The seaborne coking coal spot market quietened down on Thursday January 31 amid a softening of sentiment in China, where import restrictions have emerged at ports in the country's northeastern region.While word had emerged on Wednesday about customs authorities not clearing Australian coking coal for entry at the Port of Dandong in Liaoning province, a mill source in the northeastern region said t...Read More
Fastmarkets MB is seeking feedback on a proposal to begin publishing on a weekly basis its value-in-use (VIU) indices for the market-implied value impact of 1% iron, silica and alumina, and 0.01% phosphorus on the price of iron ore. Depending on market feedback, this proposal would be implemented from Monday March 4.These indices are currently calculated on a monthly basis and published on the fir...Read More
The recent launch of 65% Fe iron ore derivatives on the Singapore Exchange (SGX) marked an important step in the evolution of the modern iron ore market, allowing industry participants to manage exposure to future fluctuations in the prices of high-grade products.Prices for iron ore, a raw material of variable quality, have always been stratified according to Fe grade. It is what makes the success...Read More
Prices for bismuth in the European market are becoming firmer because of shipment delays affecting material from China's Hunan Jinwang Bismuth, one of the biggest suppliers, Fastmarkets heard on Thursday January 31.Fastmarkets assessed the European bismuth price at $3.70-4.10 per lb on January 30. This was up from the previous range of $3.50-4.00 per lb on January 25.The main reason for this week'...Read More
China's hot-rolled coil prices were unchanged on Thursday January 31, with few participants still active in both the domestic and export markets ahead of the Chinese New Year holiday next week.DomesticEastern China (Shanghai): 3,780-3,800 yuan ($563-566) per tonne, unchangedNorthern China (Tianjin): 3,720-3,740 yuan per tonne, unchangedA Shanghai-based trader said that his company sold a very smal...Read More
US titanium producer Global Titanium, which is based in Detroit, Michigan, has suffered no impact to production after a fire at its plant earlier this month.The company, which has the capacity to make 10,000 tonnes per year of 70% grade (Ti) alloy and is one of the biggest ferro-titanium producers in the world, said the impact of the fire had only slowed production of fines. The fire on January 3...Read More
European molybdenum prices rose this trading this week, with both molybdenum oxide and ferro-molybdenum prices paring almost all losses so far this year, with higher oxide offer prices behind the rise in the alloy market.Still, there were few deals reported and industry sources said there is a disparity between oxide fundamentals and those in ferro-molybdenum, casting doubt on the sustainability o...Read More
Indonesia's stainless hot-rolled coil exports are expected to rise further in 2019 after nearly tripling in the first three quarters of 2018. Exports of Indonesian stainless HRC totaled 877,990 tonnes during January to September 2018, a year-on-year jump of 170.9% from 324,108 tonnes in 2017, the country's Ministry of Industry said on Monday January 28.Stainless slab exports also rose sharply...Read More
China's ferrous futures rose across the board for a third consecutive morning on Thursday January 31, with the rebar and coking coal contract taking the lead.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,710 yuan ($552) per tonne, up 16 per tonneMay hot-rolled coil: 3,600 yuan per tonne, up 9 yuan per tonneDalian Commodity Exchange May iron ore: 584 yuan per tonne...Read More
Import prices for stainless steel in East Asia increased again over the past week, with mills continuing to raise their offers amid costlier nickel, although trading activity was slow because of the upcoming Lunar New Year.Fastmarkets MB's import price assessment for 304 stainless 2mm trimmed cold-rolled coil in East Asia was $1,920-2,010 per tonne cif for the week to Wednesday January 30, up $20-...Read More
China's domestic stainless steel prices held steady for a fifth week amid thin trading ahead of the Chinese New Year.Fastmarkets MB's domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,200-14,800 yuan ($2,113-2,203) per tonne including value-added tax for the week ended Wednesday January 30, unchanged from a week earlier.Most trading houses an...Read More
Further weakness in China’s Caixin manufacturing purchasing managers’ index (PMI), that fell to 48.3 in January from 49.7 in the prior month, was enough to dent confidence in the base metals market this morning, Friday February 1, with prices for the most part weaker as a result. Three-month base metals prices on the London Metal Exchange were down by an average of 0.3% this morning, wit...Read More
More technical evidence that the U.S. Home Building Industry has bottomed: Nice breakout by ITB above $33.67 extending a double bottom pattern. StockTwits Released Yesterday @EquityClockTechnical action by S&P 500 stocks to 10:15: Bullish. Intermediate breakouts: $LEN $SBUX $WYNN $MDLZ $ALGN $MA $CHTR. Breakdowns: $CLX $HSYAfter 10:00 AM EST, breakouts included MA, CHTR, DXC, FAST, TGT, E...Read More
Nickel closed higher on the London Metal Exchange on Wednesday January 30 after peaking at an intraday high of $12,455 per tonne, its highest since October. Low stocks and robust demand from stainless steel and nickel pig iron (NPI) production, predominantly in China and Indonesia, are underpinning the upward trend in the three-month price, which is now more 15% higher than its 2018 low of $10,500...Read More
Nickel premiums in all regions assessed by Fastmarkets were stable week on week on Tuesday January 29 in quiet trading conditions relating to macroeconomic uncertainty as well as market participants retreating for Lunar New Year. All European premiums remain unchanged in an illiquid market US cut-cathodes outperform briquettes amid slow trade Shanghai sees no change for six weeks, pre...Read More
The European tin premium dropped by $35 on the midpoint in the week ended Tuesday January 29 following a 1,000 tonne delivery to London Metal Exchange sheds, while other regional premiums were unchanged week on week in quiet markets. Premium for standard grade tin ingot, in-warehouse Rotterdam, falls 7.4% Adequate supply keeps US premiums unchanged Shanghai premium flat in quiet, pre-...Read More
The disaster caused by Vale's dam rupturing in the Brazilian state of Minas Gerais has no connection to the issue surrounding Norsk Hydro's alumina refinery Alunorte and will probably not stall its return to 100% capacity, market observers told Fastmarkets during the week.Norwegian aluminium group Hydro is waiting for approval from the federal justice in Brazil to increase output at Alunorte. Two...Read More
Fresh reports are emerging of traders taking positions in the manganese ore market, sparking reminders of speculation-led rallies that occurred in previous years. Position trading refers to buying up larger than normal cargoes of manganese ore on expectations of making profit from a resultant price rise. It is a tactic that has not been seen for some time because opportunities have been limited du...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Turkish deep-sea scrap import prices went up on Wednesday January 30 following another burst of fresh bookings completed at higher prices, sources told Fastmarkets.There were two cargoes booked from the United States.A steel mill in the Iskenderun region booked a US cargo comprising 30,000 tonnes of HMS 1&2 (80:20) at $310 per tonne cfr for February shipment.A second US cargo was booked by a mill...Read More