Global Steel & Metals Market News, Prices & Analysis

UK secondary aluminium prices down again as Europe remains closed
May 16, 2012 - 15:57 GMT
UK secondary aluminium ingot and aluminium scrap prices fell on Wednesday May 16, as the turmoil in the Greek economy saw European markets stay shut to exporters.
Base metals prices creep up as Greece dominates market in LME officials
May 16, 2012 - 14:36 GMT
Base metal prices crept up from earlier lows in official trading on the London Metal Exchange on Wednesday May 16, though the spectre of a bankrupt Greece remains firmly in the foreground.
Brazil’s MPX to develop $5.5bn PCI coal project in Colombia
May 16, 2012 - 10:56 GMT
Brazil’s MPX, a sister company of iron ore producer MMX, is to create a new company to develop a ‘gigantic’ coal mine in Colombia that is expected to cost $5.5 billion, including the construction of a 150km railway and a port.
CHINA STEEL WRAP: Market woes continue
May 16, 2012 - 10:09 GMT
China’s steel markets remained sluggish on Wednesday May 16 with both spot and futures prices recording falls.
NYSE Euronext out of LME bidding with $1.3-billion valuation
May 16, 2012 - 09:27 GMT
NYSE Euronext has been knocked out of the bidding for the London Metal Exchange after submitting a proposal that valued the exchange at around £800 million ($1.28 billion).

Base metals

Global lead, zinc stocks keep growing May 17, 2012 02:00
Century, utility talks fail; PSC to decide rate May 17, 2012 01:54
US metals production, utilization rates increase in April May 17, 2012 00:24
CLOSE TO CLOSE: Copper price dwindles in LME kerb May 16, 2012 17:59

Carbon steel

US steel sheet prices slide for third straight week May 17, 2012 01:42
US West Coast coil prices hit by early summer lull May 16, 2012 23:21
LME BILLET REPORT: Four-fold increase in number of trades on price fall May 16, 2012 17:59
Mangels aims for top-two slot in Brazil’s re-rolling market May 16, 2012 17:24

Ores & Alloys

US Lawmakers object to EPA’s ferroalloy rules May 17, 2012 00:40
MB NON-FERROUS PRICE CHANGES May 16, 2012 16:59
Glencore signs MoU with Nigeria to study investments up to $1bn May 16, 2012 14:11
Chinese molybdenum conc prices hit three-year low May 16, 2012 08:04

Raw materials

US Lawmakers object to EPA’s ferroalloy rules May 17, 2012 00:40
Maersk looking to increase container rates throughout the year May 16, 2012 17:40
IRON ORE DERIVATIVES WRAP: OTC volumes remain high May 16, 2012 17:22
Essar turns up pressure on Zimbabwe to finalise NewZim sale May 16, 2012 15:55

Exchange news

CLOSE TO CLOSE: Copper price dwindles in LME kerb May 16, 2012 17:59
IRON ORE DERIVATIVES WRAP: OTC volumes remain high May 16, 2012 17:22
OBITUARY: Michael Warren May 16, 2012 15:34
Base metals prices creep up as Greece dominates market in LME officials May 16, 2012 14:36

Scrap & secondary

US nonferrous scrap exports up 10.2% in 1st qtr. May 16, 2012 23:25
MB NON-FERROUS UK SCRAP AND FOUNDRY INGOT PRICE CHANGES May 16, 2012 17:01
UK secondary aluminium prices down again as Europe remains closed May 16, 2012 15:57
DAILY SCRAP REPORT: Romanian offers fall on weak activity May 16, 2012 13:06

Minor & precious metals

MB NON-FERROUS PRICE CHANGES May 16, 2012 16:59
Glencore signs MoU with Nigeria to study investments up to $1bn May 16, 2012 14:11
RESOURCE NATIONALISM: Argentina’s government gives mining companies 15 days to present plan to replace imports May 16, 2012 09:10
Freeport-McMoran expects China demand to boost copper projects May 16, 2012 06:03

Stainless & special steel

US Lawmakers object to EPA’s ferroalloy rules May 17, 2012 00:40
Chinese molybdenum conc prices hit three-year low May 16, 2012 08:04
China Molybdenum gets approval for IPO in Shanghai May 16, 2012 04:00
NAS awarded FTZ status at Kentucky facility May 16, 2012 00:47

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Comment & analysis

COMMENT: Keep calm and carry on?

The decision of the Indonesian government last week to uphold the ore export ban and taxes from May 6 has failed to calm the nervous market. So far, both producers and buyers have displayed an impressive tolerance level to the export uncertainty. But how long will their patience last?
TREVOR TARRING: The baby and the bathwater

“Don’t throw out the baby with the bathwater” is a well-known adage.
MAN OF STEEL: The only way is down

Bleak news wherever we look. We see examples of low prices for all steel products being achieved in China, India, Brazil, the USA and Europe. The Russian market is weak and the CIS mills are now eyeing all export markets to get rid of serious tonnage.

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Poll of the week

To what extent has the handling of the MF Global bankruptcy, UBS’ rogue trading scandal and now JP Morgan’s harpooning of the London Whale damaged your confidence in the City as a global financial hub?

Not at all – these events could have happened anywhere
Slightly – large losses and the slow recovery of client cash suggest the regulatory framework could be stronger
Moderately – These events show global banks are using London to take risks they couldn’t take anywhere else
Drastically – I’ll be in Singapore by the end of the week