Base metals prices on the London Metal Exchange were collectively higher at the close of trading on Monday January 7, with low volumes capping price rallies amid a continued dip in the dollar index. Despite this, zinc's three-month price climbed 2.4% on just 8,000 lots traded by the close, reaching an intraday high of $2,500 per tonne for the first time since December 28 amid low LME stocks.Alumin...Read More
Fastmarkets proposes to discontinue its weekly aluminium premium assessments for aluminium P1020A fob Singapore and aluminium P1020A fob Malaysia. The proposal is based on market feedback that these markets see limited liquidity on an fob basis, with some sources noting that market participants in this region use premiums on an fca basis or in-warehouse warrants instead as a pricing reference. Sub...Read More
Fastmarkets proposes to discontinue three European lead premiums and invites market feedback in a one-month consultation. Fastmarkets has noted a significant lack of liquidity in the three European lead premium markets it assesses, which has led to insufficient data contribution to support the representativeness of it prices. On top of lackluster spot trading interest, the representativeness of st...Read More
Here are five Fastmarkets MB stories you might have missed on Monday January 7 that are worth another look.A resolution of disapproval introduced by United States Senate Democratic Leader Chuck Schumer on Friday January 4 opens the door to sanctions remaining in place against Russian aluminium producer UC Rusal, although some trade lawyers and analysts said those efforts might be in vain.Alum...Read More
The New Year holiday dampened activity and price movements in markets in Asia, Europe and the United States in the week ended Friday January 4. Ore and alloy prices unchanged in China, South Korea Japanese market on holiday Ferro-chrome in Europe stable Alloy prices flat in the US UG2 chrome ore prices in China were unchanged in the week Friday January 4, amid a comparatively qu...Read More
The Chinese ferro-silicon market fell in the first week of January, extending losses from the week before amid poor fundamentals. Elsewhere, the European market has been quiet, but has held steady despite little trading, although increased activity is expected with dealers returning after seasonal holidays. China market drops on low demand More Chinese losses expected in the near term Europe stead...Read More
Fastmarkets will host a free web seminar on Tuesday January 15 at 9:30am, London time, to discuss recent and coming trends and how we price the minor metals markets.The webinar will also explain the recent changes to some of our minor metals specifications.Register here to join the webinar.DateTuesday January 15, 2019Time9:30am, London timeJoin our pricing team while they discuss:?EUR?Recent marke...Read More
The Turkish steel mills went quiet in the deep-sea scrap markets at the beginning of this week with the market digesting the news of purchases that were heard at the end of last week, sources said on Monday January 7.A steel producer in the Iskenderun region booked a US cargo on January 4, comprising 33,000 tonnes of HMS 1&2 (80:20) at $280 per tonne, 3,000 tonnes of shredded at $285 per tonne and...Read More
The domestic scrap price in Turkey has continued to fall over the past week, in line with the weakening imported scrap and domestic finished-steel values, sources said on Monday January 7.Fastmarkets' weekly price assessment for domestic auto bundle (DKP-grade) ferrous scrap was TRY1,480-1,550 ($278-291) per tonne delivered on January 7, narrowing down from TRY1,490-1,590 per tonne last week.Long...Read More
Import prices for steel slab in Southeast Asia and East Asia narrowed downward over the past week due to lower offers and bids, amid persistent bearish sentiment and lackluster finished steel markets.Fastmarkets MB's weekly import price assessment for slab in Southeast Asia and East Asia was $430-435 per tonne cfr on Monday January 7, down from $430-440 per tonne cfr a week earlier.Trading ac...Read More
Comex copper prices turned modestly lower in the United States on Monday January 7 with a lack of market news and evolving macroeconomic worries. The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped 0.35 cents to $2.6440 per lb. Trade talks between China and the US have seen minimal progress over the past few weeks and the lack of resolution is cas...Read More
Three-month base metals prices on the London Metal Exchange were up across the board by an average of 0.2% this morning, Monday January 7, with copper recently quoted at $5,937 per tonne - this after average gains of 1.5% last Friday.Volume across the complex has been average with 5,995 lots traded as at 7.15am London time.In the precious metals this morning, gold prices are off their highs of $1,...Read More
Cobalt metal prices continued to slide when trading got under way after the Christmas and new year holidays, with spot inquiries attracting competitive sellers in a well-supplied market.Standard and alloy-grade cobalt prices fell by 2.8% in the week ended Friday January 4. The standard-grade price was assessed at $25.75-27.25 per lb and the alloy-grade price at $25.50-27.25 per lb, both in-warehou...Read More
Turkey increased the hot-rolled coil (HRC) import duty to 6% for re-rollers from 3.5% previously, effective from January 1, 2019.The country will impose the import duty on HRC imports from re-rollers as well as tube and pipe producers. Tube and pipe producers were previously exempt from the duty discount until January 1.The duty for re-rollers was 5% until January 1, 2018, when it was reduced to 3...Read More
Import prices for steel slab in Southeast Asia and East Asia narrowed downward over the past week due to lower offers and bids, amid persistent bearish sentiment and lackluster finished steel markets.Fastmarkets MB's weekly import price assessment for slab in Southeast Asia and East Asia was $430-435 per tonne cfr on Monday January 7, down from $430-440 per tonne cfr a week earlier.Trading ac...Read More
China's hot-rolled coil prices picked up some strength on Monday January 7 amid steady demand, with supply said to be tightening amid producers' bearish outlook for the market.DomesticEastern China (Shanghai): 3,670-3,680 yuan ($534-536) per tonne, up 30 yuan per tonneNorthern China (Tianjin): 3,600-3,620 yuan per tonne, up 40 yuan per tonneThe day's price gains were bolstered by demand from end u...Read More
Brazilian domestic steel prices were unchanged in the last month of 2018 and through the first days of 2019, with stronger foreign exchange rates in the country mitigated by the Chinese price downtrend easing somewhat.On the flat steel side, the market was steady in the first days of the year, with no price readjustments compared with the previous month. But small discounts to large-volume purchas...Read More
China's domestic rebar prices moved up on Monday January 7 following gains in the billet and futures markets over the weekend. Domestic Eastern China (Shanghai): 3,730-3,780 yuan ($543-550) per tonne, up 30 yuan per tonneNorthern China (Beijing): 3,650-3,680 yuan per tonne, up 30-50 yuan per tonneA notice late last Friday from the Chinese central bank regarding its decision to lower banks' reserve...Read More
Import prices for rebar in Singapore remained stable this past week on limited interest for import cargoes.Some industry sources had also not returned to the market after the year-end holidays, resulting in thin spot trading for import material.Fastmarkets MB's assessment of import prices for rebar in Southeast Asia - which mainly looks at cargoes sold into Singapore on a theoretical weight basis...Read More
The Turkish steel mills went quiet in the deep-sea scrap markets at the beginning of this week with the market digesting the news of purchases that were heard at the end of last week, sources said on Monday January 7.A steel producer in the Iskenderun region booked a US cargo on January 4, comprising 33,000 tonnes of HMS 1&2 (80:20) at $280 per tonne, 3,000 tonnes of shredded at $285 per tonne and...Read More