Turkish steel producers have continued to book deep-sea scrap for April while the prices were still rising, sources said on Thursday March 1.A steel mill in the Iskenderun region booked a Canadian cargo, comprising 30,000 tonnes of HMS 1&2 (90:10), 10,000 tonnes of shredded and 10,000 tonnes of plate and structural scrap (P&S) at an average price of $372...Read More
Iron ore prices recovered some losses on Thursday March 1 and returned above $79 per tonne though demand remained sluggish.Metal Bulletin's 62% Fe Iron Ore Index Today: $79.39 per tonne cfr Qingdao Daily change: up by $0.78 per tonne Month-to-date average: $79.39 per tonne Metal Bulletin's 58% Fe Premium Index Today: $62.05 per tonne cfr QingdaoDaily change: up by $0.43...Read More
Turkish steel billet prices have continued to climb up over the past week, amid strengthening scrap values and good demand for the material, sources said on Thursday March 1.Metal Bulletin's weekly price assessment for billet imports into Turkey on Thursday was $535-545 per tonne cfr, up from the last week's $525-540 per tonne.Suppliers in the CIS region have enjoyed the demand from Turkish custom...Read More
Steel billet import prices in Egypt increased in the week ended Thursday March 1, although demand was only moderate.Metal Bulletin's weekly price assessment for Egyptian billet imports increased to $525-540 per tonne cfr from $515-530 per tonne cfr previously.CIS-origin billet was on offer in Egypt at $525-540 per tonne cfr this week, while Iran offered...Read More
China's domestic rebar prices posted big gains on Thursday March 1 after major producers announced higher list prices for the long steel product. Domestic Eastern China (Shanghai): 4,080-4,120 yuan ($645-651) per tonne, up 60 yuan per tonne Northern China (Beijing): 4,130-4,150 yuan per tonne, up 20-30 yuan per tonne East China's major rebar producer, Shagang, raised its ex-works price by 250 yuan...Read More
Spot prices for European molybdic oxide and ferro-molybdenum climbed in Metal Bulletin's midweek assessment, extending gains on renewed demand and an expectation that consumers in the steel sector will add to that demand for second quarter deliveries soon. Metal Bulletin assessed molybdic oxide prices at $12.80-12.85 per lb in-warehouse Rotterdam on Wednesday February 28, up from $12.55-12.75...Read More
Robust nickel prices and fewer firm offers pushed prices up in East Asia's stainless steel markets over the past week despite weak demand.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm cold-rolled coil was $2,250-2,330 per tonne cif East Asian ports for the week ended Wednesday February 28, widening upward by $10 per tonne from a week earlier.Metal Bulletin's assessment of p...Read More
Prices for steel hollow sections have remained largely unchanged across Europe this week, with extreme weather in the region contributing to the low demand, sources said.Metal Bulletin's price assessment for Northern European domestic hollow sections remained at ?,?650-670 ($794-818) per tonne delivered on Wednesday February 28."Most [of Scandinavia]...Read More
Exporters of CIS-origin pig iron have increased their offer prices, citing rises in scrap prices, sources have told Metal Bulletin.Metal Bulletin's export price assessment on Thursday March 1 for high-manganese pig iron from the CIS region was $350-365 per tonne fob Black Sea, narrowing from $345-370 per tonne fob Black Sea a week earlierAfter several cargoes of Ukraine-origin pig iron were sold t...Read More
Prices for steel hollow sections have remained largely unchanged across Europe this week, with extreme weather in the region contributing to the low demand, sources said.Metal Bulletin's price assessment for Northern European domestic hollow sections remained at ?,?650-670 ($794-818) per tonne delivered on Wednesday February 28."Most [of Scandinavia]...Read More
Noranda is seeking to ship its bauxite directly from Jamaica instead of transferring it from Panamax into Capesize vessels in Trinidad, a move that will shave several dollars off the cost of transportation, a senior Noranda Bauxite and Alumina executive said at Metal Bulletin's Bauxite & Alumina conference in Jamaica. According to Chris Young, vice president of sales and marketing, it costs around...Read More
Turkish steel producers have continued to book deep-sea scrap for April while the prices were still rising, sources said on Thursday March 1.A steel mill in the Iskenderun region booked a Canadian cargo, comprising 30,000 tonnes of HMS 1&2 (90:10), 10,000 tonnes of shredded and 10,000 tonnes of plate and structural scrap (P&S) at an average price of $372...Read More
The latest metal markets news and price moves to start the North American day on Thursday March 1.Metals on the London Metal Exchange continued to slide on the back of a strengthening dollar, with the dollar index hitting its highest since January 18. The three-month copper contract fell below the $6,900 per tonne mark and a fresh two-and-a-half week low.Here is how the LME base metals complex loo...Read More
SHANGHAI, Mar 1 (SMM) – Nonferrous metals futures saw mixed trading on Thursday March 1 with SHFE lead dropping over 1%. Tin, copper and nickel edged down slightly, while aluminium gained some 1% and zinc inched up.The ferrous complex continued to trade rangebound. Coking coal dropped over 1% while coke, rebar, iron ore and hot-rolled coil went up slightly.Copper: We still see downward room...Read More
SHANGHAI, Mar 1 (SMM) – Nonferrous metals futures saw mixed trading on Thursday March 1 with SHFE lead dropping over 1%. Tin, copper and nickel edged down slightly, while aluminium gained some 1% and zinc inched up.The ferrous complex continued to trade rangebound. Coking coal dropped over 1% while coke, rebar, iron ore and hot-rolled coil went up slightly.Copper: We still see downward room...Read More
SHANGHAI, Mar 1 (SMM) – Nonferrous metals futures saw mixed trading on Thursday March 1 with SHFE lead dropping over 1%. Tin, copper and nickel edged down slightly, while aluminium gained some 1% and zinc inched up.The ferrous complex continued to trade rangebound. Coking coal dropped over 1% while coke, rebar, iron ore and hot-rolled coil went up slightly.Copper: We still see downward room...Read More
Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Thursday March 1.Base metals traded on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Thursday, with a resurgent dollar curbing investors' appetite for the metals.Check Metal Bulletin's live futures report here.LME snapshot at 02.14am London timeLatest thr...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade. Investors are waiting for testimony before congress on monetary policy by Federal Reserve chairman Jerome Powell. Index futures recovered slightly following release of U.S. economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 230,000 versus a revised 220,000 last week. A...Read More
SHANGHAI, Mar 1 (SMM) – The final purchasing managers' index (PMI) for downstream nickel industries in February stood at 38.4, better than expected, SMM data showed.The overall production index in February stood at 35.5, with fewer stainless steel plants closed for maintenance during the Chinese New Year holiday. Suspended production for the holiday also affected the production inde...Read More
SHANGHAI, Mar 1 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightAs the US dollar continued to go up, with the dollar index hitting a post-Chinese New Year high at 90.62, and China’s manufacturing purchasing managers’ index (PMI) failed to meet expectations, we saw a big slump in base metals futures except for SHFE alumi...Read More