Global Steel & Metals Market News, Prices & Analysis

Zinc TCs rallying as Chinese concs imports fall to five-year low
May 22, 2012 - 16:25 GMT
Spot zinc treatment charges (TCs) in Asia are approaching $100 per dry metric tonne as Chinese smelters’ demand for overseas concentrates dwindles, market sources told Metal Bulletin on Tuesday May 22.
DAILY SCRAP REPORT: Trader sells St Petersburg cargo to Turkish buyer
May 22, 2012 - 14:41 GMT
Metal Bulletin’s Daily Ferrous Scrap Index dropped to $426.14 per tonne cfr Iskenderun on an HMS 1&2 (80:20) basis on Tuesday May 22, down from $432.58 a day earlier.
Glencore takes control of Mutanda in $340m deal
May 22, 2012 - 11:53 GMT
Glencore has taken majority control of Mutanda Mining and its operations in the Democratic Republic of Congo, in a $340 million share purchase deal.
European Commission to investigate Inoxum-Outokumpu merger
May 22, 2012 - 11:10 GMT
The European Commission has opened an antitrust investigation into the proposed €2.7 billion ($3.45 billion) merger of stainless steel makers Inoxum and Outokumpu, it said on Tuesday May 22.
HCM has no plans to deliver after LME zinc brand listing
May 22, 2012 - 09:58 GMT
Huta Cynku Miasteczko Slaskie (HCM) has no immediate plans to deliver into London Metal Exchange-listed warehouses following the registration of its special high grade zinc brand earlier this month, commercial manager Marek Drosik told Metal Bulletin on Monday May 21.

Base metals

Zinc TCs rallying as Chinese concs imports fall to five-year low May 22, 2012 16:25
Indian government questions Vedanta’s valuation of Balco May 22, 2012 16:17
Nalco sees profits fall 21% on higher costs May 22, 2012 14:51
LME sale narrowed to two bidders: Ice and HKEx May 22, 2012 14:47

Carbon steel

Argentina’s steelmakers to invest $300m in 2012 May 22, 2012 16:32
End-May deadline for Huta Labedy to lodge offer for Huta Pokoj stake May 22, 2012 15:42
CRC offer prices to India fall by $10 per tonne May 22, 2012 15:27
Cognor's Q1 earnings fall though improved prices boost revenues May 22, 2012 12:36

Ores & Alloys

DRC suspends TTT Mining, Huaying for trading in unlabelled minerals May 22, 2012 12:05
Baosteel raises ferro-chrome prices for June May 22, 2012 08:44
Evraz Highveld posts Q1 loss amid 'challenging' markets May 22, 2012 06:38
BHP decides Temco manganese plant is still viable May 22, 2012 06:17

Raw materials

DAILY SCRAP REPORT: Trader sells St Petersburg cargo to Turkish buyer May 22, 2012 14:41
PRICING NOTICE: Discontinuation of selected ferrous scrap assessments May 22, 2012 14:36
Labrador Iron Mines sells 170,000 tonnes to China at $126 per tonne May 22, 2012 14:11
Indonesian buyers may halt scrap imports for rest of 2012 May 22, 2012 13:49

Exchange news

Zinc TCs rallying as Chinese concs imports fall to five-year low May 22, 2012 16:25
LME sale narrowed to two bidders: Ice and HKEx May 22, 2012 14:47
PRICING NOTICE: Discontinuation of selected ferrous scrap assessments May 22, 2012 14:36
Base metals prices stable in LME officials May 22, 2012 13:32

Scrap & secondary

PRICING NOTICE: Discontinuation of selected ferrous scrap assessments May 22, 2012 14:36
Merchants cut Indian ferrous scrap import offers in attempt to spur trade May 22, 2012 12:03
FACTS: China’s steel raw material imports mixed in April May 22, 2012 04:58
Cornerstone opens second recycling facility in Okla. city May 22, 2012 03:35

Minor & precious metals

DRC suspends TTT Mining, Huaying for trading in unlabelled minerals May 22, 2012 12:05
Glencore takes control of Mutanda in $340m deal May 22, 2012 11:53
DRC's copper, cobalt and zinc output rose in 2011 May 22, 2012 10:25
China cobalt conc import rebounds from three-year low in April May 22, 2012 07:08

Stainless & special steel

Cognor predicts stability for Q2 despite Greece concerns May 22, 2012 13:31
Cognor's Q1 earnings fall though improved prices boost revenues May 22, 2012 12:36
European Commission to investigate Inoxum-Outokumpu merger May 22, 2012 11:10
German steel trader Heine + Beisswenger sets up Dutch subsidiary May 22, 2012 10:29

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Comment & analysis

COMMENT: When super-cycle poster child BHP Billiton trims its plans...

BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.
LORD COPPER: There is nothing to fear after JP Morgan loss ...

So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.
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?

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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