Bearish macroeconomic indicators pushed prices to trade lower on the London Metal Exchange on Tuesday November 2.Chinese manufacturing purchasing managers' indices (PMI) in recent days have indicated slower growth month on month, which has helped to drive bearish sentiment in the metals market. "It does look as though some major parts of China's economy are struggling," Fastmarkets' head of...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mainly weaker on the morning of Tuesday November 2, with concerns about headwinds affecting the Chinese economy denting sentiment. A 9.9% price drop in the January iron ore futures contract on the Dalian Commodity Exchange is weighing on sentiment. Iron ore prices were recently at 567 yuan ($89) per tonne, down fro...Read More
Sentiment in the European hot-rolled coil market was largely bullish on Tuesday November 2, supported by a slight recovery in demand amid news of an agreement between the US and the EU on Section 232 tariffs, sources told Fastmarkets.On October 30, the European Union and the United States agreed to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quo...Read More
Domestic steel rebar prices in Russia's Central Federal District around Moscow continued to rise during the week to Monday November 1 on depleted stocks and limited supply from the mills.Fastmarkets' assessment of the price for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, was 75,000-77,000 roubles ($1,053-1,081) per tonne cpt on Monday, including 20% value-added tax. This was up by...Read More
Continued declines in the Chinese steel billet market have caused many Southeast Asian buyers to shy away from importing the semi-finished product this week, sources told Fastmarkets on Tuesday November 2.Chinese billet import prices continued to crash on Monday and Tuesday, led by weakening ferrous futures markets across the Shanghai Futures Exchange (SHFE), together with growing volumes of iron...Read More
Export prices for Chinese steel cold-rolled coil and hot-dipped galvanized coil extended their sharp decline in the week ended November 2; domestic prices also have yet to stem their declines.Trading liquidity for Chinese CRC and HDG exports was muted because the falling market kept buyers in wait-and-see mode.The price decline also prompted some mills and traders to halt offers.Most traders expec...Read More
Turkish steel scrap import prices fell sharply on Tuesday November 2, in line with the the latest bookings and amid increasing freight costs and limited finished steel sales to Turkey's key export outlets, market participants told Fastmarkets. On Tuesday, a steel mill in the Marmara region booked a deep-sea cargo from Puerto Rico, comprising HMS 1&2 (80:20) at $494 per tonne and shredded scrap at...Read More
Seaborne coking coal prices were relatively stable on Tuesday November 2, with no trades heard in the market, although Chinese domestic coke prices in certain provinces started to fall due to rising inventories and reduced costs.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $600.25 per tonne, unchangedHard coking coal, cfr Jingtang: $525.23 per tonne, unchangedPremium hard coking coal...Read More
Prices for steel scrap imported into China decreased sharply due to the continued drop in both spot and futures prices for finished steel products in the country on Tuesday November 2, sources told Fastmarkets.China import price tumbles amid bearish sentiment dominating the steel marketsChinese mills cut domestic scrap buy prices againTaiwan secures containerized scrap cargoes at $475 per tonne cf...Read More
Seaborne iron ore prices fell on Tuesday November 2 due to weak demand outlook caused by narrowing steel margins and ongoing sintering restrictions, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $95.77 per tonne, down $7.66 per tonne 62% Fe low-alumina fines, cfr Qingdao: $96.67 per tonne, down $7.99 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $67....Read More
The north China steel production hub of Handan city in Hebei province has implemented stricter production cuts at steel mills from Monday November 1 to November 7.The move has been made is to mitigate weather-influenced air pollution over the period and comes just after the city finished implmenting steel production curbs in September and October to limit the crude steel output in line with China'...Read More
China's domestic rebar prices fell below $800 per tonne on Tuesday November 2 after the most-traded January futures contract on the Shanghai Futures Exchange fell to its lower limit for the day. Domestic Eastern China (Shanghai): 5,080-5,110 yuan ($794-799) per tonne, down by 40 yuan per tonneRebar futures tracked the movements of the January iron ore futures contract on the Dalian Commodity Excha...Read More
Spot prices for hot-rolled coil in China fell plunged to their lowest in eight months on Tuesday November 2 amid falling futures.DomesticEastern China (Shanghai): 5,000-5,050 yuan ($782-789) per tonne, down by 230-250 yuan per tonneSharp losses knocked spot HRC prices in eastern China below the trough of 5,170-5,220 yuan per tonne last seen on May 26. Spot prices are now at their lowest since Marc...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade,...Read More
China's domestic magnesium price dived in the week to Friday October 29, with the market responding to declining upstream coal prices amid the country's attempts to stabilize prices and supply of the energy feedstock.Fastmarkets' weekly price assessment for magnesium, 99.9%, exw China, was 35,000-36,000 yuan ($5,466-5,623) per tonne on Friday October 29, a decrease of 11,000 yuan per tonne (23.7%)...Read More
China produced 23.83 million tonnes of crude stainless steel in the first nine months of 2021, according to data released by the China Stainless Steel Council (CSSC) at the end of last week.This is 1.89 million tonnes - or 8.6% - higher than an adjusted figure of 21.94 million tonnes a year earlier, it said.China's apparent stainless steel consumption...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up across the board on Wednesday November 3, suggesting dips are once again finding support.The European Union’s manufacturing purchasing managers’ index (PMI) out on Tuesday at 58.3, while slightly weaker than September’s 58.5, still showed strong expansion, which will be helping to counter the slowd...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade. Investors are waiting for news at 2:00 PM EDT from the Federal Reserve on interest rates and tapering of its bond purchases.Index futures were virtually unchanged following release of the October ADP Employment Report at 8:15 AM EDT. Consensus was a gain of 395,000 versus an increase of...Read More
Here are five Fastmarkets stories you might have missed on Monday November 1 that are worth another look....Read More