June 2017

STEEL WEEK IN BRIEF: Iron ore price surge, Steel Survival Strategies conference, Maersk cyber attack

Metal Bulletin reviews the major stories affecting the steel market over the past week.

Problems continue at some key Maersk ports after cyber attack

Most of the port terminals operated by transport and logistics group AP Moller-Maersk are running close to normal again following a cyber attack this week, although some – including Rotterdam, New Jersey and Los Angeles – are still experiencing problems.

Vale to provide short-term credit to support Samarco operations

Brazil-based miner Vale plans to grant short-term credit lines of as much as $76 million to its pellet-producing joint venture Samarco, the company said on Thursday June 29.

IRON ORE PRICES: Benchmark index approaches $65 per tonne cfr China

Iron ore prices continued to stay strong on Friday June 30 despite the scale of the drop in futures prices during the morning session, which affected market sentiment.

Early futures dive slows trading in seaborne iron ore market

Volatile futures led to a drop in trading activity in the seaborne iron ore market on Friday June 30 as the week drew to an end.

METALS MORNING VIEW 30/06: Base metals well placed to react to better Chinese PMI data

Base metals on the London Metal Exchange are on divergent paths this morning, Friday June 30, with three-month copper and nickel prices firmer by 0.4%, with copper at $5,947 per tonne, aluminium and zinc prices are little changed, while lead and tin are off either side of 0.4%.

China AM: Ferrous futures mostly down after steel PMI dip

China's ferrous futures – with the exception of the rebar contract – fell during morning trading on Friday June 30 following the release of statistics showing a slight drop in the country’s steel purchasing managers' index (PMI).

IRON ORE PRICES: Benchmark index pushes up to just under $65 per tonne

Iron ore prices jumped to more than $64 per tonne cfr China on Thursday June 29 as the futures market posted gains on the back of improved market sentiment.