Nickel was again the star performer on the London Metal Exchange at the 5pm close on Wednesday February 21, ending with gains of more than 2%.The three-month price recovered $235 per tonne from its previous closing level after significant declines earlier this week - the metal is looking to push back up to $14,000 per tonne."Rising premiums signal demand remains robust, while the limited nature of...Read More
Comex copper prices were in negative territory on Wednesday February 21, with a stronger dollar and lack of market action weighing on base metals prices generally.Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 0.9 cents or 0.3% to trade recently at $3.1815 per lb."The USD continues to be the main game in town as its recent rally continues ahead of some key...Read More
Iron ore prices held steady at $78 per tonne cfr China on Wednesday February 21, with China on the last day of its weeklong break for the Chinese New Year.Metal Bulletin's 62% Fe Iron Ore Index Today: $78.43 per tonne cfr Qingdao Daily change: unchanged Month-to-date average: $76.83 per tonne...Read More
Domestic prices for cold-rolled coil (CRC) in the EU have been largely unchanged over the past week, but the sentiment in the market remains positive, sources told Metal Bulletin on Wednesday February 21."Prices for hot-rolled coil [HRC] are going to rise and downstream products will follow the increase," a German trader said.Domestic prices for hot-rolled coil (HRC) in the EU are likely to rise,...Read More
Domestic prices for rebar in Northern Europe have remained unchanged over the past week in a quiet market, sources told Metal Bulletin on Wednesday February 21.Metal Bulletin's weekly price assessment for domestic rebar in Northern Europe was ?,?550-570 ($680-704) per tonne delivered on...Read More
Glencore metal traders banked a record $2 billion in profits in 2017 - a year where traded volume of copper, zinc and ferro-alloys grew substantially.Metals marketing profits were up by 28% compared with the year prior, while the company's full trading division - including metals, energy and agricultural businesses - clocked $3.22 billion in profit.Copper marketing volume grew 14% to 4 million ton...Read More
Nickel premiums rose slightly in the United States due to tight supply and steady demand, while premiums for 4x4 product increased in Europe and the market in China was closed for the Chinese New Year holiday celebrations. Ongoing tightness and humming demand helped boost US premiumsIn Europe, 4x4 premiums rose to reflect increased cutting costsNickel futures step back from last week's highsMarket...Read More
The international mining industry active in the Democratic Republic of Congo (DRC) is in wait-and-see mode after unifying to discuss mining code proposals with the country's president, according to the chief executive officer of Glencore. Speaking during a briefing for the company's 2017 results, Ivan Glasenberg said DRC President Joseph Kabila had not signed the proposed mining code, which could...Read More
European zinc premiums dropped into a wider range, which reflects a retreat by traders from physical positions, while Asian markets held steady in quiet Lunar New Year holiday trading. European zinc market splits, some stockholders offload tonnes. Backwardation comes in but some offers for units in Rotterdam $10 lower. Asian markets quiet for Lunar New Year holidays US premiums unchanged but freig...Read More
Nickel was again the star performer on the London Metal Exchange at the 5pm close on Wednesday February 21, ending with gains of more than 2%.The three-month price recovered $235 per tonne from its previous closing level after significant declines earlier this week - the metal is looking to push back up to $14,000 per tonne."Rising premiums signal demand remains robust, while the limited nature of...Read More
Tin premiums paused at firm levels in Europe and the United States in the week to February 20, with the prospect of imminent shipments arriving from Indonesia fueling a more cautious tone. 99.9% tin premiums hold around one-year high in Rotterdam Indonesian exports on the rise; China closed for Lunar New Year holidays LME spread backwardation widens againEuropean premium stays around one-year high...Read More
A lack of clarity about the outcome of the Section 232 investigation and how long the backwardation in London Metal Exchange forward spreads will persist have led to an impasse in the European aluminium market, with bulls less confident than they were despite still-elevated premiums.The P1020A in-warehouse Rotterdam duty-unpaid aluminium premium remained at a one-year high of $100-107 per ton...Read More
The recommendations made by the United States Department of Commerce for trade action against steel imports under its Section 232 powers would introduce "an elementary of uncertainty" into the market that would last until a final decision on the matter is made, according to Latin American steel group Ternium."We are looking at [this subject] with caution," M??ximo Vedoya, who will replace Daniel N...Read More
Prices for steel beams made and delivered in Europe remained stable this week with limited buying from stockholders, market participants told Metal Bulletin on Wednesday February 21.Stockholders are grappling with both high stocks and unsatisfactory selling prices to end-users, according to trading sources in the market."In the Benelux region, on the sales side to end-users, we have very low price...Read More
Domestic prices for hot-rolled coil (HRC) in the EU are likely to rise, supported by the fact that mills are well booked in the North and there is only reduced output from Italian steelmaker Ilva, sources told Metal Bulletin this week.The rise will also be supported by the fact that import offers are relatively high, according to market participants.Sources of HRC imports have been limited since t...Read More
Key data from the Wednesday February 21 pricing session in Europe. Ferro-titanium 70% (max 4.5% Al) $ per kg, delivered duty-paid in EuropeTodayPreviousChange to midpoint of rangeMidpoint % change 4.8-5.44.8-5.3+0.05+1Titanium scrap turnings, unprocessed (max 0.5% Sn) $ per lb, cif European portsTodayPreviousChange to midpoint of rangeMidpoint % change 0.95-10.95-100Titanium scrap turnin...Read More
The following Metal Bulletin minor metals prices changed on Wednesday February 21:Minor metals Antimony MB free market regulus, $/tonne: $8,500-8,800 per tonne from $8,500-8,700 per tonneAntimony MMTA standard grade II, $/tonne: $8,400-8,800 per tonne from $8,400-8,700 per tonne Bismuth MB free market,...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday February 21:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $12.30-12.45 per lb from...Read More
The latest metal markets news and price moves to start the North American day on Wednesday February 21. Base metals prices on the London Metal Exchange were mostly lower during morning trading, with only tin in positive territory. Volumes remain thin while the market awaits the return of the Chinese markets tomorrow. Here is how the LME base metals complex looked at 12:38pm London time: For a snap...Read More
Unseasonably strong demand in China propelled low grade manganese ore prices higher, while alloy markets flatlined everywhere but the United States. Low grade manganese ore price gained 32 cents per dmtuHigh grade manganese ore prices lag Alloy prices static in China, India and EuropeAlloy prices strengthen in the US while supply tightens Low grade manganese ore prices kept rising on Fr...Read More