Demand for flat steel in Turkey is expected to remain slow throughout January, and prices are not expected to increase because global flat steel prices are falling, market participants told Fastmarkets on Thursday January 3.Local producers have filled their order books until late February, they added.The price falls in December resulted in part from weak demand in the local market as well as the h...Read More
Treatment and refining charges (TC/RCs) for spot copper concentrates dropped at the end of December, with smelters returning to the market in earnest to pick-up tonnes after securing annual contracts.The Fastmarkets copper concentrate TC/RC index dropped to a three-and-a-half month low of $84.30 per tonne / 8.43 cents per lb on December 31.Spot terms have been inching down since the start of the m...Read More
Anglo American's base metals division will get its own executive to run operations as part of a change to its top management team, the company said on Thursday January 3. Base metals operations, which currently function under the strategy and business division, will be separated on March 1 and run by Ruben Fernandes, the current chief executive officer of Anglo American Brasil. The miner has also...Read More
Comex copper suffered a third straight decline this morning in the United States to begin the New Year, with continued recession worries and equity market instability sinking the commodities complex.The copper price for March settlement on the Comex division of the New York Mercantile Exchange sank 3.15 cents to $2.5915 per lb. In macro news, concerns over global economic health have persiste...Read More
The London Metal Exchange and its clearing entity, LME Clear, will continue their efforts to guarantee clearing services after the United Kingdom leaves the European Union in the process known as Brexit, Fastmarkets heard on Thursday January 3.This is because of an equivalence decision adopted by the European Commission that will enable the exchange to apply for third-country central counterparty...Read More
Brazil produced 48,800 tonnes of primary aluminium in November 2018, making this the lowest monthly output of the year, national aluminium association Abal's figures showed. Output in November was 26.70% lower year on year than the 66,600 tonnes produced in November 2017 and 3.40% less than the 50,500 tonnes of primary aluminium in October 2018. Monthly production in 2018 has been constantly lower...Read More
The Zambian government has decided to go ahead with the application of a new import duty on copper concentrates this month despite strong opposition from the country's copper producers.The producers told Fastmarkets on Thursday January 3 that they will be compelled to slash output and to lay off mine workers as a result of the new duty."No announcement has been officially issued by the government....Read More
Base metals prices on the London Metal Exchange were mixed during morning trading on Thursday January 3, with the moderate strength in the US dollar index against a backdrop of low LME stocks keeping trading ranges narrow.Despite a decade-low in LME inventory, zinc's three-month price continues face persistent downward pressure and is trading below its nearby $2,400-per-tonne threshold. The m...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday January 3 that are worth another look.Fastmarkets worked to empower its customers in 2018 - a year when they had to navigate metal markets in which fundamentals were often tightening even as greater political restraints were placed on trade than for many years. A quick review of the key developments also indicate our...Read More
World Steel Dynamics' much-discussed June 2018 prediction that US domestic hot-rolled coil prices would plunge $200 per tonne by the end of the year proved to be uncannily correct.Market weakness reflected in the final few business days of December made the difference, according to Fastmarkets AMM's daily US Midwest hot-rolled coil index.At the Steel Success Strategies XXXIII conference on Tuesday...Read More
Iranian export billet and slab prices continued their downtrend as producers cut prices again to attract customers.Customer interest in Iranian billet was reduced due to the additional risk involved in trading with the country amid sanctions imposed by the United States last August.Consumer buying activity also was reduced because of the traditional slowdown...Read More
Steel billet import prices into Egypt fell this week, while local rebar prices remained unchanged, sources said on Thursday January 3.Fastmarkets MB's weekly price assessment for steel billet imported into Egypt was $435-440 per tonne cfr on Thursday, falling from $440-445...Read More
Turkish rebar and wire rod export markets have remained silent due to weak demand and the holiday periods, while the prices were falling further, sources said on Thursday January 3.Fastmarkets' weekly price assessment for rebar exports out of Turkey was $445-455 per tonne fob on actual weight basis on January 3, down from $450-460 per tonne on December 27 last week.Domestic mills...Read More
Fastmarkets worked to empower its customers in 2018 - a year when they had to navigate metal markets in which fundamentals were often tightening even as greater political restraints were placed on trade than for many years.Here's a quick review of the key developments, which also indicate our direction for 2019:We consulted in detail with the industry to meet its requirements for greater transpare...Read More
The stainless steel scrap market in the United States did not enter 2019 with an optimistic view for the new year, sources told Fastmarkets AMM."Without an influx of some unexpected good news, it looks like we will be stuck with current conditions for a while," one dealer source said."This market is sloppy at best as nickel continues to slide, molybdenum is beginning to fall, scrap demand at the c...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 transaction: iron oreIron oreBHP, private tender, 240,000 tonnes of...Read More
Physical iron ore prices rose on Thursday January 3 following gains in the futures and swaps markets.MB 62% Fe Iron Ore Index: $72.62 per tonne cfr Qingdao, up $0.55 per tonne. MB 62% Fe Pilbara Blend Fines Index: $72.45 per tonne cfr Qingdao, up $0.55 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $74.12 per tonne cfr Qingdao, up $0.12 per tonne. MB 58% Fe Premium Index: $64.14 per tonne cfr Qi...Read More
Seaborne coking coal prices remain under pressure amid muted trading activity and lower offers, market sources said on Thursday January 3.A cargo of premium mid-vol coking coal in the branded segment on online trading platform Global Coal was offered at $209 per tonne fob Australia, sources said during the day. This compares with an offer of $213 per tonne fob Australia in the same segment made ju...Read More
China's hot-rolled coil prices were largely stable on Thursday January 3 on moderate trading activity, sources told Fastmarkets MB.DomesticEastern China (Shanghai): 3,640-3,650 yuan ($530-532) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,550-3,570 yuan per tonne, widening downward by 10 yuan per tonnePrices were little changed during the day, with traders describing trading activit...Read More
Price variations between the cobalt markets in China and internationally reached all-time highs in 2018 when China reacted to rising volumes of cobalt supply from which the overseas metal markets were somewhat protected.At times, wide differentials created appealing theoretical arbitrage opportunities for Chinese exporters, but it was the sentiment and outlook of overseas buyers that ultimate...Read More