Global Steel & Metals Market News, Prices & Analysis

LME ASIAN WRAP: Copper prices rangebound as market mulls Europe news
May 22, 2012 - 04:05 GMT
London Metal Exchange copper prices traded in a tight range in the early Asian session on Tuesday May 22, as sentiment turned cautiously optimistic in light of the latest news from Europe.
SocGen directors to launch Belaco Capital commodities fund
May 21, 2012 - 14:32 GMT
Société Générale managing directors Frédéric Lasserre and Christophe Cordonnier are set to leave the French bank to launch Belaco Capital, a multi-commodity discretionary hedge fund based in Paris, the fund announced on Monday May 21.
DAILY SCRAP REPORT: Offer prices fall on lower-priced North American cargo
May 21, 2012 - 13:11 GMT
Metal Bulletin’s Daily Ferrous Scrap Index fell to $432.58 per tonne cfr Iskenderun on an HMS 1&2 (80:20) basis on Monday May 21, down from $436.06 on May 18.
CHINA STEEL WRAP: Price drops expected as Shagang makes cuts
May 21, 2012 - 10:35 GMT
Spot prices for rebar in China could see another drop this week as the biggest domestic longs producer cut prices for late May, while prices of raw materials and semis continue to fall.
'Little interest' in Latin America for ThyssenKrupp slab plant
May 21, 2012 - 08:56 GMT
Latin American steelmakers will probably not be interested in buying ThyssenKrupp’s 5 million tpy CSA Siderúrgica do Atlântico slab plant in the Brazilian state of Rio de Janeiro, regional analysts say.

Base metals

DRC's copper, cobalt and zinc output rose in 2011 May 22, 2012 10:25
China nickel ore imports near 4.8m tonnes in April May 22, 2012 06:51
LME ASIAN WRAP: Copper prices rangebound as market mulls Europe news May 22, 2012 04:05
US scrap battery lead prices surpass LME tags May 21, 2012 21:11

Carbon steel

German steel trader Heine + Beisswenger sets up Dutch subsidiary May 22, 2012 10:29
Evraz Highveld posts Q1 loss amid 'challenging' markets May 22, 2012 06:38
Indian plate export prices down $10/T May 22, 2012 06:35
Flat products lead drop in Brazil's domestic steel sales in April May 22, 2012 06:33

Ores & Alloys

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
Inmet to start on Cobre Panama project May 21, 2012 20:33
China’s ferro-chrome imports drop almost one-third in April May 21, 2012 11:03

Raw materials

Attila looks for coking coal in USA May 22, 2012 08:23
Vale plans second Asian iron ore transfer station May 22, 2012 06:26
BHP decides Temco manganese plant is still viable May 22, 2012 06:17
FACTS: China’s steel raw material imports mixed in April May 22, 2012 04:58

Exchange news

LME ASIAN WRAP: Copper prices rangebound as market mulls Europe news May 22, 2012 04:05
Comex Copper price drop puts crimp on US scrap supply May 22, 2012 03:24
US scrap battery lead prices surpass LME tags May 21, 2012 21:11
IRON ORE DERIVATIVES WRAP: SMX futures set record daily highs May 21, 2012 17:52

Scrap & secondary

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
US ferrous scrap export indices launched by AMM May 22, 2012 03:29
Comex Copper price drop puts crimp on US scrap supply May 22, 2012 03:24

Minor & precious metals

DRC's copper, cobalt and zinc output rose in 2011 May 22, 2012 10:25
BHP decides Temco manganese plant is still viable May 22, 2012 06:17
Inmet to start on Cobre Panama project May 21, 2012 20:33
Indium Corp to open new minor metals plant in New York May 21, 2012 16:22

Stainless & special steel

German steel trader Heine + Beisswenger sets up Dutch subsidiary May 22, 2012 10:29
China nickel ore imports near 4.8m tonnes in April May 22, 2012 06:51
BHP decides Temco manganese plant is still viable May 22, 2012 06:17
ATI trims stainless surcharges for June May 22, 2012 02:37

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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