SHANGHAI, Jan 31 (SMM) – Copper scrap spot prices fell 100 yuan/mt on Wednesday January 31 as downstream customers started to close for the Chinese New Year holiday.The 1# bare bright copper in Guangdong province area traded at 46,500-46,800 yuan/mt today, SMM learned. Trading was limited as supply remained tight and seller were reluctant to let go cargoes easily. For editorial qu...Read More
SHANGHAI, Jan 31 (SMM) –Copper: Lacklustre downstream consumption has dragged the performance of copper futures of late but we see support for SHFE copper at 53,000 yuan/mt. LME copper, meanwhile, is set to trade at $7,050-7,110/mt. We see spot discounts stable today at 210-150 yuan/mt amid quiet physical market.Aluminium: LME aluminium will test support at the $2,200/mt level today while th...Read More
SHANGHAI, Jan 31 (SMM) – Tongling Nonferrous Metals Group’s net profits for 2017 are expected to amount to 510-580 million yuan, up 183-222% from a year ago, the company said in a statement on Wednesday January 31. This is due to the increase in average processing fees of copper foil, the company noted. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For mor...Read More
SHANGHAI, Jan 31 (SMM) –Copper: Lacklustre downstream consumption has dragged the performance of copper futures of late but we see support for SHFE copper at 53,000 yuan/mt. LME copper, meanwhile, is set to trade at $7,050-7,110/mt. We see spot discounts stable today at 210-150 yuan/mt amid quiet physical market.Aluminium: LME aluminium will test support at the $2,200/mt level today while th...Read More
Base metals prices on the London Metal Exchange closed in positive territory across the board on Wednesday January 31, supported by dollar weakness. The three-month nickel price remained the strongest performer of the complex throughout the day, supported from dip-buying. "A combination of surging China imports, tightening supplies and fund interest are expected to sustain prices of stainless stee...Read More
Comex copper prices bounced back on Wednesday January 31 after a multi-session downturn with a softening dollar lifting the metals complex. Copper for March settlement on the Comex division of the New York Mercantile Exchange gained 2.90 cents or 0.9% to $3.2180 per lb. The contract had been on a four-day losing streak. "Judging by the limited pullback and decent dip-buying interest, bulls are sti...Read More
Iron ore prices continued to hover around $73 per tonne cfr China on Wednesday January 31 amid an inactive physical market. Metal Bulletin's 62% Fe Iron Ore Index Today: $72.92 per tonne cfr Qingdao Daily change: down by $0.05 per tonne Month-to-date average: $75.83 per tonne Metal Bulletin's 58% Fe Premium Index Today: $59.96...Read More
Export prices for Southern European rebar have gone unchanged week-on-week amid continued low market activity, sources told Metal Bulletin on Wednesday January 31.Metal Bulletin's weekly export price assessment for Southern European rebar was ?,?490-505 ($607-626) per tonne fob main ports on Wednesday."There is little activity but we cannot rush into the market and drop prices immediately. The bes...Read More
Domestic prices for heavy steel plate in Europe are expected to rise following the positive trend settled in the region's market for steel coil products, sources told Metal Bulletin on Wednesday January 31.High slab costs are also expected to support higher plate prices, especially in Southern European, where the majority of plate produced by re-rollers, according to market source.Metal Bulletin's...Read More
GFG Alliance has been granted full planning permission for a new 400-worker alloy wheel factory next to the Liberty British Aluminium smelter at Fort William, Scotland, the company said. The new plant, part of a ?120 million ($170 million) investment by GFG at Fort William, will utilize aluminium from the adjacent smelter. Liberty is a part of British group GFG Alliance, the investment vehicle ow...Read More
The Century zinc mine, the world's third largest prior to its 2016 closure, is on track to restart production in late July and generate up to 264,000 tonnes per year of zinc.Fully owned by New Century Resources, the mine in Australia's Queensland is set to complete its start-up production in three months' time, according to the company's quarterly activities report released on Wednesday. First pro...Read More
Tin premiums for standard material were stable globally in the week ended Tuesday January 30 but the market is looking hungrier for Indonesian material and keenly awaiting exports to resume as expected in the coming days. 99.9% tin premiums stable in Europe and China but a bit higher in the United States Indonesian export permit renewal process still main focus Low-lead tin premiums a...Read More
Zinc premiums were largely flat in inactive spot markets in the week to Tuesday January 30, with the exception of Southeast Asian market, thanks to growing galvanizing demand in Vietnam, while lead premiums were steady on weak spot demand. Zinc premium for Southeast Asia ticked up on growing galvanizing demand from Vietnam, but were largely unchanged elsewhere LME zinc price set a new 10-ye...Read More
The German metals sector is being hit with a number of day-long strikes this week while negotiations over pay between employers and trade union IG Metall continue, Metal Bulletin heard on Wednesday January 31.German metals companies could incur a significant loss of revenue, due to production and delivery shortfalls as a result of the strikes, along with additional costs for catching up on outages...Read More
Comex copper prices bounced back on Wednesday January 31 after a multi-session downturn with a softening dollar lifting the metals complex. Copper for March settlement on the Comex division of the New York Mercantile Exchange gained 2.90 cents or 0.9% to $3.2180 per lb. The contract had been on a four-day losing streak. "Judging by the limited pullback and decent dip-buying interest, bulls are sti...Read More
ArcelorMittal's global earnings increased by 28.92% year-on-year in the fourth quarter of 2017 due to increased steel shipment volumes and higher prices, the company said on Wednesday January 31.Earnings before interest, taxes, depreciation and amortization (Ebitda) at the world's largest steelmaker reached $2.14 billion in October-December last year, compared with $1.66 billion in the correspondi...Read More
Saudi Arabian flat steel re-roller and coater Unicoil is now able to produce pre-painted galvanized steel (PPGI), or color-coated coils, in thicknesses up to 1.50mm, the company told Metal Bulletin on Wednesday January 31.Its previous limit was 1.20mm, but increased demand for building cladding, side-walling and kitchen appliances made the company focus on higher gauges, Unicoil said.The company c...Read More
Earnings at ArcelorMittal's Brazilian division rose by 59.9% year-on-year in the fourth quarter of 2017, due to increased volumes and prices.Earnings before interest, taxes, depreciation and amortization (Ebitda) totaled $341 million in the October-December period, up from $213 million a year before, ArcelorMittal announced on Wednesday January 31.The company shipped 3.05 million tonnes of steel p...Read More
Iranian export billet prices dropped $5-10 per tonne over the week ended Wednesday January 31, with deals reported at lower prices than last week amid the global downtrend in the long steel market.Metal Bulletin's weekly price assessment for Iranian export billet was $489-505 per tonne fob on January 31, against $508-510 per tonne fob a week earlier.Several bookings were heard done at $496-505 per...Read More
Domestic prices for steel wire rod widened upward by ?,?10 per tonne in Northern Europe this week with mills in the region pushing through further price rises, sources told Metal Bulletin on Wednesday January 31.Metal Bulletin's weekly price assessment for domestic mesh-quality wire rod in Northern Europe widened upward week-on-week to ?,?550-570 ($682-706) per tonne delivered on Wednesday, its hi...Read More