SHANGHAI, Feb 9 (SMM) –Copper: Stock market slump, lower crude oil prices, and a surge in LME copper inventory gave shorts more confidence overnight. We expect LME copper to trade at $6,810-6,880/mt today and SHFE copper at 51,700-52,200 yuan/mt. Weak fundamentals may lead spot premiums lower to 30-40 yuan/mt today.Aluminium: We expect LME aluminium to trade rangebound at $2,158-2,193/mt wit...Read More
The latest news and price moves to start the Asian day on Friday February 9.Base metals prices on the London Metal Exchange mostly recovered from early morning lows at the close on Thursday February 8, but copper prices remained downbeat. Read more in our live futures report.Here are how LME prices looked at Thursday's close:Consumers of cobalt and lithium are expecting strong demand from the...Read More
The latest news and price moves to start the Asian day on Friday February 9.Base metals prices on the London Metal Exchange mostly recovered from early morning lows at the close on Thursday February 8, but copper prices remained downbeat. Read more in our live futures report.Here are how LME prices looked at Thursday's close:Consumers of cobalt and lithium are expecting strong demand from the...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsThe London Metal Exchange's average daily volume was little changed for January 2018 from a year earlier but only when taking into account trading changes due to MiFID II. It was a tough week for the copper market - prices fell to their weakest since mid-December a...Read More
Lead was the only base metal traded on the London Metal Exchange to close in positive territory on Friday February 9, with the others falling while the dollar strengthened further.The three-month copper price hit its lowest since December 14 earlier today before closing back below $6,700 per tonne for the first time in 2018. "The copper price continues to unwind, touching its lowest in nearly eigh...Read More
Rio Tinto is continuing to assess the viability of the Jadar lithium-borate project in Serbia, which already hits a number of key criteria for approval, a senior executive at Rio Tinto told Metal Bulletin. "For us, Jadar is a great asset and has a by-product credit, which puts it at the lower end of the cost curve. We have to finalize the feasibility and pre-feasibility studies, and get board appr...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsThe London Metal Exchange's average daily volume was little changed for January 2018 from a year earlier but only when taking into account trading changes due to MiFID II. It was a tough week for the copper market - prices fell to their weakest since mid-December a...Read More
Rio Tinto is continuing to assess the viability of the Jadar lithium-borate project in Serbia, which already hits a number of key criteria for approval, a senior executive at Rio Tinto told Metal Bulletin. "For us, Jadar is a great asset and has a by-product credit, which puts it at the lower end of the cost curve. We have to finalize the feasibility and pre-feasibility studies, and get board appr...Read More
Rio Tinto is continuing to assess the viability of the Jadar lithium-borate project in Serbia, which already hits a number of key criteria for approval, a senior executive at Rio Tinto told Metal Bulletin. "For us, Jadar is a great asset and has a by-product credit, which puts it at the lower end of the cost curve. We have to finalize the feasibility and pre-feasibility studies, and get board appr...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsThe London Metal Exchange's average daily volume was little changed for January 2018 from a year earlier but only when taking into account trading changes due to MiFID II. It was a tough week for the copper market - prices fell to their weakest since mid-December a...Read More
The market in the United Kingdom for grade-5C ferrous scrap was unchanged this week, remaining stable while suppliers held firm their offer prices after steady losses in the previous three weeks.The market had been dropping since the price was last assessed on January 12, with suppliers cutting their offer prices in line with export demand.But an upturn in European export prices to the key destina...Read More
Turkish ferrous scrap import prices rebounded at the end of the working week of Monday February 5 to Friday February 9, boosted by expectations that finished steel demand is likely to bounce back soon.Import scrap prices in Taiwan are still trending downward on very limited demand before the Lunar New Year, while Indian import prices moved in the opposite direction due to an improved appetite for...Read More
Turkish steel producers continued their bookings for March at comparatively stable prices on Friday February 9.A steel mill in the Marmara region came to the market and booked a US cargo at $353 per tonne cfr for 32,000 tonnes of shredded.The same mill also booked...Read More
Base metals traded on the London Metal Exchange are experiencing downward pressure this morning, Friday February 9, with the complex posting an average loss of 0.7% amid healthy volumes. Nickel (-1.6%) has been hit the worst, while copper (-0.2%) appears to be the most resilient.The downward pressure across the industrial metals is driven by a deterioration in risk sentiment in Asia, evident in eq...Read More
Export prices for cold-rolled coil (CRC) from Latin America increased this week, due to higher prices in Europe, while the price of hot-rolled coil (HRC) remained unchanged.Metal Bulletin's weekly assessment of Latin America's CRC export prices went up to $700-725 per tonne fob on Friday February 9, from $680-695 per tonne fob a week earlier. The weekly price assessment of Latin America's HRC...Read More
Flat steel prices in Turkey's domestic and import markets increased slightly this week, although demand was mostly stable, market participants told Metal Bulletin on Friday February 9.Local producers are accepting orders for April and buying is expected to improve next week because stock levels are low in Turkey.Domestic pricesHot-rolled coil (HRC) producers in Turkey have been offering material a...Read More
Prices for flat steel imports in South America fell this week with market participants in a rush to close deals ahead of the Chinese New Year holiday in mid-February. "Some transactions are being reported as traders are in a rush to sell their latest cargoes before the holiday in China," a flat steel trader said."At the same time, buyers are [hoping] to benefit from last-minute deal...Read More
Rebar prices in Argentina increased this month, as long steel producers made an adjustment due to cost increases, sources told Metal Bulletin. Metal Bulletin's weekly assessment of Argentina's domestic rebar went up to $860-865 per tonne ex-works on Friday February 9 from $840-850 per tonne ex-works the previous month. Prices of other long steel products, such as bars, have risen this month by 4-5...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Both the iron ore and coking coal markets became quieter on Friday due to a slowdown in trading activity ahead of the Chinese lunar new year holiday.Metal Bulletin's 62% Fe Iron Ore Index ended the week at less than $77 per tonne, while Metal Bulletin's coal indices were flat at $199.42 per tonne cfr Ch...Read More
Transaction prices for domestic rebar in Poland have been largely unchanged over the past week because buying activity was slow with sufficient material in stock, sources told Metal Bulletin on Friday February 9.Metal Bulletin's weekly price assessment for domestic 12mm B500B-grade rebar in Poland was 2,310-2,360 zloty ($678-692) per tonne ex-works on February 9,...Read More