Precious metals and commodities generally are moving lower, pressured mainly by a modest reversal higher in the U.s. dollar, says INTL FCStone. The approach of a Federal Reserve meeting this week may be leading to some dollar short covering, especially considering that bets against the dollar hit record highs, based on the most recent data from the Commodity Futures Trading Commission, INTL FCSton...Read More
Most global steel billet prices fell in the week ended Friday January 26, amid low trading and weak market sentiment.Chinese mills remained out of the export market, while demand for CIS-origin material was halted as buyers waited to see which direction the market would take.On the raw materials' side, ferrous scrap prices fell last week, due to declining demand for Turkish rebar and weak market e...Read More
Most global steel billet prices fell in the week ended Friday January 26, amid low trading and weak market sentiment.Chinese mills remained out of the export market, while demand for CIS-origin material was halted as buyers waited to see which direction the market would take.On the raw materials' side, ferrous scrap prices fell last week, due to declining demand for Turkish rebar and weak market e...Read More
Zinc was the best performer on the London Metal Exchange at the close on Monday January 29, while the other metals diverged.Zinc's three-month price was up $72, or 2%, to $3,550 per tonne, mostly on the back of supply-side factors. Tighter stocks on the LME and adverse weather in zinc-producing provinces of Northwestern China, which makes it difficult to transport zinc out of the region, have...Read More
European alloy surcharges for January deliveries of grade-316 cold-rolled (CR) stainless steel sheet have risen sharply month on month amid higher nickel and molybdenum costs.The February assessment for molybdenum-containing 2 mm grade-316 CR sheet - compiled by Metal Bulletin based on data released by Outokumpu, Acerinox and Aperam - rose ?,?99-155 ($123.03-192.62) per tonne to ?,?1,923-1,963 per...Read More
European alloy surcharges for January deliveries of grade-316 cold-rolled (CR) stainless steel sheet have risen sharply month on month amid higher nickel and molybdenum costs.The February assessment for molybdenum-containing 2 mm grade-316 CR sheet - compiled by Metal Bulletin based on data released by Outokumpu, Acerinox and Aperam - rose ?,?99-155 ($123.03-192.62) per tonne to ?,?1,923-1,963 per...Read More
Zinc miners hope to halve the annual concentrate Treatment Charges (TCs) in initial offer prices to smelters this year, while the market prepares for what could be one of the most vibrantly contested negotiations for years.Miners have offered smelters outside of China a flat TC. This is a discount on the London Metal Exchange price for zinc paid to smelters for converting concentrate to metal. Thi...Read More
Chrome ore and alloy prices rose in China late last week after tight domestic supply in the East Asian country prompted leading stainless steel mills to give higher February bid prices. Chrome ore and ferro-chrome prices rise in China after mills raise tendersAlloy prices edge higher in South KoreaEuropean alloy prices edge lowerAlloy prices stable in the United States Chrome ore and ferro-chrome...Read More
Tight supplies and trader buying continued to push spot cobalt prices higher in the week ended Friday January 26, but currency moves deterred large spot purchases of cobalt in the second half of last week.Metal Bulletin assessed low-grade cobalt prices at $36.95-38.25 per lb, in-warehouse, on Friday, up from $36.90-37.80 per lb at the midweek assessment, and $36.75-37.40 per lb on January 19....Read More
European antimony prices rose on a weekly comparison on Friday January 26 amid tightening supply while Chinese prices were unchanged. Metal Bulletin assessed MMTA standard grade II antimony in-warehouse Rotterdam prices at $8,200-8,500 per tonne on Friday, unchanged from the midweek assessment but higher week on week from $8,100-8,400 per tonne. Trioxide grade antimony prices in-warehous...Read More
Turkish steel producers extended their silence in the deep-sea scrap markets at the start of this week, but they still expected to book more cargoes for February, sources said on Monday January 29.Turkish mills were expected by several market sources to book five or six more cargoes for shipping in February, but they were postponing their scrap purchases due to low demand for...Read More
Turkish domestic scrap prices have fallen over the past week, in line with weakening imported scrap values, sources said on Monday January 29.Metal Bulletin's weekly price assessment for domestic auto bundle scrap (DKP grade) was TRY1,210-1,400 ($322-373) per tonne delivered, down from last week's $1,300-1,440 per tonne.The fall in the weekly assessment came after steel mills lowered their...Read More
Commodity markets were mixed on the morning of Monday January 29, with Comex copper picking up a little buying in start-of-week trading.Copper for March settlement on the Comex division of the New York Mercantile Exchange inched up 0.3 cents or 0.1% to trade recently at $3.2020 per lb. Prices have been volatile over the past week, with the weaker dollar - it remains around its lowest in more than...Read More
Base metals prices on the London Metal Exchange are stronger by an average of 1% this morning, Monday January 29. Nickel and zinc prices lead the way with gains of around 2%, followed by lead prices that are up by 1% and copper prices ($7,147 per tonne) that are up by 0.8%, while aluminium and tin lag with gains of 0.2% and 0.1% respectively.Volume has been strong with 13,382 lots traded as of 07....Read More
Trading activity in the market for CIS-origin hot-rolled coil (HRC) and cold-rolled coil (CRC) has remained low over the past seven days because there have been few offers of March-rolled material."Mills have sold out their February-rolled material and now they are cautious, because there is a threat that the market will turn around," a trader told Metal Bulletin on Monday January 29.He added that...Read More
India's JSW has launched a bid to purchase steelmaker Monnet Ispat Steel, representatives of both companies confirmed to Metal Bulletin on Monday January 29.If successful, the acquisition would give JSW a stronger presence in the Indian domestic plate and bar sectors, where it currently trails competitors including Essar Steel and Jindal Steel and Power (JSPL). Monnet Ispat owns an integrated stee...Read More
China's domestic hot-rolled coil prices remained largely steady on Monday January 29 amid inactivity, which kept the export market quiet with most participants taking a wait-and-see approach. Domestic Eastern China (Shanghai): 4,090-4,130 yuan ($647-654) per tonne, up 10 yuan per tonne Northern China (Tianjin): 3,940-3,970 yuan per tonne, unchanged HRC futures surged in the first 15 minutes of the...Read More
India's JSW has launched a bid to purchase steelmaker Monnet Ispat Steel, representatives of both companies confirmed to Metal Bulletin on Monday January 29.If successful, the acquisition would give JSW a stronger presence in the Indian domestic plate and bar sectors, where it currently trails competitors including Essar Steel and Jindal Steel and Power (JSPL). Monnet Ispat owns an integrated stee...Read More
CIS export rebar and wire rod prices lost $10-15 per tonne over the past week, with a lack of buying activity compounded by a downturn in sentiment in the billet and scrap markets. Prices fell despite reduced availability in the export market after Russia's NLMK focused on selling to the domestic market and fellow Russian steelmaker Abinsk Steel Mill remained out...Read More
Oman's Jindal Shadeed, part of India's Jindal Steel & Power (JSPL), produced.420,000 tonnes of crude steel in October-December 2017, the company said on Thursday January 25.This was up quarter-on-quarter by 34.48% from 310,000 tonnes produced in the third quarter of the year, it added.Its rebar production reached 240,000 tonnes in the fourth quarter of 2017, and...Read More