A stress test carried out by the European Securities and Markets Authority (ESMA) on central clearing counterparties (CCPs) has shown European clearing houses are resilient to market shocks, but highlighted some abnormalities for the London Metal Exchange. The test is an assessment of the reliance of CCPs to adverse market developments - covering both credit and liquidity risk. ESMA's report, rele...Read More
China's domestic prices dropped slightly on Wednesday July 15 due to weak demand caused by persistently heavy rain in the country, though market participants are not expecting the market to experience any sharp drops anytime soon.Domestic Eastern China (Shanghai): 3,590-3,610 yuan ($513-516) per tonne, down by 10 yuan per tonneEastern China continued to experience wet weather during the day, which...Read More
Trading activity in China's hot-rolled coil market weakened on Wednesday July 15 amid reluctance among buyers to pay prevailing prices, which are deemed as high, sources told Fastmarkets.DomesticEastern China (Shanghai): 3,890-3,900 yuan ($556-557) per tonne, unchangedHRC prices in eastern China have risen to their highest level since January 10 after sellers raised their offers steadily since las...Read More
London Metal Exchange three-month base metals prices consolidated near recent highs in the morning session on Wednesday July 15, becoming firmer on macro rhetoric after a price drop following the previous day's sell-off."It seems the market has been able to overlook reports of rising Covid-19 infections rates and growing US-Sino tensions," Fastmarkets research analyst Andy Farida said. "News of a...Read More
The cobalt alloy grade, in-whs Rotterdam trade log including business, bids and offers reported to Fastmarkets. The cobalt alloy grade, in-whs Rotterdam 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...Read More
The cobalt standard grade, in-whs Rotterdam 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, at...Read More
An overview of the minor metals markets andthe reasons for any price moves.Read More
The provincial government of Yunnan, China, has announced details of incentives for companies that purchase base metal products. The incentives came into effect on July 10, according to an announcement on the Yunnan Commerce department website. Major Yunnan corporates are being subsidized to stockpile: 110,000 tonnes of copper cathodes, 70,000 tonnes of lead ingots,...Read More
Asian-Pacific equities were mixed this morning, Wednesday July 15, with markets in China and Hong Kong lower, while other markets in the region and pre-market major western equity markets were firmer.The base metals traded on the London Metal Exchange and Shanghai Futures Exchange gave a similarly divergent performance; three-month base metals prices on the LME mostly edged higher this morning, wh...Read More
An overview of the noble alloys markets and their latest price moves.Read More
Key data from the pricing session in Europe on Wednesday July 15. Key drivers Deals were done around the low end of the latest assessment of the ferro-titanium market. There were lower offer prices and deals reported because of the seasonal summer slowdown that has started in heavy industry in Europe. Steelmakers are taking extended closures due to slumps in end-user steel product industries...Read More
Fastmarkets has refined the names of its global aluminium wheel alloy silicon 7 ingot premiums to reflect the product's usage in the market. As part of a market consultation, Fastmarkets received market-wide support for changing the premium's group name to aluminium primary foundry alloy silicon 7 ingot. The aluminium wheel alloy silicon 7 ingot premiums are commonly known in the market as primary...Read More
Fastmarkets has settled the benchmark premium for the supply of aluminium to main Japanese ports (MJP) in the third quarter of 2020 at $75-79 per tonne over the London Metal Exchange cash price. The premium is 6% lower than the second-quarter benchmark of $82 per tonne and significantly lower than the third-quarter of 2019 which settled at $108 per tonne cif MJP. The sharp drop was driven by...Read More
Home Builders ETF (XHB) moved above $46.60 extending an intermediate uptrend.Pre-opening Comments for Thursday July 16thU.S. equity index futures were lower this morning. S&P 500 futures were down 22 points in pre-opening trade. Weakness was triggered partially by a 4.5% drop by the Shanghai Composite Index to 3,210.10.Index futures were virtually unchanged following release of economic news a...Read More
(Adds MP declines to comment on Shenghe) By Ernest Scheyder July 15 (Reuters) - U.S. rare earths miner MP Materials willgo public in a $1.47 billion deal by merging with aprivate-equity backed blank-check company, underscoring WallStreet's rising interest in efforts to boost production of thestrategic minerals. The listing on the New York Stock Exchange would be thefirst for a U.S. rare earths com...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 14 that are worth another look.Sims Metal Management, the world's top metal and electronics recycler, is to lay off up to one-fifth of its UK workforce, Fastmarkets understands.Commercial vehicles led China's annual automotive output and sales in June, the China Association of Automobile Manufacturers (CAAM) said on July 10, e...Read More
The United States Court of International Trade (CIT) has ruled that President Donald Trump did not have the power to double the Section 232 tariff on steel imports from Turkey.The increase in the tariff - to 50% from 25% - was a violation of statutory procedures and of equal protection guarantees, the CIT stated in a 22-page ruling on Tuesday July 14. The ruling follows a complaint filed by US ste...Read More
Aluminium premiums were stable in most regions on Tuesday July 14, but premiums rose in Brazil with some market participants in the country noting signs of demand recovery, while others suggested the increase could be short-lived. Brazil premiums up on stronger spot interestRotterdam premiums hold in quiet conditionsUnited States premium steady, while uncertainty stifles tradingSpot inactivity kee...Read More
Execution works at the copper-gold Serrote project, operated by Minera????o Vale Verde (MVV), have reached 60% completion and is planned to start production in the second half of 2021, MVV's parent company Appian Capital Advisory said on Tuesday July 14. The project is located in the Brazilian northeastern state of Alagoas, and has an expected production capacity of 20,000 tonnes per year of coppe...Read More
Workers at Antofagasta's Zaldivar and Centinela copper mines in Chile have successively voted to take industrial action after the negotiations for labor contract renewals failed, Fastmarkets understands. Over 94% of union members at Centinela voted for a suspension if a usual 5-10 day mandatory government-led mediation does not go anywhere. Last week, union member representatives at Antofagasta's...Read More