Tight intermediates availability and a rally in the cobalt hydroxide market brought cobalt metal back in favor with cobalt sulfate refineries looking to cut risk in their feedstock inflows in late July. Until then, cobalt hydroxide payables - the percentage of the metal price buyers pay sellers for cobalt intermediates - had been capped at 70% for at least a year and a half, reflecting ample suppl...Read More
South African manganese alloys producer Transalloys will reduce its silico-manganese production by about 30% this year due to weakening market prices, it was revealed on Wednesday August 19.The reasons for this, according to an official from the sales agent that sells all of Transalloys' output, were the high cost of power in the country and the slump in end-user demand in sales target regions res...Read More
Domestic prices for vanadium products in China in mid-August were showing little change since mid- to late-July this year, with alloy suppliers struggling to hold prices firm amid comparatively stable prices for vanadium pentoxide (V2O5).Steel mills were postponing their purchases of vanadium alloys because of narrow profit margins resulting from high production costs, sources told Fastmarkets on...Read More
Three-month base metals prices on the London Metal Exchange were mostly weaker this morning, Thursday August 20, as were Asian-Pacific and pre-market major western equity index futures.* Gold prices are rebounding after Wednesday’s 3.3% sell-off.* US equities retreated on Wednesday after the Federal Reserve minutes highlighted concerns about the US recovery.Base metalsThe three-month base met...Read More
Zoom (ZM), a NASDAQ 100 stock moved above $281.00 to an all-time high extending an intermediate uptrend. Pre-opening Comments for Thursday August 20thU.S. equity index futures were lower this morning. S&P 500 futures were down 13 points in pre-opening trade.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for August Philly Fed Index was a slip...Read More
Here are five Fastmarkets stories you might have missed on Tuesday August 18 that are worth another look.The annual Asia Copper Week gathering has been canceled this year due to the global spread of Covid-19, its Chilean organizer, the Center for Copper and Mining Studies, announced on August 18.Digital financing will ease...Read More
The three-month base metals prices on the London Metal Exchange were higher at the close of trading on Tuesday August 18, after positive US housing starts and building permits data supported complex-wide buying into the afternoon, with copper led the complex by closing at its highest level since June 2018. Copper's outright price on the LME closed at $6,567.50 per tonne on Tuesday afternoon, climb...Read More
The three-month zinc price on the London Metal Exchange consolidated slightly higher during morning trading on Tuesday August 18, building on a rally at Monday's close, while tin futures remained subdued over the morning. Zinc's outright price on the LME was recently trading at $2,470.50 per tonne, climbing by 0.8% from $2,442 per tonne at yesterday's close. Turnover was moderate at just over 3,70...Read More
The latest data for the global manganese ore market for the week ended August 14, 2020.Read More
Here are five Fastmarkets stories you might have missed on Tuesday August 18 that are worth another look.The annual Asia Copper Week gathering has been canceled this year due to the global spread of Covid-19, its Chilean organizer, the Center for Copper and Mining Studies, announced on August 18.Digital financing will ease...Read More
Ferrous scrap prices in Mexico have increased in the past week, with some steelmakers trying to secure orders amid a recovery in demand from end-users and higher international prices.Increases were mostly reported in the central Baj?-o region of Mexico, while around the northern city of Monterrey scrap buyers have adopted a wait-and-see stance."There is more pressure for price increases in central...Read More
The Turkish steel producers have continued to stay away from the deep-sea scrap markets due to weak demand for their finished long steel products, sources told Fastmarkets on Tuesday August 18.Turkish steel mills paused their deep-sea bookings on August 7, when the price for HMS 1&2 (80:20) reached $285 per tonne cfr for US- and Baltic Sea-origin material.The poor demand for long steel was the mai...Read More
There are numerous crosscurrents running through the markets this morning, Tuesday August 18, with the base metals mainly firmer and gold rebounding strongly, while equity markets were mixed and the dollar continued to weaken.Broader US equity markets were weaker this morning following Monday's poor US manufacturing data and rising mortgage delinquencies, but the Nasdaq established a fresh record...Read More
The economic fallout from the Covid-19 global health crisis is badly affecting the lithium industry in the metal-rich country of Argentina, leaving producers and junior miners facing short-term challenges despite a rosy long-term outlook with the shift to greener mobility gaining pace.Lithium is a key ingredient in the manufacturing of batteries for electric vehicles (EVs) and energy storage syste...Read More
Domestic prices for hot-rolled coil in Northern Europe increased day on day on Tuesday August 18, with the mills pushing their offers further upward, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?424.50 ($503.41) per tonne on Tuesday, up by ?,?5.33 per tonne day on day from ?,?419.17 per tonne on Monday.The index w...Read More
China's hot-rolled coil exporters kept offering high on Tuesday August 18 based on stable domestic market, sources told Fastmarkets.DomesticEastern China (Shanghai): 4,080-4,090 yuan ($588-590) per tonne, up 10-20 yuan per tonneOne Shanghai-based trader said the futures price gains continued to improve market sentiment in the spot market, however, the demand mainly came from speculators who w...Read More
Prices for steel rebar in the United Arab Emirates have continued to increase over the past week but buying was only moderate, market sources said on Tuesday August 18.Domestic rebarSince Monday, the country's biggest rebar producer has been offering the product at 1,830 dirhams ($498) per tonne ex-works for orders to be produced in September. This was up from 1,773 dirhams per tonne ex-works for...Read More
Export prices for steel rebar and wire rod from the Commonwealth of Independent States (CIS) increased in the first half of August, supported by a combination of favorable market factors, Fastmarkets heard on Tuesday August 18.The revival of interest in finished long steel products among some European and Middle Eastern suppliers, reduced allocation of materials from Russian mills and the positive...Read More
China's domestic rebar prices edged up further on Tuesday August 18 amid rising futures, though demand in the spot market was largely flat. Domestic Eastern China (Shanghai): 3,650-3,680 yuan ($527-531) per tonne, up by 10 yuan per tonne Sellers in the spot market raised their prices following the gains in the futures market, but buyers did not raise their procurement rates. High temperatures...Read More
Here are five Fastmarkets stories you might have missed on Tuesday August 18 that are worth another look.The annual Asia Copper Week gathering has been canceled this year due to the global spread of Covid-19, its Chilean organizer, the Center for Copper and Mining Studies, announced on August 18.Digital financing will ease...Read More