The latest news and price moves to start the Asian day on Wednesday May 9.

Shenzhen Stock Exchange-listed Jiangsu Shagang, the listed arm of China’s largest privately-owned steelmaker Shagang Group, predicted a rise in its net profit for the first half of 2014.

Steel billet prices had another strong week as supplies of China- and CIS-origin material remained scarce in most markets and scrap costs continued to be strong.

Latin America editor Ana Paula Camargo reviews the main global steel market news covered by Metal Bulletin over the past week.

Steel billet prices increased in most regions last week, despite a slight weakening in China’s domestic market, amid higher scrap prices and reduced supplies.

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

The base metals are for the most part weaker this morning, Friday September 22, the exceptions are tin that is up by 0.2% and zinc that is little changed, while the rest are down by an average of 1.1%. Losses are fairly tightly grouped with prices off between 0.9% and 1.5%. Three-month copper prices are down by 0.9% at $6,397 per tonne.

Dongkuk Steel, South Korea’s third-largest steelmaker, reported a 30.2% fall in plate sales last year on the back of increased domestic competition and continuing weak demand for the product.

Vanadium prices will find a much higher base than their 2015 lows when they inevitably fall, due to a structural shift in the global vanadium market, according to Amy Bennett, principal consultant at Fastmarkets MB.

Several more Chinese steelmakers joined in the production cuts bandwagon on Monday July 30 to relieve sales pressure amid a weak market.