Base metals prices finished the last week in the green, with prices remaining steady going into the week of Christmas. An upbeat US final GDP announced on Friday also aided markets across the board, with stock rallying high into the year end and metal going strong in a traditionally lull period of the year.
Furthering its mission to help automakers meet stringent fuel economy requirements, the Steel Market Development Institute’s (SMDI) Automotive Applications Council unveiled the results of its lightweight steel twist beam study today.
With a 1.0 percent increase over the past day, the spot price of nickel was the biggest mover on the LME, closing at $15,280 per metric ton on Monday, April 29. On the LME, the 3-month price of nickel rose 0.8 percent to $15,350 per metric ton.
The early indications of a recovery of the US Economy and the hopes triggered by the surprisingly positive Chinese trade data had taken the copper prices to new highs in early February. The March Copper Futures on the Comex division of the New York Mercantile Exchange clocked the high point of $3.7820 a pound. Since then, copper along with other base metals has taken a hit.
Carmakers around the globe have hinted at the increased use of aluminium in place of the heavier steel. The use of aluminum is reported to enhance the fuel efficiency of the vehicle and make the vehicle more lighter.
Japan's ferrous scrap exports reached 735,211 metric tons (mt) in November this year, advanced 19.3% year-on-year and declined by 7.4% month-on-month, as per the latest statistics released by Japan's Ministry of Finance.
London Metal Exchange (LME) copper fell on Friday, largely tracking a volatile euro versus the dollar, but cut its losses later in the day on hopes that European policymakers were perhaps gaining an upper hand in containing the region's long-standing debt problem.
According to the statistics released by France's National Institute of Statistics and Economic Studies (INSEE), the country's manufacturing production in June this year remained almost stable compared to May with a slight increase of 0.1 percent, following a revised month-on-month decrease of 1.1 percent recorded in May.
Sims Recycling Solutions, Americas, (Sims) the global leader in electronics reuse and recycling, has announced that it will pursue e-Stewards certification at its 14 North American electronics processing facilities.