China's hot-rolled coil prices weakened on Tuesday October 20 amid thinner trading, with some buyers in wait-and-see mode on expectations of price declines due to a slowdown in the release of further stimulus by the Chinese government. Domestic Eastern China (Shanghai): 3,880-3,900 yuan ($580-583) per tonne, widening downward by 10 yuan per tonne A Shanghai-based trader said he garnered fewer deal...Read More
Rebar and wire rod producers from the Commonwealth of Independent States were in no hurry to make concessions to customers amid a number of positive factors in the market last week, sources told Fastmarkets.Market participants cited higher raw materials costs, comparatively higher prices from Turkish wire rod suppliers and consistently strong domestic demand for finished long steel products in som...Read More
Turkish steel mills have steered clear of the deep-sea scrap market for a second day this week, with no new bookings heard on Tuesday October 20.The day before, the market reported two bookings which had came to light from the previous week, at slightly higher prices, but no further cargoes were booked on Monday.One market participant was hopeful that prices would inch higher following a...Read More
Seaborne premium hard coking coal prices plummeted on Tuesday October 20 after market participants lowered their estimates and said the spot market was declining. Fastmarkets indices Premium hard coking coal, fob DBCT: $113.98 per tonne, down $3.90 per tonne Premium hard coking coal, cfr Jingtang: $126.78 per tonne, down $3.51 per tonne Hard coking coal, fob DBCT: $105.02 per to...Read More
Seaborne iron ore prices were largely rangebound on Tuesday October 20 but the shortage of iron ore carajas (IOCJ) fines prompted strong trade, market sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $119.61 per tonne, up $0.08 per tonne62% Fe low-alumina fines, cfr Qingdao: $120.05 per tonne, up $0.15 per tonne58% Fe fines high-grade premium, cfr Qingdao: $111.15 per tonne, up...Read More
A summary of BHP's operational review for metallurgical coal and iron ore for its financial first quarter ended September 30, 2020, released on Tuesday October 20. In brief BHP's group production rose 2% year on year, driven by solid results in metallurgical coal and iron ore. Its metallurgical coal guidance for its 2021 financial year remained unchanged, although the company would mon...Read More
Vale's iron ore production increased both year on year and quarter on quarter in the three months to September as a result of the resumption of previously halted operations in several mining sites, it said late on Monday October 19.The Brazilian mining major produced 88.68 million tonnes of iron ore in the third quarter, up by 2.3% from the 86.70 million tonnes produced a year earlier, and 31.2% h...Read More
China's domestic rebar prices lost their upward momentum on Tuesday October 20 due to pressure on sellers to draw down their inventories and a subdued futures market. DomesticEastern China (Shanghai): 3,710-3,740 yuan ($555-560) per tonne, unchangedSeveral trading companies are actively selling the rebar in their warehouses due to concerns over high production rates weighing on rebar prices.End-us...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...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....Read More
Spot-market demand for cobalt metal has remained at minimal levels in recent weeks, leading market participants to question the level of discount that would be achievable in the forthcoming "mating season."Sellers confirmed on Monday October 19 that consumers continued to take any additional requirements of metal from long-term contracts, enjoying discounted prices arranged last year.This has left...Read More
A strengthening of the yuan against the dollar is resulting in higher export offers for Chinese minor metals and ferro-alloys while also making buyers in China more willing to pay higher for imports.Following a strong economic recovery in China after the turmoil caused by the Covid-19 pandemic, the Chinese currency hit a 17-month high against the dollar on Friday October 9 - the first working day...Read More
The price of magnesium in China rose in the week to Friday October 16, supported by active purchasing by exporters looking to secure material for month-end deliveries and rising production costs, market sources told Fastmarkets.Fastmarkets' weekly price assessment for magnesium 99.9%, exw China was 12,300-12,400 yuan ($1,837-1,852) per tonne on October 16, an increase of 200 yuan per tonne (1.6%)...Read More
Half of the base metals prices on the London Metal Exchange have in recent days risen to multi-month highs, with copper reaching levels not seen since June 2018, and all of the metals are pushing higher this morning, Wednesday October 21.* Some strike action in copper in Chile has added fuel to copper’s rally* High expectations for a further stimulus ahead of the US presidential election has...Read More
Long term U.S. Treasury iShares (TLT) moved below $158.28 extending a short term downtrend. Chile iShares (ECH) moved above $24.44 extending an intermediate uptrend. Units are responding to higher copper prices. Chile is the world's largest copper producing country.Biogen (BIIB), a NASDAQ 100 stock moved below $265.05 extending an intermediate downtrend. The stock responded to disappointing third...Read More
Here are five Fastmarkets stories you might have missed on Monday October 19 that are worth another look....Read More
Further measures to increase transparency and investments for metal producers were required to expand the sustainable metal market, participants said on a sustainability panel during the London Metal Exchange's online LME Week seminars on Monday October 19.Harald Friedl, sector lead at Climate Champions, said that the issue of sustainable metals supply chains has continued to gain traction among t...Read More
The three-month price of zinc on the London Metal Exchange was the standout performer at the close of trading on Monday October 19, rallying by more than 2.5% against positive forward spreads and robust demand.Meanwhile, a firm contango for LME tin resulted in high trading volumes pushing the metal's outright price to a 14-month high.Zinc's outright price on the LME closed at $2,491 per tonne on M...Read More
Canada-based Lundin Mining Corp is to suspend operations at its Candelaria copper mine in Chile after mediation talks with a second union at the site failed to result in an agreement .Around 550 workers represented by the Candelaria AOS Union can now legally strike from October 20. They will join around 350 members of the Mine Workers Union who began industrial action at Candelaria on Oc...Read More
Seaborne prices for both low- and high-grade manganese ore in China continued to move downward in the week to Friday October 16, with producers lowering their offer prices for 37% material and sentiment weakening for 44% ore, market participants told Fastmarkets.Increasing stock levels and falling portside ore prices also weighed on demand, they added.Fastmarkets' manganese ore index, 37% Mn, cif...Read More