Metal Bulletin reviews the major stories that have affected the steel market over the past week.Iron ore prices recovered to $65 per tonne cfr China on Thursday March 29, despite limited physical trading in China, after reaching $63 per tonne on Wednesday.Fortescue Metals Group (FMG) has revised its guidance for the prices it expects to realize for iron ore sold in the year ending June 30, amid su...Read More
Prices in India for local secondary steel billet have increased by about 100 rupees per tonne in the current week, with demand for both semi-finished and finished products remaining steady and the number of inquiries rising toward the weekend.On Thursday March 29, prices for Indian domestic secondary billet, mainly produced through the induction furnace route, were 32,700-32,900 rupees ($503-506)...Read More
Domestic prices for rebar in Poland have been stable this week in a slow market, sources told Metal Bulletin.Steel mills are expected to increase their offers in early April to reflect the rise in scrap costs in the middle of March. Price growth will also be supported by improved demand from the construction sector in April, according...Read More
The export market for CIS-origin pig iron was quiet this week mainly because of the Easter holiday in Europe and the United States, Metal Bulletin has been told.Suppliers were not active in the market due to the additional uncertainty in the scrap market.The only deal heard done in the US this week was when Russian steelmaker Tulachermet sold 35,000 tonnes of pig iron at $420 per tonne cfr. That w...Read More
Prices in the light iron scrap market in the United Kingdom edged downward by ?5 per tonne on Thursday March 29, bringing last week's predictions by traders of imminent price falls to reality.Weaker export markets made larger merchants lower their prices, leading to the first drop in prices for four weeks, after three weeks of stability.Metal Bulletin's price assessment for UK grade-5C ferrous sc...Read More
Prices for containerized shredded scrap imported into India have fallen by around $5 per tonne this week with a continued freeze in trading activity, market sources told Metal Bulletin on Thursday March 29.Indian steel markets have been affected by low Chinese steel prices and the imposition of import tariffs by the United States in recent weeks, and uncertainty over the future direction of the gl...Read More
Export prices for Brazil-origin slab have gone unchanged this week, with no volumes being booked, but there is still positive price sentiment among market participants.Metal Bulletin's weekly assessment of Brazil's export slab prices was $580-590 per tonne fob on Thursday March 29, stable from the previous week.No offers were made because mills have not started booking June-shipment material yet,...Read More
Prices in India for local secondary steel billet have increased by about 100 rupees per tonne in the current week, with demand for both semi-finished and finished products remaining steady and the number of inquiries rising toward the weekend.On Thursday March 29, prices for Indian domestic secondary billet, mainly produced through the induction furnace route, were 32,700-32,900 rupees ($503-506)...Read More
Turkish billet prices drifted down over the past week, amid sluggish demand for both domestic and imported material, sources told Metal Bulletin on Thursday March 29.CIS billet suppliers reduced their offers into Turkey to $550-560 per tonne cfr, but sources said that Turkish buyers are not interested in paying any higher than $540 per tonne.Metal...Read More
The base price assessments for flat and long stainless steel products in Europe remained stable this week amid strong competition between stockholders, sources told Metal Bulletin on Thursday March 29.Metal Bulletin's weekly base price assessment for 2mm, grade-304 cold-rolled (CR) stainless steel sheet was ?,?1,050-1,130 ($1,299-1,397) per tonne delivered in Northern Europe on Thursday, unchanged...Read More
China's ferrous futures experienced a third morning of gains on Thursday March 29 after big losses toward the end of last week after both the country and the United States announced fresh tariffs against each other's products.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,260 yuan ($518) per tonne, up 42 yuan per tonne May hot-rolled coil: 3,616 yuan per tonne,...Read More
Base metals prices on the London Metal Exchange are for the most part stronger today, Thursday March 29, with prices up by an average of 0.6%. Nickel leads the advance with a 2% rise to $13,300 per tonne, while copper is up by 1% at $6,732 per tonne.Volume has been high with 12,789 lots traded as of 07.56am London time. This morning's strength builds on recent consolidation, with most of the metal...Read More
Persistently low buying interest in East Asia, inventory pressures in China, and falling nickel prices continued to push down the region's stainless steel market over the past week.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm trimmed CRC was $2,090-2,180 per tonne cif East Asian ports for the week ended Wednesday March 28, down $70-80 per tonne from a week earlier. Metal B...Read More
SHANGHAI, Mar 29 (SMM) – Nonferrous metals futures rose across the board during the afternoon trading session on Thursday March 29 with SHFE nickel up close to 2% and copper up nearly 1%.Ferrous metals, meanwhile, all closed over 1% higher, except for coke, which was down just over 1%.Copper: The SHFE 1805 contract hit a high at 50,100 yuan/mt today as some investors added to their long bets...Read More
SHANGHAI, Mar 29 (SMM) – Nonferrous metals futures rose across the board during the afternoon trading session on Thursday March 29 with SHFE nickel up close to 2% and copper up nearly 1%.Ferrous metals, meanwhile, all closed over 1% higher, except for coke, which was down just over 1%.Copper: The SHFE 1805 contract hit a high at 50,100 yuan/mt today as some investors added to their long bets...Read More
SHANGHAI, Mar 29 (SMM) – Nonferrous metals futures rose across the board during the afternoon trading session on Thursday March 29 with SHFE nickel up close to 2% and copper up nearly 1%.Ferrous metals, meanwhile, all closed over 1% higher, except for coke, which was down just over 1%.Copper: The SHFE 1805 contract hit a high at 50,100 yuan/mt today as some investors added to their long bets...Read More
Tech Talk will not be publishing tomorrow, Good Friday. Next report is to be released on Monday April 2nd. Have a Happy Easter weekend.Pre-opening Comments for Thursday March 29thU.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.Index futures were virtually unchanged following release of economic news a...Read More
SHANGHAI, Mar 29 (SMM) – Norilsk nickel in the Shanghai market traded at a discount of 100-200 yuan/mt against the Wuxi Stainless Steel Exchange 1804 contract on Thursday March 29, while Jinchuan traded at a premium at 400 yuan/mt, SMM learned.Jinchuan offered nickel plate at 96,900 yuan/mt.Prices of nickel futures traded rangebound in the morning and traders made offers actively due to ampl...Read More
SHANGHAI, Mar 29 (SMM) – Copper prices are likely to be rangebound at a relatively high level in 2018 as supplies of copper concentrate tighten, Jiangxi Copper said in its earnings report on Thursday March 28.The growth in global copper concentrate output is set to slow down in the next two to three years as the last round of copper mine investment comes to an end. Consumption, meanwhile, wi...Read More
SHANGHAI, Mar 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose to 90 given the inflow of month-end capital and as concerns of a trade war eased. Positive economic data from the US released overnight also buoyed the index.Base metals saw mixed trading as SHFE metals, except for copper and lead, fell. L...Read More