The penetration of nickel-cobalt-manganese (NCM) type-811 batteries into the Chinese electric vehicle (EV) industry will be quite limited in 2019, market participants have told Fastmarkets.Cost and safety are the two major hurdles facing the use of NCM811 batteries, which include nickel, cobalt and manganese in a ratio of 8:1:1. This is despite the application of China's 2018 EV subsidy policy, wh...Read More
India's Supreme Court has upheld its earlier order to reopen Sterlite Copper's Tuticorin smelter, which was closed for environmental reasons, according to a statement from its parent company Vedanta on Tuesday January 8.The ruling from the highest court of appeal in India has cleared the legal barriers for the 400,000-tonne-per-year smelter to resume operations. Plans to double the smelter's capac...Read More
Comex copper prices sustained a modest recovery Tuesday morning in the United States, with the market awaiting further clarity on the current trade unrest.The copper price for March settlement on the Comex division of the New York Mercantile Exchange inched up 0.60 cents to $2.6430 per lb.While market optimism around US-China trade talks has resulted in a fairly upbeat performance in US...Read More
Imperial Metals Corporation has suspended operations at its Mount Polley copper mine due to declining prices, and will not restart until the economics of mining improve, the company said. The suspension plan includes milling of low grade stockpiles which is targeted to extend operations to the end of May 2019. The mine's ongoing environmental monitoring and remediation program will not be impacted...Read More
Brazilian carmakers produced 177,700 light vehicles, trucks and buses during December 2018, according to figures from national manufacturers' association Anfavea, published on Tuesday January 8.This volume was 16.80% lower than the 213,707 units produced in the corresponding period in 2017.December's figures were the lowest monthly totals since January 2017 and the principal reason why the guidanc...Read More
Flat steel import prices in the Gulf states were little changed over the past week, with lower offers in the UAE nudging prices down, while in Saudi Arabia HRC edged up, sources said on Tuesday January 8.Demand was subdued because stock levels in the UAE were already high and buyers have not started to place bookings in 2019, sources told Fastmarkets.UAEChinese hot-rolled coil was on offer to ...Read More
Concern over a potential increase in slab supplies from the CIS and Asia is adding to the gloom in the global slab market, which is already reeling from weakening prices and a lack of demand in the finished flat steel sector.AsiaBearish sentiment persists in the import markets of Southeast Asia and East Asia, with buyers and sellers all expecting slab prices to remain subdued in the coming weeks.A...Read More
Fastmarkets is proposing to discontinue the SteelBenchmarker price series on March 1, 2019.Fastmarkets has price series covering all existing Benchmarker prices and in greater frequency and regional granularity. The consultation period for these discontinuations will end on February 28, 2019, with changes taking place beginning March 1, 2019. To provide feedback on this index or if...Read More
Turkish steel producers have resumed their deep-sea scrap purchases after a short break with steady prices, sources said on Tuesday January 8.Three steel producers have booked four deep-sea cargoes from the United States and Europe at similar prices compared with the previous transactions.A steel mill in the Iskenderun region booked a US cargo, comprising 17,000 tonnes of HMS 1&2 (80:20) at $280 p...Read More
Seaborne iron ore prices rose further on Tuesday January 8, edging closer to the $75-per-tonne-cfr mark.MB 62% Fe Iron Ore Index: $74.46 per tonne cfr Qingdao, up $0.95 per tonne. MB 62% Fe Pilbara Blend Fines Index: $74.60 per tonne cfr Qingdao, up $1.26 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $76.20 per tonne cfr Qingdao, up $0.90 per tonne. MB 58% Fe Premium Index: $66.61 per tonne cfr...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transactions: iron oreIron oreRio Tinto, tender, 170,000 tonnes of 61% Fe Pilbara Blend fines, traded at $73.40 per tonne cfr China, laycan January 25-February 3.Vale, Beijing Iron Ore Trading Center...Read More
Seaborne coking coal sold to China are fetching lower prices with end users in the country remaining on the sidelines amid bearish sentiment and high inventory levels.A February-loading cargo of a top Australian brand was traded around $202 per tonne cfr China on Tuesday January 8, market sources told Fastmarkets during the day.End users in the country are still holding out for lower offers, they...Read More
China's ferrous futures largely trended downward during morning trading on Tuesday January 8, with the rebar, coking coal and coke contracts ending the session lower than their opening prices.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,496 yuan ($509.84) per tonne, down 17 yuan per tonneMay hot-rolled coil: 3,403 yuan per tonne, up 1 yuan per...Read More
Base metals prices on the London Metal Exchange were mixed during morning trading on Tuesday January 8, with prices remaining stable and market sentiment broadly positive amid US-China trade talks and a continued softening in the US dollar index. Continuing their uptrend, both copper and nickel futures consolidated higher over the morning, with the former making a continued approach towards $6,000...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Tuesday January 8*Copper -$61.39 (-422.08 yuan) Aluminium -$374.94 (-2577.67 yuan) Zinc $18.23 (125.36 yuan) Nickel -$139.52 (-959.18 yuan) *Fastmarkets MB calculates the physical arbitrage for import into China daily by using SHFE front-month and LME...Read More
China's hot-rolled coil exporters kept offer prices high on Tuesday January 8 following stable prices in the domestic market, although overseas buyers are bidding much lower with access to cheaper goods from other countries.DomesticEastern China (Shanghai): 3,660-3,680 yuan ($534-537) per tonne, widening downward 10 yuan per tonneNorthern China (Tianjin): 3,620-3,650 yuan per tonne, up 2...Read More
Three-month base metals prices on the London Metal Exchange were for the most part weaker this morning, Tuesday January 8. Tin was unchanged, while the rest were down between 0.1% for copper and lead and 0.7% for aluminium, with zinc and nickel off by 0.6% and 0.5% respectively. The three-month copper price was recently quoted at $5,909 per tonne.Volume across the complex has been average with 5,0...Read More
China's domestic rebar prices were stable on Tuesday January 8 amid a divided outlook on prices in the coming weeks and higher billet prices being negated by lower futures.Domestic Eastern China (Shanghai): 3,730-3,780 yuan ($544-551) per tonne, unchangedNorthern China (Beijing): 3,650-3,680 yuan per tonne, unchangedSpot market traders kept their prices flat as higher billet prices were...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
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade. The Canadian Dollar gained 0.19 to 75.53 cents U.S. prior to the Bank of Canada's statement on monetary policy at 10:00 AM EST. No change in the overnight lending rate to major banks is anticipated.Restaurants International (QSR $54.54 U.S.) is expected to open higher after Sun Trust ini...Read More