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
The seaborne iron ore market received some stimulation on Friday February 23 despite limited trading activity, after plans to extend production restrictions in Tangshan beyond the winter heating season emerged.Key drivers Tangshan's municipal government is seeking feedback from market participants about a plan requiring mills under its jurisdiction to lower the production rates of their blast furn...Read More
The European antimony market continued to push higher last week amid tightening Rotterdam supplies despite China's absence from the market for the Lunar New Year holiday.Metal Bulletin assessed MMTA standard-grade II antimony in-warehouse Rotterdam prices at $8,400-8,800 per tonne on Friday February 23, unchanged from Wednesday when prices had climbed from $8,400-8,700 per tonne.Trioxide-grad...Read More
The following Metal Bulletin minor metals prices changed on Friday February 23:Minor metals Cadmium MB free market min 99.95%, cents/lb: 130-140 per lb from 125-140 Cadmium MB free market min 99.99%, cents/lb: 135-155 per lb from 122-155 Chromium MB free market alumino-thermic, $/tonne: $10,000-10,500...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Key data from the Friday February 23 pricing session in Shanghai.Cobalt Metal MB China domestic min 99.8% RMB/tonne Key drivers: - The Metal Bulletin China cobalt metal price rose to 600,000-640,000 yuan per tonne (equivalent to $36.63-39.07 per lb ex-China VAT) on February 23, up 3.3% from its previous reading. - Chinese cobalt metal prices are playing catch-up after the Lunar New Year...Read More
The base metals complex on the London Metal Exchange is mixed this morning, Friday February 23, with prices down by an average of 0.2%. Zinc prices lead the decline with a 0.8% fall to $3,501 per tonne, copper and nickel prices are off by 0.4% with the former at $7,143 per tonne, aluminium prices are bucking the trend with a 0.4% rise, while the rest are little changed. Volume has returned to arou...Read More
There was little activity in China's domestic stainless steel market over the past week due to the Chinese New Year, which has resulted in supply pressures increasing.Traders were offering stainless cold-rolled coil at 14,800-15,500 yuan ($2,329-2,439) per tonne, the same level as offers made before the February 15-21 Chinese New Year break, market sources said. No transactions were heard on Thurs...Read More
The following Metal Bulletin non-ferrous European free market scrap prices changed on Friday February 23:Aluminium ingot Duty paid delivered works...Read More
Millions of tonnes of material are likely to be redirected to steel markets outside of the United States if US President Donald Trump levies strict tariffs or quotas on imports after the Section 232 investigation. While US domestic steel prices are expected to spike if the US Department of Commerce's 232 recommendations lead to trade defense measures, there are two schools of thought as to how thi...Read More
The benchmark cash/three-month spread in aluminium at the start of this week hit backwardation levels not seen since before the Global Financial Crisis, which is a landmark event but not necessarily a signal of a major shift in market dynamics.It is most probably a short-term aberration caused by the potent combination of February date shorts clashing with dominant longs but given added spice and...Read More
Kim Leppold, Senior Consultant, Metal Bulletin Research.Metal Bulletin Research (MBR) has examined the effects of the potential Section 232 actions on the US OCTG markets based on the recommendations set out by the Department of Commerce in mid-February.The three recommendations are essentially a blanket tariff up to 24% on all steel products imported to the USA from all countries, a blanket quota...Read More
The European antimony market continued to push higher this week amid tightening Rotterdam supplies despite China's absence from the market for the Lunar New Year holiday.Metal Bulletin assessed MMTA standard-grade II antimony in-warehouse Rotterdam prices at $8,400-8,800 per tonne on Friday February 23, unchanged from Wednesday when prices had climbed from $8,400-8,700 per tonne.Trioxide-grad...Read More
The benchmark cash/three-month spread in aluminium at the start of this week hit backwardation levels not seen since before the Global Financial Crisis, which is a landmark event but not necessarily a signal of a major shift in market dynamics.It is most probably a short-term aberration caused by the potent combination of February date shorts clashing with dominant longs but given added spice and...Read More
Kim Leppold, Senior Consultant, Metal Bulletin Research.Metal Bulletin Research (MBR) has examined the effects of the potential Section 232 actions on the US OCTG markets based on the recommendations set out by the Department of Commerce in mid-February.The three recommendations are essentially a blanket tariff up to 24% on all steel products imported to the USA from all countries, a blanket quota...Read More
The benchmark cash/three-month spread in aluminium at the start of this week hit backwardation levels not seen since before the Global Financial Crisis, which is a landmark event but not necessarily a signal of a major shift in market dynamics.It is most probably a short-term aberration caused by the potent combination of February date shorts clashing with dominant longs but given added spice and...Read More
Kim Leppold, Senior Consultant, Metal Bulletin Research.Metal Bulletin Research (MBR) has examined the effects of the potential Section 232 actions on the US OCTG markets based on the recommendations set out by the Department of Commerce in mid-February.The three recommendations are essentially a blanket tariff up to 24% on all steel products imported to the USA from all countries, a blanket quota...Read More