A summary of Australian-Chinese miner MMG's production results for the first half year ended June 30, 2020, as well as its full-year production guidance. In brief MMG's earnings before interest, taxes, depreciation and amortization (Ebitda) was $383.6 million in the first half this year, a drop of 41% from the corresponding period in 2019 due to lower commodity prices and sales volumes resul...Read More
Wanbao Mining's Pumpi copper and cobalt project in the Democratic Republic of Congo (DRC) produced its first batch of copper cathode on Sunday September 13, the company said.The Pumpi copper and cobalt project aims to produce 40,000 tonnes per year of copper and 5,000 tpy of cobalt, Wanbao Mining said. "While [copper] production this year is estimated to be 6,000-10,000 tonnes due to the dela...Read More
Three-month base metals prices on the London Metal Exchange were collectively lower during morning trading on Thursday September 17, with selling pressure emerging after the US Federal Reserve pledged to keep interest rates low on Wednesday, but offered little in the way of further fiscal stimulus. As a result, the US dollar index breached the 93 mark while both the LME three-month nickel and zinc...Read More
The nickel briquette premium in the United States declined further to uncharted depths this week, having fallen last week to its lowest point since Fastmarkets started tracking it two-and-a-half years ago.At its launch on March 13, 2018, Fastmarkets' assessment of the nickel briquette premium, delivered Midwest US was at 28-35 cents per lb - or 31.5 cents per lb at the midpoint.Fastmarkets' latest...Read More
Buyer interest in imported flat-rolled steel remains muted, but some sources said they are at least eyeing import markets again following a steep rise in domestic steel prices in the United States.Hesitation about pulling the trigger on offshore orders stems from concerns that the US price gains - some domestic mills have announced price increases totaling at least $100 per ton in less t...Read More
Reinforcing bar prices in the United States continue to drive higher due to price increases announced by domestic mills earlier this month, sources told Fastmarkets.Fastmarkets' assessment for steel rebar, fob mill US was at $29.75 per hundredweight ($595 per short ton) on Wednesday September 16, up by 1.7% from $29.25 per cwt last week and by 6.3% from $28 per cwt on September 2.Co...Read More
Domestic prices for hot-rolled coil in Northern Europe have been fairly stable day on day on Thursday September 17, following an increase a day earlier, sources told Fastmarkets.Fastmarkets calculated the daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?482.50 ($571.27) per tonne on Thursday September 17, down by just ?,?0.12 per tonne day on day from ?,?482.62 per tonne.On W...Read More
China's hot-rolled coil prices were stable in the domestic market on Thursday September 17, while the export price continued to fall and gain competitiveness in the Southeast Asian market. Domestic Eastern China (Shanghai): 3,850-3,880 yuan ($569-573) yuan per tonne, unchanged Prices were stable on Thursday amid small moves in the futures market, but trading activity has picked up, sources said. A...Read More
The takeaways from the latest edition of the Steel Raw Materials Market Tracker are ready to view.Iron ore prices remained relatively stable last week, signalling an end to the price spike. And for the first time since March, at the time of the Covid-19 lock-down in Hubei, we have seen a consistent downturn in utilization rates in China. Blast furnace utilization rates dropped for a fifth consecut...Read More
Fastmarkets' premium hard coking coal indices remained flat on Thursday September 17, while the hard coking coal indices pushed up in response to reports of a transaction on Wednesday. Market participants, meanwhile, were assessing the recent jump in premium hard coking coal prices. Fastmarkets indicesPremium hard coking coal, fob DBCT: $121.73 per tonne, unchanged Premium hard coki...Read More
Seaborne iron ore prices remained on a downward trend on Thursday September 17 amid weaker market sentiment, trade sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $122.36 per tonne, down $1.84 per tonne.62% Fe low-alumina fines, cfr Qingdao: $122.59 per tonne, down $1.81 per tonne.58% Fe fines high-grade premium, cfr Qingdao: $112.28 per tonne, down $2.22 per tonne...Read More
The weakness in metals and equities this morning, Thursday September 17, indicates markets were taking the US Federal Open Market Committee's (FOMC) projections and comments that they will likely keep interest rates on hold through at least 2023 as suggesting there will continue to be tough times ahead in the real economy.Does this highlight the start of a reality check where markets start to focu...Read More
China's domestic stainless steel prices experienced a larger rate of decrease over the week ended Wednesday September 16 on dropping demand, although nickel prices remained strong.The three-month nickel contract on the London Metal Exchange ended Wednesday's official trading session at $15,183 per tonne, up by $330 per tonne (2.2%) from $14,853 per tonne a week earlier.Fastmarkets' weekly price as...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, in-whs Rotterdam,...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....Read More
China's State Reserve Bureau (SRB) is likely to use a floating price to settle its latest round of cobalt metal stockpiling, according to a market source close to the matter. The SRB sent invitations to a handful of cobalt metal producers in China for a tender on Wednesday September 9; the tender was completed during the morning of Thursday September 17, according to a market source.No concre...Read More
Key data from Fastmarkets' pricing session in China on Wednesday September 16.Key drivers Domestic suppliers slashed their offer prices to facilitate deals after buying interest waned following declines in futures prices on the Wuxi Stainless Steel Exchange. The October indium contract on the exchange, for instance, closed at 1,130 yuan ($167) per kg on Wednesday, down by 19.1% from a close of 1,3...Read More
Ferroglobe will extend cuts to its production of standard-grade ferro-silicon from its European operations through the rest of this year, with no output from France and reduced output from Spain, industry sources told Fastmarkets on Thursday September 17.Spain-based Ferroglobe will make no standard-grade ferro-silicon at all in France this year, having idled two furnaces at Chateau-Feuillet on Sep...Read More
The European high- and low-carbon ferro-chrome markets strengthened on Tuesday September 15 due to a slow recovery in demand.Fastmarkets' weekly price assessment for ferro-chrome high carbon 6-8.5% C, basis 60-70% Cr, max 1.5% Si, delivered Europe, was $0.85-0.97 per lb Cr on Tuesday, tightening from $0.83-0.98 per lb a week earlier."The capacity of users' production lines has been slowly coming b...Read More
This time yesterday base metals prices were down across the board, but with the exception of Shanghai Futures Exchange tin, they were all up during morning trading on Friday September 18 – showing sentiment remains bullish overall with dips being bought.This suggests prospects for increased demand for metals from infrastructure projects is driving sentiment and the market is not so concerned...Read More