Russia's Magnitogorsk Iron & Steel Works (MMK) has increased its production of downstream products 6.1% year on year in 2017 amid improved demand from the automotive industry and railcar producers.The company's range of downstream products includes tin plate, galvanized steel, polymer-coated steel, band, formed sections and pipes.In total, the company produced 2 million tonnes of various downstrea...Read More
Buying activity in the Iranian flat steel import market remained sluggish in the week ended Wednesday January 24, while local prices were more competitive to import.Iran's national currency - the rial (IRR) - continued to devalue against the US dollar, which made import prices less attractive compared to domestic ones.On Wednesday January 24, $1 was equivalent to IRR 36,567, while on January 17, $...Read More
China's prices for hot-rolled coil widened upward on Thursday January 25 after the paper market surged following the release of data showing a drop in supply.DomesticEastern China (Shanghai): 4,080-4,130 yuan ($639-647) per tonne, widen upward by 30 yuan per tonne Northern China (Tianjin): 3,940-3,970 yuan per tonne, widen upward by 10 yuan per tonnePrices for some specifications of HRC that are s...Read More
Turkish domestic long steel prices have remained firm over the past week despite strong demand, sources said on Thursday January 25.Metal Bulletin's weekly price assessment for domestic rebar was $570-580 per tonne ex-works on January 25, widening upward from the $570-575 per tonne of last week.The domestic rebar...Read More
Turkish rebar and wire rod export prices have fallen over the past week, in line with the weak demand in the country's major export markets and decreasing imported scrap costs, sources said on Thursday January 25.Metal Bulletin's weekly price assessment for rebar exports out of Turkey on January 25 was $550-560 per tonne fob, down from the $565-570 per tonne...Read More
Steel billet import prices in Egypt fell slightly and domestic rebar prices remained unchanged in the week to Thursday January 25. Billet import prices fell amid lower bids and a news of a low-priced deal for material from Iran. "The market is slow this week [and] most people are waiting for a further price drop," a trader told...Read More
Both buyers and producers were in wait-and-see mode in the export market for CIS-origin pig iron during the week ended Thursday January 25, due to uncertainty about further price changes."After [the price of] scrap dropped by $20 per tonne, big buyers have been asking if a lower price for pig iron is on the horizon and have adopted a wait-and-see attitude," a trader told Metal Bulletin.Smaller buy...Read More
Turkish steel mills went quiet again in the deep-sea scrap markets on Thursday January 25, but are expected to book more cargoes soon, according to market sources.The mills in the country took time out for a short break for price negotiations at the beginning of the week and returned to the market for a Baltic Sea cargo sold at $354 per tonne cfr for HMS 1&2...Read More
Iron ore prices strengthened further on Thursday January 25 though trading activity appears to have slowed down following higher fixed-price transactions concluded recently. Metal Bulletin's 62% Fe Iron Ore Index Today: $75.04 per tonne cfr Qingdao Daily change: up by $0.51 per tonne Month-to-date average: $76.31 per tonne Metal Bulletin's 58% Fe Premium...Read More
Turkish billet prices have weakened over the past seven days, in line with the falling cost of scrap imported into the country, sources said on Thursday January 25.Metal Bulletin's weekly price assessment for billet imports into Turkey was $515-525 per tonne cfr on January 25, down from the $520-530 per tonne of last week.The downward movement in the weekly assessment came after CIS-region supplie...Read More
Steel billet import prices in Egypt fell slightly and domestic rebar prices remained unchanged in the week to Thursday January 25. Billet import prices fell amid lower bids and a news of a low-priced deal for material from Iran. "The market is slow this week [and] most people are waiting for a further price drop," a trader told...Read More
China's domestic rebar prices picked up some upward momentum on Thursday January 25 on gains in the billet and futures markets.Domestic Eastern China (Shanghai): 3,870-3,920 yuan ($606-614) per tonne, up 20 yuan per tonne Northern China (Beijing): 3,920-3,970 yuan per tonne, up 20 yuan per tonne Billet prices rose 20 yuan in the morning while the most-traded May rebar futures contract increased to...Read More
China's ferrous futures were mixed during morning trading on Thursday January 25 with steel contracts ending the session slightly lower than their opening prices while those for raw materials rose. Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,953 ($619) per tonne, down 1 yuan per tonne May hot-rolled coil: 3,957 yuan per tonne, down 3 yuan per tonne Dalian Commod...Read More
Stainless steel prices in East Asia retreated over the past week on thin trading amid persistently soft demand.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm cold-rolled coil was $2,100-2,200 per tonne cif East Asian ports for the week ended Wednesday January 24, down $10-50 per tonne from a week earlier.Metal Bulletin's assessment of prices for benchmark 304 stainless hot-r...Read More
Base metals prices on the London Metal Exchange were on divergent paths at the close on Thursday January 25, with the weak dollar still the key supportive factor. The dollar index continued to crumble further; it is now down 13% since the turn of the year and hit a low of 88.43 today. "For the time being, it seems that commodity markets want to push higher, with a weaker dollar being a formidable...Read More
Both buyers and producers were in wait-and-see mode in the export market for CIS-origin pig iron during the week ended Thursday January 25, due to uncertainty about further price changes."After [the price of] scrap dropped by $20 per tonne, big buyers have been asking if a lower price for pig iron is on the horizon and have adopted a wait-and-see attitude," a trader told Metal Bulletin.Smaller buy...Read More
Rio Tinto is in preliminary talks to sell its stake in the Grasberg mine to the Indonesian government, according to the chief executive officer of Freeport-McMoRan.The US company, which operates the Grasberg mine through its 90.64%-owned PT Freeport Indonesia (PT-FI) subsidiary, is providing information to assist the sale process but has no control over its outcome, Richard Adkerson said. "The Ind...Read More
Turkish steel mills went quiet again in the deep-sea scrap markets on Thursday January 25, but are expected to book more cargoes soon, according to market sources.The mills in the country took time out for a short break for price negotiations at the beginning of the week and returned to the market for a Baltic Sea cargo sold at $354 per tonne cfr for HMS 1&2...Read More
The latest metal markets news and price moves to start the North American day on Thursday January 25.Base metals prices on the London Metal Exchange were little changed during morning trading, while most metals held on to Wednesday's rally.The weak dollar remains a key supporting factor for base metals prices. It fell to a low of 88.81 this morning, its lowest since 2014.Here is how the LME base m...Read More
Good morning from Metal Bulletin's offices in Shanghai as we bring you the latest news and pricing stories on Thursday January 25.Base metals prices on the Shanghai Futures Exchange were stronger across the board during Asian morning trading on Thursday, with nickel leading the gains amid weakness in the dollar and firm demand.Check Metal Bulletin's live futures report here.LME snapshot at 01.51am...Read More