Here are five Fastmarkets stories you might have missed on Friday February 28 that are worth another look.The steel export trade from Iran has been hurt by neighboring countries closing their borders due to the appearance of coronavirus infection in the Middle Eastern country, Fastmarkets learnt on February 28.The global novel coronavirus (2019-nCoV) outbreak is putting bearish pressure on negotia...Read More
Here are five Fastmarkets stories you might have missed on Friday February 28 that are worth another look.The steel export trade from Iran has been hurt by neighboring countries closing their borders due to the appearance of coronavirus infection in the Middle Eastern country, Fastmarkets learnt on February 28.The global novel coronavirus (2019-nCoV) outbreak is putting bearish pressure on negotia...Read More
Here are five Fastmarkets stories you might have missed on Friday February 28 that are worth another look.The steel export trade from Iran has been hurt by neighboring countries closing their borders due to the appearance of coronavirus infection in the Middle Eastern country, Fastmarkets learnt on February 28.The global novel coronavirus (2019-nCoV) outbreak is putting bearish pressure on negotia...Read More
China’s official manufacturing purchasing managers index (PMI) slumped to 35.7 in February from 50 previously, but despite this the base metals are up across the board this morning, Monday March 2, and Asian equity indices are for the most part firmer too. China's official non-manufacturing PMI dropped to 29.6 from 54.1.The buoyancy of the base metals seems to stem from expectations that...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade.Index futures moved in a wide range overnight. Dow Jones Industrial Average futures initially moved sharply lower, then sharply higher, then sharply lower again for a 1,000 point swing. They currently are down 200 points.Asian equity markets were mostly higher. The Shanghai Composite Ind...Read More
The American Institute for International Steel (AIIS) has again asked the United States Supreme Court to hear its case challenging the constitutionality of Section 232.AIIS' move comes after the US Court of Appeals for the Federal Circuit said that President Donald Trump acted within the authority granted to him by the Constitution in imposing tariffs and quotas against foreign steel and aluminium...Read More
Trading in Turkey's domestic steel market has stopped following an airstrike in Idlib in northwestern Syria, that resulted in the deaths of at least 33 Turkish soldiers, market sources told Fastmarkets on Friday February 28. Following the attack, which Turkish officials blamed on the forces of Bashar al-Assad's regime, Turkey's president, Recep Tayyip Erdodan, said Syria's al-Assad regime was now...Read More
A vessel contracted by Brazil-based miner Vale is grounded off the coast of the country's north-eastern Maranh??o state, having suffered damage after leaving the Ponta da Madeira Maritime Terminal earlier this week.Vale's shipments from Ponta da Madeira were not affected by the incident, the miner said late on Wednesday February 26.The ship, a very large ore carrier (VLOC) called MV Stellar Banner...Read More
The novel coronavirus (2019-nCoV) is set to accelerate what the trade wars started: the diversification of global supply chains. Both events have demonstrated just how interconnected the global economy is and have provided a wake-up call to businesses worldwide that it might be time to reduce their reliance on China as the workshop of the world. Of course, that's easier said than done. China is th...Read More
The London Metal Exchange three-month lead price slipped below $1,800 per tonne temporarily on Friday February 28, on a day that saw just over 6,000 lots traded.The LME lead price fell to $1,778.50 per tonne during morning trading hours in London, but recovered to close at $1,848 per tonne.The forward spreads in lead remained tight, with the benchmark cash-to-three-month spread...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
Fastmarkets has discontinued the publication of three base metals premiums, devised via calculation, after a month-long consultation.The three premiums, calculated on a $/lb basis, are as follows:MB-AL-0232 - Aluminium P1020A premium, ddp Midwest US, $/lb (twice weekly) and the associated aluminium P1020A premium, ddp Midwest US, $/lb monthly average MB-PB-0057 - Lead 99.97% ingot premium, ddp Mid...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
A surge in Chinese high-carbon ferro-chrome production last year led to a jump in buying interest for chrome ore, resulting in a significant build-up of ore inventories in the country that is dampening market sentiment. At the same time, the increased output among Chinese ferro-chrome smelters is exceeding demand from the downstream stainless steel sector and is putting pressure on China's market...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the week ending Friday February 28. China Novel coronavirus (2019-nCoV) continues to weaken sentiment for seaborne ore prices amid sharp falls in portside and alloy prices. Portside prices fell on aggressive bids...Read More
Benchmark alumina prices climbed to a seven-month high on Friday February 28 with deals concluding above $300 per tonne. Fastmarkets calculated the daily alumina index, fob Australia at $302.50 per tonne on Thursday, up from $299.74 per tonne the previous day and $292.47 per tonne a week ago. It was now at its highest level since July 30, 2019. Key drivers: Nalco tender concluded on Fri...Read More
An overview of the minor metals markets and the reasons behind the latest price moves.Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
The price of ferrous scrap imported into India was broadly stable in a lackluster market this week, due to ongoing global fears over the spread of the novel coronavirus (2019-nCoV) and the linked rise in container freight rates, sources told Fastmarkets on Friday February 28.Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $305.66 per tonne on Friday, up...Read More
The inter-merchant spot market for light iron scrap in the UK was flat in the week ended Friday February 28, extending a period of price stability this month against a recovery in European export prices and with major British shredders seeking steady supplies, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant,...Read More