Global ferrous scrap prices continued to tumble in the week from Monday January 22 to Friday January 26, amid poor demand for Turkish rebar and weaker sentiment among traders.Turkey importsTwo fresh Turkish import deals were heard this week, with prices showing a further decline after last week's drop.A steel mill in the Iskenderun region booked a US cargo, comprising 12,000-15,000 tonnes of plate...Read More
The market in the United Kingdom for grade-5C ferrous scrap has dropped in the past week, sliding in line with export prices to key destinations such as Turkey and the Indian subcontinent.British steel scrap in its traditional overseas markets is becoming more expensive this year amid a weakening of the dollar versus sterling. This makes the material more expensive for traditional buyers of scrap...Read More
Turkish steel mills have gone through this week with only one booking being made for deep-sea scrap, but they still expect to book further cargoes for February delivery, sources said on Friday January 26.Mills in the country have continued to struggle with weak demand for rebar exports and have been trying to keep their scrap purchases at a slow pace, sources told Metal Bulletin.The mills too...Read More
Peruvian steel producer Aceros Arequipa will invest $180 million to construct a new electric-arc furnace (EAF) at its Pisco works to reduce its dependence on imports of billet.The new facility will have an annual production capacity of 1.25 million tonnes per year, with its start-up expected in mid-2020, the firm said in a note to the country's securities regulator, SMV, late on Thursday January 2...Read More
Metal Bulletin is proposing to update the specifications for its India domestic billet and rebar assessments to provide a clearer distinction between the primary and secondary markets in India. The specifications for domestic billet will be updated to better reflect price assessments for secondary-grade IS 2831 billet, 125x125mm thick. The specifications for domestic rebar will be updated to bette...Read More
China's domestic rebar prices lost their upward momentum on Friday January 26 and returned to Wednesday's levels due to sparse trading and weak futures.Domestic Eastern China (Shanghai): 3,850-3,900 yuan ($608-616) per tonne, down 20 yuan per tonne Northern China (Beijing): 3,900-3,950 yuan per tonne, down 20 yuan per tonne Trading activity remained thin due to extremely low temperatures in north...Read More
European stainless steel base prices have remained unchanged over the past week, with market participants expecting new mill offers to come in early February, sources told Metal Bulletin on Friday January 26.Metal Bulletin's weekly base price assessment on Friday for 2mm, grade-304 CR stainless steel sheet was ?,?1,060-1,120 ($1,318-1,392) per tonne delivered in Northern Europe."Mills seem to have...Read More
China's ferrous futures mostly fell during morning trading on Friday January 26 following the release of the latest Chinese customs data a day earlier. Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,944 ($623) per tonne, down 15 yuan per tonne May hot-rolled coil: 3,963 yuan per tonne, down 5 yuan per tonne Dalian Commodity Exchange May iron ore: 519.50 yuan per to...Read More
China's domestic stainless steel prices were unchanged over the past week with soft demand offsetting the supporting effects of costlier raw materials. Metal Bulletin's assessment of prices for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,500-15,200 yuan ($2,290-2,401) per tonne including VAT for the week ended Thursday January 25, the same as a week earlier.Nickel p...Read More
Changes to US tax laws will have significant and mainly positive implications for deal-making across virtually all sectors, including metals and mining, according to a report by global consultancy firm PwC. The tax reforms passed in December 2017 will see a decrease in the United States' corporate tax rate to 21%, and this "may be the most obvious benefit due to its favorable cash flow impacts and...Read More
Peruvian steel producer Aceros Arequipa will invest $180 million to construct a new electric-arc furnace (EAF) at its Pisco works to reduce its dependence on imports of billet.The new facility will have an annual production capacity of 1.25 million tonnes per year, with its start-up expected in mid-2020, the firm said in a note to the country's securities regulator, SMV, late on Thursday January 2...Read More
Metal Bulletin is proposing to update the specifications for its India domestic billet and rebar assessments to provide a clearer distinction between the primary and secondary markets in India. The specifications for domestic billet will be updated to better reflect price assessments for secondary-grade IS 2831 billet, 125x125mm thick. The specifications for domestic rebar will be updated to bette...Read More
China's ferrous futures mostly fell during morning trading on Friday January 26 following the release of the latest Chinese customs data a day earlier. Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,944 ($623) per tonne, down 15 yuan per tonne May hot-rolled coil: 3,963 yuan per tonne, down 5 yuan per tonne Dalian Commodity Exchange May iron ore: 519.50 yuan per to...Read More
Export prices of Latin America-origin cold-rolled coil (CRC) and plate have increased, while the price of hot-rolled coil (HRC) remained unchanged amid renewed demand from Europe, Metal Bulletin has heard.Metal Bulletin's weekly assessment of export prices for CRC was $680-695 per tonne fob on Friday January 26, up from $670-685 per tonne fob a week earlier.Prices for heavy plate rose to $600-610...Read More
Domestic prices for rebar in Poland have been largely unchanged over the past week as buyers are waiting for new offers from the mills, sources told Metal Bulletin on Friday January 26.Metal Bulletin's weekly price assessment for domestic 12mm B500B-grade rebar in Poland was 2,310-2,350 zloty ($692-704) per tonne ex-works on January 26, compared with 2,220-2,350 zloty per tonne ex-works a week ear...Read More
Global ferrous scrap prices continued to tumble in the week from Monday January 22 to Friday January 26, amid poor demand for Turkish rebar and weaker sentiment among traders.Turkey importsTwo fresh Turkish import deals were heard this week, with prices showing a further decline after last week's drop.A steel mill in the Iskenderun region booked a US cargo, comprising 12,000-15,000 tonnes of plate...Read More
The market in the United Kingdom for grade-5C ferrous scrap has dropped in the past week, sliding in line with export prices to key destinations such as Turkey and the Indian subcontinent.British steel scrap in its traditional overseas markets is becoming more expensive this year amid a weakening of the dollar versus sterling. This makes the material more expensive for traditional buyers of scrap...Read More
The latest metal markets news and price moves to start the North American day on Friday January 26.Base metals prices on the London Metal Exchange were stable during morning trading on Friday January 26, with recent gains well supported by the weak dollar.Here is how the LME base metals complex looked at 12.18pm London time:For a snapshot of exchange news, check out our live futures report.China's...Read More
Good morning from Metal Bulletin's office in Shanghai, as we bring you the latest news and pricing stories on Friday January 26.Base metals prices on the Shanghai Futures Exchange were mostly lower during Asian morning trading on Friday after profit-taking emerged following a strong performance across the complex on Thursday.Check Metal Bulletin's live futures report here.LME snapshot at 01.53am L...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets in the week from Monday January 22 to Friday January 26.Base metalsSingaporean trading house Kyen Resources is opening a London office to expand its operations into Europe and will trade base metals, starting with aluminium and concentrates.Freeport-McMoRan reported a strong finish to 2017, with net incom...Read More