China imported 1.16 million tonnes of coking coal from Australia in February, down 25% on the year amid port restrictions that emerged at the end of January. The country imported 1.54 million tonnes of Australian coking coal in February a year earlier, according to Chinese customs data.Customs authorities in China had issued verbal directives to end users that Australian coking coal would undergo...Read More
The United States' copper market was modestly lower on Tuesday March 26 morning amid a lack of trading action and industry participants seeking fresh market catalysts. The copper price for May settlement on the Comex division of the New York Mercantile Exchange inched down 0.30 cents to $2.8535 per lb. Copper trading has been fairly quiet over the past several weeks, with modest global growth...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Monday March 26*Copper -$132.83 (-893.62 yuan) Aluminium -$266.47 (-1,792.59 yuan) Zinc -$147 (-988.88 yuan) Nickel -$309.55 (-2,082.41 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE...Read More
Zinc's three-month price on the London Metal Exchange was higher during morning trading on Tuesday March 26, with price action keeping firmly above $2,800 per tonne, while the rest of the complex consolidates lower amid dampened investor sentiment. Contributing to the slump in price action, weaker than expected manufacturing data last week from both the United States and Europe continue to indicat...Read More
Northwest China's non-ferrous metals producer-Baiyin Nonferrous Group will suspend one third of its zinc production lines from March 26 for a 20-day planned maintenance period, market sources told Fastmarkets MB.The company runs six, zinc operation lines and will halt two from today until the middle of April. "About 2,500 tonnes of zinc will be removed in Baiyin during March 26-31 [because of the...Read More
Three-month base metals prices on the London Metal Exchange had a mixed start to trading on Tuesday March 26 while recessionary fears subsided. The US 10-year bond yield has rebounded off the 2017 lows reached on Monday, providing global markets with some relief and allowing Asian equity indexes to trade confidently higher on the back of improved risk sentiment.In terms of volume, a total of 4,497...Read More
The high-grade manganese ore index fell on Friday March 22 after sellers re-entered the market offering at a price stable with last month; in alloys, the Chinese ferro-manganese price rose following the recent recovery in the country's silico-manganese market. 44% manganese ore index retreats after previous climbDeals for 37% material concluded at higher levelsSilico-manganese prices rise in China...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade. Index futures were virtually unchanged following release of the January trade deficit report. Consensus was $57.50 billion versus $59.80 billion in December. Actual was $51.1 billion.The Canadian Dollar was virtually unchanged following release of Canada's January trade deficit report. C...Read More
Martin Riesen, head of trading at storied metals merchants MRI, left the company on Monday March 25, Fastmarkets understands.Riesen was promoted into the role in March 2017. His departure follows that of head of copper concentrates trading...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Monday March 25, capped by low-volumes trading while risk appetite continues to falter in the wake of last week's US Federal Reserve policy meeting. Volumes traded were low over the day's trading, with copper leading the complex at just over 12,000 lots changing hands by the close, down from 26,065 lots on...Read More
The Comex copper market was listlessly trading on Monday March 25 morning in the United States, with the market in a general state of paralyses. The copper price for May settlement on the Comex division of the New York Mercantile Exchange was flat at $2.8425 per lb. Without fresh catalysts, the red metal has been unable to generate a consistent direction over the last few weeks, which has continue...Read More
Martin Riesen, head of trading at storied metals merchants MRI, left the company on Monday March 25, Fastmarkets understands.Riesen was promoted into the role in March 2017. His departure follows that of head of copper concentrates trading...Read More
Long-term contract and import prices for ferro-chrome rose again in China in the week ended Friday March 22 on higher tenders from stainless steel mills and load shedding by South Africa electricity company Eskom. April tenders push up long-term contract prices in ChinaCharge chrome import prices rise on protracted power constraintsAlloy prices rise in South KoreaEuropean alloy prices flatline de...Read More
A ramp-up in Chinese zinc production is expected to accelerate from the second quarter of this year, boosted by the completion of upgrades at smelting facilities across the country and a surge in treatment charges (TCs) amid a relatively oversupplied raw materials market, sources told Fastmarkets.A large amount of refined zinc capacity in China has been shut or suspended over the past two years du...Read More
The Chinese antimony price continued to trend down for the fourth consecutive week amid persistently weak demand and abundant supply in the latest assessment period ended Wednesday March 20. Fastmarkets' price assessment for MMTA standard-grade II antimony, delivered duty-paid in China, fell 1.6% week on week to 45,000-46,000 yuan ($6,723-6,872) per tonne on Wednesday March 20, from 46,000-46,500...Read More
Key data from the Friday March 22 pricing session in London.Key drivers - Some sellers continued to offer aggressively to get stock off their books, but others took a step back and held their offers within range. - Consumers were emboldened to bid aggressively after...Read More
Turkish steel mills added two more cargoes to round off last week's activity before going quiet in the deep-sea scrap markets after the government's response to Donald Trump's Golan Heights comments. A steel producer in the Marmara region booked a US cargo, comprising 35,000 tonnes of HMS 1&2 (80:20) at $323 per tonne cfr and 5,000 tonnes of bonus at $333 per tonne late on Friday March 22.The same...Read More
Turkish domestic auto-bundle scrap prices have gone up over the past seven days, while ship scrap prices fell because the country's lira has weakened against the US dollar, sources said on Monday March 25.Fastmarkets' weekly price assessment for domestic auto-bundle (DKP-grade) scrap in Turkey was TRY1,700-1,870 ($295-324) per tonne delivered on Monday, widening upward from last week's TRY1,700-1,...Read More
China's copper scrap imports in February dropped by 63% month on month and by half compared with February 2018, according to the latest Chinese customs data released on Monday March 25. China imported 64,622 tonnes of copper scrap in February 2019, a sharp drop of 63.5% from 176,900 tonnes in January. This was attributed to a fall in activity during the week-long Lunar New Year holiday in February...Read More
The Comex copper market was listlessly trading on Monday March 25 morning in the United States, with the market in a general state of paralyses. The copper price for May settlement on the Comex division of the New York Mercantile Exchange was flat at $2.8425 per lb. Without fresh catalysts, the red metal has been unable to generate a consistent direction over the last few weeks, which has continue...Read More