SHANGHAI, Feb 7 (SMM) – All nonferrous metals futures, except tin, closed lower on Wednesday February 7. SHFE tin edged up 0.79%. SHFE lead led the loss with a 1.5% drop while zinc and copper were down 1%.Coke led the gains in the ferrous complex by jumping 2%, while iron ore was up almost 1%. Both rebar and hot-rolled coil edged down.Copper: SHFE copper continued to see downward correc...Read More
SHANGHAI, Feb 7 (SMM) – All nonferrous metals futures, except tin, closed lower on Wednesday February 7. SHFE tin edged up 0.79%. SHFE lead led the loss with a 1.5% drop while zinc and copper were down 1%.Coke led the gains in the ferrous complex by jumping 2%, while iron ore was up almost 1%. Both rebar and hot-rolled coil edged down.Copper: SHFE copper continued to see downward correc...Read More
SHANGHAI, Feb 7 (SMM) – All nonferrous metals futures, except tin, closed lower on Wednesday February 7. SHFE tin edged up 0.79%. SHFE lead led the loss with a 1.5% drop while zinc and copper were down 1%.Coke led the gains in the ferrous complex by jumping 2%, while iron ore was up almost 1%. Both rebar and hot-rolled coil edged down.Copper: SHFE copper continued to see downward correc...Read More
SHANGHAI, Feb 7 (SMM) –Copper: The global stock market rout may have limited impact on commodities and we expect SHFE copper to gather enough momentum to go up in short term. We see the 1804 contract to trade at 52,700-53,300 yuan/mt today while LME copper is expected at $7,050-7,110/mt. Spot prices continued to be affected by the spread between the 1802 and 1803 contracts and spot copper is...Read More
SHANGHAI, Feb 7 (SMM) –Copper: The global stock market rout may have limited impact on commodities and we expect SHFE copper to gather enough momentum to go up in short term. We see the 1804 contract to trade at 52,700-53,300 yuan/mt today while LME copper is expected at $7,050-7,110/mt. Spot prices continued to be affected by the spread between the 1802 and 1803 contracts and spot copper is...Read More
SHANGHAI, Feb 7 (SMM) –Copper: The global stock market rout may have limited impact on commodities and we expect SHFE copper to gather enough momentum to go up in short term. We see the 1804 contract to trade at 52,700-53,300 yuan/mt today while LME copper is expected at $7,050-7,110/mt. Spot prices continued to be affected by the spread between the 1802 and 1803 contracts and spot copper is...Read More
Base metals prices on the London Metal Exchange plunged at the 5pm ring close on Wednesday February 7 amid a strong recovery in the dollar leading to copper prices plummeting 2.4%. The three-month copper price declined $196 to close below $7,000 per tonne, hitting a new 2018 low and the lowest since December 19, 2017. "The open of the Chinese night session and Comex saw renewed pressure across the...Read More
Rising profitability among Chinese mills is fueling demand for high-grade iron ore, which gave prices a boost on Wednesday February 7. Metal Bulletin's 62% Fe Iron Ore Index Today: $77.20 per tonne cfr Qingdao Daily change: Up by $1.28 per tonne Month-to-date average: $75.22 per tonne Metal Bulletin's 58% Fe Premium Index Today: $61.84 per...Read More
Seaborne iron ore prices continued to strengthen on Wednesday February 7 with a few high-grade brands changing hands at higher levels, while some uncertainties have emerged over exports out of India.Key driversChinese steelmakers are again seeking high-grade iron ore such as Newman and Carajas fines amid a widening of their profit margins and expectations of a possible extension of winter restrict...Read More
Copper premiums in the United States and China were broadly unchanged over the past week, while those in northern Europe softened amid lower offer prices from sellers. Lower offer prices sink northern European premiumsUS copper premium steady, potential near-term rise eyedShanghai premiums broadly flat ahead of Lunar New Year holidays Copper premiums eased lower in northern Europe this past...Read More
Base metals prices on the London Metal Exchange plunged at the 5pm ring close on Wednesday February 7 amid a strong recovery in the dollar leading to copper prices plummeting 2.4%. The three-month copper price declined $196 to close below $7,000 per tonne, hitting a new 2018 low and the lowest since December 19, 2017. "The open of the Chinese night session and Comex saw renewed pressure across the...Read More
Miners all too often lack a clear purpose and fail to approach investments with the appropriate due diligence, a method that drives shareholder returns lower, according to the chairman of Norilsk Nickel.Average total shareholder returns of the major miners are down 32% over the last five years, Gareth Penny said, noting that there is more to the situation than just a cyclical market. "As a mining...Read More
Brazil's alumina export volumes inched up in January from a year earlier, with higher volumes to North America and Qatar offsetting the lack of shipments to South Africa and the United Arab Emirates.Exports came to 861,336 tonnes last month, from 839,283 tonnes in January 2017, Brazilian foreign trade ministry MDIC said on Wednesday February 7. In December, Brazil had exported 781,366 tonnes...Read More
Brazil's primary aluminium exports increased by 43.89% year on year in January, boosted by shipments to Mexico, according to figures released by national foreign trade ministry MDIC on Wednesday February 7.Exports totaled 23,307 tonnes last month, up from 16,198 tonnes a year earlier, MDIC said. In December, Brazil had exported 19,489 tonnes of unwrought aluminium.Only two primary aluminium p...Read More
A rise in demand from the mining sector has led to a year-on-year improvement in the earnings of Swedish engineering group Sandvik, the company said this week.Increased customer activity was primarily related to mining in the commodities of gold, silver, copper and zinc, while signs of improvement were noted in coal, Sandvik said, with the largest rise in order intake being in Australia.Revenues a...Read More
The merger between ArcelorMittal Brasil and local long steel producer Votorantim Siderurgia is expected to be concluded by April, ArcelorMittal Long Carbon Central & South Americas chief executive officer Jefferson de Paula told Metal Bulletin on Wednesday February 7.The deal will make the combined venture the sector leader in Brazil and will enable it to expand its product portfolio, he added."Th...Read More
Brazilian long steel import volumes increased by 73.10% in January on an annual basis.Imports of non-alloy long steel goods came to 20,886 tonnes, compared with 12,066 tonnes in the first month of 2017, according to figures released by Brazil's foreign...Read More
Brazilian flat steel import volumes fell by 4.71% year-on-year in January, due to reduced inbound shipments of hot-rolled, cold-rolled and galvanized coils.Imports amounted to 121,551 tonnes, against 127,563 tonnes in the corresponding month a year before, according to figures released by the country's foreign trade ministry, MDIC, on Wednesday February 7.China was the largest supplier of flat...Read More
Brazilian exports of steel slab increased in January, while billet shipments declined, according to figures released by the country's foreign trade ministry, MDIC, on Wednesday February 7.Exports of carbon steel slab reached 703,211 tonnes last month, up by 2.55% from January 2017's level of 685,694 tonnes.The United States was the principal buyer of Brazilian slab,...Read More
Domestic prices for heavy steel plate in Europe have been largely unchanged over the past week, but prices are expected to rise with support from a positive trend in the steel coil market, sources told Metal Bulletin on Wednesday February 7.Metal Bulletin's weekly price assessment for domestic grade-S235JR heavy steel plate in Southern Europe was ?,?550-565 ($681-699) per tonne ex-works on Februar...Read More