The latest news and price moves to start the Asian day on Thursday March 8.Base metals prices on the London Metal Exchange slumped by the 5pm close on Wednesday March 7, with a sell-off spurred by uncertainty stemming from the latest developments over the United States' Section 232 probe. Read more in our live futures report.Here are how LME prices looked at Wednesday's close:Europe's largest copp...Read More
Aluminium's three-month price recovered above $2,100 per tonne at the 5pm close on Thursday March 8, with all eyes on the United States' expected tariff announcement. President Donald Trump is expected to announce the official Section 232 import tariffs after 8pm London time, which held the aluminium three-month price steady throughout the day. It closed $8 higher at $2,106 per tonne. Tin was the...Read More
The United States is expected to announce the official Section 232 import tariffs in the next five hours - keep up to date with all the 232-related news.To see...Read More
Comex copper prices softened to the lowest point since mid-February on Thursday March 8 amid ongoing uncertainty relating to US steel and aluminium tariffs. Copper for May settlement on the Comex division of the New York Mercantile Exchange dipped 5.20 cents or 1.7% to $3.0820 per lb. Earlier today, the contract touched $3.0795, the lowest since February 12. Questions over US trade policy and poss...Read More
Glencore Canada Corp is to supply Noranda Income Fund with all of its zinc concentrate requirements and purchase all the fund's zinc metal for a four-year period ending April 30, 2022. Noranda Income Fund said that until April 30 2019 it will buy the zinc concentrate and sell the zinc metal based on fixed market terms for both concentrate and metal. After that, terms will be agreed annua...Read More
Representatives of the Democratic Republic of Congo (DRC) mining industry are to start discussions on the mining code with the country's government following a meeting with the DRC president this week. The purpose of the meeting, which took place on Wednesday March 7, was to clarify certain aspects of the country's proposed new mining code. The code was passed by both houses of parliament in Janua...Read More
Stainless cold-rolled coil prices in East Asia widened over the past week with offers from China and Taiwan going in opposite directions, while those for stainless hot-rolled sheet narrowed on thin trading.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm trimmed CRC was $2,235-2,350 per tonne cif East Asian ports for the week ended Wednesday March 7, widening from $2,250-2,330...Read More
Prices for high and low-grade cobalt metal rallied through the $40 per lb psychological barrier in the midweek pricing session, with scope to keep rising over the coming days and weeks. High prices are, at least for now, unlikely to deter purchasing, because tight supplies, strong demand from the battery and super-alloy sectors and larger volume inquiries are sufficient to underpin the latest gain...Read More
Representatives of the Democratic Republic of Congo (DRC) mining industry are to start discussions on the mining code with the country's government following a meeting with the DRC president this week. The purpose of the meeting, which took place on Wednesday March 7, was to clarify certain aspects of the country's proposed new mining code. The code was passed by both houses of parliament in Janua...Read More
Turkish steel producers spent Thursday March 8 without making any deep-sea scrap transactions, but they are still expected to book more cargoes for April, according to market sources.The mills have booked a number of deep-sea cargoes this week, leading to an increase in the prices."Today, the scrap market was quiet, but Turkish mills need more...Read More
Comex copper prices softened to the lowest point since mid-February on Thursday March 8 amid ongoing uncertainty relating to US steel and aluminium tariffs. Copper for May settlement on the Comex division of the New York Mercantile Exchange dipped 5.20 cents or 1.7% to $3.0820 per lb. Earlier today, the contract touched $3.0795, the lowest since February 12. Questions over US trade policy and poss...Read More
Base metals traded on the London Metal Exchange are split into two camps this morning, Thursday March 8, with copper ($6,924 per tonne), nickel, zinc and tin prices all down by an average of 0.6%, while aluminium and lead prices are up by an average of 0.3%.Volume has been average with 7,370 lots traded as of 06.43am London time. This follows a day of weakness on Wednesday when prices were down by...Read More
China's hot-rolled coil prices continued to fall with purchasing interest thinning amid higher inventory levels.DomesticEastern China (Shanghai): 4,000-4,030 yuan ($632-637) per tonne, down by 40-50 yuan per tonneNorthern China (Tianjin): 3,940-3,960 yuan per tonne, down by 50 yuan per tonneFerrous futures plunged in the afternoon after an industry information provider released data showing an inc...Read More
China's ferrous futures, especially those of finished steel, remained weak during morning trading on Thursday March 8.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,858 ($610) per tonne, down 27 yuan per tonne May hot-rolled coil: 3,940 yuan per tonne, down 21 yuan per tonne Dalian Commodity Exchange May iron ore: 512.50 yuan per tonne, down 0.50 yuan per tonneMay...Read More
Prices for hollow steel sections in Europe are expected to rise because of the low availability of steel coil, market sources have told Metal Bulletin.The supply of hot-rolled coil (HRC) has reduced because mills are heavily booked and there has been a lack of workable import offers. These factors have put tube mills in a quandary when trying to secure...Read More
Offer prices from mills for European domestic steel beams rose slightly this week, helped by an uptick in scrap prices and more interest from customers, although buyers were less convinced about the health of the market, Metal Bulletin heard.Higher offer prices from mills widened Metal Bulletin's price assessment for S235-grade, 200x200mm category-2 H-beams made in Northern Europe upward by ?,?5 p...Read More
Turkish steel producers spent Thursday March 8 without making any deep-sea scrap transactions, but they are still expected to book more cargoes for April, according to market sources.The mills have booked a number of deep-sea cargoes this week, leading to an increase in the prices."Today, the scrap market was quiet, but Turkish mills need more...Read More
Iron ore prices tumbled to $73 per tonne cfr China on Thursday March 8 amid a weakening Chinese steel market.Metal Bulletin's 62% Fe Iron Ore Index Today: $73.23 per tonne cfr QingdaoDaily change: down by $2.61 per tonneMonth-to-date average: $76.65 per tonneMetal Bulletin's 58% Fe Premium Index Today: $59.28 per tonne cfr QingdaoDaily change: down by $1.05 per tonneMonth-to-date average: $60.78 p...Read More
Physical iron ore prices continued to drop on Thursday March 8 with the April swaps contract hitting the $70-per-tonne-cfr-China mark amid a weakening Chinese steel market.Key driversChina's ferrous futures tanked across the board for a second day, with the benchmark contracts falling 2.9-3.8% from the settlement levels a day earlier. The iron ore contract had the worst performance, ending just ab...Read More
Steel billet import prices and domestic rebar prices in Egypt increased in the week ended Thursday March 8, although demand was still only moderate.Metal Bulletin's weekly price assessment for Egyptian billet imports rose to $530-545 per tonne cfr on Thursday from $525-540 per tonne cfr previously.CIS-origin billet was on offer in Egypt...Read More