $...Read More
Most flat steel prices in Turkey's domestic and export markets were stable this week, and demand was still poor, market participants told Metal Bulletin on Friday April 6.Local producers were fully booked until June, and most of them have not announced new prices for June production yet.Domestic pricesHot-rolled coil (HRC) producers in Turkey have been offering material at $675 per tonne ex-works...Read More
The Australian Anti-Dumping Commission has initiated a review of the anti-dumping measures imposed on China-origin hot-rolled rod in coil that have maximum cross sections of less than 14mm.The rod in coil is classified under tariff subheadings 7213.91.00 (statistical code 44), 7227.90.90 (statistical code 02) and 7227.90.90 (statistical code 42), the commission said this week.Hot-rolled reinforcin...Read More
The following Metal Bulletin noble alloys, bulk alloys and ores prices changed on Friday April 6:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $12.30-12.45 per lb from $12.40-12.55 per lbMolybdenum US canned molybdic oxide, $/Ib $12.60-12.80 per Ib from $12.70-13.00 per lbFerro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $29.50-30.00 per kg from $29.50-30.20 per kgFer...Read More
Trading activity in the Indian import scrap market will only pick up again if prices drop by at least $10 per tonne, market sources told Metal Bulletin on Friday April 6.Disappointing domestic finished steel prices and uncertainty over the Section 232 import tariffs on steel in the United States have caused consternation in the Indian scrap markets during recent weeks. Sources said that prices wou...Read More
Prices for domestic light iron in the United Kingdom moved down by ?10 per tonne this week after a softening in key export markets including Turkey, sources told Metal Bulletin on Friday April 6.Turkey is the world's largest ferrous scrap importing country, but has not bought a UK-origin scrap cargo since the beginning of March because of the market uncertainties linked to the new import tariffs...Read More
Iron ore output in Peru grew 41.2% year on year in February, according to figures released by the country's mining ministry, MEM, late on Wednesday April 4.Production came to 942,042 tonnes, compared with 667,313 tonnes a year before.This rise was due to increased output at Shougang Hierro Per??, a subsidiary of China-based Shougang Group, as well as...Read More
Turkish steel producers have continued to book deep-sea scrap cargoes for May, Metal Bulletin was told on Friday April 6.A steel mill in the Marmara region booked a European cargo, comprising 17,000 tonnes of HMS 1&2 (75:25), 4,000 tonnes of bonus and 4,000 tonnes of busheling at an average price of $355.50 per tonne cfr late on April 5.Another steel mill in the Izmir region booked a Baltic Sea...Read More
The Brazilian pig iron export market remained muted in the early days of trading in April, with few cargoes available to foreign buyers while producers focused on local supply.Companies in Brazil's northern Caraj??s region are said to be sold out until May, with new volumes available for June only.Offer prices for June shipment are currently as high as $410 per tonne fob.As a result, Metal Bulleti...Read More
Seaborne coking coal prices saw little movement on Friday April 6, with buyers anticipating the downtrend to resume next week with cyclone fears subsiding. Both Hay Point Coal Terminal and Abbot Point Coal Terminal in Queensland, Australia, are unloading coal trains, rail freight operator Aurizon confirmed on Friday. "Aurizon Network is working with its rail customers in regard to recommencing the...Read More
Base metals prices on the London Metal Exchange are for the most part weaker this morning, Friday April 6, following further announcements from the White House of increased tariffs against China. The main movers are nickel (-1.2%), copper (-0.9%) at $6,755 per tonne, lead (-0.7%) and zinc (-0.5%), while tin and aluminium are little changed.Volume remains light with 2,931 lots traded as of 07.31 am...Read More
Deliverable base metal stocks at Shanghai Futures Exchange-approved warehouses were mostly lower this week, except for copper and lead.Deliverable copper stocks rose a slight 434 tonnes since March 30 to 306,645 tonnes on Wednesday April 4. The SHFE inventories are usually published on Fridays but the exchange was closed on Thursday and Friday this week to mark the Qing Ming Festival, or tomb-swee...Read More