Teck Resources is continuing to increase its workforce at the Quebrada Blanca Phase 2 (QB2) copper project in northern Chile and expects the project to be about 40% complete by the end of the year, the company said this week. The project, which has been delayed by up to six months after being suspended due to the Covid-19 pandemic, expects to see first production in the second half of 2022, d...Read More
The management board of Vale New Caledonia (VNC) has moved to acquire parent company Vale's Goro nickel and cobalt operations in the region with the aid of Swiss commodity firm Trafigura, Fastmarkets learned on Tuesday October 27. Under the terms of the current acquisition proposal, submitted to Vale on October 21 and led by VNC's current management, Trafigura would hold a 25% stake in the as...Read More
London Metal Exchange three-month base metals prices were upbeat during morning trading on Tuesday October 27, recovering from broad consolidation on Monday ahead of Chinese policy meetings scheduled this week, while LME copper futures struggled to breach nearby resistance despite steady volumes. LME copper's outright price was recently trading at $6,785.50 per tonne on Tuesday morning, declining...Read More
Flat steel import prices in the United Arab Emirates (UAE) and Saudi Arabia increased over the past week because of a hot-rolled col shortage, sources said on Tuesday October 27.Local demand for flat steel in India and China, the main exporters of flat steel to the UAE and Saudi Arabia, was strong so market participants made a limited quantity offers at high prices.UAEOffer prices for hot-rolled c...Read More
Domestic prices for hot-rolled coil in Northern Europe were fairly stable day on day on Tuesday October 27, supported by reduced availability of the material in the market, sources told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?498.33 ($589.12) per tonne on Tuesday, up by just ?,?0.41 per tonne day on day from ?,?497.92 per tonne...Read More
Trading activity in the export markets for flat steel from the Commonwealth of Independent States (CIS) was low, although suppliers have started to test the market with higher prices, sources told Fastmarkets on Monday October 26.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $475-495 per tonne on October 26, unchanged week on week."Th...Read More
The domestic United Arab Emirates rebar price kept decreasing this week while imported rebar prices were stable, sources said on Tuesday October 27.Domestic rebarThe country's biggest steel producer, Emirates Steel, continued to offer rebar at 1,936 dirhams ($527) per tonne ex-works for orders due to be produced in October, unchanged since September 15.Fellow steelmaker Conares Steel also continue...Read More
Fastmarkets' Steel Success Strategies Online event started on Monday October 26. Here are four things that we learnt during the European Steel Panel on the first day of the forum.Carbon barriers are inevitableThe European steel industry has been heavily affected by the Covid-19 pandemic, with a number of steelmakers cutting their output, shutting down capacity or both. Even though major steelmaker...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
Several large steel projects located in Southeast Asia, underpinned by Chinese investment, are nearing completion and will provide a huge boost to production capacity in the region. Of the 59.9 million tonnes of major carbon steel production capacity planned to come on stream in the next decade in Southeast Asia, 39.4 million tonnes will come from Chinese-led projects, according to statistics from...Read More
Turkish steel mills booked further scrap cargoes in the deep-sea market on Tuesday October 27, adding to the six heard on the market the day before, sources have told Fastmarkets.A batch of newly booked cargoes came to light on Monday, and on Tuesday another handful of fresh trades were heard.A US-origin cargo was booked by a mill in the Iskenderun region, comprising unknown tonnages of HMS 1&2 (8...Read More
Iron ore prices in the futures and seaborne markets rebounded on Tuesday October 27, with the increase in coke prices and drop in iron ore shipments supporting the sentiment recovery in the raw materials markets and helping iron ore prices to rise slightly, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $115.13 per tonne, up $0.50 per tonne62% Fe low-alumina fines, cfr Qingda...Read More
The seaborne premium hard coking coal price in the fob Australia market rose on Tuesday October 27 amid strong trade on a trading platform, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $115.78 per tonne, up $8.04 per tonnePremium hard coking coal, cfr Jingtang: $119.83 per tonne, unchangedHard coking coal, fob DBCT: $95.77 per tonne, up $0.25 per tonne Hard coking coal, cfr...Read More
Base metals prices on the London Metal Exchange were firmer this morning, Tuesday October 27, despite some strong headwinds from little progress on the next US Covid-19 relief package and surging infection rates across Europe and the United Sates. Major western equity index futures rebounding after Monday's weaknessExpect increased volatility in the run-up to the US presidential electionBase metal...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 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...Read More
The cobalt alloy 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...Read More
A summary of China's battery raw materials imports for September 2020.In brief Cobalt metal imports dropped in September from the prior month but volumes remained at a comparatively high level due to increased buying interest early in the third quarter, driven by decent import profits owing to the premium held by Chinese domestic cobalt metal over European material. This premium narrowed late in t...Read More
A summary of China's battery raw materials exports for September 2020.In brief Chinese cobalt tetroxide exports continued to rise on a monthly basis amid a recovery in industrial activity in ex-China markets and an increase in remote working, which has led to a bump in demand for consumer electronics. China's lithium carbonate exports fell in September on reduced demand as a result of buyers slowi...Read More
A summary of China's minor metals exports for September 2020.In brief Higher domestic prices stifled Chinese exporters' interest in shipping their indium cargoes abroad during the month. Overseas demand for silicon increased due to the strengthened downstream aluminum ingot ADC 12 market amid the...Read More