Mills across Europe producing hollow steel sections have continued this week to be largely unsuccessful in raising their prices for tube products because many producers are in need of bookings, sources told Metal Bulletin on Wednesday March 21."They've been trying for several weeks, but they've been unsuccessful. If they don't get orders, they can't raise their prices, and they are all in urgent n...Read More
Domestic prices for steel beams have inched down across Europe although market participants expect to see mills raise their offer prices in the coming week after ferrous scrap prices increased.Prices for ferrous scrap in Italy increased by ?,?30 ($37) per tonne in March, while those in Germany rose by around ?,?20 per tonne."I expect to see some movement [in prices] because these guys can't keep r...Read More
Prices for rebar produced and delivered in Southern Europe narrowed downward by ?,?5 per tonne this week with demand and market activity weakening, sources told Metal Bulletin on Wednesday March 21."The price has moved down a little due to the very cold weather and weak demand," one Southern European producer source said.Metal Bulletin's weekly domestic price assessment for rebar in Southern Europ...Read More
Weak demand for Turkish long steel products in the country's export market and Section 232 uncertainty kept Turkish steel producers out of the deep-sea scrap markets on Wednesday March 21.After stepping back from the deep-sea scrap markets on March 9, when the United States applied a 25% duty on imports of steel products following the Section 232 investigation, there has been no...Read More
Iron ore prices moved slightly above $67 per tonne cfr China on Wednesday March 21, tracking increases in the paper markets.Metal Bulletin's 62% Fe Iron Ore IndexToday: $67.25 per tonne cfr Qingdao Daily change: up by $0.31 per tonne Month-to-date average: $72.33 per tonne Metal Bulletin's 58% Fe Premium Index Today: $55.56 per tonne cfr Qingdao Daily change: up by...Read More
Seaborne iron ore concentrate market softened last week, albeit at a slow rate of decline than prices for fines.The weekly Metal Bulletin 66% Fe Iron Ore Concentrate Index was $94.64 per tonne cfr China last Friday March 16, down $2.93 per tonne - or 3% - compared with a week earlier. The daily Metal Bulletin 65% Fe Iron Ore Index averaged $87.12 per tonne cfr China last week, down $3.70 per tonne...Read More
China's domestic rebar prices were unchanged on Wednesday March 21 despite a further weakening of the futures and billet markets, with sellers of the long steel product refusing to lower their offers further amid losses.Domestic Eastern China (Shanghai): 3,670-3,730 yuan ($580-590) per tonne, unchanged Northern China (Beijing): 3,850-3,880 yuan per tonne, unchanged Stockists refused to lower their...Read More
Key data from the Wednesday March 21 pricing session in Europe.Ferro-titanium 70% (max 4.5% Al), $ per kg, delivered duty-paid in EuropeTodayPreviousChange to midpoint of rangeMidpoint % change4.655.3-0.075-1Titanium scrap turnings, unprocessed (max 0.5% Sn) $ per lb, cif European ports Titanium scrap turnings, unprocessed (0.5-2% Sn), $ per lb, cif European ports...Read More
Mills across Europe producing hollow steel sections have continued this week to be largely unsuccessful in raising their prices for tube products because many producers are in need of bookings, sources told Metal Bulletin on Wednesday March 21."They've been trying for several weeks, but they've been unsuccessful. If they don't get orders, they can't raise their prices, and they are all in urgent n...Read More
SHANGHAI, Mar 21 (SMM) – Nonferrous metals were weak today with SHFE zinc leading the loss with a drop of 1.7%. Copper fell 1.5% while aluminium, nickel, and tin edged down. Lead slumped near closing and closed flat from Tuesday March 20.The ferrous complex saw mixed trading today. Iron ore gained nearly 1%, while coke and coking coal inched up. Hot-rolled coil dropped over 2% and rebar dipp...Read More
SHANGHAI, Mar 21 (SMM) – Nonferrous metals were weak today with SHFE zinc leading the loss with a drop of 1.7%. Copper fell 1.5% while aluminium, nickel, and tin edged down. Lead slumped near closing and closed flat from Tuesday March 20.The ferrous complex saw mixed trading today. Iron ore gained nearly 1%, while coke and coking coal inched up. Hot-rolled coil dropped over 2% and rebar dipp...Read More
SHANGHAI, Mar 21 (SMM) – Nonferrous metals were weak today with SHFE zinc leading the loss with a drop of 1.7%. Copper fell 1.5% while aluminium, nickel, and tin edged down. Lead slumped near closing and closed flat from Tuesday March 20.The ferrous complex saw mixed trading today. Iron ore gained nearly 1%, while coke and coking coal inched up. Hot-rolled coil dropped over 2% and rebar dipp...Read More
U.S. equity index futures were mixed this morning prior to news this afternoon at 2:00 PM EDT from the FOMC meeting. S&P 500 futures were down 2 points in pre-opening trade.FedEx slipped $0.19 to $251.80 despite reporting higher than consensus quarterly sales and earnings. In addition, Stifel Nicolaus and JP Morgan raised their target price on the stock.General Mills dropped $2.93 to $47.00 af...Read More
SHANGHAI, Mar 21 (SMM) – Prices of prebaked anode will continue to tumble as supply grows after production restrictions are lifted at the end of the heating season, SMM believed. SMM sees downward room in prices, which have declined for three consecutive months. According to SMM, profit margins could be significant if current cash costs for prebaked anode are capped ...Read More
SHANGHAI, Mar 21 (SMM) – Norilsk nickel in the Shanghai market traded at a discount of about 400 yuan/mt against the Wuxi Stainless Steel Exchange 1804 contract on Wednesday March 21, while Jinchuan traded at a premium of 100 yuan/mt, SMM learned.Jinchuan offered nickel plate at 101,200 yuan/mt today.As nickel futures traded in a tight range in the morning, traders made offers actively due t...Read More
SHANGHAI, Mar 21 (SMM) – The zinc spot market in Shanghai saw more transactions on Wednesday March 21 as 0# zinc traded at 24,400-24,500 yuan/mt. Downstream consumers purchased more actively as prices of zinc declined, SMM learned.The 0# common brand traded at a discount of 60-50 yuan/mt against the SHFE 1804 contract, the 0# Shuangyan brand at a discount of 40-30 yuan/mt, and...Read More
SHANGHAI, Mar 21 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightDriven by bullish sentiment on the US economy and an expected hike in interest rates, the US dollar rebounded to 90. Weak economic data for the eurozone also bolstered the greenback.However, nonferrous metals fell across the board under pressure from the strong dollar. LME...Read More
SHANGHAI, Mar 21 (SMM) – Prices of prebaked anode will continue to tumble as supply grows after production restrictions are lifted at the end of the heating season, SMM believed. SMM sees downward room in prices, which have declined for three consecutive months. According to SMM, profit margins could be significant if current cash costs for prebaked anode are capped ...Read More
SHANGHAI, Mar 21 (SMM) – Prices of prebaked anode will continue to tumble as supply grows after production restrictions are lifted at the end of the heating season, SMM believed. SMM sees downward room in prices, which have declined for three consecutive months. According to SMM, profit margins could be significant if current cash costs for prebaked anode are capped ...Read More
SHANGHAI, Mar 21 (SMM) –Copper: Copper prices remained under pressure given high inventories and worries of a potential trade war. We expect LME copper to fall to the $6,700/mt level in the short term but with upward momentum in the mid and long term. We see it trading at $6,730-6,790/mt today, with the SHFE 1805contract trading at 50,500-51,000 yuan/mt. In the physical market, dow...Read More