Base metals prices on the London Metal Exchange were split into two camps at the close on Thursday March 29 ahead of the market shutting down for a long Easter weekend.The three-month aluminium price closed 1.5% lower as it hit a low of $1,996 per tonne - the lowest since August 8, 2017. "Aluminium therefore cost nearly $300 less than the multi-year high it achieved in early January. Almost all of...Read More
Comex copper prices staged a modest rally in the US morning on Thursday March 29, with investor sentiment turning positive following a softer dollar and easing geopolitical tensions. Copper for May settlement on the Comex division of the New York Mercantile Exchange rose 3.75 cents or 1.3% to $3.0395 per lb. Geopolitical tensions are lessening, leading to a pick-up in investor appetite for the met...Read More
Iron ore prices recovered to $65 per tonne cfr China on Thursday March 29, despite limited physical trading in China.Metal Bulletin's 62% Fe Iron Ore Index Today: $64.99 per tonne cfr Qingdao Daily change: up by $1.87 per tonneMonth-to-date average: $70.20 per tonneMetal Bulletin's 58% Fe Premium Index Today: $52.00 per tonne...Read More
Prices in India for local secondary steel billet have increased by about 100 rupees per tonne in the current week, with demand for both semi-finished and finished products remaining steady and the number of inquiries rising toward the weekend.On Thursday March 29, prices for Indian domestic secondary billet, mainly produced through the induction furnace route, were 32,700-32,900 rupees ($503-506)...Read More
Refining charges (RCs) for imported blister copper continued to climb in China in March on ample stocks and softened demand for refined copper. The RC for 98-99% blister copper rose to $230- $250 per tonne on a cif basis on Thursday March 29, with spot deals of African brands reported to be close to $240 per tonne. This compared with the blister copper RC assessment of $200-$210 per tonn...Read More
Representatives of major international mining companies active in the Democratic Republic of Congo (DRC) have submitted a formal proposal to the country's Ministry of Mines that they say is designed to address their concerns about the recently-revised mining code as well as the government's revenue needs. Among other things, the proposal includes linking a sliding scale of royalty rates to the pri...Read More
Comex copper prices staged a modest rally in the US morning on Thursday March 29, with investor sentiment turning positive following a softer dollar and easing geopolitical tensions. Copper for May settlement on the Comex division of the New York Mercantile Exchange rose 3.75 cents or 1.3% to $3.0395 per lb. Geopolitical tensions are lessening, leading to a pick-up in investor appetite for the met...Read More
The arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday March 29* Copper -$101.07 (-636.79 yuan) Aluminium -$337.76 (-2,125.62 yuan) Zinc -$126.54 (-797.32 yuan) Nickel -$624.42 (-3,934.35 yuan) *The physical arbitrage numbers...Read More
Metal Bulletin is hosting a free web seminar on Thursday April 5 at 9am London time to discuss the key drivers of the battery raw materials markets, including substitution risk, electric vehicle policy, and supply of lithium, nickel and cobalt. Date Thursday April 5 Time 9am London time Join members of our global battery raw materials team as they discuss: - EV subsidies and government policy in C...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Iron ore prices recovered to $65 per tonne cfr China on Thursday March 29, despite limited physical trading in China, after reaching $63 per tonne on Wednesday.Fortescue Metals Group (FMG) has revised its guidance for the prices it expects to realize for iron ore sold in the year ending June 30, amid su...Read More
An explosion occurred at a Brazilian steelworks operated by producer Companhia Sider??rgica Nacional (CSN) earlier this week, but it took no victims and will have no effect on production, the company has said.A "strong reaction" occurred at the steel mill in the company's flat steel production unit in Volta Redonda, in the country's south-eastern Rio de Janeiro state, on Tuesday March 27, accordin...Read More
Measures taken in conjunction with the safeguard case against a number of imported steel products in the EU will have a negative impact on Europe's independent distributors, sources have told Metal Bulletin.The European Commission (EC) launched a safeguard case into 26 carbon and stainless steel products imported into the EU on March 26. The EC claims that the investigation was started to prevent...Read More
Import prices for flat steel goods brought into South America have all decreased this week, under pressure from trade tensions between China and the United States, which strongly affected the Chinese domestic market earlier this week.The import market in the region was also affected by reduced buying interest."[Chinese mills] were trying to sell volumes at any cost," a Chile-focused steel trader s...Read More
Domestic prices for rebar in Poland have been stable this week in a slow market, sources told Metal Bulletin.Steel mills are expected to increase their offers in early April to reflect the rise in scrap costs in the middle of March. Price growth will also be supported by improved demand from the construction sector in April, according...Read More
The European charge and high-carbon ferro-chrome benchmark settlement increased to $1.42 per lb for the second quarter of 2018, which is a rise of 20.3% from the first-quarter settlement of $1.18 per lb.South Africa's Merafe Resources announced the price to the Johannesburg Stock Exchange on Thursday March 29. Merafe is the joint venture partner with London-listed trader and mining company Glencor...Read More
The latest metal markets news and price moves to start the North American day on Thursday March 29.Base metals prices on the London Metal Exchange were mostly higher during morning trading on Thursday March 29, with the market gearing up for a long weekend for Easter holidays. The LME will be closed on Friday March 30 to Monday April 2 inclusive.Lead and aluminium prices were the only base metals...Read More
World silico-manganese supply rose more than 42% year on year in February, mainly due to soaring Chinese production, according to the latest data from the International Manganese Institute (IMnI).Global production reached 1.27 million tonnes in February, up 42.4% year on year but down 9.1% from January due to lower steel production, holidays in China and because February is a short month. Global d...Read More
Good morning from Metal Bulletin's office in Shanghai as we bring you the latest news and pricing stories on Thursday March 29.Base metals traded on the Shanghai Futures Exchange were broadly stronger during Asian morning trading on Thursday, with positive data from the United States overnight and a continued decline in geopolitical risk providing support.Check Metal Bulletin's live futures report...Read More
Metal Bulletin's indices for minor metals, ores and alloys will not be published on Friday March 30 due to the Easter holidays in the United Kingdom.Weekly indices affected by the Good Friday March 30 holiday include: 44% manganese ore, cif Tianjin, $ per dmtu of metal contained 37% manganese ore, cif Tianjin, $ per dmtu of metal contained 37% manganese ore, fob Port Elizabeth, $ per dmtu of metal...Read More
World manganese ore supply rose by almost 20% year on year in February, due to South African miners ramping up production in response to rallying prices.Global supply of manganese units hit 1.54 million tonnes last month, up by 19.8% compared with February 2017, but down by 2.9% compared with January 2018, according to the latest data from the International Manganese Institute (IMnI).The productio...Read More