Comex copper prices recovered Tuesday March 27 morning in the US amid easing tensions between the US and China.Copper for May settlement on the Comex division of the New York Mercantile Exchange rebounded 1.25 cents or 0.4% to $2.9825 per lb. Yesterday, the contract collapsed to a September-2017 low."While we treat the current rebound in copper prices cautiously, we are comforted that the copper p...Read More
Flat steel import prices into the United Arab Emirates and Saudi Arabia decreased, while demand was moderate, sources told Metal Bulletin on Tuesday March 27. Most buyers want to wait and see if price decreases continue. UAE Hot-rolled coil (HRC) was being offered to the UAE at $610-620 per tonne cfr from China, down from $635-640 per tonne cfr last week. India offered HRC at 640 per tonne cfr to...Read More
Steel traders in the central region of Russia, around Moscow, have not resumed active purchasing of hot-rolled (HR) and cold-rolled (CR) sheet this week despite a gradual demand improvement in the secondary market, Metal Bulletin has been told."We see some seasonal demand improvement but now we are selling material that was purchased earlier this year, when prices were lower," a trader told Metal...Read More
China's hot-rolled coil prices recovered some losses on Tuesday March 27 following a rebound in the futures market.DomesticEastern China (Shanghai): 3,730-3,780 yuan ($593-601) per tonne, up 30 yuan per tonneNorthern China (Tianjin): 3,710-3,740 yuan per tonne, up 40 yuan per tonneThe paper market charted a recovery during the day after successive days of decreases, which provided support to the s...Read More
TimkenSteel will raise its special bar quality (SBQ) product prices by $50-150 per ton effective Wednesday March 28, the company said in a leading move on Tuesday. The move comes after SBQ mills in the United States slated base price increases effective with April 1 shipments. US producers raised SBQ base prices three times...Read More
Prices for imported billet in the United Arab Emirates fell this week on lower offers, while strong demand pushed up domestic rebar prices, sources told Metal Bulletin on Tuesday March 27.Demand for imported rebar in both the UAE and Saudi Arabia remained weak, however. Domestic rebar The major rebar producers in the UAE announced new rebar prices on Monday, March 26. The biggest steel p...Read More
Turkish deep-sea scrap import prices have inched downward after slightly lower offers were heard from the Baltic Sea region on Tuesday March 27.Metal Bulletin's daily index for Northern European HMS 1&2 (80:20) closed the day at $366.95 per tonne cfr, down by $1.15 per tonne day-on-day.The daily index for similar US-origin scrap closed at $376.96 per tonne cfr, down...Read More
Seaborne iron ore prices and trading stayed lackluster on Tuesday March 27 although futures and steel markets have experienced a rebound.Key driversChina's steel and iron ore futures bounced up in the morning and ended with gains, despite a correction in the afternoon.The country's spot rebar and hot-rolled coil prices also increased 20-40 yuan ($3.20-6.40) per tonne during the day.Those have boos...Read More
Iron ore prices recovered to $65 per tonne cfr China on Tuesday March 27 following a recovery in the futures market.Metal Bulletin's 62% Fe Iron Ore Index Today: $65.17 per tonne cfr QingdaoDaily change: up $0.84 per tonneMonth-to-date average: $70.85 per tonneMetal Bulletin's 58% Fe Premium Index Today: $52.44 per tonne cfr QingdaoDaily change: up $1.01 per tonneMonth-to-date average: $57.10 per...Read More
Prices for imported billet in the United Arab Emirates fell this week on lower offers, while strong demand pushed up domestic rebar prices, sources told Metal Bulletin on Tuesday March 27.Demand for imported rebar in both the UAE and Saudi Arabia remained weak, however. Domestic rebar The major rebar producers in the UAE announced new rebar prices on Monday, March 26. The biggest steel p...Read More
China's domestic rebar prices bounced back slightly on Tuesday March 27 amid a pick-up in trading activity following several days of big losses. Domestic Eastern China (Shanghai): 3,440-3,520 yuan ($547-560) per tonne, up 20-30 yuan per tonne Northern China (Beijing): 3,660-3,690 yuan per tonne, up 20-30 yuan per tonne Rebar futures rose sharply during the morning trading session, hitting a high o...Read More
Buying activity in the CIS export billet market was close to zero in the week ended Monday March 26 due to the mismatch between offers and bids.While mills were trying to hold offers stable, customers reduced bids on negative sentiment in the global market, set by the Chinese market crash last week, and the expectations of change after the introduction of protective tariffs against steel imported...Read More
Aluminium:...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as soon as it’s published...Read More
SHANGHAI, Mar 27 (SMM) – Nonferrous metals saw mixed trading on Tuesday March 27. SHFE nickel and tin dipped while zinc gained 1.4%. SHFE aluminium and lead rose close to 1%, and copper inched up.Among ferrous metals, coke closed 0.7% lower. Rebar rose over 2%, hot-rolled coil gained 1.6%, iron ore and coking coal edged up about 1%.Copper: The SHFE 1805 contract mostly traded above moving av...Read More
SHANGHAI, Mar 27 (SMM) – Nonferrous metals saw mixed trading on Tuesday March 27. SHFE nickel and tin dipped while zinc gained 1.4%. SHFE aluminium and lead rose close to 1%, and copper inched up.Among ferrous metals, coke closed 0.7% lower. Rebar rose over 2%, hot-rolled coil gained 1.6%, iron ore and coking coal edged up about 1%.Copper: The SHFE 1805 contract mostly traded above moving av...Read More
Trade war worries continue to weigh...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as so...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade. Apple gained $0.93 to $173.70 prior to launch of new products later today. Red Hat added $10.26 to $163.35 after reporting higher than consensus fourth quarter earnings. Stifel Nicolaus and RBC Capital raised their target price on the stock.Newell Brands slipped $0.94 to $25.12 after Sun...Read More
SHANGHAI, Mar 27 (SMM) – The current high copper inventories at global exchanges are set to impose further pressure on the already weak prices, SMM believes.Copper inventory at LME saw an increase of 31,225 mt on Tuesday March 27, following a jump of 35,000 mt a day before. This has brought the stocks to the highest level since May 2017 at 383,975 mt. Cancelled warrants stood at 11.8% on Tue...Read More
Aluminium Aluminium has extended to a fresh three-month low...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus do...Read More
SHANGHAI, Mar 27 (SMM) – Nonferrous metals saw mixed trading on Tuesday March 27. SHFE nickel and tin dipped while zinc gained 1.4%. SHFE aluminium and lead rose close to 1%, and copper inched up.Among ferrous metals, coke closed 0.7% lower. Rebar rose over 2%, hot-rolled coil gained 1.6%, iron ore and coking coal edged up about 1%.Copper: The SHFE 1805 contract mostly traded above moving av...Read More