Offers for Brazilian slab will likely increase in April on sellers' optimism despite growing resistance from buyers, after the United States temporarily delayed its Section 232 import tariffs on Brazil. But in Asia, slab prices are expected to remain steady or even decline slightly on sluggish trading and weakness in upstream and downstream segments, while products from the Commonwealth of Indepen...Read More
Base metals prices on the London Metal Exchange are for the most part weaker this morning, Friday April 6, following further announcements from the White House of increased tariffs against China. The main movers are nickel (-1.2%), copper (-0.9%) at $6,755 per tonne, lead (-0.7%) and zinc (-0.5%), while tin and aluminium are little changed. Volume remains light with 2,931 lots traded as of 07.31 a...Read More
The United States has sanctioned and frozen the assets of Oleg Deripaska and UC Rusal that are subject to US jurisdiction, prompting bullish sentiment and expectations of tightness in the US aluminium market, industry participants told Metal Bulletin."All assets subject to US jurisdiction of the designated individuals and entities, and of any other entities blocked by operation of law as a result...Read More
Local prices for flat steel goods in Brazil were stable for the second week in a row in early April, with new price adjustments expected only in June.Metal Bulletin's monthly price assessment for Brazilian hot-rolled coil (HRC) was steady month on month on Friday April 6, at 2,500-2,600 Reais ($750-780) per tonne ex-works.Over the same period, Metal Bulletin's monthly price assessment for Brazilia...Read More
Brazilian slab export prices remained unchanged this week, with few offers heard, but producers were reported to be hoping for a new increase in offers for May-production batches.Metal Bulletin's weekly assessment of Brazil export slab prices was unchanged on Friday April 6, at $580-590 per tonne fob.Demand for slab was reported to be increasing, with buyers in Europe and Southeast Asia returning...Read More
The UK inter-merchant price range for austenitic alloy steel products narrowed upward by ?10 per tonne this week while the price of nickel fluctuated, sources said on Friday April 6.Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?940-980 ($1,319-1,375) per tonne delivered on Thursday, compared with ?930-980 per tonne on March 29.The London Metal Exch...Read More
The latest metal markets news and price moves to start the North American day on Friday April 6.Base metal prices were lower across the board on the London Metal Exchange during morning trading, due to the US announcing it could impose further sanctions on Chinese products.US President Donald Trump announced further tariff considerations against Chinese products, proposing a further $100 billion i...Read More
Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Friday April 6. Base metals prices on the London Metal Exchange were mostly lower during Asian morning trading on Friday after United States President Donald Trump said he has instructed his administration to consider $100 billion in additional tariffs against China.The LME three-month cop...Read More
There are four major factors driving the market. The factors are growth, trade wars, geopolitics and regulation of technology.Each of the four factors has its own internal contradictions, in effect a binary outcome for each. This means there are 16 possible paths the market might follow (24 = 16). No wonder the market acts confused.With regard to growth, the bulls expect a boost from the Trump tax...Read More
"It's like traders have an acute case of Attention Deficit Disorder," my friend Rob said last weekend."They can't focus on any one thing for more than a day or two. But they're buying and selling as quickly as possible based on whatever 'shiny object' catches their eye."And he's right!As the market fluctuates higher and lower, traders are increasingly distracted by the prospects of trade wars, hig...Read More
While hybrid and electric vehicles (EV) continue to grow in popularity, is there enough charging infrastructure to sustain the UK's electric dreams, Lord Copper asks.Over the past few weeks, I have been conducting a straw poll about the subject of hybrid and pure electric vehicles.No statistician would work from the arbitrary sample I have but, that proviso aside, I have found most reactions to be...Read More
Aluminium prices on the London Metal Exchange had rallied by 2.2% at the close on Friday April 6 following the announcement that the United States has sanctioned and frozen Oleg Deripaska's assets subject to US jurisdiction,which includes Rusal.The three-month aluminium price closed at $2,042 per tonne, its highest since before the Easter break. "[Aluminium made] a late charge to $2,055 per t...Read More
Seaborne coking coal prices saw little movement on Friday April 6, with buyers anticipating the downtrend to resume next week with cyclone fears subsiding. Both Hay Point Coal Terminal and Abbot Point Coal Terminal in Queensland, Australia, are unloading coal trains, rail freight operator Aurizon confirmed on Friday. "Aurizon Network is working with its rail customers in regard to recommencing the...Read More
Base metal prices were lower across the board on the London Metal Exchange during morning trading on Friday April 6, due to the US announcing further impositions on Chinese products. US President Donald Trump announced further tariff considerations against Chinese products, proposing a further $100 billion in trade sanctions. "The market is still overreacting to Trump's trade rants. Trade tar...Read More
Indian steel mills are likely to increase domestic hot rolled coil (HRC) prices about 750 rupees ($12) per tonne following a surge in commodities' prices in the international market this week, sources told Metal Bulletin.Officials from at least two Indian mills confirmed that the domestic price for HRC in April will be hiked at least Rs750 per tonne. "The mills have not officially sent a revised p...Read More
Steel scrap prices in the major global markets have shown strong declines following the sharp fall in Turkish imported scrap values during the working week from Monday April 2 to Friday April 6.Taiwanese and US scrap prices did remain stable but the pressure on US prices as strengthened over the week.Turkey importsTurkish import scrap prices fell sharply after steel producers managed to get lower...Read More
Chilean copper producer Codelco has reached an agreement with unionized workers at its Radomiro Tomic division for a new labor contract, thereby avoiding the risk of a strike action.Nearly 70% of the voting workers approved the company's latest wage offer, which proposes a 1% real pay rise and a net end-of-negotiations bonus...Read More
The US spot 6063 aluminium billet premium rose again in early April, and industry participants foresee further tightness in the market following the announcement of US sanctions against Russian aluminium producer UC Rusal.American Metal Market's latest assessment of the spot 6063 extrusion billet upcharge came to 13-13.5 cents per pound on Friday April 6, up from 11-13 cents per pound in mid-March...Read More
Aluminium prices on the London Metal Exchange had rallied by 2.2% at the close on Friday April 6 following the announcement that the United States has sanctioned and frozen Oleg Deripaska's assets subject to US jurisdiction,which includes Rusal.The three-month aluminium price closed at $2,042 per tonne, its highest since before the Easter break. "[Aluminium made] a late charge to $2,055 per t...Read More
The United States has sanctioned and frozen Oleg Deripaska's assets subject to US jurisdiction, the US Treasury said in a release on Friday April 6. The department designated Deripaska, who stepped down as president of both UC Rusal and EN+ in February, as a Russian oligarch. Deripaska is a non-executive director on EN+. The department said in the release he has acted or purportedly acted...Read More