Super rally under way LME tin prices accelerated their appreciation last week, gaining of 5.2%, making tin the second-best performer among the base metals, after nickel (+7.5%). The LMEX was up just 1.6%. LME tin is already up 9% in the year to date. What is behind the move? Last week’s rally was driven primarily by fresh buying, judging by the significant increase of 1,666 lots or 9% in open...Read More
Another 10-year high on stock fall, option-related buying, dollar weakness Bullish sentiment has continued to carry zinc higher, with prices testing above $3,580 per tonne at the start of this week. Alongside broader risk-on sentiment and dollar weakness, option-related buying likely featured given the level of call options around the $3,500 strike. There has also been a pick-up in withdrawals fro...Read More
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Click here to download the Selected Demand IndicatorsACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the lat...Read More
Base metals prices on the London Metal Exchange are weaker across the board by an average of 0.9% this morning, Tuesday January 30.Nickel prices lead the way with a loss of 1.8%, with the rest of the complex trailing in their wake: tin (-1.1%) zinc (-0.9%), copper (-0.8%, at $7,035 per tonne), aluminium (-0.4%) and lead (-0.1%). Volume has been strong with 12,588 lots traded as of 06.50 am London...Read More
Base metals prices on the London Metal Exchange closed in negative territory across the board on Tuesday January 30, with nickel slumping over 3%. Nickel prices rallied to a fresh two-and-a-half-year high of $13,915 per tonne last week, but has now come under increased selling pressure and a downward correction. "It's [nickel's] price action can be quite volatile. We are seeing broad based ri...Read More
Comex copper prices saw minor profit-taking in the US morning on Tuesday January 30, with the red metal unable to establish a clear price direction over the past week. Copper for March settlement on the Comex division of the New York Mercantile Exchange fell 0.50 cents or 0.2% to $3.1890 per lb. "We are positive on copper over the very short term, expecting...Read More
Iron ore prices tumbled below $73 per tonne cfr China on Tuesday January 30 after a drop in billet prices, with trades concluded at lower prices than a week ago. Metal Bulletin's 62% Fe Iron Ore Index Today: $72.97 per tonne cfr Qingdao Daily change: down by $1.36 per tonne Month-to-date average: $75.97 per tonne Metal Bulletin's 58% Fe Premium Index Today: $59.70 per tonne cfr...Read More
Turkish steel mills have returned to the deep-sea scrap markets for March cargoes and the prices have fallen further at the recent transactions, sources said on Tuesday January 30.The mills had been widely expected to book more cargoes for delivery in February, but no such deals have been reported.Instead, after a short period of negotiation, the mills in the country booked two deep-sea cargoes fr...Read More
Metal Bulletin proposes to discontinue two assessments of zinc premiums in the European market.Metal Bulletin proposes to discontinue the zinc premium, 99.995% purity, Rotterdam, duty-unpaid FCA, $ per tonne and the zinc premium, 99.995% purity, Antwerp, duty-unpaid FCA, $ per tonne.The two prices are currently assessed on a weekly basis and published every Tuesday. The proposal has been raised am...Read More
Copper miners, including Freeport-McMoRan and Antofagasta, have made big cuts to copper concentrate tonnages and in some cases altered side terms for material delivered against benchmark treatment and refining charge (TC/RC) terms this year, despite the market rallying around a single number after a tense set of negotiations.Chinese smelters have stood firm behind a single number TC/RC of $82.25 p...Read More
Comex copper prices saw minor profit-taking in the US morning on Tuesday January 30, with the red metal unable to establish a clear price direction over the past week. Copper for March settlement on the Comex division of the New York Mercantile Exchange fell 0.50 cents or 0.2% to $3.1890 per lb. "We are positive on copper over the very short term, expecting...Read More
Metal Bulletin is proposing to launch two blister copper refining charges (RC) assessments.Metal Bulletin proposes to launch two blister copper refining charges (RC) assessments, namely blister copper 98-99% spot RC cif China, and blister copper 98-99% annual benchmark RC cif China. The spot assessment will be published on a monthly basis while the benchmark assessment will be published on an annu...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transactions: HRC, CRC, HDGHot-rolled coilChina, export, hot-rolled coil, offered at $600-610 per tonne cfr, to the UAE.India, export, hot-rolled coil, offered at $610-620 per...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transactions: rebarRebarTurkey, export, rebar, offered at $560-565 per tonne cfr, theoretical weight, to the UAE.Turkey,...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transactions: billetBilletIran, export, billet, offered at $520-525 per...Read More
Egyptian steel producer National Port Said Steel (NPSS) has started production of billet and rebar at its facility in Al Ain Al Sokhna, Italian equipment supplier Danieli said on Monday January 29.The mill is 55 km south of Suez and 120 km east of Cairo. It has capacity for 830,000 tonnes per year of billet and 530,000 tpy of rebar and...Read More
Russian flat-steel producers are in a bullish mood but, unusually for the market, their offer prices for February-rolled hot- and cold-rolled steel sheet differ widely, buyers told Metal Bulletin on Monday January 29.The major suppliers are Novolipetsk Steel (NLMK) and Severstal."Both have increased their offer prices for February-rolled material, but Severstal's price is still lower, even though...Read More
Most buyers of flat steel in the United Arab Emirates and in Saudi Arabia preferred to delay their purchasing this week because they had enough stocks and they expected discounts, sources told Metal Bulletin on Tuesday January 30.UAEHot-rolled coil (HRC) was offered at $600-610 per tonne cfr from China, while buyers were bidding $590-595 per tonne cfr.India offered the product at $610-620 per tonn...Read More
China's domestic rebar prices were flat on Tuesday January 30 amid weak futures and sparse trading.Domestic Eastern China (Shanghai): 3,820-3,890 yuan ($603-614) per tonne, unchanged Northern China (Beijing): 3,900-3,940 yuan per tonne, unchanged Weakening futures kept the spot market bearish and resulted in buyers lowering their procurement rates further during the day. But sellers kept their off...Read More