Core Insights - S&P Global Energy celebrates the 10-year anniversary of its Platts steel scrap and rebar price benchmarks being used as settlement references for London Metals Exchange futures contracts [1] - The popularity of these contracts indicates a growing demand for risk management solutions in the recycled steel market [1] Industry Overview - S&P Global Energy is recognized as the leading independent provider of information, data, analysis, and benchmark prices across various markets including energy, petrochemicals, metals, shipping, and commodities [1] - The London Metals Exchange launched steel scrap and steel rebar futures contracts on November 23, 2015, with settlements based on the Platts benchmarks [1] Benchmark Details - The Platts benchmark for steel scrap is known as Platts HMS 1/2 80:20 CFR Turkey, which is based on spot physical premium steel scrap delivered to Turkey on a cost and freight basis [1] - The Platts benchmark for steel rebar is referred to as Platts Steel Rebar free-on-board (FOB) Turkey [1]

Leadership Change - Kenny Ives 将卸任 IXM 首席执行官一职，此前他已在该职位工作三年 [1] Company Overview - IXM 是全球第三大金属贸易公司 [1] - IXM 为中国洛钼集团 (CMOC Group) 旗下公司 [1]

Industry Trend - Traditional metals trading faces a new rival: ultra-modern quants [1] Key Players - Glencore and Trafigura are mentioned as established players in metals trading [1]

Swiss authorities raided the local office of metals trader Open Mineral last Thursday as part of an investigation into potential sanctions breaches relating to its trading in Russian gold, according to people familiar with the matter https://t.co/F1k2PxSw3m ...

A shortage of metals trading talent in Hong Kong is posing an early test for Beijing’s plan to turn it into a global gold hub https://t.co/UD7I5zkhXs ...

Group 1 - LME copper prices fell due to weak demand, with a decrease of $87.5 or 0.9%, closing at $9,611.0 per ton on July 31 [1] - The U.S. copper price experienced the largest single-day drop in history, plummeting 22% to $4.37 per pound, or $9,638 per ton, after President Trump announced the exclusion of refined copper from a 50% import tariff [3] - The announcement led to a significant adjustment in investor positions, as many had previously imported copper to take advantage of price premiums [3] Group 2 - Major exchanges trade copper based on electrolytic copper, and the recent price drop has caused a slight discount of Comex copper relative to LME copper [4] - LME copper inventories have increased by approximately 50% over the past month, indicating potential supply issues if the price disparity continues [4] - Short-term copper prices are expected to remain weak due to seasonal demand downturns [5] Group 3 - The Shanghai Futures Exchange reported a 1.3% decline in the main copper contract, closing at 78,040 yuan per ton [6] - China's manufacturing Purchasing Managers' Index (PMI) fell to 49.3% in July, a decrease of 0.4 percentage points from the previous month, indicating a contraction in manufacturing activity [6] - The decline in PMI is attributed to seasonal production slowdowns and adverse weather conditions affecting certain regions [6]

Group 1 - LME copper prices declined due to a stronger dollar and rising copper inventories in LME Asian warehouses [1] - As of July 17, LME three-month copper fell by 0.32% to $9,604 per ton, retreating from a three-month high of $10,020 per ton earlier in July [1] - Copper previously planned for shipment to the U.S. is being redirected back to the LME system due to a 50% import tariff announced by the U.S. effective August 1 [1] Group 2 - The increase in LME copper inventories alleviated concerns about recent supply shortages, reflected in the widening discount of spot copper contracts compared to three-month forward contracts, which expanded to $64.5 per ton from a premium of $320 per ton three weeks ago [1] - China's refined copper production for June 2025 was reported at 1.302 million tons, a year-on-year increase of 14.2%, with a cumulative production of 7.363 million tons for the first half of the year, up 9.5% year-on-year [1] Group 3 - Other LME metal prices showed mixed performance, with three-month tin stable at $32,785 per ton, while zinc, lead, nickel, and aluminum experienced declines of 0.26%, 0.28%, 0.31%, and 0.43% respectively [2]