The proposed Section 232 investigation remedies by the United States Commerce Department are becoming apparent in the global market, with the common theme a reorganization of the world's supply chains to remove the US from the trade flow. North America One of the biggest question marks in North America related to the Section 232 recommendations is what any of them - if implemented - will mean for...Read More
Jonathan Berchole, a senior base metals trader at Mercuria Energy Group, has left the company, a well-informed source told Metal Bulletin.Berchole traded aluminium, nickel and tin in London. Berchole, who formerly worked as a trader...Read More
Malaysia Smelting Corp (MSC) recorded a 20% increase in net profit at its tin mining unit in 2017, but its smelting segment registered a loss due to aged equipment and operation inefficiencies that will be addressed by the relocation of its Butterworth smelter from Penang to Port Klang, it said on Friday February 23.MSC's mining division reported net profit of MYR 34.88 million ($8.92 million) in...Read More
Slab export prices from Brazil have increased week on week, amid low material availability and increasing buying interest. Metal Bulletin's weekly assessment of Brazil-origin export slab was $540-545 per tonne fob on Friday February 23, up from $530-540 per tonne fob a week earlier. Most February bookings have been closed at around $540 per tonne fob or even higher, with buying activity reported i...Read More
Novolipetsk Steel (NLMK), Russia's largest steelmaker, sees opportunity for further development outside Russia, where the market is "too small," according to the company's top executive."The Russian market is too small for us, we can't achieve our growth goals in this market, considering [the slow] rate of its growth," Oleg Bagrin, NLMK's chief executive officer, said.Bagrin said NLMK expects that...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Iron ore prices strengthened to close to $79 per tonne on Friday February 23 amid expectations of a possible extension of production limitations in China beyond the country's winter heating season, which ends in mid-March.Tangshan's municipal government is seeking feedback from market participants about...Read More
Indian steelmaker JSW Steel is in the final stages of purchasing Italian long steel producer Acciaierie e Ferriere di Piombino (Aferpi), Italian trade union Uilm said on Thursday February 22."The Piombino plant [in western Italy] is destined to go into the hands of an entrepreneur who knows what it means to produce steel. We will start negotiating a business and investment plan after March 31," Ui...Read More
The Lunar New Year holiday tightened tungsten supply further, pushing prices for ammonium paratungstate (APT) slightly higher in Europe while ferro-tungsten was unchanged with little spot business concluded. Lunar New Year holiday tightens tungsten supply furtherEuropean APT prices edge higher on tight availabilityEuropean ferro-tungsten prices stable with little spot activity taking place Metal B...Read More
The following Metal Bulletin noble alloys, bulk alloys and ores prices changed on Friday February 23:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $12.55-12.75 per lb from $12.30-12.45 Molybdenum US canned molybdic oxide, $/Ib $12.60-12.75 per Ib from $12.20-12.60 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $30.40-30.60 per kg from $29.85-30.30Ferro-molybdenum U...Read More
Prices for light iron, grade-5C steel scrap from the United Kingdom moved higher this week as the market tracked higher gains in the export market to key destinations such as Turkey and the Indian sub-continent, sources told Metal Bulletin on Friday February 23.Metal Bulletin's price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?95-125 ($132-174) per tonne, up ?5. Mark...Read More
Global ferrous scrap prices moved upward in the week from Monday February 19 to Friday February 23, amid strong demand for finished steel in countries including Turkey and India, sources told Metal Bulletin.Turkish importsTurkish import scrap markets recorded further price increases this week, shrugging off the negativity surrounding the trade defense recommendations in the United States' Section...Read More
The UK inter-merchant price range for austenitic alloy steel fell by ?10-20 per tonne this week, with the nickel price softening over the week, sources said on Friday February 23.Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?950-990 ($1,322-1,378) per tonne delivered on Friday, compared with ?960-1,010 per tonne on February 16."While the scrap pric...Read More
Prices for containerized imports of ferrous scrap arriving to India increased again on Friday February 23 amid solid demand from mills and buoyed by the recovery in the Turkish import market, sources told Metal Bulletin."The Chinese market opened up well, Turkey is going well, so I see no reason there can't be another $5 per tonne on the price," one trader said. "In the last two weeks, local India...Read More
Turkish steel producers have continued their deep-sea scrap purchasing at largely steady prices, sources said on Friday February 23.The mills in the country initially booked three deep-sea cargoes on February 22, after which three more deals were heard late in the day.A steel producer in the Izmir region booked a Baltic Sea cargo, comprising 14,000 tonnes of HMS 1&2 (80:20) at $358 per tonne, 14,0...Read More
The export market for Brazilian pig iron was still subdued this week, with no deals being reported.Metal Bulletin's weekly price assessment for Minas Gerais-origin pig iron exports was stable week on week on Friday February 23 at $375-380 per tonne fob, due to the lack of export offers."Producers in Brazil's [south-eastern] Minas Gerais state are now focused on supplying the domestic market, as a...Read More
Good morning from Metal Bulletin's London office, bringing you the latest news and pricing stories on Friday February 23.Base metals prices on the London Metal Exchange dipped across the board during morning trading, with prices awaiting further direction to move higher.Here's how base metals prices looked at 11:28am London time: Read our live futures report here."Thursday's intraday price dips on...Read More
Iron ore prices strengthened on Friday February 23 amid expectations of a possible extension of production limits in China beyond the country's winter heating season, which ends in mid-March. Metal Bulletin's 62% Fe Iron Ore Index Today: $78.82 per tonne cfr Qingdao Daily change: up by $0.62 per tonne Month-to-date average: $77.04 per tonne Metal Bulletin's 58% Fe Premium Index Today: $61.36 per t...Read More
Wieland Group will strengthen its position as Europe's largest semi-finished copper products producer by acquiring Aurubis' rolled-products division later this year, yet the deal is intended to kickstart growth in the US and Asian markets, chief executive officer Erwin Mayr told Metal Bulletin. The two German companies said they were in talks over the acquisition, which will see Wieland take on a...Read More
Seaborne coking coal prices were firm on Friday February 23 even though concerns about weather-related disruptions to rail services in Queensland, Australia, were allayed. Rail freight operator Aurizon said during the day that Goonyella rail system had re-opened on Thursday evening and that the remainder of the Central Queensland Coal Network remained open and operational. But market sources said...Read More
Deliverable base metals stocks at Shanghai Futures Exchange-approved warehouses all rose in the short trading week to Friday February 23, except for nickel and tin which saw a very slight decline.Copper stocks increased 20,773 tonnes to 218,532 tonnes between Thursday and Friday, up 10.5% compared to 197,759 tonnes on Wednesday February 14, the last trading day before the Lunar New Year holidays.T...Read More