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On May 20, the most-traded nickel contract on the Shanghai Futures Exchange (SHFE) for delivery next month closed at Yuan 212,800/tonne ($31,835/t) when the daytime trading ended, having surged by Yuan 12,280/t from last Friday's settlement price, according to the exchange's statistics.
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The total global steel trade in 2021 touched 416 million tonnes (mnt), up 11% from 374 mnt seen in the previous calendar year, data collated by SteelMint reveals. However, this volume is still lower than the pre-Covid 2019 level of 435 mnt (worldsteel).
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Vietnam's leading steel mill, Formosa Ha Tinh (FHS), has steeply lowered its monthly HRC offers for July sales, sources informed SteelMint. The revised offer for skin-pass HRC (SAE1006) stands at $855-860/t CIF Ho Chi Minh, while that of pipe making grade (SS400) stands at $850/t CIF.
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Improved demand from end-users, as well as support from stable raw materials costs, saw Chinese prices of primary aluminum recover over the past week, according to market sources on Thursday.
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('000 tonnes)
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Over May 11-18, Chinese spot prices of both primary and secondary lead under Mysteel's survey declined, due to the softening in lead prices on the Shanghai Futures Exchange (SHFE) and dull demand among lead-acid battery producers, market sources shared.
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Note: The sample size covers 16 cities in China.
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The imported ferrous scrap market in South Asia continued to be under pressure due to currency fluctuation. Buyers turned cautious about booking any fresh deals and are waiting for clear market directions.
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India's silico manganese prices continued to drop further due to low consumption by domestic mills as many of them undertake production cuts to tide over the bearish period. Additionally, with the continued downtrend in raw material prices, domestic buyers were eager to receive the lower quotes for silico manganese. As a result, prices fell further.
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Chinese prices of nickel pig iron (NPI) continued to weaken this week due to thin demand from stainless steel producers. According to Mysteel's assessment, the price of 8-12% grade NPI in East China's Jiangsu province had fallen to Yuan 1,615/mtu ($239/mtu) including delivery and the 13% VAT as of May 17, sliding by Yuan 35/mtu on week and hitting the lowest since March 23.
