Base metals prices on the London Metal Exchange continued to trade higher across the board during the day on Wednesday June 23. Prices across the complex followed their recent upward momentum during Wednesday's trading as a result of pacified market sentiment following the testimony given by Federal Reserve chairman Jerome Powell to Congress on Tuesday. "In his testimony, Powell's tone was relativ...Read More

Stainless scrap prices in the United States remained firm this week, with processors forced to control their inventories while speculating what nickel, chrome and iron prices are going to do in the months ahead."Nickel, chrome and iron units remain strong, and demand has not experienced a summer slowdown as of yet," according to one dealer."Scrap flow continues to be lackluster," causing processor...Read More

Rio Tinto has signed a memorandum of understanding with Schneider Electric to develop a circular and sustainable market ecosystem for both companies and their customers, the metals and mining company said.In the multi-product partnership, Schneider Electric will use responsibly sourced materials produced by Rio Tinto, including low-carbon aluminium and copper produced with renewable power, iron or...Read More

Abu Dhabi-based sovereign investor Mubadala Investment Co has acquired a 2.6% stake in En+ Group, the aluminium and power company said on Wednesday June 23.The acquisition is through the sale of 16,641,700 ordinary shares by Polina Yumasheva, reducing her stake to 2.58% from around 5.19%. En+ Group's free float has increased to 12.3% as a result.Mubadala, which has a $243 billion global portfolio...Read More

Rebounds were under way in the base metals in London and Shanghai this morning, Wednesday June 23, but we will have to wait to see how the metals react to today’s manufacturing purchasing managers index (PMI) data.* To reassure the markets, United States Federal Reserve chairman Jerome Powell said: “We will not raise interest rates pre-emptively because we think employment is too high [o...Read More

Northern European premiums remain at their highest level in three years due to continued supply tightness and logistics issues while Chinese premiums increased slightly on a favorable import arbitrage, sources said.Zinc premiums in northern Europe are stable at a three-year high on tight supplyLack of trucks around northern Europe complicate zinc deliveriesImport arbitrage open to some Chinese mar...Read More

The Midwest US copper premium rose to its highest level in eight years on Tuesday June 22, while Shanghai premiums remained at decade lows following the news that China plans to sell its copper reserves. US Midwest copper premium ticks up China announces details of plan to release 20,000 tonnes of copper into the spot market Spot Shanghai copper premiums stay depressed US copper demand...Read More

Huntsman Set to Expand Nickel Sulphide Discovery at CanegrassSPONSOREDhuntsman explorationHowever the investment bank then expected to see "a rally to new highs over the next three-plus months", analyst Christopher LaFemina said.China announced plans this month to sell some of its strategic reserves in a move designed to stabilise prices.Huntsman Set to Expand Nickel Sulphide Discovery at Canegras...Read More

Analysts from Bank of America and KeyBanc Capital Markets see big changes approaching in the United States' steel market, with new capacity scheduled to come online later this year and into 2022, they told attendees of this week's Steel Success Strategies conference.In the atypical cyclical upturn caused in large part by the Covid-19 pandemic, Bank of America analyst Timna Tanners stands by her pr...Read More

US imports of standard steel welded wire mesh from Mexico are being or are likely to be sold at less than fair value, the Commerce Department said in a final determination on Wednesday June 23.The weighted-average dumping margin has been set at 110.42% for Deacero SAPI de CV and 23.04% for Aceromex SA de CV and all other exporters. Commerce had estimated those margins at 23.67-152.68% in its preli...Read More

India's steel industry will double its capacity by the end of this decade and will emerge with a larger and greener role in the global steel industry, Sajjan Jindal, chairman and manager director of JSW Group, said on Wednesday June 23 at Fastmarkets' 2021 Steel Success Strategies Industry Briefing.JSW, India's largest producer, expects to lead the way with its own goal of increasing steel output...Read More

Italy's Council of State has overruled a decision by the Court of Lecce, which means that flat steel producer Acciaierie d'Italia, formerly known as ArcelorMittal Italia, will be allowed to continue its flat steel production operations, the steelmaker said on Wednesday June 23."As a result, any suggestions of a possible shutdown of the hot area of Acciaierie d'Italia's Taranto plant, and the closu...Read More

U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.The Canadian Dollar was virtually unchanged at US81.46 cents following release of Canada's April Retail Sales at 8:30 AM EDT. Consensus was a drop of 4.9% versus a gain of 3.5% in March. Actual was a drop of 5.7%. Excluding auto sales consensus was an increase of 2.2% versus a gain of 4.3%...Read More

Swedish special steel producer Ovako is to collaborate with carmaker Volvo Group, Hitachi ABB Power Grids, H2 Green Steel and Nel Hydrogen to invest in hydrogen production at Hofors in Sweden, it has been announced.The project will look to enable climate-neutral steel production and to build hydrogen-powered heavy vehicles. It is building Sweden's largest fossil-fuel-free hydrogen facility, it sai...Read More

The Federal Reserve has pursued its 2% inflation grail with a monomaniacal determination, like madmen chasing phantoms or mad dogs chasing tails.It has largely been a juiceless pursuit... "as elusive as sheet lightning playing among June clouds."Inflation has bubbled a bit here, gurgled a bit there - but to no lasting effect.Experts dispute the causes. Among these are:Depressed worker wages result...Read More

I try to keep politics out of my economic analyses, and my approach is non-partisan. But sometimes I can't avoid it because political policies can have significant economic impacts. Today is one of those times.One of Joe Biden’s first acts as President was to kill construction of the Keystone XL pipeline. This is a pipeline that would bring oil from the tar sands of Alberta, Canada to the Mi...Read More

Bangladeshi mills have returned to the United States' deep-sea scrap export market to secure two West Coast cargoes at higher prices.A West Coast exporter sold a 35,000-tonne cargo comprising 7,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap priced at $535 per tonne cfr, 18,000 tonnes of shredded scrap at $545 per tonne cfr and 10,000 tonnes of bonus-grade material at $555 per tonne...Read More

Turkish steel producers have extended their absence in the deep-sea scrap market due to weak rebar sales, market participants told Fastmarkets on Wednesday June 23.Steelmakers have now been absent from the market since June 15, when two cargoes were sold into Turkey from the United States.A mill in the Marmara region bought both cargoes, comprising HMS 1&2 (80:20) at $500 and $501 per tonne, plus...Read More

Iron ore prices rose on Wednesday June 23 amid improved sentiment because of the possible easing of blast furnace restrictions in China's Tangshan province and the sharp rise in coal prices, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $216.01 per tonne, up by $1.69 per tonne62% Fe low-alumina fines, cfr Qingdao: $219.34 per tonne, up by $3.34 per tonne58% Fe fines high-grad...Read More

Buyers in South Korea have been willing to pay higher prices for Japanese scrap recently, outbidding Chinese buyers, sources told Fastmarkets on Wednesday June 23.The South Korean market has been highly interested in higher-quality scrap from Japan in recent months amid high special steel demand and rising scrap intake at some basic oxygen furnaces (BOFs) due to carbon neutrality policie...Read More