SHANGHAI, Mar 15 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightAs the euro dipped, the US dollar index rebounded and hovered around 89.7 overnight while most base metals climbed up. The growing number of cancelled warrants drove LME nickel to hit a two-week high. LME and SHFE zinc dropped about 2% as inventories grew.China’s tota...Read More
The latest metal markets news and price moves to start the North American day on Thursday March 15.The LME aluminium price shrugged off news of a 22,270-tonne delivery in to listed warehouses in Port Klang. But the three-month tin price was the worst performer, falling $350 to $20,800 per tonne, coming under pressure from improved availability in China. Here is how the LME base meta...Read More
SHANGHAI, Mar 15 (SMM) –Copper: After it gained support at the five- and 10-day moving averages, LME copper is expected to hit and test the 20-day moving average in the short term. Prices are seen at $6,980-7,030/mt today. SHFE copper is set to test support at the five-day moving average and trade at 52,580-53,000 yuan/mt today. We see spot prices at a premium of 50-100 yuan/mt.Aluminium: We...Read More
Good morning from Metal Bulletin's office in Shanghai as we bring you the latest news and pricing stories on Thursday March 15.Base metals traded on the Shanghai Futures Exchange were broadly weaker during Asian morning trading on Thursday, with heavy losses seen in nickel and zinc prices, while lead was the only metal to push higher. Disappointing US data overnight and dovish speech from European...Read More
SHANGHAI, Mar 15 (SMM) –Copper: After it gained support at the five- and 10-day moving averages, LME copper is expected to hit and test the 20-day moving average in the short term. Prices are seen at $6,980-7,030/mt today. SHFE copper is set to test support at the five-day moving average and trade at 52,580-53,000 yuan/mt today. We see spot prices at a premium of 50-100 yuan/mt.Aluminium: We...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close on Thursday March 15, apart from zinc and lead.A stronger dollar and a hesitant market saw copper and nickel both fall significantly, with the three-month copper price closing $68.50 per tonne lower. The red metal is finding it hard to push back and stabilize above $7,000 per tonne and has undone all of Wednesday's gain...Read More
Trials to discover reference prices for London Metal Exchange contracts through the Volume Weighted Average Price (VWAP) of transactions are planned to begin at the end of the year or the start of 2019, the LME's chief executive officer said. The exchange is currently engaged in a member-by-member discussion of how a VWAP would work, a process that Matthew Chamberlain said has seen saw market part...Read More
Iron ore prices edged up on Thursday March 15 amid improved sentiment following the release of data showing a drop in steel inventories in the Chinese market. Metal Bulletin's 62% Fe Iron Ore Index Today: $72.11 per tonne cfr Qingdao Daily change: up by $0.47 per tonne Month-to-date average: $73.95 per tonne Metal Bulletin's 58% Fe Premium Index Today: $57.71...Read More
Steel billet import prices and domestic rebar prices in Egypt increased again in the week ended Thursday March 15, with demand being better compared with previous weeks.Metal Bulletin's weekly price assessment for Egyptian billet imports rose to $550-565 per tonne cfr on Thursday from $530-545 per tonne cfr previously.An unconfirmed quantity of...Read More
Turkish domestic rebar prices have gone down slightly over the past week, while wire rod prices in the country's local market were largely stable, sources said on Thursday March 15.The local rebar prices have not changed much on Turkish lira basis, but the US dollar values fell slightly with the lira weakening in currency trading.Metal Bulletin's weekly price assessment for domestic rebar...Read More
Comex copper prices reversed lower on the morning of Thursday March 15 in the United States amid general hesitancy from traders and a stronger dollar.Copper for May settlement on the Comex division of the New York Mercantile Exchange dipped by 4.55 cents or 1.4% to $3.113 per lb. Yesterday, the contract reached a two-week high at $3.192 per lb."The limited rebound indicates that traders remain ske...Read More
The latest metal markets news and price moves to start the North American day on Thursday March 15.The LME aluminium price shrugged off news of a 22,270-tonne delivery in to listed warehouses in Port Klang. But the three-month tin price was the worst performer, falling $350 to $20,800 per tonne, coming under pressure from improved availability in China. Here is how the LME base meta...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday March 15*Copper -$123.40 (-780.92 yuan) Aluminium -$410.64 (-2,598.75 yuan) Zinc -$98.03 (-620.39 yuan) Nickel -$537.25 (-3,400.06 yuan) *Metal Bulletin calculates the physical...Read More
Trials to discover reference prices for London Metal Exchange contracts through the Volume Weighted Average Price (VWAP) of transactions are planned to begin at the end of the year or the start of 2019, the LME's chief executive officer said. The exchange is currently engaged in a member-by-member discussion of how a VWAP would work, a process that Matthew Chamberlain said has seen saw market part...Read More
BHP has invited unions representing workers at Escondida, the world's largest copper mine, to high-stakes labor contract talks that were originally set to commence on June 1, the union said."The union has summoned partners this and next week, to discuss the invitation and decide whether to accept or reject it," the Union No. 1 said in a statement.BHP...Read More
Dutch wire products supplier Van Merksteijn has confirmed that it has ordered an electric arc furnace (EAF) and wire rod rolling mill, enabling the company to secure supplies and substantially reduce its reliance on wire rod imports.The new facility will have a wire rod production capacity of 900,000 tonnes per year, and will be built at the seaport of Eemshaven in the north of the Netherlands.Wir...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transaction: rebarRebar Egypt, domestic (Beshay Steel), rebar, offered at...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. ...Read More
The Turkish rebar and wire rod export markets have remained quiet over the past week on sluggish demand, sources said on Thursday March 15.Turkish steel mills continued to offer rebar for exports at $610-620 per tonne fob actual weight, but buyers were not interested in paying any more than $600 per tonne.There have been no significant transactions heard so far this week,...Read More
Norwegian ferro-silicon producer Finnfjord Smelteverk will cut about 5,000 tonnes of production between April and June of this year because of planned maintenance to its furnaces, according to an industry source.The company, which has its plant in the north of the country, operates three furnaces, one with capacity for 20,000 tonnes per year and two with capacities for 40,000 tpy."Maintenance shou...Read More