Peru's government has hailed the successful auction of the Michiquillay copper project as a sign of a revival in mining investment in the Andean nation, but several industry participants dispute that notion.Southern Copper Corp, controlled by Grupo Mexico, last week won a public tender to develop the world-class mining project in Peru's northern region of Cajamarca with an offer of $400 million. T...Read More
Base metals on the London Metal Exchange mostly closed the week in negative territory on Friday March 2, with aluminium the sole exception.The three-month aluminium price held steady throughout today's trading while the market assessed news that US President Donald Trump intends impose a 10% tariff on aluminium imports."Who knows what it will mean to for exchange prices? For sure it will affect th...Read More
Trading activity in the seaborne coking coal market picked up ahead of the weekend, which saw the first cargo of premium low-vol product being sold to a Chinese buyer on a fixed-price basis in at least a week.The top-tier cargo changed hands around $238 per tonne cfr China, sources told Metal Bulletin on Friday March 2. A cargo of second-tier materials was also traded at $195 per tonne fob Austral...Read More
Base metals prices on the London Metal Exchange were little changed during morning trading on Friday March 2, with the complex restricted by thin liquidity and a firmer dollar. Aluminium's benchmark cash/three-month spread swung back into contango for the first time since February 14 this morning - now at $1.75 per tonne contango from $6 per tonne backwardation at the close yesterday.The backwarda...Read More
The UK inter-merchant price range for austenitic alloy steel scrap has gone unchanged this week because a rise in nickel prices at the end of last week was offset by a later drop this week, sources said on Friday March 2.Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?950-990 ($1,306-1,361) per tonne delivered on Friday, unchanged over the week."The ni...Read More
The base price assessments for flat and long stainless steel products in Europe were unchanged this week on reduced market activity, sources told Metal Bulletin on Friday March 2.Metal Bulletin's weekly base price assessment on Friday for 2mm, grade-304 CR stainless steel sheet was ?,?1,060-1,110 ($1,294-1,355) per tonne delivered in Northern Europe on March 2, steady over the week."Market activit...Read More
Hydro has declared force majeure at its Alunorte alumina refinery in Brazil's northern state of Par?? following an order by the country's authorities to cut output by 50%. The Norwegian company said it had issued the notice due to the production cut as well as a lack of clarity into what measures it would take to return Alunorte to normal. "Contingency plans are being implemented, and Alunorte is...Read More
Brazil's aluminium industry is concerned about a potential surge of Chinese sheet and foil shipments into the country following US President Donald Trump's decision to enact a 10% tariff on US aluminium imports under Section 232."The biggest question is what China will do now... The idea of China looking for new destinations for its aluminium products is very concerning to us," Milton Rego, presid...Read More
Refining charges (RCs) on blister copper imported into China stayed at high levels in February, with buyers snapping up tonnages on the well-supplied domestic spot market.China purchased several thousand tonnes of 98-99% blister copper, mainly from African producers, at RCs of $200-210 per tonne cif last month, according to Metal Bulletin's assessment.Metal Bulletin introduced its monthly RC asses...Read More
The Kamoa-Kakula copper project in the Democratic Republic of Congo (DRC) has increased its mineral resource estimate by 50%, which could bring around 21.5 billion lb (9.8 million tonnes) of copper into the market, Ivanhoe Mines said earlier this week. Research conducted in 2017 revealed Kakula's mineral resources at the Kamoa-Kakula mine stand at an estimated 174 million tonnes of which 5.62% is...Read More
The European aluminium market still faces many unknown influences following US President Donald Trump's latest announcement on the imposition of trade tariffs under Section 232.Trump announced on Thursday March 1 that he would impose tariffs of 25% on steel imports and 10% on aluminium imports into the US for an indefinite period. Section 232 allows him to take such action when he believes that na...Read More
Spain, Europe's third largest zinc consumer, used almost a third less zinc last year compared with 2016, according to the World Bureau of Metal Statistics (WBMS). In 2017, the country's annual consumption dropped 28% to 203,900 tonnes, versus 283,400 tonnes a year earlier, the data released on Wednesday February 28 showed. Spanish demand was affected in large part due to the bankruptcy of Agalsa,...Read More
The latest metal markets news and price moves to start the North American day on Friday March 2.Base metals prices on the London Metal Exchange were little changed during morning trading with the complex restricted by thin liquidity and a firmer dollar.Here's how base metals prices look at 12.19pm London time: Read our live futures report here.In other exchange news, deliverable copper stocks at S...Read More
The export price assessment of Brazilian slab remained unchanged this week, but sparse offers of material for May shipment were heard at soaring prices. Metal Bulletin's weekly price assessment of Brazilian export slab was $540-545 per tonne fob on Friday March 2, unchanged from the previous week. After the assessment was closed, sources confirmed that at least one booking of slab was made to the...Read More
Turkish steel exports to the United States will not be seriously affected by trade sanctions under Section 232 as long as the 25% tariff is applied equally to all countries, the Turkish Steel Exporters Assn (??IB) said on Friday March 2.US President Donald Trump announced his much-anticipated decision on whether to impose trade sanctions under Section 232 before the deadline of April 11, bowing to...Read More
South American flat steel import prices increased significantly this week, with mills in China returning to the market with high-priced offers after the Chinese New Year holiday."On Thursday and Friday last week, the market seemed to open weakly in China, so all mills held their offers," a South America-focused trader said. "Then on Monday, the market opened very strongly, and mills applied strong...Read More
Russia's Magnitogorsk Iron & Steel Works (MMK) may increase its supply of hot-rolled coil (HRC) to the spot market if it restarts the melting shop at MMK Metalurji in Turkey, Metal Bulletin has heard."If they [restart the melting shop and the strip mill], then they will sell more [HRC] in the Middle East-North Africa market and maybe in Asia," a trader who works with MMK told Metal Bulletin.He add...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transactions: HRC, CRC, HDG, PPGIHot-rolled coilTurkey, domestic, hot-rolled coil, offered at $660-670 per tonne ex-works, May production.Turkey, domestic, hot-rolled coil, traded at $6...Read More
Some coated coil producers in Turkey have raised their prices this week, but market participants were expecting prices to increase further.Domestic pricesOne Northern Turkish producer was offering hot-dipped galvanized (HDG) coil in 0.50mm gauge at $830 per tonne ex-works this week, while a second producer in the same region was fully booked until late May and did not offer any price.https://www.m...Read More
Flat steel prices in Turkey's domestic, import and export markets kept increasing this week amid strong demand, market participants told Metal Bulletin on Friday March 2.Local producers were fully booked until the middle of May, and were not giving discounts.Domestic pricesHot-rolled coil (HRC) producers in Turkey have been offering material at $660-670 per tonne ex-works for May production, up fr...Read More