Renault Group, a leading automotive maker in both the electric vehicle (EV) and non-EV sectors has signed a Memorandum of Understanding (MoU) with Finland's Terrafame for the future supply of nickel sulfate, according to a statement on October 8. Terrafame owns and operates a nickel, zinc, cobalt and copper mine at Sotkamo in eastern Finland and earlier this year brought online a nickel sulfate pl...Read More
Deliverable base metals stocks in Shanghai Futures Exchange-registered warehouses all increased in the week to Friday October 8, according to the exchange's weekly report.Due to China's National Day holiday on October 1-7, there was just one trade day this week.Tin, nickel, and copper stocks all increased significantly, with tin climbing the most in percentage terms.On Friday, the tin stockpile me...Read More
Some of the most important countries in global mining production are moving forward with talks to secure a larger share of the commodity price escalation seen during the Covid-19 pandemic, mostly to fund their own social programs - but companies and industry groups fear this could compromise future investments.South American mining giants Chile, Peru and Brazil seek to increase mining royalties, e...Read More
Aluminium producers are now considering different contract structures for value-added products with alloying elements such as silicon to mitigate upside production cost risks.They, along with traders and consumers, have noted in recent weeks that contracts for long-term supply of products such as 7% silicon primary foundry alloy (PFA) will include various mechanisms to protect producers and trader...Read More
Carbon steel plate prices in the United States were stable on Friday October 8, unchanged from the record high reached the previous week following the latest round of mill price hikes.Fastmarkets' price assessment for steel cut-to-length plate carbon grade, fob mill US was at $89 per hundredweight ($1,780 per short ton) on Friday, steady week on week but more than triple the $29 per cwt recorded o...Read More
Hot-rolled coil prices in the United States fell below $97 per hundredweight ($1,940 per short ton) for the first time since September 22 - landing at their lowest since September 1 - with market participants indicating that more gradual retreats could be coming.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $96.79 per cwt ($1,935.80 per ton) on Friday October 8, dow...Read More
Indian domestic secondary billet prices fell by 300 rupees ($4) per tonne week on week, despite the price of other key raw materials such as direct-reduced iron (DRI) continuing to rise.Fastmarkets' price assessment for steel billet domestic, ex-works India was down by 300 rupees per tonneat 46,300-46,500 rupees ($619-623) per tonne, compared with last week's 46,600-46,800 rupees per tonne ex...Read More
Trading activity in the United States' pig iron import market was low in the week to Friday October 8 due to uncertainty about the direction of prices.Fastmarkets' assessment of the price for pig iron, import, cfr Gulf of Mexico, US was $540 per tonne on Friday, narrowing upward by $10 from $530-540 per tonne a week earlier. The only deal in the...Read More
Global ferrous scrap prices increased in the week ended October 8 in response to improving downstream demand for billet and rebar.Turkish mills pay higher prices on improving downstream demandUnited States sells a bulk cargo to Turkey at a $5-per-tonne increaseVietnamese buyers opt for bulk HMS 1&2 (80:20) cargoes from US, AustraliaTaiwanese buyers continue to purchase containerized cargoesIndian...Read More
The export pig iron market from the Commonwealth of Independent States was quiet during the week to Thursday October 7, mainly due to the inactivity of suppliers.Fastmarkets assessed high-manganese pig iron, export, fob main port Black Sea, CIS at $490-510 per tonne on Thursday, narrowing downward by $5 from $490-515 per tonne the previous week."The market has been quiet but is getting hot because...Read More
The inter-merchant market for light-iron steel scrap in the United Kingdom was stable for a third week on Friday October 8, underpinned by firm fundamentals and relatively low domestic availability, trade sources told Fastmarkets.Major processors are offering steady prices to ensure enough scrap is being delivered into their yards, while market sentiment is also focused on the outcome of negotiati...Read More
Prices for shredded steel scrap imported into Pakistan and India took a sharp upturn in the week to Friday October 8, on a pick-up in demand, sources told Fastmarkets.PakistanFastmarkets calculated its weekly steel scrap, shredded, index, import, cfr Port Qasim, Pakistan at $ 535.07 per tonne on Friday, up from $508.69 per tonne one week previous.Deals were initially heard at $530-535 per tonne be...Read More
Turkish steel mills ended the working week with five deep-sea cargoes due to improving steel demand, market participants said on Friday October 8.Prices increases have triggered demand for billet and long steel products in the week to October 8, leading Turkish mills to book more deep-sea cargoes for November shipments.Three deals were heard on Thursday October 7.A steel mill in the Iskenderun reg...Read More
Prices for imports of steel scrap to South Korea have risen sharply over the past week amid a rise in export prices from Japan and the United States, market participants told Fastmarkets on Friday October 8.South Korea buys Japanese scrap at higher pricesLimited scrap import interest in China due to electricity rationingChina local scrap prices hold firm after holidaySouth KoreaSouth Korean import...Read More
Iron ore prices went up on Friday October 8 with improved trading liquidity after the Chinese holiday, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $123.38 per tonne, up $6.36 per tonne62% Fe low-alumina fines, cfr Qingdao: $126.95 per tonne, up $7.08 per tonne58% Fe fines high-grade premium, cfr Qingdao: $95.86 per tonne, up $4.64 per tonne65% Fe Brazil-origin fines, cfr Qi...Read More
Seaborne coking coal prices mostly increased after the National Day holiday in China, while China's coking coal-producing hub Shanxi province was hit by heavy rains, causing production halts at mines.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $609.79 per tonne, up $6.51 per tonneHard coking coal, cfr Jingtang: $565.06 per tonne, down $0.08 per tonnePremium hard coking coal, fob DBC...Read More
Spot prices for hot-rolled coil in China rose sharply on Friday October 8 compared with the last trading day before the week-long public holiday, propelled by continued production curbs and a jump in iron ore prices.DomesticEastern China (Shanghai): 5,820-5,870 yuan ($903-910) per tonne, up by 80-100 yuan per tonneNorthern China (Tangshan): weekly assessment: 5,780-5,800 yuan ($896-899) per tonne,...Read More
Base metals prices on the London Metal Exchange were mostly higher during morning trading on Friday October 8, with market participants in China returning after the Golden Week holiday.Nickel prices rebounded well this morning, with the three-month price hitting a high of $19,090 per tonne this morning.It was most recently trading at $18,855 per tonne, up $591 per tonne from Thursday's close. "[Th...Read More
China's domestic rebar prices moved up on Friday October 8 on increased demand after the week-long holiday.DomesticEastern China (Shanghai): 5,910-5,950 yuan ($916-923) per tonne, up by 10-20 yuan per tonneNorthern China (Beijing): weekly assessment: 5,800-5,850 yuan per tonne, up by 100-110 yuan per tonneEnd-user demand was strong during the...Read More
Fastmarkets analyst William Adams and reporter Alexander Cook size up the cobalt market ahead of LME Week, which begins Monday October 11.Cobalt got off to a quick start in 2021 due to strong demand growth from the electric vehicle (EV) sector, restocking and because of a constrained supply chain out of Africa. After starting the year at $15.30 per lb, Fastmarkets' benchmark standard grade cobalt...Read More