Here are five Fastmarkets stories you might have missed on Thursday October 29 that are worth another look.Italian trade unions Uilm and Fiom-Cgil have called for steelworkers at ArcelorMittal Italia to go on strike on November 5 because they have not been given any clear...Read More
Now is not the time for Freeport-McMoRan to be thinking about mergers and acquisitions, the mining company's chief executive officer says.According to Richard Adkerson, the company - which is just over half-way through a mega-project to transform its giant Grasberg copper-gold mine in Indonesia from an open-pit to an underground operation - is on the verge of creating huge shareholder value."I jus...Read More
Changes in the purchasing habits of some Chinese alloy smelters are partly to blame for the weakness in the low-grade manganese ore market, sources told Fastmarkets.Prices for the low-grade manganese ore, also called semi-carbonate, in both seaborne and portside markets have generally trended downward since hitting year-to-date highs in late April on supply concerns after South Africa implemented...Read More
The three-month price of tin on the London Metal Exchange lagged behind at the close of trading on Thursday October 29, showing the greatest daily losses at 1.1% and slipping below nearby support levels.Meanwhile, a large cancelation in the morning meant that LME lead futures remained elevated over the day.Tin's outright price on the LME closed at $17,822 per tonne on Thursday afternoon, falling f...Read More
Seaborne premium hard coking coal prices in the cfr and fob markets moved in reverse directions on Thursday October 29 amid a distorted spot market, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $107.74 per tonne, down $7.61 per tonne Premium hard coking coal, cfr Jingtang: $135.26 per tonne, up $15.43 per tonneHard coking coal, fob DBCT: $95.52 per tonne, down $0.25 per tonn...Read More
The London Metal Exchange three-month nickel price was the under performer during morning trading on Thursday October 29, with its price action largely subdued against a continued upsurge in the US dollar index, while a fresh cancelation of some 18,525 tonnes kept the LME lead price elevated.LME nickel's outright price was recently trading at $15,515 per tonne on Thursday morning, falling by some...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Approaching the end of the calendar year, steelmakers and consumers enter a busy period of contract negotiations for supply for 2021 or at least the first quarter or half year.With the sharp increases in spot market steel prices during recent months, steelmakers are understandably looking to take advantage and secure higher c...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.US ERW OCTG edges higher, seamless could followRising substrate costs helped support US ERW OCTG prices this month, especially at the upper end of the range of offers. Seamless OCTG and linepipe prices, meanwhile, held firm compared with September prices. The fundamentals remain weak, with rig counts going up...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:US domestic prices for hot-rolled coil (HRC) moved sharply higher in September, in line with our expectations, but the magnitude of the rise exceeded our predictions. Domestic HRC prices averaged $566 per ton in September, exceeding our $540 per ton forecast price.A c...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Although we correctly forecast a significant rise in hot-rolled coil (HRC) prices in the United States in September 2020, our price forecast proved too conservative.An impressive V-shaped recovery in key economic fundamentals critical to steel consumption is driving stronger demand for steel at the start of the fourth quarte...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Prices for most ferro-alloys maintained their upward momentum into October, solidifying previous gains and reflecting the improved demand from steelmakers, the rebuilding of depleted inventories, and the supply-side concerns following both planned and unplanned outages. Gains were noted for ferro-silicon, silicon metal, mang...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key ferro-alloys forecast highlights:Prices across most ore and alloy markets trended higher in September, buoyed by improving demand from steelmakers with the end of the summer holiday season in Europe and the United States, as well as maintained demand from Chinese steel mills. Tightening of alloy inventories...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Iron ore remains the most bullish commodity of the year, with prices fuelled by Chinese demand and supply disruptions in Brazil, along with bullish sentiment. But prices are expected to come down because Brazilian exports have begun to recover, and have reached their highest level since the Brumadinho dam disaster in 2019. W...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.In the iron ore market, supply issues including heavy rains at the start of the year, followed by staffing problems during the Covid-19 pandemic, have affected exports from Brazil. This has helped Australia gain a larger market share, but since June, Brazilian export volumes have returned to levels last seen before the...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Chinese blast furnace (BF) utilization rates have stagnated and iron ore port stock volumes are rising, reaching their highest levels since March, which suggests that iron ore supply is becoming excessive while demand is not growing. Unsurprisingly, prices dropped last week and we expect the trend to continue. The market has...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.We do not consider the average iron ore fines price for September so far above $125 per tonne cfr Qingdao to be sustainable. The bullishness is not likely to last in the long term as we expect Chinese demand growth to slow down. A key factor boosting Chinese steel demand so far has been the stimulus policies from the authori...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Having found it easier to increase prices than their counterparts in Europe and the United States during the past few months, Asian stainless steelmakers now face a number of concerns.In the short term, Asian prices have moved down in recent weeks while those in Europe and the US are on the up. This is mostly a reflection of...Read More
The European ferro-molybdenum price climbed by 2.9% in the midweek assessment on tightening prompt inventories and increased end-user demand, while oxide prices lagged behind. Fastmarkets' price assessment for ferro-molybdenum, basis 65%, in-whs Rotterdam climbed to $21.80-22.40 per kg on Wednesday October 28, up from the previous week's assessment of $21.25-21.70 per kg. "Inquiries from end...Read More
Before the disruptions caused by the Covid-19 pandemic, 2020 was expected to be an important year for the rollout of 5G telecommunications networks, with more operator launches globally and declining prices for smartphones and other 5G-enabled devices.While the rollout has been disrupted in the short term, the increase in remote working that has resulted from lockdown measures has underscored the...Read More
Lundin Mining is on track for an early 2021 restart of expansion works at its Neves Corvo zinc mine in Portugal.The expansion plans, which were halted earlier this year due to the Covid-19 pandemic are expected to boost zinc concentrate capacity by 80,000 tonnes per year. The company said preparation work for the restart of both the surface and underground construction sites ha...Read More