Base metals traded on the London Metal Exchange are mixed this morning, Tuesday March 6, with lead, zinc and tin prices down by an average of 0.5%, while copper, aluminium and nickel prices are up by an average of 0.3%.Volume has been average with 7,431 lots traded as of 07.16am London time. Precious metals prices are little changed to slightly firmer with the complex up by an average of 0.1%, wit...Read More
Some flat steel import prices in the United Arab Emirates and Saudi Arabia decreased this week despite the strong demand in the UAE, sources told Metal Bulletin on Tuesday March 6.UAEHot-rolled coil (HRC) was being offered to the UAE at $640-650 per tonne cfr from China while a buyer was bidding $610-620 per tonne cfr.No price was heard from India this week.About 2,000 tonnes of HRC was booked fro...Read More
Demand for flat steel will remain strong in Turkey through March and price increases are expected to continue because producers are fully booked until late May, market participants told Metal Bulletin this week. "Producers are fully booked until mid-May, so they have increased their prices. And end-user demand is okay, so prices have some more room to rise," one trader said on March 2. "...Read More
China's hot-rolled coil export prices surged on Tuesday March 6 with a few importers agreeing to pay more despite a softening of the country's domestic market.DomesticEastern China (Shanghai): 4,100-4,120 yuan ($646-650) per tonne, down by 20 yuan per tonneNorthern China (Tianjin): 4,040-4,060 yuan per tonne, down by 30 yuan per tonneSpot prices fell amid a stronger interest among market participa...Read More
Spanish steel import volumes rose by 4.90% year-on-year in 2017, while exports fell in the same year, according to Unesid, the country's steel association.The volume of steel imported into Spain was 9.90 million tonnes in 2017, up by 4.90% year-on-year, according to Unesid, while exports fell by 5.90% to 8.80 million tonnes.One reason for this was that local consumption increased at the same time...Read More
Local and imported rebar prices in the United Arab Emirates and Saudi Arabia remained unchanged this week although the price of steel billet imports into the UAE increased, sources told Metal Bulletin on Tuesday March 6. Demand for locally produced rebar in the UAE was still strong. Domestic rebar The major rebar producers in the UAE rolled over their prices for March and April production las...Read More
Turkish steel producers have continued to book deep-sea scrap for April amid strong demand for their finished steel products, sources said on Tuesday March 6.Imported scrap prices into Turkey have risen further with the recent bookings, sources told Metal Bulletin.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 20,000 tonnes of HMS 1&2 (80:20) at $374.75 per tonne and...Read More
Iron ore prices fell to $76 per tonne cfr China on Tuesday March 6 on growing port inventories.Metal Bulletin's 62% Fe Iron Ore Index Today: $76.07 per tonne cfr QingdaoDaily change: down by $0.96 per tonneMonth-to-date average: $77.71 per tonneMetal Bulletin's 58% Fe Premium Index Today: $60.56 per tonne cfr QingdaoDaily change: down by...Read More
The seaborne iron ore market continued to weaken on Tuesday March 6 on growing port inventories, but steel mills remain optimistic due to the current good profitability of steel products. Key drivers Iron ore inventories at 42 major Chinese ports continued to pile up, reaching 159.37 million tonnes on Tuesday, up 740,000 tonnes since last Friday. Some trading sources said that very few m...Read More
Local and imported rebar prices in the United Arab Emirates and Saudi Arabia remained unchanged this week although the price of steel billet imports into the UAE increased, sources told Metal Bulletin on Tuesday March 6. Demand for locally produced rebar in the UAE was still strong. Domestic rebar The major rebar producers in the UAE rolled over their prices for March and April production las...Read More
China's domestic rebar prices remained in a downward trend on Tuesday March 6 amid high selling interest among stockists. Domestic Eastern China (Shanghai): 3,920-4,000 yuan ($618-631) per tonne, down 50-80 yuan per tonne Northern China (Beijing): 4,030-4,060 yuan per tonne, down 20 yuan per tonne Stockists lowered their prices in an attempt to secure more sales since they have a lot of inventory....Read More
Limited offers and bullish sentiment resulted in import prices for steel billet in Southeast Asia rising further over the past week and those for slab in the wider region including East Asia to narrow upward.BilletMetal Bulletin's assessment of import prices for billet in Southeast Asia was $560-575 per tonne cfr for the week ended Monday March 5, up $20 per tonne from a week earlier.Numerous deal...Read More
The Chinese vanadium market followed European prices upward last week, in its first full week since returning from the Chinese New Year break. Meanwhile, the US and European markets continued to strengthen on thinning stocks and healthy spot demand. Chinese vanadium prices surge after emerging from Chinese New Year European market continues uptrend in light of supply constraints US ferro-vanadium...Read More
Chinese mining shutdowns drove tungsten concentrate and APT prices upward in the latest assessment, with European APT prices following suit. Chinese APT, concentrate prices bolstered by operation suspensions European APT prices follow Chinese market upward European ferro-tungsten market sees subdued spot demand The Chinese tungsten market rebounded significantly last week, and domesti...Read More
Chinese stainless mills issued higher ferro-chrome tender prices for the month of March, lending support to UG2 chrome ore and Asian ferro-chrome prices. UG2 chrome ore, Chinese contract prices increase on higher mill tender prices Japanese, South Korean prices bolstered by strengthened Chinese market European ferro-chrome prices firm on thinning supplies, expectations of higher benchmark US price...Read More
Car production in Mexico increased by 6.2% year on year in February, according to figures released by national automotive association Amia on Tuesday March 6. Output reached 328,352 units last month against 309,234 units in February 2017. Mexico exported 275,980 cars in February, an 11.2% increase from the 248,288 cars exported in the same...Read More
Car production in Brazil increased by 6.2% year-on-year in February 2018, led by higher sales to both the domestic and export markets,Output reached 213,500 units, compared with 201,100 vehicles a year earlier, according to figures released by national automobile association Anfavea on Tuesday March 6."Sales are on the rise and February's daily sales average was higher than in January, even...Read More
Demand for flat steel will remain strong in Turkey through March and price increases are expected to continue because producers are fully booked until late May, market participants told Metal Bulletin this week. "Producers are fully booked until mid-May, so they have increased their prices. And end-user demand is okay, so prices have some more room to rise," one trader said on March 2. "...Read More
China's major mills continued to raise their crude steel output rates in mid-February, which also led to an increase in inventory levels amid the Chinese New Year celebrations in the country.Member mills of the China Iron & Steel Association (Cisa) produced crude steel at an average rate of 1.7996 million tonnes per day during the second 10 days of February, up 14,900...Read More
The three-month copper price rebounded over $7,000 per tonne for the first time this month at the close on Tuesday March 6, with the metal undergoing a short-covering rally. "Given the drop in open interest so far this week, LME copper seems to be experiencing a short-covering rally. But fresh buying needs to emerge to make the LME copper strength sustainable," Boris Mikanikrezai, Metal Bulletin a...Read More