Turkish deep-sea scrap trading remained silent again on Thursday January 4, as most suppliers were still out of the market due to heavy winter conditions and holiday outages.The country's steel mills were expected to try to book more cargoes for February, but the supply was tight and there were not many cargoes available in the market, Metal Bulletin was told."Scrap collection is slow due to heavy...Read More
The seaborne iron ore market reported higher prices on Thursday January 4 despite a big drop in spot rebar prices in east China.Key driversChina's steel markets continued to soften during the day with spot rebar prices in the eastern region tumbling 170-180 yuan ($26-28) per tonne as bad weather dampened downstream demand.The benchmark iron ore futures contract picked up in the afternoon after dec...Read More
Turkish domestic and export billet prices have increased slightly in line with costlier imported scrap, while billet import prices were unchanged over the past week, sources said on Thursday January 4.Metal Bulletin's weekly price assessment for domestic billet on Thursday was $545-550 per tonne ex-works, up from the $540-545 per tonne of last week.However, the...Read More
Egypt's import billet and domestic rebar markets were slow in the week ended Thursday January 4, after the new year break."The market is so quiet [because of] the holiday season," a trader told Metal Bulletin on Thursday January 4.Now buyers expect local rebar prices to increase, another market participant said.They have...Read More
Trade protection measures in the Middle East could support local steel producers' attempts to capture much of the increased regional steel demand expected in 2018. Gulf Co-operation Council (GCC) nations are due to make a final decision by the second quarter of this year on whether to impose anti-dumping duties on Chinese non-welded oil country tubular goods (OCTG) made of iron or steel with a rad...Read More
Concerns over supplies for the year ahead and a strong purchasing appetite from traders and mills continued to provide momentum to noble alloys prices in the first few days of January. Molybdic oxide prices staged the most impressive gains in the (usually quiet) first days of the year, jumping to $10.70-11 per lb, in-warehouse Rotterdam, on Wednesday January 3. Prices were assessed up 10.2% f...Read More
East Asian stainless steel prices maintained their upward trend over the past week amid gains in China's domestic market and costlier nickel.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm cold-rolled coil was $2,150-2,200 per tonne cif East Asian ports for the week ended Wednesday January 3, tightening upward by $50 per tonne from $2,100-2,200 per tonne a week earlier.Metal...Read More
Turkey has reduced the import duty applied to incoming shipments of hot-rolled coil (HRC) intended for re-rollers to 3.5% from the previous 5%, with effect from Monday January 1.The duty remains at 9% for other HRC imports, Metal Bulletin has heard.Market...Read More
Metal Bulletin has amended its Brazilian domestic steel prices to reflect standard market practices, making changes to the calculation of its monthly assessments. Local taxes are now excluded from the price calculation methodologies.Previously, all Brazilian domestic flat steel prices - Brazil domestic cold rolled coil ex-works Reais per tonne monthly, Brazil domestic hot-dipped galvanized coil ex...Read More
Trade protection measures in the Middle East could support local steel producers' attempts to capture much of the increased regional steel demand expected in 2018. Gulf Co-operation Council (GCC) nations are due to make a final decision by the second quarter of this year on whether to impose anti-dumping duties on Chinese non-welded oil country tubular goods (OCTG) made of iron or steel with a rad...Read More
Base metals prices on the London Metal Exchange ended mostly higher on Thursday December 4, with only tin bucking the overall upward trend. The three-month nickel price gained more than $200 and copper ended $41.50 higher, albeit below $7,200 per tonne. "We remain positive on copper over the very short-term, expecting the rebound to continue at the start of the year. Our momentum-based indicators...Read More
The export market for CIS-origin pig iron has been inactive over the new year holiday period, with an improvement in trading activity expected only next week, sources told Metal Bulletin on Thursday January 4."The market is totally quiet. I haven't heard about any big inquires for several weeks," a European trader told Metal Bulletin.Buyers will come back from their holidays on Monday January 8, h...Read More
Turkish deep-sea scrap trading remained silent again on Thursday January 4, as most suppliers were still out of the market due to heavy winter conditions and holiday outages.The country's steel mills were expected to try to book more cargoes for February, but the supply was tight and there were not many cargoes available in the market, Metal Bulletin was told."Scrap collection is slow due to heavy...Read More
Metal Bulletin proposes to amend its international cobalt price specifications as a result of changes in the market, and invitesfeedback on the following consultation.The deadline for Stage 1 feedback is Friday January 12. Click on the image above to download the full-sized PDF.Read More
The latest metal markets news and price moves to start the North American day on Thursday January 4.The latest metal markets news and price moves to start the North American day on Thursday January 4.Base metals prices on the London Metal Exchange were universally higher during morning trading, with copper and nickel climbing more than 1%."After weakness and consolidation in the base metals in rec...Read More
Good morning from Metal Bulletin's offices in Asia, bringing the key news and market stories on Thursday January 4. Copper was trading in a tight range during Asian trading hours on Thursday January 4 amid mixed market sentiment following the release of the Federal Open Market Committee (FOMC) minutes overnight. Check Metal Bulletin's live futures report here. LME snapshot at 0240 London timeLates...Read More
Copper bulls may have set the metal's prices up for a fall in 2018 after a staggering December rally saw prices reach four-year highs, market analyst told Metal Bulletin. The London Metal Exchange's three-month copper price ended 2017 up 30.8% for the year having peaked at $7,312.5 per tonne on December 28. Concerns that up to 40% of global copper mine supply has the potential to be disrupted thro...Read More
Trade protection measures in the Middle East could support local steel producers' attempts to capture much of the increased regional steel demand expected in 2018. Gulf Co-operation Council (GCC) nations are due to make a final decision by the second quarter of this year on whether to impose anti-dumping duties on Chinese non-welded oil country tubular goods (OCTG) made of iron or steel with a rad...Read More
The drive for greater transparency in financial markets will power into fifth gear from the start of January as the second iteration of Europe's Markets in Financial Instruments Directive (MiFID II) comes into effect. MiFID II - the European Union's first regulatory update to the directive since 2004 - will kick in on Wednesday January 3 and is designed to make European markets safer and more tran...Read More
Base metals prices on the London Metal Exchange ended mostly higher on Thursday December 4, with only tin bucking the overall upward trend. The three-month nickel price gained more than $200 and copper ended $41.50 higher, albeit below $7,200 per tonne. "We remain positive on copper over the very short-term, expecting the rebound to continue at the start of the year. Our momentum-based indicators...Read More