A widening contango in forward price spreads on the London Metal Exchange is contributing to bullish bids on miners' copper concentrate sales to traders.Copper concentrate treatment and refining charges (TC/RCs) subsided this week, with the Metal Bulletin index dropping 3% to $69.5 per tonne/6.95 cents per lb on Thursday February 15 in a week where smelter buying terms were largely stagnant.&...Read More
The three-month aluminium price rallied 2% to a two-week high on the London Metal Exchange at the close on Friday February 16, with spreads moving into a significant backwardation.The latest rally comes as news breaks that the US Department of Commerce has advised President Trump on tariffs on aluminium and steel. Secretary Ross has recommended three possible tariffs to President Trump: A tariff o...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsZinc prices on the London Metal Exchange have climbed 23.6% over the last 12 months, with the galvanizing metal firmly in a bull market and continuing to set fresh multi-year highs this week. A widening contango in forward price spreads on the LME is contributing to bullish...Read More
Zinc prices on the London Metal Exchange have climbed 23.6% over the last 12 months with the galvanizing metal firmly in a bull market and continuing to set fresh multi-year highs. It has been the best performing base metal on the London Metal Exchange since 2016. Prices climbed to $3,595.50 per tonne on Thursday February 15 - the highest since July 2007. "Last year, no one imagined prices could g...Read More
The three-month aluminium price rallied 2% to a two-week high on the London Metal Exchange at the close on Friday February 16, with spreads moving into a significant backwardation.The latest rally comes as news breaks that the US Department of Commerce has advised President Trump on tariffs on aluminium and steel. Secretary Ross has recommended three possible tariffs to President Trump: A tariff o...Read More
US Secretary of Commerce Wilbur Ross has recommended a series of import tariffs, in addition to existing duties in place, after compiling a report on the industry. - One tariff proposed includes at least 7.7% on all aluminium exports from all countries. - A second tariff proposed includes 23.6% on all products from China,...Read More
Nexa Resources, formerly Votorantim Metais, reported a strong earnings increase in the fourth quarter of 2017, mostly due to higher zinc, copper and lead prices.Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) totaled $222.5 million, against $27.4 million a year before, the Brazilian-based miner said late on Thursday February 15. That increase is "mostly as a r...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsZinc prices on the London Metal Exchange have climbed 23.6% over the last 12 months, with the galvanizing metal firmly in a bull market and continuing to set fresh multi-year highs this week. A widening contango in forward price spreads on the LME is contributing to bullish...Read More
Brazilian miner Vale reported lower nickel production in the fourth quarter of 2017, mainly due to a decline in output from its Canadian and Indonesian operations.Output totaled 78,000 tonnes, down from 83,000 tonnes of finished nickel in the corresponding quarter of 2016, the company said on Friday February 16.The three-month nickel price on the London Metal Exchange was above $14,000 per tonne o...Read More
Vale's finished copper production declined 6% year on year in the fourth quarter of 2017 due to lower output from its Canadian operations, the diversified miner said on Friday February 16. It produced 113,500 tonnes in the October-December quarter of 2017, from 120,700 tonnes in the corresponding period of 2016. The drop in production was the consequence of lower volumes from Vale's operations in...Read More
Zinc prices on the London Metal Exchange have climbed 23.6% over the last 12 months with the galvanizing metal firmly in a bull market and continuing to set fresh multi-year highs. It has been the best performing base metal on the London Metal Exchange since 2016. Prices climbed to $3,595.50 per tonne on Thursday February 15 - the highest since July 2007. "Last year, no one imagined prices could g...Read More
Comex copper prices were trading at their highest point since mid-January on Friday February 16 morning in the US, with solid US data offsetting a rising dollar.Copper for March settlement on the Comex division of the New York Mercantile Exchange gained 1.20 cents or 0.4% to $3.2575 per lb. Earlier, the contract touched $3.2720 per lb, the highest since January 16.At last glance, the dollar index...Read More
The Brazilian steel institute, A??o Brasil, will make a second trip to the United States to demand that the country be excluded from any measures related to the US Section 232 investigation into steel imports. An official visit for executives from Brazilian steel companies and institute members to meet members of the US Congress, White House officials and participants of the US steel and coal indu...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.The break in some markets to celebrate the Chinese lunar new year has driven commodity prices this week.Metal Bulletin's 62% Iron Ore Index increased to $78.43 per tonne cfr on Thursday, while Metal Bulletin's fob Australia indices for coking coal were flat at $229.57 per tonne for premium hard coking c...Read More
Metals industry equipment supplier Primetals Technologies has appointed Satoru Iijima its chief executive officer and board chairman, to take office on April 1 this year, it said on Friday February 16.Iijima, who was previously CEO of Primetals Technologies' subsidiary in the United States, will replace Yasukuni...Read More
International metals group Liberty House has officially restarted the second of two electric-arc furnaces (EAFs) at its special steel mill in Rotherham, northern England, it said on Friday February 16.The restart of the N-Furnace, with capacity for 800,000 tonnes per year, "will triple Liberty's capacity to melt scrap into liquid steel at Rotherham, making the company the largest steel recycler in...Read More
Domestic prices for rebar in Poland inched down this week due to seasonally slow trading activity, sources told Metal Bulletin on Friday February 16.Metal Bulletin's weekly price assessment for domestic 12mm B500B-grade rebar in Poland was 2,310-2,340 zloty ($693-702) per tonne ex-works on February 16, compared with 2,310-2,360 zloty per tonne...Read More
Indian local secondary billet prices have risen by at least 1,000 rupees ($13) per tonne in the current week on a notable rise in the prices of finished steel products such as rebar.Domestic secondary billet, which is mainly produced through the induction furnace route, ended the week at prices of 32,500-33,000 rupees ($508-516) per tonne ex-mill on Friday February 16.This was a rise of at least 1...Read More
The following Metal Bulletin noble alloys, bulk alloys and ores prices changed on Friday February 16:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $12.20-12.30 per lb from $12.00-12.25 Molybdenum US canned molybdic oxide, $/Ib: $12.20-12.60 per Ib from $12.10-12.30 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $29.80-30.25 per kg from $29.90-30.20 Ferro-molybdenum...Read More
The price range for austenitic alloy steel scrap imported into mainland Europe rose by ?,?10-30 per tonne week-on-week on Friday February 16, after the nickel price rose sharply.Metal Bulletin's weekly price assessment on Friday for 18/8 stainless steel solids imported into mainland Europe was ?,?1,150-1,160 ($1,435-1,448) per tonne cif main European ports, compared with ?,?1,120-1,150 per tonne c...Read More