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The three-month base metals prices on the London Metal Exchange were up across the board by an average of 0.5% this morning, Tuesday March 12.Nickel once again led the way with a 1.4% gain to $13,090 per tonne, compared with Monday’s close at $12,915 per tonne, while copper was up by 0.6% at $6,459 per tonne, having closed on Monday at $6,421.50 per tonne. Copper and nickel are in the driving...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Index futures were virtually unchanged following release of the February Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a drop of 0.1% in January. Actual was an increase of 0.2%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.2%...Read More
Steel billet prices in the major global markets showed diverging trends during the week ended Friday March 8, with muted demand meaning that prices were stable or fell in Turkey, China and the United Arab Emirates.But prices increased in Southeast Asia, Egypt and the Commonwealth of Independent States amid higher scrap costs and increased offers.In Egypt, reports of a new regulation that effective...Read More
Fastmarkets AMM attended the annual convention of the National Association of Steel Pipe Distributors (NASPD) on Thursday March 7 and Friday March 8 in New Orleans. Here are five themes gleaned in the sessions, on the sidelines and at the soirees.The US Gulf Coast is excited about China LNG import rumors. Reports that China may agree to buy an immense amount of liquefied natural gas (LNG) exp...Read More
Chinese finished steel exports decreased in February on both a yearly and a month-on-month basis amid uncompetitive prices and fewer working days as a result of the Chinese Lunar New Year holiday.The country shipped 4.51 million tonnes of finished steel out of the country last month, down 7% from the 4.85 million tonnes exported in February 2018, according to preliminary Chinese customs data...Read More
China's major mills continued to raise their daily output rates for crude steel in mid-February, while their finished steel inventories also rose.Members of the China Iron & Steel Association (Cisa) produced crude steel at an average rate of 1.95 million tonnes per day during the second 10 days of February, up 1.6% from 1.92 million tpd in early February, according to data released by the industry...Read More
Steel billet prices in the major global markets showed diverging trends during the week ended Friday March 8, with muted demand meaning that prices were stable or fell in Turkey, China and the United Arab Emirates.But prices increased in Southeast Asia, Egypt and the Commonwealth of Independent States amid higher scrap costs and increased offers.In Egypt, reports of a new regulation that effective...Read More
Here are five Fastmarkets MB stories you might have missed on Friday March 8 that are worth another look.It is "inevitable" that secondary lead will be listed on the Shanghai Futures Exchange in the future, given the material's rapid growth in supply and increasing market share in China's lead industry, Fastmarkets heard at the Consortium For Battery Innovation 2019 China Technical Workshop i...Read More
Ahead of Fastmarkets' Battery Materials 2019 conference in Shanghai, Fastmarkets looks at use of lithium in next-generation vehicles and other battery uses, as well as soaring prices, which have spurred interest in lithium and boosted its importance in recent years as a battery material. In June 2016, the spot price in China peaked at $27 per kg, more than three times the global contract price, ac...Read More
In contrast to the clear skies outside, a cloud hung over discussions among Indian scrap traders attending the opening session of the annual conference of the Material Recycling Association of India (MRAI) earlier this month in Kochi, southern India.Secretary-general Amar Singh praised the superior air quality in the host city, compared with the metropolises of New Delhi and Mumbai. But delegates...Read More
Section 232 tariffs on aluminium and steel raised $3.6 billion in their first nine months, and revenues for the last two months are likely to push that figure up by around another $1 billion, US government data shows.That figure would be enough to cover the shortfall in funding sought by United States President Donald Trump for border security. In other words, aluminium and steel tariffs could fun...Read More
Iron ore prices fell sharply in the second half of November after climbing through October, with prices for higher-grade material pioneering the decline.Fastmarkets MB daily benchmark for 65% Fe fines dropped by 22% by Monday November 26 after peaking on October 29. The 62% Fe iron ore index declined by 16% over the period, as some Chinese steelmakers started to seek larger volumes of cheaper ores...Read More
Here are five Fastmarkets MB stories you might have missed on Friday March 8 that are worth another look.It is "inevitable" that secondary lead will be listed on the Shanghai Futures Exchange in the future, given the material's rapid growth in supply and increasing market share in China's lead industry, Fastmarkets heard at the Consortium For Battery Innovation 2019 China Technical Workshop i...Read More
The US copper rod premium has again held steady, although market participants noted pressure from solid demand and tightening supply, citing reported output issues at copper rod producer Asarco.Fastmarkets AMM's assessment of the US copper rod premium was unchanged at 15-17 cents per lb delivered to the Midwest on Thursday March 7; the premium has remained at that level since January 3. "Demand is...Read More
Despite further poor economic data at the end of last week, the three-month base metals prices on the London Metal Exchange were for the most part higher this morning, Monday March 11.With the exception of tin that was down by 0.2%, the rest of the complex were up between 0.3% for copper and 1.3% for zinc. Copper was recently quoted at $6,414 per tonne, compared with $6,395.50 per tonne at Friday&...Read More
U.S. equity index futures were higher this morning. S&P 500 futures up 4 points in pre-opening trade. Index futures were virtually unchanged following release of January Retail Sales report. Consensus was a decrease of 0.1% versus a revised drop of 1.6% in December. Actual was an increase of 0.2%. Excluding auto sales, consensus for January Retail Sales was an increase of 0.2% versus a revised...Read More
Aluminium foundry premiums in Europe and the United States remain under pressure this month due to continuing weak demand in the automotive industry. Foundry premiums in Germany fell 5% month on month and are down more than 16% from the start of 2019. In Germany, the premium for silicon 7 aluminium wheel alloys over London Metal Exchange cash prices delivered to the Ruhr region with 30-day payment...Read More
Prices for long and flat stainless steel products in Europe were stable this week, but higher prices were beginning to emerge in the market following the increase in monthly surcharges, market participants told Fastmarkets on Friday March 8.The March surcharges for grade-304 cold-rolled (CR) stainless sheets increased to ?,?1,308-1,351 ($1,474-1,522) per tonne on March 1, according to data release...Read More
Base metals prices on the London Metal Exchange were collectively lower at the close of trading on Friday March 8, with most metals ending the week down despite strong fundamentals across the complex and continued market optimism over US-China trade resolution. Losing momentum over the afternoon, the three-month nickel price fell to just over $13,000 per tonne amid continued selling pressure. ...Read More