Prices for Asia-origin steel commodities could remain elevated for April- and May-shipment cargoes, although this will depend on further policy changes in China and the United States, market sources have told Metal Bulletin.Bullish sentiment on near-term spot prices is prevalent because production cuts in China could yet be extended all the way into May-June."Many market participants think that pr...Read More
CIS export rebar and wire rod prices continued to rise in the week ended Monday February 26 amid reduced availability of the materials, although customers were refraining from bookings because they considered the offered prices to be too high.Metal Bulletin's weekly price assessment for CIS rebar exports narrowed upward to $570-580 per tonne fob Black Sea on February 26, from $565-580 per tonne fo...Read More
Turkish domestic scrap prices have remained largely stable over the past week, because most of the steel producers in the country have kept their purchasing prices unchanged.Metal Bulletin's weekly price assessment for domestic auto bundle scrap (DKP grade) was TRY1,230-1,400 ($324-369) per tonne delivered on Monday February 26, widening slightly from last week's TRY1,260-1,390 per tonne.The sligh...Read More
Turkish steel producers have continued to book deep-sea scrap, now buying for April, and prices have gone up slightly, sources said on Monday February 26.Market participants believed that the strong finished steel market was supporting the steel mills' scrap purchases."Turkish mills are still showing interest in deep-sea scrap. This is mostly because of the strong finished steel market," a source...Read More
China's imports of iron ore rebounded to the second highest ever in January while those for coking coal fell to a seven-month low. Exports of scrap surged on the year, while those for coke, which include semi coke, contracted.Read More
CIS export prices for steel billet products continued to climb in the week ended Monday February 26 with customers accepting the higher prices.In addition, the availability of the material was reduced because some mills were holding back volumes in expectation of another round of price increases after China's return from the week-long lunar new year celebration.Metal Bulletin's weekly export CIS B...Read More
China's domestic rebar prices rose sharply on Monday February 26 following big gains in the billet and futures markets. Domestic Eastern China (Shanghai): 4,030-4,070 yuan ($636-642) per tonne, up 120-130 yuan per tonne Northern China (Beijing): 4,100-4,140 yuan per tonne, up 100 yuan per tonne Billet prices rose by a total of 140 yuan per tonne over the weekend and Monday morning amid active trad...Read More
Chinese ferro-silicon prices were unchanged on Friday February 23, with suppliers awaiting the return of consumers after the Lunar New Year holiday, while the European and US markets are pausing for quarterly delivery talks to discover the state of availability and demand in the next few months. Chinese market awaits consumers' return Chinese trading reduced to inter-merchant activity ...Read More
China's ferro-chrome market was stable just after Lunar New Year, while market participants predicted prices will rise in the coming week as a result of the country's strengthening stainless sector. Ferro-chrome prices hold in China after Lunar New YearUG2 chrome ore prices edge higher in ChinaHigher ferro-chrome tender prices expected for MarchAlloy prices rise in all other regions Ferro-chrome...Read More
China's imports of iron ore rebounded to the second highest ever in January while those for coking coal fell to a seven-month low. Exports of scrap surged on the year, while those for coke, which include semi coke, contracted.Read More
China's ferrous futures surged in the early hours of morning trading on Monday February 26 on news of more steel production cuts in Tangshan, though the contracts - especially those for iron ore and coking coal - corrected before the end of the session.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 4,013 yuan ($633) per tonne, up 1 yuan per tonne May hot-rolled coil:...Read More
Steel producers in Russia have increased their offer prices for March-rolled hot-rolled (HR) and cold-rolled (CR) sheet, Metal Bulletin has heard."Mills say that they have a good export market; that is why they increased the offers for the local market," one source told Metal Bulletin.Metal Bulletin's assessment of prices for Russian 4mm HR sheet was 43,000 roubles ($765) per tonne cpt Moscow, inc...Read More
The export market for hot-rolled coil (HRC) and cold-rolled coil (CRC) from the Commonwealth of Independent States has grown on restricted supplies and rising prices for semi-finished steel products, sources have told Metal Bulletin."Mills are overbooked and buyers are searching for material," a trader told Metal Bulletin. He added that it was a challenge to find HRC available to purchase, althoug...Read More
Lead prices on the London Metal Exchange continued to strengthen and closed 1.4% higher at 5pm London time on Monday February 26, with its cash/three-month spread moving into backwardation. "LME lead has rebounded well... So far, sellers have failed to take its below $2,500 per tonne; buyers now have the chance to push it higher," Metal Bulletin analyst Andy Farida said. "Since the base metals are...Read More
The price difference between lead and zinc on the London Metal Exchange has moved to its widest in over 10 years, with lead lagging significantly behind. At the close on Thursday February 22, the three-month zinc price closed $960.50 per tonne higher than lead. But when the spread - or switch - last moved to over $900 in early 2007, lead staged an incredible fightback and ended up overtaking its s...Read More
Good morning from Metal Bulletin's London office, bringing you the latest news and pricing stories on Monday February 26.Base metals prices on the London Metal Exchange were on strong footing at the start of the week - with prices trading higher across the board and being supported by a weaker dollar. Here's how base metals prices looked at 11:50 London time:Read our live futures report here. ...Read More
SHANGHAI, Feb 26 (SMM) – Metals futures on the SHFE performed strongly today as nonferrous metals rose across the board except for tin, which edged down slightly. Nickel went up 0.72%. Copper, aluminium, zinc and lead also inched up.Ferrous metals remained firm as coke jumped over 4% and hot-rolled coil increased by close to 4%. Rebar rose over 3%, coking coal rose over 2% and iron ore edged...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening traded. Futures responded to a surge overnight in world equity markets.Gold gained $9.40 to $1,339.70 per ounce on weakness in the U.S. Dollar IndexNatural gas gained $0.05 to $2.70 per MBtu following predictions by the National Center for Environmental Information (NOAA) that northern U.S. stat...Read More
Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Monday February 26.Copper prices on the Shanghai Futures Exchange were weaker during Asian morning trading on Monday, with the red metal coming under pressure following a 10% jump in copper volumes at SHFE-approved warehouses last week.Check Metal Bulletin's live futures report here.LME sn...Read More
SHANGHAI, Feb 26 (SMM) – Metals futures on the SHFE performed strongly today as nonferrous metals rose across the board except for tin, which edged down slightly. Nickel went up 0.72%. Copper, aluminium, zinc and lead also inched up.Ferrous metals remained firm as coke jumped over 4% and hot-rolled coil increased by close to 4%. Rebar rose over 3%, coking coal rose over 2% and iron ore edged...Read More