Flat steel import prices in the United Arab Emirates and Saudi Arabia remained steady over the week, with market demand limited amid the novel coronavirus (2019-nCoV) outbreak, sources said on Tuesday March 17.UAEChinese suppliers' offers for hot-rolled coil (HRC) were stable at $475-485 per tonne cfr this week, while Japanese suppliers continued to offer the same material at $480-485 per tonne.Fa...Read More
Ferrous scrap prices in the Mexican domestic market were unchanged in the week ended Friday March 13 amid growing uncertainty in raw material markets due to the novel coronavirus (2019-nCoV) outbreak and a massive devaluation of Mexico's currency.Prices were reported at stable levels last week, with market participants trying to anticipate the direction prices will take in the coming days."We will...Read More
Seaborne coking coal prices remained largely stable on Tuesday March 17, amid subdued trading activity. Fastmarkets indicesPremium hard coking coal, fob DBCT: $163.74 per tonne, up $0.69 per tonnePremium hard coking coal, cfr Jingtang: $167.70 per tonne, up $0.93 per tonne.Hard coking coal, fob DBCT: $146.01 per tonne, unchangedHard coking coal, cfr Jingtang: $152.50 per t...Read More
Seaborne iron ore prices moved up on Tuesday March 17 with market participants highlighting rebar and iron ore as the star performers in China, with physical iron ore prices performing strongly during the day.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $91.20 per tonne, up $0.32 per tonne 62% Fe low-alumina fines, cfr Qingdao: $92.39 per tonne, up $0.25 per tone58% Fe fines high-grade...Read More
The publication of Fastmarkets China Domestic Coking Coal price estimate for Monday March 16 was delayed due to an administrative error.The Fastmarkets pricing database, MInD, has since been updated. Below are the details of the price.Price name: MB-COA-0001 Hard coking coal domestic China spot market, Shanxi-origin, delivered TangshanQuality:Volatile matter: 75Y value: >16Ash: <=11.5Sulfur:...Read More
The London Metal Exchange intends to suspend all ring trading and move to full electronic pricing from next week if the United Kingdom's current directives restricting the movement of people in a bid to stop the spread of the Covid-19 coronavirus (2019-nCoV) remain in place."If current trends continue, the LME anticipates that it will temporarily move to fully electronic pricing on Monday 23 March...Read More
The three-month copper price on the London Metal Exchange was lower during morning trading on Tuesday March 17, with its price action consolidating at 2016-lows amid a fresh 42,900-tonne inflow, while nickel futures similarly failed to gather momentum across Asian trading hours. Copper's outright price on the LME was recently seen at $5,237 per tonne, a drop of 0.8% against Monday's closing price...Read More
After a drop of 12.93% in the Dow Jones Industrial Average (DJIA) on Monday March 16, the futures in the pre-market are up by 4.96% this morning - close to the 5% limit.Three-month base metals prices on the London Metal Exchange were mixed, while those on the Shanghai Futures Exchange were down across the board, as they respond to Monday's 1.8% average drop in prices on the LME. Asian equity indic...Read More
With the exception of that for zinc and nickel, base metals prices on the Shanghai Futures Exchange were down at the close of morning trading on Tuesday March 17, with the complex taking its cue from weakness in global equity markets.Equities in the United States were down heavily overnight - reflecting fears among investors that the measures taken by US Federal Reserve may not be enough to preven...Read More
Newmont will "ramp down" mining at its Yanacocha asset in Peru after the country moved to restrict travel amid global contagion over the Covid-19 coronavirus (2019-nCoV) spread, it said.Gold production from leeching will continue but mining ore will cease, the company said. Yanacocha produces significant amounts of copper, zinc and lead concentrates as a byproduct...Read More
Italian stainless steelmaker Acciai Speciali Terni has resumed production following a three-day shutdown linked to the outbreak of 2019-nCoV coronavirus, a company spokesman said on Tuesday March 17.The mill, which produces flat and tubular stainless steel products in Terni in central Italy, was closed on March 14-15 for "sanitization of all departments," the spokesman said. It remained...Read More
Despite massive rescue packages announced by governments around the world, equity indices are still falling - as are most of the base metals - this morning, Wednesday March 18.But we are starting to production halts emerge in the metals, so both the demand and supply sides of the supply/demand equation are now likely to be reined in. Although with economic activity in Europe slowing, demand is lik...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were limit down 92 points in pre-opening trade. Investors responded to news that COVID 19 infections in the world exceeded 200,000.Early weakness partially was prompted by a $19.64 drop in Boeing to $104.50. Index futures were unchanged following release of February Housing Starts at 8:30 AM EDT. Consensus was a decrease to 1.5...Read More
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Here are five Fastmarkets stories you might have missed on Monday March 16 that are worth another look.A sharp decline in market sentiment, linked to the spread of the coronavirus (2019-nCoV), has halted activity and reduced prices in the Japanese construction steel sector, steelmaker Tokyo Steel said.Rio Tinto has slowed work on the underground project at its Oyu Tolgoi copper-gold mine in Mongol...Read More
A key challenge for US primary aluminium production facilities is the high cost of electricity, which trade restrictions measures such as Section 232 do nothing to alleviate, according to a senior lawyer and former commissioner and vice chairman of the US International Trade Commission.According to Dean Pinkert, senior counsel at New York-based law firm Hughes Hubbard & Reed, trade measures are of...Read More
The three-month copper price on the London Metal Exchange continued its descent at the close of trading on Monday March 16, settling at its lowest level since November 2016 after breaching key support levels throughout the day.The rest of the base metals complex similarly depreciated over the day's trading.Copper's outright price on the LME closed at $5,290.50 per tonne on Monday afternoon, l...Read More
Here are five Fastmarkets stories you might have missed on Monday March 16 that are worth another look.A sharp decline in market sentiment, linked to the spread of the coronavirus (2019-nCoV), has halted activity and reduced prices in the Japanese construction steel sector, steelmaker Tokyo Steel said.Rio Tinto has slowed work on the underground project at its Oyu Tolgoi copper-gold mine in Mongol...Read More
Here are five Fastmarkets stories you might have missed on Monday March 16 that are worth another look.A sharp decline in market sentiment, linked to the spread of the coronavirus (2019-nCoV), has halted activity and reduced prices in the Japanese construction steel sector, steelmaker Tokyo Steel said.Rio Tinto has slowed work on the underground project at its Oyu Tolgoi copper-gold mine in Mongol...Read More