Fastmarkets looks at five key things to watch out for in China's nickel and stainless steel markets this year against a backdrop of nickel pig iron (NPI) project ramp-ups and a country-wide clampdown on new crude stainless steel capacity.NPI deficit to persist despite project ramp-upsWhile the ramp-ups of a number of NPI projects were announced in 2018 and this is expected to narrow the deficit of...Read More
Import prices for steel billet in Southeast Asia held steady on Thursday January 10 with few transactions concluded, although more offers and bids were heard in the region this week.Fastmarkets' daily import price assessment for billet in Southeast Asia was $445-455 per tonne cfr Manila on Thursday, unchanged from Wednesday.Iranian billet was heard booked at $415 per tonne cfr to either Indonesia...Read More
Base metals on the London Metal Exchange were firmer this morning, Friday January 11, with three-month prices up by an average of 0.9%. Zinc and nickel led the way with gains of 1.3% and 1.2% respectively, while copper was up by 0.9% at $5,972 per tonne as at 6.45am London time – the same price it held at a similar time on Thursday. Volume across the complex has been above average with 8...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade. Index futures drifted lower following release of the U.S. December Consumer Price Index at 8:30 AM EST. Consensus was a drop of 0.1% versus no change in November. Actual was a drop of 0.1%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.2% in November. Ac...Read More
The opening of the import window in China's zinc market kept premiums stable in the country while the rest of Asia was experiencing a wide backwardation. Meanwhile, lead premiums in India went up amid a reduction in supply from Iran. Chinese zinc import window remains open. Italian zinc premiums and Indian lead premiums move up. US market quiet after holidays.Chinese zinc import window opens to lo...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Wednesday January 9, with a continued uptrend in copper, nickel and tin futures topping gains while a softer US dollar index continues to support commodity investment. Climbing furthest over the afternoon, the three-month copper price appreciated just shy of 1% during afternoon trading, closing at its hig...Read More
The US copper price increased during midweek trading this morning in the US, amid a softer dollar and positive trade talks between the United States and China.The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.30 cents to $2.6690 per lb. Trade talks between the world's economic powers continued for a third consecutive day earlier this morn...Read More
Fastmarkets MB launched an assessment of chrome ore inventories at the main Chinese ports of Tianjin, Qinzhou, Lianyungang and Shanghai on Monday January 7. After a one-month consultation period following the initial proposal, Fastmarkets MB has decided to launch this assessment to reflect the chrome ore inventory changes at major ports in China. The first assessment was published on January 7. Fa...Read More
The European molybdenum markets fell in trading this week to a six-month low, with suppliers cutting their offer prices in the face of stubborn resistance among consumers against paying more.Both the alloy and oxide markets in the second week of January were at prices last seen in July 2018.Moreover, there has been an abundance of spot ferro-molybdenum available since the past quarter, as well as...Read More
Increased numbers of spot market inquiries exposed the greater availability of cobalt in Europe in the first half of the week that began on Monday January 7, with metal prices continuing to fall as a result.Standard-grade cobalt prices dropped to $24.75-26.25 per lb, in-warehouse, on January 9, from $25.75-27.25 per lb at the end of last week.Alloy-grade prices remained slightly lower on January 9...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Key data from the Wednesday January 9 pricing session in Europe.Key driversThe market has been quiet during the first week of the calendar year, with only a small drop in ferro-titanium prices, while the price of scrap was stable. Liquidity is expected to increase throughout January.Around 110 tonnes was reported traded between $4.30 per kg and...Read More
Turkish steel mills were absent from the deep-sea market on Wednesday January 9, with no bookings recorded and no change in prices, sources told Fastmarkets. On January 8, three steel producers booked four deep-sea cargoes from the United States and Europe at steady prices and then started to watch the finished steel markets.A long steel producer in Izmir was said to be selling 50,000 tonnes...Read More
The Shanghai copper premium rose from its lowest in more than a year because of a narrowing negative import arbitrage for bringing units into China that made buying more attractive.The nearby LME forward curve switched to a solid contango as well, firming up sellers' positions globally. Shanghai cif premium rises by $3 per tonne from last Monday; bonded warehouse premium up by $5 LME cash/three-mo...Read More
The US copper price increased during midweek trading this morning in the US, amid a softer dollar and positive trade talks between the United States and China.The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.30 cents to $2.6690 per lb. Trade talks between the world's economic powers continued for a third consecutive day earlier this morn...Read More
Three-month base metals prices on the London Metal Exchange were stronger across the board by an average of 0.6% this morning, Wednesday January 9.Tin led the way with a 1% gain and is back over $20,000 per tonne and has an impressive double bottom in place on the chart, with lows in August and November. Lead, zinc and aluminium were all up by around 0.8%, copper was up by 0.4% at $5,959 per tonne...Read More
Increased numbers of spot market inquiries exposed the greater availability of cobalt in Europe in the first half of the week that began on Monday January 7, with metal prices continuing to fall as a result.Standard-grade cobalt prices dropped to $24.75-26.25 per lb, in-warehouse, on January 9, from $25.75-27.25 per lb at the end of last week.Alloy-grade prices remained slightly lower on January 9...Read More
Turkish pipe export prices have continued to fall with weak demand and lower costs for pipemaking raw materials, sources told Fastmarkets on Wednesday January 9.Steel pipe mills reduced their offers for EN10219-standard, grade-S235 tube, with 2mm wall thickness, to $570-580 per tonne fob from the $590-600 per tonne heard last month.Fastmarkets' monthly export price assessment for tube of this grad...Read More
Activity in the export market for flat steel products from the Commonwealth of Independent States (CIS) was slowly recovering from the new-year holiday silence during the week that ended on Tuesday January 8.Fastmarkets' weekly price assessment for CIS-origin exports of hot-rolled coil (HRC) was unchanged at $440-460 per tonne fob Black Sea on January 8."The market remains very slow. Suppliers jus...Read More
Asian steel markets are in for another tumultuous year judging by the rate at which new developments are expected to spring up in 2019.China remains the center of interest, and rightly so, because its economic and governmental policies have cascading effects on the international steel market.While its progressive economic policies have served it well in sustaining its domestic steel sector in the...Read More