US STEEL IMPORTS DIP 3.2% IN FEBRUARY 2024, AISI REPORTS
US steel producers decreased their imports of rolled and semi-finished steel products to 2.47 million tonnes in February 2024, a 3.2% decrease from January of this year. AISI says this. Rolling steel product import decreased to 1.74 million tonnes in February, a 9.2% decrease from January. With 236.61 thousand tonnes (+10.6% m/m) of imports, galvanised […]
Yemen’s Houthis attacked six ships in the Red Sea.
Yemen’s Houthi militants claimed responsibility on Tuesday for 6 drone and missile attacks on ships in the Gulf of Aden or the Red Sea over the last 72 hours. Tensions in the area are still present in the wake of these attacks. In addition to the Pretty Lady ship, which they allege is sailing for […]
Copper Prices Slide 0.37% on Monetary Policy Speculation and Dollar Strength
Copper prices fell -0.37% to 757.7 on expectations of looser monetary policy and a stronger dollar, lowering investor sentiment towards the industrial metal. Copper prices were also pushed lower by growing stocks in LME warehouses. Which rose to their highest points since February. The growing discount of the LME cash copper contract to the three-month […]
Brazil’s Crude Steel Production Up 13.1% in February 2024
According to the Brazilian Steel Institute IABr, the country produced 2.78 million metric tonnes of crude steel in February 2024, 13.1 percent more than in the same month the previous year.When compared to the same comparative basis, the output of flat products increased by 4.5 percent to 1.04 million mt, the production of long products […]
Tata International Expands Operations, Opens Scrap Yard in Greece
Tata International, based in Mumbai, has opened a scrap yard in Greece, marking the company’s first short-term sea scrap export location. Tata has signed a long-term contract to export scrap with a Greek port. Turkey will only receive supplies from Vida Metal, a shredding facility in Greece, on behalf of Tata. Tata will concentrate on […]
SAUDI AND IRAQ EXPORT CUTS DRIVE CRUDE OIL HIGHER
MCX Crude oil prices closed at 6887 yesterday, up 1.25% from the previous day, this increase was fueled by a number of factors, including lower exports of crude from Saudi Arabia and Iraq as well as indications of increased demand or economic growth in both China and the US. Gains were, however, offset by the […]
ALUMINIUM SLIPS 0.37% AS SHFE WAREHOUSE STOCKS SURGE 80%
MCX Aluminium saw a minor decrease of -0.37% yesterday, closing at 203.85. The increase in aluminium stocks tracked by SHFE warehouses, which climbed by about 80% in February, garnered attention. Despite this, Yunnan, the fourth-largest aluminum-producing region in China, continued to restrict its output because of the yearly dry season. As the state of the […]
ZINC PRICES DROP 1.36% ON GLENCORE’S NORDENHAM SMELTER RESUMPTION
The price of MCX zinc prices fell by -1.36% to settle at 217.95, driven by changes in economic & production indicators. Market sentiment was affected by Glencore’s (LON:GLEN) decision to resume production at its zinc smelter in Nordenham following more than a year of care and maintenance. Supply dynamics were upset by the production halt […]
COPPER PRICES SLIDE 1.21% AMIDST DOLLAR STRENGTH AND PROFIT-TAKING
MCX Copper prices fell -1.21% yesterday, setting at 756.4, as investors took profits on the metal’s recent rally and the strengthening of the dollar ahead of the Federal Reserve’s rate decision. According to data from the United States Commodity Futures Trading Commission, on March 12. Comex traders increased their long positions to a level that […]
ALUMINIUM PRICES SLIP 0.29% AMIDST ROBUST SUPPLIES FROM CHINA
Aluminium prices fell -0.29% yesterday, settling at 203.7, despite strong supplies from China, the world’s largest producer of the metal. Concerns about demand have been raised by rising inventory levels in LME-registered warehouses and China. Though some analysts dismiss this as part of a seasonal pattern as consumers get ready for second-quarter consumption. This year, […]