Zinc's three-month price on the London Metal Exchange fell at the close of trading on Monday February 11, hampered by broad strength in the dollar index while low LME inventories failed to limit downward price action. The three-month zinc price has also fallen by 6% since reaching a July 2018 high of $2,800 per tonne last week. Since then, open interest in zinc has dwindled by more than 11% from a...Read More
Base metals prices on the London Metal Exchange were predominantly lower during morning trading on Monday February 11, with nickel the only metal to trade in positive territory, while continued strength in the dollar index fuels selling momentum. Chinese market participants have returned from their week-long Lunar New Year break. Yet despite a return of Chinese stimulus resulting in higher volumes...Read More
China's return to the market after a week-long break for Lunar New Year has not brought with it a rush to restock and that has led to some disappointed selling across the base metals traded on the London Metal Exchange, with the complex down by an average of 0.9% this morning, Monday February 11.The three-month zinc price led the decline with a 2% drop, while the three-month tin price was down by...Read More
The European spot market price of ferro-silicon stabilized in the week ended Friday February 8 after recent falls, with the range holding at lows last seen in February 2017; while in the United States, prices narrowed during a slow trading week. Europe stabilizes losses, with trading activity expected low key until March US prices narrow amid limited trading activity China set to retu...Read More
Turkey's biggest steel producer, Erdemir Group, reported earnings before interest, taxes, depreciation and amortization (Ebitda) for 2018 of TRY8.302 billion ($1.579 billion*), up 52.24% from TRY5.453 billion for 2017. The group sold 7.482 million tonnes of flat steel products in January-December 2018, down by 1.47% from the 7.594 million tonnes sold in 2017, it said last week. The increase in ear...Read More
Here are five Fastmarkets MB stories you might have missed on Monday February 11 that are worth another look.The London Metal Exchange could face a significant financial challenge if the European Union wins a legal battle with the British government over tax breaks on commodity derivatives trading. Turkish President Recep Tayyip Erdogan has put his weight behind calls for a reduction of...Read More
OJSC Electrozinc, the second-largest industrial metallurgy enterprise in Russia, has permanently ceased operations at its plant in North Ossetia, Fastmarkets has heard.The unit, which had been under close scrutiny from regional authorities, had already suspended operations following a fire on October 21 last year that killed one person and injured three more."The company has decided to terminate E...Read More
The London Metal Exchange could face a significant financial challenge if the EU wins a legal battle with the British government over tax breaks on commodity derivatives trading.The European Commission has referred the UK to the European Court of Justice (ECJ) over concessions offered by the EU to the UK in 1977, which allowed the UK to apply a zero-rate of VAT to transactions on specific commodit...Read More
A 118-day queue for aluminium has developed at warehouses in Port Klang operated by Istim, following a series of cancelations on the London Metal Exchange last month, according to LME data released on Monday February 11.Between January 22 and 25, almost 300,000 tonnes of aluminium was canceled at warehouses in Port Klang, causing the extended wait for deliveries.At the end of December, there was j...Read More
The price of copper in the United States began the week trading in negative territory, with a strong dollar and a lack of news about the US-China trade talks weighing on the base metals complex.The copper price for March settlement on the Comex division of the New York Mercantile Exchange declined by 1.10 cents per lb to $2.79 per lb.Chinese market participants have returned from their week-long L...Read More
Base metals prices on the London Metal Exchange were predominantly lower during morning trading on Monday February 11, with nickel the only metal to trade in positive territory, while continued strength in the dollar index fuels selling momentum. Chinese market participants have returned from their week-long Lunar New Year break. Yet despite a return of Chinese stimulus resulting in higher volumes...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Monday February 11*Copper -$165.93 (-1,126.09 yuan) Aluminium -$370.65 (-2,515.41 yuan) Zinc -$111.17 (-754.45 yuan) Nickel -$61.61 (-418.12 yuan) *Fastmarkets MB calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
Turkish President Recep Tayyip Erdogan has put his weight behind calls for a reduction of the trade tariffs affecting his country's steel and aluminium exports to the United States.US President Donald Trump doubled the tariffs applied to steel and aluminium imported from Turkey in August 2018. At the time, relations between the two countries were poor because of Turkey's detention of US evangelica...Read More
Import prices for steel slab in Southeast Asia and East Asia increased again over the past week on expectations of higher prices, although the market was quiet amid the week-long Lunar New Year trading lull.Fastmarkets MB's weekly import price assessment for slab in Southeast Asia and East Asia was $445-460 per tonne cfr on Monday February 11, up $15 per tonne from a week earlier.There were no boo...Read More
China's hot-rolled coil exporters are planning to offer much higher prices after a surge in the domestic market on Monday February 11 following global price gains in iron ore during the Lunar New Year festival break, market participants told Fastmarkets MB.DomesticEastern China (Shanghai): 3,870-3,890 yuan ($574-577) per tonne, up 90 yuan per tonneNorthern China (Tianjin): 3,800-3,810 yu...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transactions: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
Import prices for re-rolling-grade hot-rolled coil into Vietnam are expected to continue on an upward trend from this week onwards amid surging iron ore prices, which market participants expect to continue boosting downstream carbon steel prices.The MB 62% Fe Iron Ore Index was at $85.53 per tonne cfr Qingdao on Friday February 8, up from $74.69 per tonne cfr Qingdao on Friday January 25, while th...Read More
Turkish domestic scrap prices have continued to increase in line with the rise in the costs of imported deep-sea scrap and domestic finished steel, sources said on Monday February 11.Fastmarkets' weekly price assessment for domestic auto bundle (DKP-grade) scrap in Turkey was TRY1,660-1,810 ($316-344) per tonne delivered on February 11, rising from TRY1,595-1,690 per tonne last week.The steel mill...Read More
Seaborne iron ore prices surged across the board on Monday February 11 when trading resumed in China after a week-long public holiday. MB 62% Fe Iron Ore Index: $90.58 per tonne cfr Qingdao, up $5.05 per tonne. MB 62% Fe Pilbara Blend Fines Index: $91.42 per tonne cfr Qingdao, up $5.05 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $92.50 per tonne cfr Qingdao, up $5.18 per tonne. MB 58% Fe Prem...Read More
Prices in the seaborne coking coal spot market failed to get a boost from the return of Chinese participants following the Lunar New Year break on Monday February 11."There is still a lack of clarity on how the customs clearance restrictions on Australian coal will be enforced or to what extent, [and therefore] there are very few transactions at this juncture," a source at a mill in...Read More