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
Good morning from Metal Bulletin's office in Shanghai as we bring you the latest news and pricing stories on Thursday March 22.Base metal prices on the Shanghai Futures Exchange were broadly higher during Asian morning trading on Thursday, with support coming from a weaker dollar following Wednesday's US Federal Reserve meeting.The most-traded May copper contract on the SHFE was at 51,110 yuan ($8...Read More
Base metals prices on the London Metal Exchange plummeted at the close on Thursday March 22, while the dollar index staged a recovery.Nickel prices were the worst affected closing 2.7% lower and trading at a low of $13,060 per tonne - its lowest since February 12. The metal is under pressure from poor underlying demand from Chinese stainless steel mills. "Stainless steel prices in China have strug...Read More
Volatility is the key risk to lead and zinc prices for the next few years and traders should begin to hedge their risk, Oliver Nugent, commodity strategist at ING Bank, said on a panel at Metal Bulletin's Lead & Zinc conference in London on Thursday March 22. "Volatility is on the horizon and so much can happen - the lead and zinc prices are especially prone to this," he told delegates at the two-...Read More
Rising zinc stocks on the London Metal Exchange could be an effect of "sluggish" conditions in China, Nicholas Snowdon, a metals analyst at Deutsche Bank, said at Metal Bulletin's Lead & Zinc conference in London on Thursday March 22. The largest zinc delivery in nearly five years hit the LME on March 5, with 78,950 tonnes delivered into New Orleans warehouses in one go. "If you look at the state...Read More
Rising zinc stocks on the London Metal Exchange could be an effect of "sluggish" conditions in China, Nicholas Snowdon, a metals analyst at Deutsche Bank, said at Metal Bulletin's Lead & Zinc conference in London on Thursday March 22. The largest zinc delivery in nearly five years hit the LME on March 5, with 78,950 tonnes delivered into New Orleans warehouses in one go. "If you look at the state...Read More
Asian zinc alloy users from different sectors are quickening their pace to test new alternative raw materials following the price hike last year, major zinc alloy distributor Lee Kee Group told Metal Bulletin in an interview."We talk very often with downstream zinc users. For substitution, the zinc price is only one of the concerns. Yet the high price gap between zinc and aluminium has definitely...Read More
The Chinese zinc market was in surplus by well over 300,000 tonnes last year and experienced significant demand substitution, Claire Hassall of consultancy CHR Metals said at the Metal Bulletin Zinc and its Markets Seminar. Higher prices and developments in technology have meant that aluminium substitution has eaten into Chinese zinc demand, which also took a hit from the government-led environmen...Read More
Comex copper prices failed to maintain Wednesday's gains in US morning trading on Thursday March 22 with the dollar recovering after falling under pressure from the US Federal Reserve meeting. Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 2.30 cents or 0.8% to $3.0365 per lb. The red metal saw relief yesterday after the United States central bank indicate...Read More
Metal Bulletin has made changes to its pricing methodology for both its spot and quarterly aluminium P1020 cif main Japanese ports (MJP) premiums, following a market consultation.Metal Bulletin has made changes to its pricing methodology for both its spot and quarterly aluminium P1020 cif main Japanese ports (MJP) premiums, effective March 23.The amendments follow a one-month consultation period....Read More
The Brazilian government will monitor imports of steel products in order to detect if there is any diversion of volumes previously exported to the United States following that country's imposition of a 25% tariff on steel imports from certain countries, according to national steel institute A??o Brasil. "We discussed the issue with [Brazilian] President Michel Temer and Brazil has decided to estab...Read More
The Brazilian flat steel market is concerned about a possible increase in domestic prices, although no adjustment has been officially announced, several sources told Metal Bulletin."Everyone is scared about an additional price rise [in domestic coils]," a market participant said.A Brazil-based trader agreed, saying that clients are "afraid" that an increase will be applied by national mills."The [...Read More
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