China's upcoming steel scrap futures looks set to be a game changer for the international community dealing in the steelmaking raw material.It will open up a whole new world of opportunities for both domestic and international traders, especially those who have been looking to capitalize on the massive size of China's domestic scrap market.While the Dalian Commodity Exchange (DCE) has yet to relea...Read More
China's hot-rolled coil prices rose further on Thursday November 5, inventory levels continuing to fall in the past week.DomesticEastern China (Shanghai): 4,010-4,030 yuan ($600-603) per tonne, up 10-30 yuan per tonneSellers in eastern China kept raising their offers upon hearing of a drop in HRC inventories in the spot market.A domestic steel consultancy reported that China's HRC spot market had...Read More
China's domestic rebar prices moved up sharply on Thursday November 5 following the release of data indicating a drop in output and inventory levels in the past week. DomesticEastern China (Shanghai): 3,870-3,900 yuan ($579-583) per tonne, up by 40-50 yuan per tonneFalling rebar output and inventories took pressure off prices, market sources said. A total of 3.59 million tonnes of rebar were produ...Read More
Fastmarkets has reworked the market reports it previously published for the minor metals, noble alloys and battery raw materials to align them with end-use segments. The publication schedule for market reports is as follows, with links to recent versions: Wednesdays: Specialty steel raw materials market report Consumer electronics market report 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 transparency into the markets it covers and the pricing process it applies. Fastmarkets assessed Cobalt...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 transparency into the markets it covers and the pricing process it applies. Fastmarkets assessed Cobalt standard grade,...Read More
A summary of stainless steel producer Outokumpu's results for the third quarter of 2020. In brief Outokumpu's sales, deliveries and earnings decreased quarter on quarter amid continued Covid-19 pressures, following negative results in the second quarter. In Europe, rising competition from Asian imports and the typical seasonal consumer slowdown contributed to a challenging quarter. The...Read More
China's domestic stainless steel prices fell in the week ended Wednesday November 4, with the market tracking weakness in nickel futures.The three-month nickel contract on the London Metal Exchange fell steadily over the past week and ended Wednesday's official trading session at $15,422 per tonne, down by $427 per tonne (2.7%) from $15,849 per tonne on October 28.The most-traded January stainless...Read More
Market participants in China are increasingly confident that Chinese authorities will revive steel scrap imports into the country in 2021 following the release of new domestic scrap classification standards.A draft of the new standards for ferrous and stainless scrap for China's domestic market was released late last month. Market participants expect these standards to be launched and implemented...Read More
It has been two weeks since South Africa's cabinet approved a chrome ore export tax to support its chrome sector, and Chinese buyers say they would have little option but to accept the higher costs. China is the world's largest chrome ore importer and would therefore bear the brunt once the export tax is carried through. But the East Asian country has no choice but to brace for the price rise beca...Read More
The Nikkei Average advanced 219.35 to 24,325.23 to a 24 month high. Globex Copper Miners (COPX) moved above $22.90 extending an intermediate uptrend.Lundin Mining (LUN.TO), a base metals producer moved above $8.55 extending an intermediate uptrend. Upcoming EventToday (November 6th) Jon Vialoux will present at the Money Show's Virtual Expo on the topic of "Using Seasonality to Invest During a Pand...Read More
Here are five Fastmarkets stories you might have missed on Wednesday November 4 that are worth another look.Asian commodity markets are on the edge with market participants keenly watching the outcome of the United States' presidential election.The recovery in Peruvian copper output off the...Read More
Tin premiums in Europe increased in the week to Tuesday November 3, with the metal's sharp price decline in late-October prompting fresh buying momentum after a sustained contango in the metal's forward spread. This came despite a static tin market in the United States, where uncertainty over the Covid-19 pandemic remains a key barrier to trade, while premiums in China were steady despite a marked...Read More
Three-month base metals prices on the London Metal Exchange were collectively higher at the close of trading on Wednesday November 4, with upward price movements largely supported by a steady decline in the US dollar index, while broad uncertainty over the US presidential election did little to trim standout volumes over the day.Topping complex gains over the afternoon, LME zinc's outright price c...Read More
The European high carbon ferro-chrome markets were largely stable in week to Tuesday November 3 despite concerns about Covid-19 inspiring caution among consumers, sources said.Fastmarkets' ferro-chrome high carbon 6-8.5% C, basis 60-70% Cr, max 1.5% Si, delivered Europe assessment was stable at $0.88-1.03 per lb Cr for a second consecutive week on Tuesday November 3.Likewise, Fastmarkets' assessme...Read More
A proposed tax on chrome ore exports from South Africa was the driving factor in the country's UG2 chrome ore market in the week to Tuesday November 3.Fastmarkets' chrome ore South Africa UG2 concentrates index, basis 42%, cif China, was $139 per tonne on Tuesday. This was up by $3 per tonne (2.2%) from $136 per tonne in the preceding week.The South African government has proposed an export tax on...Read More
Prices for base metals dropped in morning trading on Wednesday November 4, after Donald Trump said he plans to contest the result of the incomplete and already uncertain presidential election in the United States.Aluminium, nickel and copper had all dropped by 1% or more as of 8:20 UK time with votes still being counted in a US presidential race that looks set to go down to the wire and in which a...Read More
Here are five Fastmarkets stories you might have missed on Wednesday November 4 that are worth another look.Asian commodity markets are on the edge with market participants keenly watching the outcome of the United States' presidential election.The recovery in Peruvian copper output off the...Read More
Here are five Fastmarkets stories you might have missed on Wednesday November 4 that are worth another look.Asian commodity markets are on the edge with market participants keenly watching the outcome of the United States' presidential election.The recovery in Peruvian copper output off the...Read More
The tightness in China's domestic market for aluminium scrap has slightly eased week on week with more aluminium scrap cargoes arriving in the country, Fastmarkets learnt on Wednesday November 4.The change came after Chinese producers of aluminium ADC12 were allowed to import qualified aluminium scrap based on a new customs code that came into effect on November 1."We stored some volumes of standa...Read More