First Quantum Minerals has resumed copper production at its Las Cruces mill in Spain after a land slippage last week, by processing lower-grade stockpiled ore.The stockpiled ore was expected to provide feed for the next several months while the company, which is based in Toronto, Canada, obtains the necessary regulatory approval to begin mining at Phase 6, an area that was not affected by the land...Read More
Chilean copper producer Codelco has reached an agreement with the workers' unions representing its Chuquicamata and Gabriela Mistral divisions, the miner said on Thursday January 31. The deal in both cases will be in effect for three years. Chuquicamata currently has the third-largest refined copper output in the company and Gabriela Mistral is in sixth place. Wage raises will be in the 1-1.2% ran...Read More
Copper and zinc stocks at Shanghai Futures Exchange-approved warehouses were up week on week on Friday February 1 despite thin trading ahead of the Lunar New Year holiday, while other base metals stocks were little changed.Deliverable copper stocks at SHFE-approved warehouses increased by 19.21% or 23,000 tonnes to 142,727 tonnes in the week to Friday. The volume in the Shanghai district increased...Read More
Cold-rolled coil and coated sheet prices in the United States were steady this past week because market participants had yet to feel the full effect of $40-per-ton hikes announced from Monday January 28. Producers - including Nucor Corp, ArcelorMittal USA, and U.S. Steel Corp - raised prices for CRC and coated products by a minimum of $40 per ton earlier this past week, but buyers weren'...Read More
The export price for Brazilian slab was stable this past week due to weak trading activity, although market participants believe prices could take an upturn soon.Fastmarkets' weekly assessment for Brazilian export slab was $410-460 per tonne fob on Friday February 1, unchanged from the previous week.In the United States, bids were heard at around $460 per tonne fob but most...Read More
Ukrainian steelmaker Metinvest increased its output of sellable semi-finished products by 10% year on year to 3.03 million tonnes in 2018, supported by favorable market conditions, the company said in a report released on Thursday January 31.Sellable semi-finished products output increased following stable raw materials supplies in 2018 as well as comparatively higher sales prices year on year.Hot...Read More
The growth in apparent steel consumption in the EU will slow to only 0.5% in 2019, followed by a 1.2% rise in 2020, European steel association Eurofer said on Thursday January 31.Europe's apparent steel consumption was forecast to reach 164 million tonnes in 2019 and 166 million tonnes in 2020.These numbers are "less than one-third of the compound annual growth rate of apparent steel consumption o...Read More
The levels of the quotas set as definitive measures by the European Commission (EC) will not stop the rise in the region's import volumes, European steel association Eurofer said on Friday February 1.The EC will impose definitive safeguard measures from February 2 on a list of imported steel products, in the form of tariff rates and a range of quotas that are partly annual and country-specific and...Read More
Domestic prices for rebar in Poland have been stable over the past week, sources told Fastmarkets on Friday February 1.Fastmarkets' price assessment for domestic 12mm B500B-grade rebar in Poland was steady at 2,170-2,240 zloty ($583-601) per tonne ex-works on February 1.The steelmakers, however, were expected to raise their offers because of expected growth in scrap costs and the effects of the Eu...Read More
Steel coil prices in Turkey increased again this week because of the high cost of scrap alongside other global price increases, with more increases expected, sources told Fastmarkets on Friday February 1.Hot-rolled coil (HRC) stocks are low in the country because buying was weak for a long time when prices were falling.Fastmarkets' daily index for Northern Europe-origin HMS 1&2 (80:20) scrap - a r...Read More
Indian mills are likely to increase their domestic prices for hot-rolled coil (HRC) in February sales by about 1,000 rupees ($14) per tonne because of rising international HRC prices, particularly in China, Fastmarkets heard on Friday February 1.Officials from at least two mills confirmed the likelihood of a price rise. Indian mills were likely to issue new price lists next week, the officials sai...Read More
Export pig iron prices from southern Brazil have increased on new deals, while iron ore costs rose following the tailings dam failure at one of Vale's mines, Fastmarkets learned on Friday February 1.DNEPR, Ukraine - Export pig iron prices from southern Brazil have increased on new deals, while iron ore costs rose following the tailings dam failure at one of Vale's mines, Fastmarkets learned on Fri...Read More
Alloy steel scrap prices in Europe increased in the week ended Friday February 1 because of higher costs for nickel and molybdenum.The largest gains were seen in the price of European 18/8 scrap solids imports, which moved up by ?,?20-40 per tonne to ?,?940-980 ($1,079-1,125) per tonne cif on Friday.The UK domestic price for 18/8 solids increased more modestly, with traders complaining that mills...Read More
The price of shredded ferrous-scrap imported into India went up again this week following deals being booked at higher prices, market participants said on Friday February 1.Fastmarkets' weekly index for containerized imports of shredded scrap into India was $328.41 per tonne cfr Nhava Sheva on February 1, up from $322.34 per tonne cfr Nhava Sheva on January 25.Deals heard for shredded material had...Read More
Turkish deep-sea scrap import prices were unchanged on Friday February 1, with no new bookings on the day after a large volume of material was booked earlier in the week, sources told Fastmarkets.With 17 cargo bookings confirmed this week, Turkish mills have recently bought more than 240,000 tonnes of HMS 1&2, as well as several thousand tonnes of shredded, bonus and other grades.Bookings were hea...Read More
Base metals prices on the London Metal Exchange consolidated lower during morning trading on Friday February 1, hampered by weaker-than-expected Chinese PMI data and while the Chinese New Year holiday next week kept Asian markets idle. Copper's three-month price fell the furthest out of the base metals complex this morning, retreating toward $6,100 per tonne after reaching an intra-morning high of...Read More
There was little activity in the seaborne coking coal market on Friday February 1 amid uncertainties following the emergence of new import restrictions at ports in northeastern China. A March-loading cargo of premium mid-vol hard coking coal was traded at a premium that is slightly above 0.5% against a basket of indices, Fastmarkets heard.In China, the trading lull has set in again with the Chines...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Friday February 1 *Copper -$140.86 (-951.45 yuan) Aluminium -$367.71 (-2,483.82 yuan) Zinc -$60.30 (-407.32 yuan) Nickel -$345.27 (-2,332.26 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
China's hot-rolled coil prices remained flat on Friday February 1, with the market quietening down on the approaching Chinese New Year holiday next week.DomesticEastern China (Shanghai): 3,780-3,800 yuan ($564-567) per tonne, unchangedNorthern China (Tianjin): 3,720-3,740 yuan per tonne, unchangedFew traders remained active in the market during the day, with most of them starting their break well...Read More
An overview of the minor metals markets and the reasons for any price moves. Read More