Base metals traded on the London Metal Exchange are little changed this morning, Thursday February 8, with copper (+0.5%) and zinc (+0.5%) the only metals in positive territory, while the rest are under slight downward pressure. Volume remains healthy, however, with 18,941 lots traded as of 07.16 am London time.The base metals complex seems to be undermined by a more pronounced appreciation in the...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
Comex copper prices bounced back on Thursday February 8 after crashing to a multi-week low the day before, with investors still upbeat on global growth prospects for 2018. Copper for March settlement on the Comex division of the New York Mercantile Exchange rose 1.00 cents or 0.3% to $3.0975 per lb. Yesterday, the metal touched $3.1060, the weakest since January 23. "Downside prices risks are like...Read More
Base metals prices on the London Metal Exchange were mostly in negative territory once again during morning trading on Thursday February 8, with nickel dropping back below $13,000 per tonne. The three-month nickel price has now plummeted 7.2% since it hit $14,000 per tonne last Thursday. The recovery in the dollar has put pressure on prices; most recently it was trading 0.32% higher at 90.55 - the...Read More
The Turkish steel mills returned to the deep-sea scrap market for a number of cargoes with prices going up on Thursday February 8.Steel producers in the country booked at least four deep-sea cargoes, totaling 137,000 tonnes, late on February 7.A steel mill in the Iskenderun region booked a US cargo, comprising 23,000 tonnes of HMS 1&2 (80:20) at $349.50 per tonne, 20,000 tonnes of shredded at $354...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
Brazil's bauxite export volumes fell by 48.7% year-on-year in January, once again affected by lower shipments from Minera????o Rio do Norte (MRN).Exports totaled 433,797 tonnes, down from 845,347 tonnes a year earlier, Brazilian foreign trade ministry MDIC said on Thursday February 8.The city of Oriximin??, in the west of Par?? state where...Read More
Earnings at Brazilian copper products producer Paranapanema returned to a positive figure in the fourth quarter of 2017 amid the company's continuing process of operational recovery.The company reported earnings before interest, taxes, depreciation and amortization (Ebitda) of 20.1 million Reais ($6.18 million) in the last quarter of 2017.This compared with a loss of 15.1 million Reais a year earl...Read More
Comex copper prices bounced back on Thursday February 8 after crashing to a multi-week low the day before, with investors still upbeat on global growth prospects for 2018. Copper for March settlement on the Comex division of the New York Mercantile Exchange rose 1.00 cents or 0.3% to $3.0975 per lb. Yesterday, the metal touched $3.1060, the weakest since January 23. "Downside prices risks are like...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
Base metals prices on the London Metal Exchange were mostly in negative territory once again during morning trading on Thursday February 8, with nickel dropping back below $13,000 per tonne. The three-month nickel price has now plummeted 7.2% since it hit $14,000 per tonne last Thursday. The recovery in the dollar has put pressure on prices; most recently it was trading 0.32% higher at 90.55 - the...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday February 8*Copper -$49.63 (-315.08 yuan) Aluminium -$461.19 (-2,928.05 yuan) Zinc -$96.09 (-610.05 yuan) Nickel -$296.59 (-1,883.05 yuan) *The physical arbitrage numbers...Read More
Chinese imports of copper metal and concentrates saw double-digit growth on an annual basis in the first month of 2018 on a profitable arbitrage and restrictions on copper scrap imports, preliminary Chinese customs data showed. China imported 1.62 million tonnes of copper ore and concentrates in January, up 24.9% year on year. Meanwhile, imports of unwrought copper and copper fabricated products i...Read More
Import rebar prices in the United States have edged higher since mid-January, but domestic prices are flat from three weeks ago while supply appears tight following an accepted $40-per-ton increase, market participants said.American Metal Market's assessment for import rebar cfr Houston narrowed up to $572-576 per ton from $562-576 per ton on January 17. Meanwhile, the fob mill asse...Read More
European steel association Eurofer is worried that the definitive anti-dumping duties set today on imports of corrosion-resistant steel from China will not stop shipments of dumped material, it said on Thursday February 8.The European Commission (EC) set the duties in the range of 17.2-27.9% on corrosion-resistant steel products - notably, hot-dipped galvanized coil (HDG) - earlier on Thursday.Alt...Read More
The European Commission (EC) has set definitive anti-dumping duties to last for five years on imports of certain corrosion-resistant steels from China - notably, hot-dipped galvanized coil (HDG) - at rates of 17.2-27.9%.The decision was announced in the Official Journal of the EU on Thursday February 8, and will come into force on February 9.The duty was determined at 17.2% for companies in the Sh...Read More
Turkish imported billet prices have gone down slightly over the past week, while domestic and export prices remained stable, sources said on Thursday February 8.The Turkish customers slowed their demand for CIS-origin billet after booking a few cargoes at $505 per tonne cfr.The CIS suppliers then reduced their...Read More
Turkish rebar and wire rod export prices have advanced over the past week on strengthening demand, sources told Metal Bulletin on Thursday February 8.A number of Turkish steel mills were heard selling rebar to North America, the EU, Asia and Africa this week.The rebar sales into the United States and Canada were done at $625-630 per tonne cfr theoretical weight, equivalent to around $550-560 per t...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
Indian miner Vedanta Resources is "assessing the financial and operational impact" of the Indian Supreme Court's decision to cancel all iron ore mining leases in the southern state of Goa with effect from March 16 this year.Vedanta will be able to continue its mining operations in Goa until March 15, it added in a statement to the London Stock Exchange on Wednesday February 7.A total of 88 mining...Read More