Steel billet import prices in Egypt narrowed but domestic rebar prices remained unchanged in the week ended Thursday February 8.Billet import prices narrowed with new offers heard but demand for the material was weak."There is no buying because rebar prices are unchanged in Egypt and stocks are high," a trader told Metal Bulletin on Thursday."There is not much demand because...Read More
Renewed demand in the European molybdic oxide and ferro-molybdenum markets has pushed prices higher this week after dipping the week before when slower demand encouraged profit-taking, sources told Metal Bulletin. Metal Bulletin assessed molybdic oxide prices at $12.10-12.50 per lb in-warehouse Rotterdam on Wednesday February 7, up 50 cents from Friday. The market was assessed at $9.80-9.90 p...Read More
China's ferrous futures ended the morning trading session on Thursday February 8 little changed from their opening prices. Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,937 ($628) per tonne, up 7 yuan per tonne May hot-rolled coil: 4,029 yuan per tonne, up 16 yuan per tonne Dalian Commodity Exchange May iron ore: 522.50 yuan per tonne, down 2 yuan per tonneMay cok...Read More
The appreciation of the Chinese currency against the US dollar and the suspension of export offers ahead by several mills ahead of the Lunar New Year resulted in East Asian stainless steel prices rising slightly over the past week.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm cold-rolled coil was $2,250-2,320 per tonne cif East Asian ports for the week ended Wednesday Febru...Read More
ArcelorMittal Mexico is to build a 2.5 million tonne per year capacity hot strip mill and a 650,000 tpy hot skin pass mill at its L??zaro C??rdenas site in Michoac??n, Southern Mexico.Both mills are planned to start up in 2020."This [project] will enable ArcelorMittal L??zaro C??rdenas to process the slabs produced in its works on site," equipment provider Primetals Technologies said on...Read More
CIS export pig iron prices were mostly stable in the week ended Thursday February 8 while the market waited for clearer trends to emerge in raw materials, scrap in particular.Metal Bulletin's export price assessment for high-manganese pig iron from the CIS region was $350-375 per tonne fob Black Sea on February 8, unchanged week on week.A cargo of Russian material was heard sold to the United Stat...Read More
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.Copper closed $35 lower after crashing over 2.4% on Wednesday, prices remain below $6,900 per tonne following further deliveries into LME-listed warehouses. "Copper was weaker earlier on news that LME stocks rose by another 21,000 tonnes...Read More
ArcelorMittal Mexico is to build a 2.5 million tonne per year capacity hot strip mill and a 650,000 tpy hot skin pass mill at its L??zaro C??rdenas site in Michoac??n, Southern Mexico.Both mills are planned to start up in 2020."This [project] will enable ArcelorMittal L??zaro C??rdenas to process the slabs produced in its works on site," equipment provider Primetals Technologies said on...Read More
Turkish domestic rebar and wire rod prices have gone up over the past week, amid increasing scrap prices, sources said on Thursday February 8.Metal Bulletin's weekly price assessment for domestic rebar in Turkey was $570-575 per tonne ex-works, up from the $550-565 per tonne of last week."The rebar prices are increasing due to rising scrap import values. It seems the market will...Read More
Good morning from Metal Bulletin's London office; we bring you the latest news and pricing stories on Thursday February 8.Base metals on the London Metal Exchange were largely lower pushed down this morning by fresh deliveries and a stronger dollar. The copper price was dented by another large delivery into LME-listed warehouses today. 25,950 tonnes were delivered in across Busan, Port Klang...Read More
Good morning from Metal Bulletin's offices in Shanghai as we bring you the latest news and pricing stories on Thursday February 8.Base metals traded on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Thursday, with only aluminium in positive territory, after a jump in the dollar overnight and a bout of profit-taking sank prices.The most-traded April copper contract...Read More
SHANGHAI, Feb 8 (SMM) – SHFE aluminium edged up slightly while all base metals fell more than 1%. SHFE copper dropped close to 2%. The ferrous complex saw mixed trading with hot-rolled coil and iron ore up slightly while rebar and coking coal slipped.Copper: SHFE copper is expected to follow its LME counterpart lower tonight as investors cut their long bets.Aluminium: We see pressure remain...Read More
SHANGHAI, Feb 8 (SMM) – SHFE aluminium edged up slightly while all base metals fell more than 1%. SHFE copper dropped close to 2%. The ferrous complex saw mixed trading with hot-rolled coil and iron ore up slightly while rebar and coking coal slipped.Copper: SHFE copper is expected to follow its LME counterpart lower tonight as investors cut their long bets.Aluminium: We see pressure remain...Read More
SHANGHAI, Feb 8 (SMM) – SHFE aluminium edged up slightly while all base metals fell more than 1%. SHFE copper dropped close to 2%. The ferrous complex saw mixed trading with hot-rolled coil and iron ore up slightly while rebar and coking coal slipped.Copper: SHFE copper is expected to follow its LME counterpart lower tonight as investors cut their long bets.Aluminium: We see pressure remain...Read More
SHANGHAI, Feb 8 (SMM) – China imported 443,000 mt of unwrought copper and copper-fabricated products in January, up 16.1% from the same month last year, according to customs data.However, this was down from 450,000 mt in December 2017, marking a decline for two consecutive months. This is due to limited construction activities in the winter season as well as a high output rate at home.Separa...Read More
SHANGHAI, Feb 8 (SMM) – Russian nickel was trading at a discount of 200 yuan/mt to the Wuxi Stainless Steel Exchange 1803 contract on Thursday February 8, SMM learned. This compared with a discount of 300 yuan/mt hear a day earlier.Jinchuan nickel was trading at a premium of 100-200 yuan/mt, up from 100 yuan/mt on Wednesday.Transactions were mostly reported at 99,000-100,100 yuan/mt today, d...Read More
SHANGHAI, Feb 8 (SMM) –Copper: Lower oil prices and a stronger US dollar are bearish on base metals but we see limited downward room for copper due to expectations of tighter concentrate supply in the future. We expect LME copper to trade at $6,880-6,950/mt today and SHFE copper at 51,800-52,240 yuan/mt. As the SHFE physical delivery is around the corner, it would be difficult for spot coppe...Read More
SHANGHAI, Feb 8 (SMM) –Copper: Lower oil prices and a stronger US dollar are bearish on base metals but we see limited downward room for copper due to expectations of tighter concentrate supply in the future. We expect LME copper to trade at $6,880-6,950/mt today and SHFE copper at 51,800-52,240 yuan/mt. As the SHFE physical delivery is around the corner, it would be difficult for spot coppe...Read More
SHANGHAI, Feb 8 (SMM) –Copper: Lower oil prices and a stronger US dollar are bearish on base metals but we see limited downward room for copper due to expectations of tighter concentrate supply in the future. We expect LME copper to trade at $6,880-6,950/mt today and SHFE copper at 51,800-52,240 yuan/mt. As the SHFE physical delivery is around the corner, it would be difficult for spot coppe...Read More
Metal Bulletin correspondents round up the main topics and trends from the final day of the 2018 Investing in African Mining Indaba. Resource nationalism Miners are expecting a showdown in the Democratic Republic of Congo, where a new mining code is slated to be signed into law. But instead of fighting individual battles, companies are for the first time pulling together in a force that unites bot...Read More