Domestic Chinese trading is preparing for a shake-up after the new International Energy Exchange (INE), a subsidiary of the Shanghai Futures Exchange (SHFE), has announced it will allow non-Chinese companies to trade crude oil futures contracts.Following the release of a one-line statement from the China Securities Regulatory Commission (CSRC) on February 9 that announced the launch of domestic cr...Read More
Iron ore prices remained steady above $78 per tonne cfr China on Monday February 19 amid inactivity with Chinese market participants away for the Lunar New Year.Metal Bulletin's 62% Fe Iron Ore Index Today: $78.43 per tonne cfr QingdaoDaily change: unchangedMonth-to-date average: $76.56 per tonneMetal Bulletin's 58%...Read More
The closure of some induction furnaces in China in 2016 followed by the government's crackdown on all unlicensed IFs in mid-2017 freed up some scrap volumes, albeit arguably of low-quality material. Chinese domestic scrap prices came under pressure from the increased supply, which prevented them from keeping pace with the rise in steel and other raw material markets in the fourth quarter of 2016;...Read More
Turkish steel producers continued their deep-sea scrap purchases at the end of last week, which resulted in a rise in the daily scrap indices on Monday February 19....Read More
CIS export billet prices continued climbing in the week ending Monday February 19 as deals were heard concluded at higher prices, supported by positive dynamics in the scrap and finished long steel sector.Metal Bulletin's weekly export CIS Billet Index was $513 per tonne fob Black Sea on February 19, up from $498 per tonne fob.Buying activity was predominantly concentrated in the Turkish mark...Read More
Non-ferrous metals producer Korea Zinc will increase sales of zinc from its directly owned smelting assets in 2018 by 8%, or 50,000 tonnes, while reducing its lead and silver volumes, it said on February 8.The company plans to cut sales of lead by 10,000 tonnes to a total of 410,000 tonnes, and to reduce silver sales by 10%, or 216 tonnes, to 1,900 tonnes.Zinc sales will increase to an annual tota...Read More
Commodities trader Noble Group expects to report losses for both the fourth quarter of 2017 and the full year ended December 31, because of challenging trading conditions and substantial losses at its coal, steel and metals businesses.Noble Group expects a total net loss of $4.7-4.9 billion for the year, it said in a filing to the Singapore Exchange.Operating conditions "continued to be challengin...Read More
Russian billionaire Oleg Deripaska will step down from his roles as president of both Rusal and EN+ Group, the power company which owns a controlling stake in the aluminium producer, an industry source has told Metal Bulletin.Maxim Sokov, the current chief executive officer of EN+, and Rusal CEO Vladislav Solovyov will take over the presidencies of the respective companies...Read More
The latest metal markets news and price moves to start the North American day on Monday February 19.Base metals prices on the London Metal Exchange were weaker during morning trading today, with most metals reversing gains seen last week.Here's how base metals prices looked...Read More
Base metals prices on the London Metal Exchange were weaker during morning trading on Monday February 19, with most metals reversing gains seen last week. The three-month copper price was recently trading $62.50 per tonne lower than Friday's 5pm closing price and coming under pressure at the $7,200 per tonne level. Market volumes are expected to remain thin today with Chinese traders away for the...Read More
Metal Bulletin aluminium billet premiums were largely unchanged around the world on Friday February 16, on a combination of factors. The market in the United States was stagnant in the month to Friday, while Asian market participants were away for the Lunar New Year holiday and consumers in Europe reported being well stocked. The three-month aluminium price on the London Metal Exchange closed at $...Read More
An aluminium producer has offered second quarter 2018 aluminium supply to main Japanese ports (MJP) at $135 per tonne, according to market sources.The number is 31% higher than the premium settled at $103 per tonne cif MJP for first quarter supply. "This is expensive," one Japanese buyer who...Read More
The Mexican government must look into the reciprocal sanctions it can take against the United States if it is included in action resulting from that country's Section 232 investigation into steel imports, national steel association Canacero has said."If [Mexico] is included in measures [resulting from the Section 232 investigation], we are obliged as a country to respond immediately with equivalen...Read More
Domestic Chinese trading is preparing for a shake-up after the new International Energy Exchange (INE), a subsidiary of the Shanghai Futures Exchange (SHFE), has announced it will allow non-Chinese companies to trade crude oil futures contracts.Following the release of a one-line statement from the China Securities Regulatory Commission (CSRC) on February 9 that announced the launch of domestic cr...Read More
Export prices for rebar and wire rod in the CIS region rose in the week ended Monday February 19 because of increased costs for semi-finished steel products.The market was supported by positive dynamics in the scrap and long steel product sectors in Turkey.Metal Bulletin's weekly price assessment for CIS rebar exports was $565-580 per tonne fob Black Sea on February 19, up from $555-560 per tonne...Read More
Import prices for re-rolling-grade hot-rolled coil sold into Vietnam were unchanged over the past week amid inactivity in the spot market.Metal Bulletin's assessment of HRC import prices in Southeast Asia - which mainly looks at Chinese 2-3mm SAE1006 HRC and equivalent grades sold into Vietnam - was $607-620 per tonne cfr for the week ended Monday February 19, unchanged...Read More
Import prices for rebar in Singapore were unchanged over the past week on thin demand and low liquidity in the spot market.Metal Bulletin's assessment of import prices for rebar in Southeast Asia - which mainly looks at cargoes sold into Singapore on a theoretical weight basis - was $560-570 per tonne cfr for the week to Monday February 19, unchanged from the preceding week. Major buyers in Singap...Read More
Spain-focused tungsten miner W Resources has secured a $35 million loan facility to fund its La Parilla development in southwest Spain, it said late last week.The lenders include one or more funds managed by BlackRock Financial Management, the miner said.The loan will have a five-year scheduled term, with a two-year non-call period, it added. W Resources has the right to repay the loan after two y...Read More
Russia's reintroduction of value added tax (VAT) on domestic steel scrap could lead to surge in scrap exports, market participants told Metal Bulletin at the annual Regional Trade conference in Moscow last week. VAT on domestic steel scrap was abolished in 2008, but an 18% tax was reintroduced on January 1, 2018, mainly to boost government income, sources said. However, there is no VAT on scrap ex...Read More
Turkish domestic prices for steel scrap have gone up slightly over the past week, in line with rising imported scrap costs, sources said on Monday February 19.Metal Bulletin's weekly price assessment for domestic auto bundle scrap (DKP grade) was TRY1,260-1,390 ($336-370) per tonne delivered on Monday, widening upward from last week's TRY1,260-1,385 per tonne.The change in the weekly assessment ca...Read More