Base metals prices on the London Metal Exchange were mostly consolidating during morning trading on Wednesday February 14, with the complex trying to stabilize after two days of rebounds. "Despite the low volumes, the resilience of the markets at their new higher levels is impressive, there is some light short-covering but more importantly a genuine lack of selling as the US dollar slips lower yet...Read More
During the past couple of years, US steelmakers, especially on the carbon flat-rolled side, have been consistently reporting better margins, albeit after a horrendous 2015 when falling demand was exacerbated by high import volumes.But with the US economy now booming and predicted to accelerate this year, it looks as if things can only get better through 2018. Unsurprisingly, some of the most profi...Read More
Spot prices have eased so far this week in European molybdic oxide and ferro-molybdenum trading due to the absence of key world trader China which has had a dampening effect on international markets, sources told Metal Bulletin. Metal Bulletin assessed molybdic oxide prices at $12.00-12.25 per lb in-warehouse Rotterdam on Wednesday February 14, from $12.20-12.50 per lb on Friday. The market w...Read More
Prices for commodity-grade hollow sections increased by $5-10 per tonne in Southern Europe this week, with Italian tube producers continuing to ask customers to pay higher prices.Metal Bulletin's price assessment for Southern Europe-origin hollow sections was ?,?625-655 ($771-808) per tonne on Wednesday, compared with ?,?620-645 per tonne delivered last week.Domestic Northern European hollow secti...Read More
Swedish metal producer Boliden will invest $308 million over the next two years to expand its copper-nickel production sites in Finland.The company will spend ?,?80 million ($98.65 million) to raise output at its Kevitsa copper-nickel mine and ?,?45 million to expand capacity of the Harjavalta copper-nickel smelter, according to a company statement on Tuesday February 13. Both copper and nickel sa...Read More
The latest metal markets news and price moves to start the North American day on Wednesday February 14. Base metals prices on the London Metal Exchange were mostly consolidating during morning trading, with the complex trying to stabilize after two days of rebounds. "Despite the low volumes, the resilience of the markets at their new higher levels is impressive, there is some light short-covering...Read More
Tin premiums firmed in Europe and the United States on Tuesday February 13, after higher logistical costs and shipment delays squeezed regions with thin residual supply. 99.9% tin premiums hit one-year high in Rotterdam Higher freight costs inflate premiums in the US LME price spread backwardation continues to narrow from late-January highs European premiums for 99.9% purity tin ingot...Read More
Chinese cobalt powder producer Hanrui Cobalt recorded a surge in net profit in 2017, with the company benefitting from the higher prices for cobalt witnessed during the year.Hanrui achieved a net profit of 449.4 million yuan ($70.9 million) last year, up from 66.6 million yuan in 2016, according to the company's financial report released on Tuesday February 13.The producer's total revenue also inc...Read More
Base metals prices on the London Metal Exchange were mostly consolidating during morning trading on Wednesday February 14, with the complex trying to stabilize after two days of rebounds. "Despite the low volumes, the resilience of the markets at their new higher levels is impressive, there is some light short-covering but more importantly a genuine lack of selling as the US dollar slips lower yet...Read More
Deliverable base metal stocks at Shanghai Futures Exchange-approved warehouses all rose in the short trading week to Wednesday February 14, except for nickel which saw a very slight decline. Copper stocks increased by 11,627 tonnes or 6.2% to 197,759 tonnes between Friday and Wednesday. The SHFE typically releases its weekly stock numbers on Fridays, but the exchange will close for the Chinese New...Read More
Domestic prices for steel wire rod in Northern Europe widened downward by ?,?5 per tonne this week, amid scrap costs that are weakening and despite strong demand, sources told Metal Bulletin on Wednesday February 7.Metal Bulletin's weekly price assessment for domestic mesh-quality wire rod in Northern Europe widened downward week-on-week to ?,?545-560 ($672-691) per tonne delivered on Wednesday. T...Read More
Domestic prices for rebar in Northern Europe have widened down by ?,?10 per tonne this week, despite an optimistic outlook for market demand, sources told Metal Bulletin on Wednesday February 14.Metal Bulletin's weekly price assessment for domestic rebar in Northern Europe was ?,?550-570 ($678-703) per tonne delivered on Wednesday, compared with ?,?560-570 per tonne delivered on February 7."Last m...Read More
Domestic prices for heavy steel plate in Europe have increased this week, supported by a positive trend in the region's market for flat steel products, sources told Metal Bulletin on Wednesday February 14.Metal Bulletin's weekly price assessment for domestic grade-S235JR heavy steel plate in Southern Europe was ?,?560-570 ($691-703) per tonne ex-works on February 14, compared with ?,?550-565 per t...Read More
Key data from the Wednesday February 14 pricing session in Europe.Ferro-titanium 70% (max 4.5% Al) $ per kg, delivered duty-paid in Europe ...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday February 14:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $12.00-12.25 per lb from $12.20-12.50 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam,...Read More
India's largest iron ore producer, NMDC, has reported a year-on-year rise of 2.54% in iron ore production for the nine months of April-December 2017.Iron output at the state-run miner reached 24.23 million tonnes for the nine-month period, compared with 23.63 million tonnes in the corresponding months of 2016, the company said on Tuesday February 13.Production and sales figures could have been eve...Read More
The steel mills in Turkey resumed their deep-sea scrap bookings on Wednesday February 14 at comparatively stable prices, Metal Bulletin was told.A steel mill in the Marmara region booked a US cargo, comprising 30,000 tonnes of HMS 1&2 (80:20) at $349.25 per tonne, 5,000 tonnes of shredded at $354.25 per tonne...Read More
Iron ore prices jumped to more than $78 per tonne cfr China on Wednesday February 14 despite inactive physical trading. Metal Bulletin's 62% Fe Iron Ore Index Today: $78.41 per tonne cfr Qingdao Daily change: up by $1.05 per tonne Month-to-date average: $76.19 per tonne Metal Bulletin's 58% Fe Premium Index...Read More
Bids for seaborne iron ore rose despite little trading on Wednesday February 14, the last working day before the Chinese Lunar New Year holiday.Key driversChina's ferrous futures prices largely continued to advance, with the benchmark iron ore contract still outshining other products, ending 2.6% higher than the preceding day's settlement.Bids for seaborne cargoes of 62% Fe Australian fines rose a...Read More
The seaborne coking coal spot market price rose on Wednesday February 14 as market participants awaited more information regarding Australian rail operator Aurizon's decision to cut back the number of rail paths amid a disagreement with the Queensland Competition Authority. Aurizon said on Monday it would "progressively make changes" from now until 2021 that will result in a possible loss of...Read More