The temporary exemption granted to EU countries from steel import tariffs in the United States is a "cause for optimism" but action should be taken to avoid a glut of imports from countries which will be affected by the measures, industry group UK Steel said on Thursday March 22.United States Trade Representative Robert Lighthizer confirmed on Thursday that import tariffs for steel and aluminium f...Read More
Turkish billet prices have weakened in line with poor export demand for the country's finished long steel products and falling steel prices in China, sources said on Thursday March 22.Suppliers in the CIS region have reduced their billet offers to Turkey by around $5-10 per tonne to $560-565 per tonne cfr, but Turkish mills were showing no interest in such prices yet.Metal Bulletin's weekly price....Read More
The Turkish long steel export market has remained sluggish because of the uncertainty created by the Section 232 tariffs imposed by the United States, and prices have started to fall, sources said on Thursday March 22.Turkish steel producers have reduced their rebar export offers to $595-605 per tonne fob on an actual weight basis, while demand for such material was significantly low.Sources belie...Read More
Falling billet prices and weakening demand over Section 232 uncertainty sent Turkish domestic long steel prices down over the past week, sources said on Thursday March 22.Metal Bulletin's weekly price assessment for domestic rebar was $610-625 per tonne ex-works, down from the last week's $615-625 per tonne. The domestic rebar price in the Istanbul region was $625-630 per tonne, and $610-615...Read More
Indian steelmaker JSW could launch a bid for insolvent compatriot company Essar Steel after two alternative bids for the asset were rejected, sources told Metal Bulletin on Thursday March 22."JSW did not show interest 2-3 months ago when the bidding started, but now it is interested," a source close to JSW said. "If the courts allow everyone to bid, it is likely that...Read More
Domestic prices for rebar and import prices for steel billet in Egypt both increased this week even though demand has started to fall, Metal Bulletin has heard.Beshay Steel was offering rebar at E ?12,996 ($736) per tonne ex-works on Saturday March 17, and the country's biggest producer, Ezz Steel, has been offering rebar at E ?12,790 per tonne ex-works since March 14, including 14% VAT.Metal Bull...Read More
The European second-quarter ferro-chrome benchmark is likely to rise around 14% in comparison to the first-quarter settlement, according to the average predictions made by market participants polled by Metal Bulletin.The predictions were made ahead of the release of the new benchmark.Merafe Resources is expected to reveal the second-quarter settlement to the Johannesburg Stock Exchange on Friday M...Read More
European spot prices for molybdic oxide and ferro-molybdenum have extended their downward trend in the past week, with profit-taking reported after a market rally that has lasted for much of the year-to-date.While alloy prices look vulnerable to further losses due to muted demand from consumers in the steel sector, which is under pressure from Asian exports, oxide prices appear more firmly support...Read More
China's stricter regime of environment controls was one of the key factors influencing fundamentals and prices in the Chinese ferro-alloys markets in 2017, and these controls will continue to affect supply and prices this year.This was the consensus of opinion among market participants during the 19th Asian Ferro-Alloys Conference, held in Hong Kong on Thursday March 22.Chinese President Xi Jinpin...Read More
Tungsten miner Wolf Minerals has appointed Richard Lucas as its managing director, the company said on March 21.Lucas was appointed as interim managing director on April 7 last year as part of a leadership transition and to ensure the long-term successful operation of its Drakelands mine in Devon, UK, it said. Lucas joined Wolf Minerals in 2011 as chief financial officer and company secretary...Read More
Lawyers acting for Hernic Ferrochrome have named Samancor Chrome as the preferred bidder for the distressed South African chrome producer, in a deal worth an initial 500 million South African rand ($42.4 million). The company went into business rescue in September 2017 and indicative bids were submitted in December. The purchase price for the asset is an aggregate amount of 500 million rand for th...Read More
The latest metal markets news and price moves to start the North American day on Thursday March 22.Base metals prices on the London Metal Exchange mostly edged higher during morning trading on Thursday March 22, with the dollar experiencing a bout of weakness.The dollar came under pressure on the US Federal Open Market Committee's (FOMC) slightly dovish tone - the committee did not suggest it was...Read More
The physical iron ore market did not see too much activity on Thursday March 22 despite more blast furnaces in north China being allowed to return to production.Key driversSteelmakers in north China's steelmaking hub of Tangshan can now operate according to their off-peak production plans now that the winter heating season is over, subject to them meeting their prescribed emissions standards, acco...Read More
Iron ore prices were relatively stable at $67 per tonne cfr China on Thursday March 22 due to inactive physical trading.Metal Bulletin's 62% Fe Iron Ore Index Today: $67.18 per tonne cfr QingdaoDaily change: down by $0.07 per tonne Month-to-date average: $72.01 per tonneMetal Bulletin's 58% Fe Premium Index Today: $55.48 per tonne cfr QingdaoDaily change: down...Read More
Ample availability of seaborne cargoes of premium hard coking coal has left market participants pessimistic about prices.A cargo of premium low-vol product was heard to have been traded at around $215 per tonne cfr China, sources told Metal Bulletin on Thursday March 22. This compares with a transaction price of around $220 per tonne cfr China for similar materials in the middle of the month. "Car...Read More
China's ferrous futures remained subdued during morning trading on Thursday March 22, with the easing of production restrictions in the country's northern region expected to weigh on physical prices in the coming weeks. Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,622 yuan ($572) per tonne, down 12 yuan per tonne May hot-rolled coil: 3,742 yuan per tonne, down 1...Read More
One China will suspend operations at its Guangxi province gallium plant in April, sources told Metal Bulletin this week. A subsidiary of the Aluminium Corporation of China (Chalco), One China will halt production for about 30 days. "The stoppage [in Guangxi] is for normal facility maintenance [and] will last around one month and remove three to four tonnes of gallium from the physical market," one...Read More
Key data from the Wednesday March 21 pricing session in Shanghai. Indium China domestic market, min 99.99% in warehouse, RMB/kgKey drivers - Indium prices jumped to 2,500 yuan ($395) per kg on the Wuxi Stainless Steel Exchange on March 20 amid increased investment interest for the metal. The higher prices on the bourse boosted sentiment in the physical...Read More
Stainless steel prices in East Asia remained in a downward trend over the past week amid soft demand and a softening of the nickel market. Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm trimmed CRC was $2,170-2,250 per tonne cif East Asian ports for the week ended Wednesday March 21, narrowing downward by $10 per tonne from $2,170-2,260 per tonne cif a week earlier. Metal Bu...Read More
Tokyo Steel increased the purchasing price for overland arrivals of H2 grade scrap at its Utsunomiya plant this week.The price for scrap at the Utsunomiya plant increased to ?37,500 ($353) per tonne from Thursday March 22, up by ?500 from previouslyPrices at Tokyo Steel's four other plants in Tahara, Okayama,...Read More