The downward trend in the CIS export steel billet market slowed down in the week ended Monday February 5 with deal prices remaining largely unchanged week-on-week.Metal Bulletin's weekly export CIS Billet Index was stable at $492 per tonne fob Black Sea on February 5.Ukrainian steelmaker Metinvest offered billet at $490 per tonne fob Black Sea late last week, sources told Metal Bulletin.Market par...Read More
China's domestic rebar prices rose slightly on Monday February 5 amid a strengthening of the billet market.Domestic Eastern China (Shanghai): 3,860-3,920 yuan ($612-622) per tonne, up 20 yuan per tonneNorthern China (Beijing): 3,920-3,960 yuan per tonne, widened upward by 10 yuan per tonneThe price of billet increased by 20 yuan per tonne over weekend, which gave the spot rebar market a boost.But...Read More
Chinese ferro-silicon prices have edged down in line with tender purchase prices in the past week, with the European market easing amid reports of deals heard below the current range. China tracks lower tender purchase prices ...but supportive factors seen European price range eases US market firms while available supply thins Chinese domestic ferro-silicon prices were lower week on...Read More
Manganese ore prices have climbed higher in the past week, extending a run higher on relatively tight spot availability and consumer demand in China ahead of the week-long national holiday beginning on February 15. Manganese ore markets eye price increases on tight availability and Chinese demandEuropean alloys market extends trend of stable pricesUS silico-manganese prices tick higher Manganese...Read More
Tightening supply in China pushed up chrome ore and domestic and imported charge chrome prices in the week to Friday February 2, while the European market dipped and the US price range widened. Tight supply, transport disruptions push up domestic Chinese ore and alloy marketsCharge chrome import prices jump on rand appreciationPrices edge up in JapanEuropean market slips amid thin tradingUS marke...Read More
European apparent steel consumption is forecast to increase by 1.90% year-on-year in 2018 and by 1.40% year-on-year in 2019, European steel association Eurofer said at a seminar held in Brussels, Belgium, on Monday February 5.European steelmakers gained EU market share over the course of 2017, with import volumes falling in the second half of 2017. Steel imports held a 21% share of apparent steel...Read More
With the Chinese economy slowing down and steel margins being squeezed by higher raw materials costs and lower finished steel prices, the prospects for 2018 do not exactly look rosy.But pressures on the domestic housing market are easing and industrial growth is still above 6%, so with the Chinese New Year just around the corner, it's probably best to wait until after the celebrations to...Read More
With the Chinese economy slowing down and steel margins being squeezed by higher raw materials costs and lower finished steel prices, the prospects for 2018 do not exactly look rosy.But pressures on the domestic housing market are easing and industrial growth is still above 6%, so with the Chinese New Year just around the corner, it's probably best to wait until after the celebrations to...Read More
Getting the right timeframe and adopting the correct investment planning approach are key differentiators between good and bad mining, according to Alcoa Corp's top executive. Companies have different approaches to mining, with some having very positive results and others relatively poor ones, Alcoa chief executive officer Roy Harvey said. "It gets back to how you think about those timescales invo...Read More
Shares in Australian zinc tailings processor New Century Resources halted trading on the Australian Stock Exchange (ASX) on Monday February 5, with the company set to announce offtake partners for the next three years of production.New Century has reduced the number of potential backers of the project to just a handful of international trading houses, several sources with knowledge of the matter s...Read More
Base metals prices on the London Metal Exchange were mostly higher at the 5pm close on Monday February 5 although lead again bucked the trend.The three-month copper price rallied to a high of $7,220 per tonne earlier, hitting a fresh three-week peak. Despite retreating slightly this afternoon, the metal still closed $125 per tonne higher than Friday's close. "A previously strong flow of material i...Read More
Tungsten prices have climbed higher in both Europe and China in the past week on tightening availability of raw material ahead of the week-long national holiday in China beginning on February 15. China's tungsten prices rebound amid low availability European APT, ferro-tungsten prices increase on tightening raw material supply, currency fluctuations The approaching Chinese New Year is...Read More
The latest metal markets news and price moves to start the North American day on Monday February 5.Base metals prices on the London Metal Exchange were largely consolidating during morning trading today after a broadly negative performance at the end of last week.Here is how the LME...Read More
Good morning from Metal Bulletin's offices in Shanghai as we bring you the latest news and pricing stories on Monday February 5.Base metals prices, with the exception of tin, on the Shanghai Futures Exchange were lower during Asian morning trading on Monday February 5 amid weak investor appetite and a firmer dollar.Nickel prices led on the downside, with follow-through weakness evident in Asia thi...Read More
SHANGHAI, Feb 5 (SMM) – Nonferrous metals futures saw mixed trading today with rising SHFE tin and zinc. Nickel dropped close to 2% while lead was down 0.79%. Aluminium and copper also edged down.Ferrous futures prices, however, rose across the board with coke almost 5% higher. Coking coal was up over 4% and iron ore was up 2.5%. Both rebar and hot-rolled coil registered small gains.Copper:...Read More
SHANGHAI, Feb 5 (SMM) – The operating rates of zinc smelters in January was up 1 percentage point from levels in December as output resumed at Shenzhen Zhongjin Lingnan Nonfemet, an SMM survey showed.For February, no new maintenance work has been planned so far but zinc production is set to be lower due to the Chinese New Year holiday. SMM expects the affected output would amount to ove...Read More
SHANGHAI, Feb 5 (SMM) – Nonferrous metals futures saw mixed trading today with rising SHFE tin and zinc. Nickel dropped close to 2% while lead was down 0.79%. Aluminium and copper also edged down.Ferrous futures prices, however, rose across the board with coke almost 5% higher. Coking coal was up over 4% and iron ore was up 2.5%. Both rebar and hot-rolled coil registered small gains.Copper:...Read More
Next report is scheduled to be released on Monday February 12thThe Bottom LineU.S. equity indices finally started moving lower last week from intermediate overbought levels. Short term technical indicators (momentum, 20 day moving average) turned sharply lower. Intermediate technical indicators remain overbought despite their decline last week, but have yet to show signs of bottoming. Lots of "sel...Read More
SHANGHAI, Feb 5 (SMM) – Copper scrap spot prices fell 100 yuan/mt on Monday February 5 as demand remained sluggish ahead of Chinese New Year.The 1# bare bright copper in Guangdong province traded at 46,400-46,700 yuan/mt, down from 46,500-46,800 yuan/mt last Wednesday, SMM learned. Some sellers had to let go of their cargoes at lower prices due to cashflow requirements before Chinese New Yea...Read More
Base metals traded on the London Metal Exchange are off to a slightly negative start this week, posting an average loss of 0.4% this morning, Monday February 2. Nickel (-0.8%) is down the most, while tin (+0.3%) is the only base metal showing a gain.Volume has been fairly low with 4,947 lots traded as of 05.01 am London time.The downward pressure across the complex seems to be driven by a further...Read More