A rebound in the United States’ Nasdaq Composite Index on Wednesday September 9 may have underpinned broader markets, but the base metals were less convinced with most ending the day in negative territory.Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were broadly lower again this morning.* Asian-Pacific equities and pre-market major western equity index futures...Read More
McDonalds (MCD), a Dow Jones Industrial Average stock moved above $216.43 to an all-time high extending an intermediate uptrend. Pre-opening Comments for Thursday September 10thEquity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade. The ECB announced that its overnight lending rates to European banks remained unchanged. Index futures were vi...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 8 that are worth another look.Japanese blast furnace (BF)-based steel mills have been using more scrap in their basic oxygen furnaces in recent weeks due to a rise in steel production and high costs for iron ore, market participants told...Read More
London Metal Exchange three-month base metals prices trended lower at the close on Tuesday September 8 with concern over macro-economic headwinds inspiring a sell-off across the complex.While macroeconomic developments - including promises of increased infrastructure spending and hopes of a trade deal between China and the United States - have supported recent price increases, some...Read More
Raffmetal - Europe's largest secondary aluminium producer - has been awarded the Aluminium Stewardship Initiative (ASI) 'Performance Standard' certification for its refining operations in Casto, Italy, the company told Fastmarkets on Tuesday September 8.Raffmetal's accreditation is the latest in a slew awarded in 2020, including primary aluminium producers Alvance Aluminium and Impol, while other...Read More
From cars to air-conditioning units, copper intensive sectors are showing signs of an unexpected boom in China, prompting calls that the metal's price could rise further into next year amid shrinking supply stocks, Fastmarkets understands.Hitting $6,380 per tonne last week, the London Metal Exchange's three-month copper price has surged past pre-pandemic levels to its highest since June 2018, desp...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 8 that are worth another look.Japanese blast furnace (BF)-based steel mills have been using more scrap in their basic oxygen furnaces in recent weeks due to a rise in steel production and high costs for iron ore, market participants told...Read More
Vale Canada - subsidiary of Brazilian multi-metal miner Vale - and Australian zinc producer New Century Resources have failed to reach an agreement in the latter's 95% acquisition of Vale New Caledonia (VNC), the former announced on Tuesday September 8.The announcement brings the exclusivity period under which the prospective sale was being negotiated between the two entities to an end after negot...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 8 that are worth another look.Japanese blast furnace (BF)-based steel mills have been using more scrap in their basic oxygen furnaces in recent weeks due to a rise in steel production and high costs for iron ore, market participants told...Read More
Ferrous scrap prices in Mexico rose during the week ended Friday September 4, with most steelmakers announcing widespread increases in buying prices amid steady demand and a positive trend in markets in the United States.Price gains were reported across all grades both in the region near northern Monterrey city and in the central Bajio region, although the amount of the increases va...Read More
Turkish steel producers continued their deep-sea scrap purchases with support from firm demand for long steel products in the country, sources said on Tuesday September 8.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising HMS 1&2 (80:20) at $302 per tonne, shredded at $307 per tonne and bonus at $312 per tonne cfr late on September 7.The cargo breakdown was not yet fixed by t...Read More
Vale Canada - subsidiary of Brazilian multi-metal miner Vale - and Australian zinc producer New Century Resources have failed to reach an agreement in the latter's 95% acquisition of Vale New Caledonia (VNC), the former announced on Tuesday September 8.The announcement brings the exclusivity period under which the prospective sale was being negotiated between the two entities to an end after negot...Read More
Fastmarkets is extending the consultation period for discontinuation of four steel-sector price assessments in Argentina following a long period of low liquidity and an inactive spot market.The prices proposed for discontinuation are as follows:- MB-STE-0003 Steel hot-rolled coil, monthly assessment, domestic, exw Argentina, $ per tonne- MB-STE-0001 Steel cold-rolled coil, monthly assessment, dome...Read More
Domestic prices for hot-rolled coil in Europe were expected to continue to rise, supported by long lead times and reduced output from EU mills as well as a lack of import offers, sources told Fastmarkets on Tuesday September 8.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?467.95 ($553.32) per tonne on Tuesday, up by ?,?0.56 per tonne day on day...Read More
Fastmarkets is extending the consultation period for discontinuation of four steel-sector price assessments in Argentina following a long period of low liquidity and an inactive spot market.The prices proposed for discontinuation are as follows:- MB-STE-0003 Steel hot-rolled coil, monthly assessment, domestic, exw Argentina, $ per tonne- MB-STE-0001 Steel cold-rolled coil, monthly assessment, dome...Read More
CIS-based producers of steel wire rod and rebar have continued to raise their offer prices for foreign customers, with support from rising raw materials costs and finished long steel prices in competitors' markets, particularly Turkey, as well as a supportive domestic market in Russia.Demand in the major outlets has not, however, been strong enough to drive full acceptance of the new round of pric...Read More
The price of steel rebar imported to the United Arab Emirates increased this week because of high production costs, market sources said on Tuesday September 8.Domestic rebarSince August 17, producers in the UAE have been offering rebar at 1,800-1,830 dirhams ($490-498) per tonne ex-works for September production, with deals heard over the past week at 1,730...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 8 that are worth another look.Japanese blast furnace (BF)-based steel mills have been using more scrap in their basic oxygen furnaces in recent weeks due to a rise in steel production and high costs for iron ore, market participants told...Read More
Ferrous scrap prices in Mexico rose during the week ended Friday September 4, with most steelmakers announcing widespread increases in buying prices amid steady demand and a positive trend in markets in the United States.Price gains were reported across all grades both in the region near northern Monterrey city and in the central Bajio region, although the amount of the increases va...Read More
Turkish steel producers continued their deep-sea scrap purchases with support from firm demand for long steel products in the country, sources said on Tuesday September 8.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising HMS 1&2 (80:20) at $302 per tonne, shredded at $307 per tonne and bonus at $312 per tonne cfr late on September 7.The cargo breakdown was not yet fixed by t...Read More