Spot treatment and refining charges (TC/RC) for copper concentrates firmed moderately in the last two weeks of April, with the market continuing to weigh strong, short-term market availability against potential major disruptions in the coming months.Metal Bulletin's copper concentrates TC/RC index ticked higher for the second consecutive fortnight to $68.10 per tonne/6.81 cents per lb on April 30,...Read More
Base metals prices on the London Metal Exchange were broadly lower during morning trading on Tuesday May 1, with tin the only metal to buck the trend. The complex is trading at lower volumes over the morning, with Chinese markets closed for a national holiday. Nickel's three-month price is drifting further from the $14,000 per tonne support level, reaching a low of $13,555 this morning. The metal'...Read More
Base metals prices on the London Metal Exchange were mixed in the morning of Tuesday May 1, with copper (-0.7% at $6,775 per tonne), aluminium (-0.2%) and zinc (-0.4%) prices lower, while tin prices are untraded and lead and nickel prices are both up 0.3%. Chinese markets are closed for a national holiday today, meaning volume has been light with 1,225 lots traded as of 6.24am London time. This fo...Read More
The 250,000 tonnes per year pipe mill of United Arab Emirates-based Conares Steel started production on Sunday April 29, the company's chief executive officer Bharat Bhatia told Metal Bulletin on Monday April 30.Located in the Jebel Ali Free Zone, the mill can produce up to 12-inch pipes and the coil used to produce the pipe will be purchased from India,...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. ...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transactions: HRC, CRC, HDGHot-rolled coil China, export, hot-rolled coil (2mm), offered at $620-630 per tonne cfr, to the UAE. India, export, hot-rolled coil (2mm),...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia remained unchanged this week on limited demand, sources told Metal Bulletin on Tuesday May 1. Buyers preferred to postpone bookings ahead of the Islamic holy month of Ramadan, which starts in mid-May and will lead to a further reduction in market activity. And market participants are expecting prices to fall. UAE Metal Bull...Read More
The United States decision to extend Europe's exemption from Section 232 tariffs until June 1 only serves to prolong the uncertainty, the European Commission (EC) and European steel association, Eurofer, said on Tuesday May 1.The US authorities postponed imposing Section 232 tariffs on steel and aluminium imported from the European Union, Canada and Mexico on April 30. Originally, the EU was...Read More
Manganese ore and alloy prices have continued to slide in China due to deteriorating downstream demand, while prices also weakened in Europe and held in the United States. Ore prices drop almost 5% in China Lower silico-manganese tenders squeeze smelter margins Indian alloy prices track ore lower European alloy prices weaken as prompt demand dries up US contract negotiation...Read More
Continued concerns about output in major production hub Jiangxi province amid a new round of environmental inspections there boosted ammonium paratungstate (APT) and concentrates prices last week, while ferro-tungsten prices were under pressure due to weakening demand. Production disruptions in Ganzhou, Jiangxi province, support APT prices Ferro-tungsten prices under pressure amid weakening...Read More
The global hot-briquetted iron (HBI) export market will continue growing on increased demand and higher output levels, according to Chris Barrington, secretary general of the International Iron Metallics Association (IIMA). "There is increasing production of flat products via the [electric-arc furnace] (EAF) route and, to achieve the required quality, steelmakers can't rely totally on scrap, so th...Read More
Metal Bulletin has reviewed its benchmark cobalt prices to ensure they are relevant and fit for application in a rapidly evolving market. Metal Bulletin is hosting a free web seminar on Tuesday May 8 at 9am London time to summarize the findings from its recent industry-wide consultation into its cobalt prices, and changes that will be implemented from January 2019. Date: Tuesday May 8, 2018 Time:...Read More
Swedish special steel producer Ovako has attributed a 32.3% year-on-year rise in first-quarter pre-tax profits to "persistently strong" markets.Ovako's earnings before interest, taxes, depreciation and amortization (Ebitda) rose to ?,?41 million ($49.6 million) for the first quarter of 2018, compared with ?,?31 million in the first quarter of last year, the company said last week in...Read More
The United States has postponed imposing Section 232 tariffs on steel and aluminium imported from the European Union, Canada and Mexico, until June 1.President Donald Trump's administration announced the extension of temporary exemptions for the key trading blocs at the last moment on Monday April 30. A 10% import tax on aluminium and a 25% import tax on steel were due to come into effect on...Read More
Copper Carry – BUY Copper JUN at CMP 453 Add more at price 451 with SL 449.60 for Target 457 -458AFTER POST CONTENT Read More
Nickel Carry – BUY Nickel at CMP 916 for Target at price 926 – 932 with SL below price 907AFTER POST CONTENT Read More
Core PCE Price Index m/m: prior 0.2% Exptd 0.2% Actual 0.2%Personal Spending m/m: Prior 0.2% Exptd 0.4% Actual 0.4% Neutral Data for Base MetalsPersonal Income m/m: Prior 0.4% Exptd 0.4% Actual 0.3%Negative Data for base metalAFTER POST CONTENT Read More
WASHINGTON (Reuters) - The latest U.S. proposal for updating NAFTA's automotive rules would carry a four-year phase-in to meet a higher, 75 percent regional value threshold as well as new labor content rules requiring substantial work at hourly wages of at least $16.A summary of the proposal, seen by Reuters and circulating among auto industry officials based on descriptions from Canadian and Mexi...Read More
NEW YORK (Reuters) - Weaker-than-expected German data hurt the euro against the U.S. dollar on Monday, with investors further unwinding short positions on the greenback that were based on assumptions that the European Central Bank was nearer to unwinding its stimulus.German monthly retail sales unexpectedly dropped in March, dampening cheer around a consumer-led upswing in Europe’s biggest e...Read More
(Kitco News) - The U.S. Federal Reserve is likely to scale back its planned rate hikes by yearend, providing a powerful tailwind for gold, according to a recent report from Sprott Asset Management.“Fed policy reversal would be the final component of a potent combination of fundamentals which has been developing in gold’s favor during the past several quarters,” the report said.Th...Read More