Seaborne coking coal prices remained stable on Wednesday December 4, as expected by participants, with traded levels for premium mid-vol materials staying above $140 per tonne cfr China.Fastmarkets indicesPremium hard coking coal, fob DBCT: $136.80 per tonne, down $0.06 per tonnePremium hard coking coal, cfr Jingtang: $147.09 per tonne, down $0.51 per tonne Hard coking coal, fob DBCT: $1...Read More
Market participants have been surprised by the continued rise inAsian ferrous scrap prices, especially in the face of weak downstream demand. "Some people have been caught short and now have to purchase at higher prices after selling their cargoes previously," a trader in Vietnam told Fastmarkets on Wednesday December 4.Prices in Asia have been on an upward trend from early October, boosted by lim...Read More
China's hot-rolled coil exporters refused to lower their offers on Wednesday December 3 following price gains in the east of the country, although sources said domestic downstream demand was weakening.DomesticEastern China (Shanghai): 3,770-3,780 yuan ($533-534) per tonne, up 30 yuan per tonneNorthern China (Tangshan): 3,640 yuan per tonne, narrowing downward by 10 yuan per tonnePrices g...Read More
The three-month zinc price on the London Metal Exchange was higher during morning trading on Wednesday December 4, with its price action bolstered by the fresh cancelation of 2,325 tonnes in addition to a narrowing of the metal's benchmark cash/three-month spread backwardation. Zinc's outright price on the LME was recently seen trading at $2,240 per tonne, a gain of $38 per tonne against Tuesday's...Read More
Non-haven markets are generally under pressure after United States President Donald Trump said he was prepared to wait until after the 2020 US presidential election for a trade deal with China.This has dented sentiment, sending gold prices and the yen higher, while US treasury yields have weakened. Asian equities are weaker, led by a 1.6% fall in the Australia's ASX 200The yuan has weakened to 7.0...Read More
China's domestic rebar prices kept their downward trend on Wednesday December 4 as traders unloaded inventory. Eastern China (Shanghai): 3,970-4,000 yuan ($562-566) per tonne, down 20 yuan per tonne Northern China (Beijing): 3,700-3,740 yuan per tonne, down 10-20 yuan per tonneRising spot market inventory caused by weaker demand and high output led trading houses to urgently destock...Read More
With the exception of tin, base metals prices on the Shanghai Futures Exchange were down during the morning trading session on Wednesday December 4 after United States President Donald Trump said a trade deal with China may not come until after next year's presidential election."In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now a...Read More
An overview of the minor metals markets and their latest price moves.Read More
Cobalt trade log including business, bids and offers reported to Fastmarkets.Cobalt trade log including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per lb on an in-warehouse (in-whs) basis. Delivered prices are netted back. Fastmarkets prices Click here for Fastmarkets' price assessment for standard-grade cobalt, in-whs Rotterdam, $/lb.Click here for...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday December 4.Key drivers The scrap markets were down in the past week, with supply offer prices dropping against slowing demand in the run-up to year-end holidays. Metals producers typically run down their feedstocks in December, a time usually set aside for book-squaring, banking profits and settling accounts. The alloy market...Read More
Glencore has signed a six-year deal to supply cobalt hydroxide to South Korea-based electric vehicle (EV) battery maker SK Innovation, the Swiss miner-trader announced on Wednesday December 4.SK Innovation will purchase up to 30,000 tonnes of cobalt contained in hydroxide between 2020 and 2025. "This newly established partnership demonstrates the continuation of Glencore's cobalt hydroxide marketi...Read More
The Chinese government has approved a seventh round of copper scrap import quotas for this year at lower volumes compared with the previous batch, Fastmarkets has learned. The most recent quota has been set at 7,970 tonnes, the environment ministry said on Tuesday December 3. This is down by 28.3% from 11,110 tonnes issued in the sixth round of approvals last month. The latest quota brings th...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade. Index futures moved higher following release of the November Employment Reports at 8:30 AM EDT. Consensus for November Non-farm Payrolls was an increase of 183,000 versus an upwardly revised gain of 156,000 in October. Actual was a gain of 266,000. November Unemployment Rate was expected...Read More
Weak demand conditions and lingering backwardations in London Metal Exchange spreads damped most regional P1020A premiums on Tuesday December 3, including the main Japanese ports (MJP) premium, which fell to an all-time low.MJP premium falls to all-time lowRotterdam premium ticks downward on LME backwardationsBrazil premiums soften on poor demandUS Midwest premium steady on holiday pause.MJP spot...Read More
A summary of base metals premiums from across the globe for the week to Tuesday December 3.Please click...Read More
The three-month nickel price on the London Metal Exchange was lower at the close of trading on Tuesday November 3, with this morning's fresh cancelation of 1,326 tonnes doing little to negate selling pressure, while the metal's benchmark cash/three-month spread reached its widest level since July. Nickel's outright price on the LME closed at $13,375 per tonne this afternoon, softening by more than...Read More
Seaborne manganese ore prices for both grades in China nudged down in the week ended Friday November 29 after buying sentiment was dented by falling port-side ore prices and the continued rise in port-side inventories. Spot liquidity was light last week in advance of miners making their offers for January cargoes. Fastmarkets' index for manganese ore, 44% Mn, cif Tianjin edged down by 1 cent week...Read More
Lead concentrate spot treatment charges (TCs) continued to rise in November, with buy-side liquidity slim amid a still-shut arbitrage window for Chinese imports. Refining charges (RCs) also remain high, around $1.20-1.30 per oz for material with high silver content. Lead concentrates with low silver content are trading with RCs at $1.50 or above. Fastmarkets assessed the lead spot concentrate...Read More
Deteriorating demand is adding continual downward pressure to Chinese and European alloy prices.Chinese domestic alloy prices weaken on thin demand Imported charge chrome prices in China drop amid competitive domestic prices Chrome ore prices hold in China European alloy market continues sliding Chinese spot domestic ferro-chrome prices resumed their decline in the week to Friday November 29, refl...Read More
Prices for certain grades of ferrous scrap rose in the Mexican steelmaking regions of Baj?-o and Monterrey over the past week, with some consumers already applying price increases to secure their supply.In Mexico's central Baj?-o region, at least one steelmaker increased prices by up to 200 pesos ($10) per tonne last week, while other steelmakers were telling scrap sellers that they will struggle...Read More