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
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
China's tin ore and concentrates imports fell 37.7% year on year to 295,421 tonnes in 2017, while its refined tin exports almost doubled to 2,175 tonnes compared with 2016, according to the latest Chinese customs data.Chinese importers said there has been a significant decrease in tin concentrates shipments from Myanmar, where 90% of China's imported material originates, with some market participa...Read More
Brazil's steel slab export prices are holding at historic highs, with producers trying to maintain elevated prices in new offers. Metal Bulletin's weekly assessment of Brazil export slab was $530-540 per tonne fob on Friday January 26, unchanged from the previous week. Offers for Brazilian material were heard starting on $535 per tonne fob, according to sources. But...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Iron ore prices ended the week on a downtrend, following China's declining steel and futures markets.https://www.metalbulletin.com/Article/3783218/Steel-All/IRON-ORE-PRICES-Benchmark-index-slides-to-74-per-tonne-cfr.htmlCleveland-Cliffs has a plan to cease iron ore mining operations in Australia as earl...Read More
Swedish steelmaker SSAB expects its prices to be higher in January-March this year compared with the last quarter of 2017, the company said on Friday January 26.The positive effects of the higher prices, however, to a certain extent will be counteracted by higher raw material costs.In North America, demand for heavy steel plate is expected to be good during the first quarter of 2018, the steelmake...Read More
Steel mills in India are likely to increase their domestic prices for hot-rolled coil (HRC) for February sales by at least 1,000 rupees ($16) per tonne, Metal Bulletin has heard.Officials from two top HRC-producing mills in the country have confirmed that there was adequate scope to increase prices by at least 1,000 rupees per tonne in February.Domestic HRC prices in India were assessed on Friday...Read More
Reduced steel production and delayed deliveries from Italian steelmaker Ilva will support the rise of Southern European domestic prices for hot-rolled coil (HRC), market sources have told Metal Bulletin.Ilva has lowered its HRC output in recent months due to instances of industrial action and technical problems with its equipment, according to sources. These problems have led to tighter supplies o...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 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
The following Metal Bulletin noble alloys, bulk alloys and ores prices changed on Friday January 26:Noble alloys Molybdenum US canned molybdic oxide, $/Ib $12.15-12.30 per Ib from $11.75-12Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $29.75-31 per kg from $29.75-30.50 Ferro-molybdenum US 65-70% Mo, $/Ib: $13.15-13.60 per Ib from $12.70-13 Tungsten European free market APT,...Read More
Summary of China's ferro-alloys imports in December and the full year 2017.Chrome ore Month total: 1.20 million tonnesOn month: -7.06 %On year: -8.76%*Full-year total: 13.87 million tonnesOn year: +30.94%Ferro-chrome Month total: 176,780 tonnesOn month: -25.67%On year:...Read More
Buying activity for containers of shredded scrap arriving to India increased this week but prices recorded a slight decrease, market sources told Metal Bulletin on Friday January 26. Indian import scrap prices fell dramatically last week amid a large correction in Turkish import prices, but the subsequent price drop recorded this week in Turkey has had little impact in India. A combination of...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
The UK inter-merchant price range for austenitic alloy steel scrap rose by ?20 per tonne this week as nickel prices rose sharply, sources said on Friday January 26.Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?920-960 ($1,310-1,367) per tonne delivered on Friday, compared with ?900-940 per tonne on January 19.The London Metal Exchange three-month o...Read More
Export prices for Brazilian pig iron remained at high levels this week amid firm market conditions.Metal Bulletin's weekly price assessment for Minas Gerais pig iron exports rose to $375-380 per tonne fob on Friday January 26, from last week's $370-375 per tonne fob. The increase reflects a latest deal which closed at $375 per tonne fob Mexico, for April shipment, as well as the price uptrend in t...Read More
Iron ore prices retreated on Friday January 26 on China's declining steel and futures markets.Metal Bulletin's 62% Fe Iron Ore Index Today: $74.40 per tonne cfr QingdaoDaily change: down by $0.64 per tonneMonth-to-date average: $76.21 per tonneMetal Bulletin's 58% Fe Premium Index Today: $61.03 per tonne cfr QingdaoDaily change: down by $0.82 per...Read More
Trading activity slowed down in the physical iron ore market on Friday January 26 on weaker futures and steel prices in China.Key driversFerrous futures generally trended downward during the day, while spot rebar and hot-rolled coil prices also dipped 10-20 yuan ($1.60-3.20) per tonne.These dampened iron ore trading activity. A source at a mill in Tangshan told Metal Bulletin that it initially pla...Read More
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. "There is a sluggish feel to the session so far mixed with nervousness as the fate of metals is firmly tied to the hourly moves on DXY [US Dollar Index] thereby reducing conviction for the bulls and making day traders jumpy," Matt France of M...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More