Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Section 232The European steel association Eurofer is calling for quota-based safeguard trade measures even though the EU has been temporary exempted from Section 232 import tariffs in the United States. The impact of the United States' Section 232 aluminium import tariffs on Asian aluminium...Read More
It was all going so well for the London Metal Exchange metals at the turn of the year: Robust late-2017 price strength was initially carried through into January, with a commensurate increase in turnovers, and the words "bull market" were on many people's lips. But, as winter turns into spring and temperatures mostly rise, the heat has gone out of the market, and much of that bullish ardor has coo...Read More
The number of lead-acid battery recyclers in China is expected to triple by the end of this year due to the Chinese government's recycling friendly policies, China Nonferrous Metals Industry Association's (CMRA) recycling metal branch said on Friday March 23.As of July 2017, the country approved 116 certified companies to recycle lead-acid batteries with a total recycling capacity of about 2.7 mil...Read More
The latest metal markets news and price moves to start the North American day on Friday March 23. Most base metals opened lower on the London Metal Exchange on Friday March 23, after US President Donald Trump's latest round of tariffs raised concerns of an impending trade war. Nickel was the worst performer, down $150 or 1.1% to $13,040 per tonne. Zinc was the only metal in the positive,...Read More
Due to an administrative error, changes to the frequency of Metal Bulletin's US Midwest P1020 aluminium spot premium price assessments were not immediately reflected in Metal Bulletin's price book and database. Metal Bulletin increased the frequency of its US P1020 spot premium assessment to twice weekly on Tuesdays and Fridays, from March 5. The price assessments will continue to be published bet...Read More
Most base metals opened lower on the London Metal Exchange on Friday March 23 morning, after US President Donald Trump's latest round of tariffs raised concerns of an impending trade war.Nickel was the worst performer, down $150 or 1.1% to $13,040 per tonne. Zinc was the only metal in the positive, up $7.50 per tonne.A looming global trade war, stemming from the US and China imposing tariffs, coul...Read More
The impact of the United States' Section 232 aluminium import tariffs on Asian aluminium premiums could be limited if the US exempts more countries from the import taxes, market participants suggested. The US Trade Representative (USTR) has said the European Union, Argentina, Australia, Brazil and South Korea will be exempted from the US Section 232 tariffs on steel and aluminium imports - at...Read More
Latin America's crude steel production rose by 7% year-on-year in February 2018 to 5.30 million tonnes, according to preliminary figures released by regional steel association Alacero on Friday March 23.The region's finished steel production reached 4.40 million tonnes, up by 8% in the same comparison.In the first two months of 2018, Latin American countries produced 10.60 million tonnes of crude...Read More
Brazilian steel producer Gerdau will carry out two months of planned maintenance work on the No2 blast furnace at its Ouro Branco works, in the country's south-eastern Minas Gerais state, beginning in the next few weeks.The outage was decided for the improvement of the equipment's condition, and is scheduled to last around 60 days starting some time in late March or early April, a representative o...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Increasing trade tensions between the United States and China had significant repercussions on the global steel markets on Friday March 23.Ferrous futures in China plunged during the morning trading session, with both countries announcing tariffs on each other's products.China has announced plans to imp...Read More
Members of the World Trade Organization (WTO) have voiced concerns about the decision by the United States to impose tariffs on imports of steel and aluminium, and the effect these may have on the global trading system.More than 40 members, including the 28 nations of the EU, took the floor at the WTO's Council on Trade in Goods on Friday March 23 to speak against the measures taken by the US.The...Read More
Indian import prices for commercial-grade hot-rolled coil fell by at least $15 per tonne after a consortium of Indian importers booked Japanese HRC at $670-675 per tonne cfr Mumbai for May-June shipment. Indian import prices for commercial-grade hot-rolled coil fell by at least $15 per tonne as a consortium of Indian importers booked Japanese HRC at $670-675 per tonne cfr Mumbai for May-June...Read More
Domestic prices for rebar in Poland have been stable this week despite weak demand, sources told Metal Bulletin on Friday March 23.Metal Bulletin's weekly price assessment for domestic 12mm B500B-grade rebar in Poland was stable over the week at 2,300-2,350 zloty ($671-686) per tonne ex-works on March 23.The assessment reflected offers reported at 2,340-2,360 zloty per tonne cpt, with average tran...Read More
The following Metal Bulletin noble alloys, bulk alloys and ores prices changed on Friday March 23:Noble alloys Molybdenum US canned molybdic oxide, $/Ib $12.70-13.00 per Ib from $12.90-13.10 Ferro-molybdenum US 65-70% Mo, $/Ib: $14.00-14.30 per Ib from $14.00-14.50 Ferro-tungsten basis 75% W Rotterdam duty unpaid, $/kg: $41.80-42.80 per kg from $42.00-43.00 Ferro-vanadium basis 78% min, free deliv...Read More
The Turkish scrap import market has ended a second consecutive week with no deep-sea trading, sources said on Friday March 23.There have been no deep-sea scrap trades done since the mills in the country stepped back from the market on March 9, when the United States applied a 25% duty on imports of steel products following its Section 232 investigation.Market participants were still expecting the...Read More
The UK inter-merchant price range for austenitic alloy steel products went unchanged this week despite the fall in the price of nickel, sources said on Friday March 23."Prices have not changed this week, although the nickel prices decreased," a trader said."Scrap prices are most likely to decrease next week following the drop in nickel costs. But at the moment it is hard to say what the decline wi...Read More
Export prices for Brazilian pig iron have risen again this week, amid fresh activity and positive market conditions.A cargo produced in Brazil's south-eastern Minas Gerais state was reportedly sold for more than $385 per tonne fob this week for May shipment, according to local sources.Offers for similar material are now estimated at $390 per tonne fob, with shipments scheduled for June.At least on...Read More
China's coke export prices have fallen amid the country's weakening ferrous markets with demand not picking up as strongly as expected in the spring season.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 $340-350 per tonne fob China for the week ended Tuesday March 20.This is down $5-10 per...Read More
Iron ore prices fell below $65 per tonne cfr China on Friday March 23 after China's ferrous futures tumbled amid trade tensions between the country and the United States.Metal Bulletin's 62% Fe Iron Ore Index Today: $64.58 per tonne cfr QingdaoDaily change: down by $2.60 per tonneMonth-to-date average: $71.57 per tonneMetal Bulletin's 58% Fe Premium Index Today: $52.17 per tonne cfr QingdaoDaily c...Read More
Iron ore prices tumbled on Friday March 23 with China's ferrous market experiencing an across-the-board retreat amid concerns over a looming trade war between the country and the United States.Key driversChina's Ministry of Commerce is considering imposing a 15% tariff on a list of US products that includes steel pipe and a 25% tariff on a second list that includes aluminium products, it said on F...Read More