Turkish steel producers resumed their deep-sea scrap purchasing on Thursday November 15, following a downturn in prices.A steel producer in northern Turkey booked a Baltic Sea cargo, comprising 20,000 tonnes of HMS 1&2 (80:20) at $335 per tonne cfr.Another steel mill in the Iskenderun region booked a United States cargo, comprising 17,000 tonnes of HMS 1&2 (80:20) at $335 per tonne and 3,000...Read More
The Comex copper price moved higher on Thursday November 15 amid a broad-based increase due to a solid macroeconomic backdrop ahead of the end of year holiday season .The copper price for December settlement on the Comex division of the New York Mercantile Exchange jumped 4.20 to $2.7520 per lb."We continue to expect a strong rebound in copper prices by the end of 2018 principally because investor...Read More
The latest news and price moves to start the Asian day on Friday November 16.Zinc futures on the London Metal Exchange rallied by 3% at the close on Thursday November 15, ending a weeklong downward trend and supported by a decade-low in total LME inventories. Read more in our live futures report.Here are how prices looked at the close of trading:Jiangxi Copper and Antofagasta have agreed...Read More
Planned investment by China in high-pressure acid-leaching (HPAL) projects for nickel mining will materialize, but the projected production timeframes are very likely to be pushed back, and development costs are liable to increase, market participants have told Fastmarkets."[The Chinese are] looking to take advantage of the expected growth [in nickel demand for battery uses]. All of us are skeptic...Read More
Bluequest Sourcing, a 100% subsidiary of commodity trading house Bluequest Resources, has advanced Xiana Mining's secured convertible loan facility to support its acquisition of Minera Altos De Punitaqui (MAP) from Glencore.Concurrent to the financing, Bluequest has entered into an exclusive offtake agreement for 100% of MAP's copper concentrate production. The acquisition, for $25 million payable...Read More
The price for imported flat-rolled steel in the United States continues to follow global markets lower due to mounting concerns about 2019 demand.But some sources said that prices are likely to rebound when US buyers return to the market after year-end holidays and once world prices stabilize.Prices for Russian and Ukrainian steel exported to Turkey are already trending upward, one East Coast trad...Read More
Wire rod industry sources in the United States expect recently announced mill price increases to be accepted, although the domestic market remains flat for now.Fastmarkets AMM's assessment for industrial quality low-carbon rod held at $39.25-41.25 per hundredweight ($785-825 per short ton) on Wednesday November 14, and imported wire rod was steady at $744-762 per short cfr port of Houston.Scr...Read More
The number of new passenger car registrations in the EU dropped by 7.34% year-on-year in October 2018, the European Automotive Manufacturers Assn (ACEA) said on Thursday November 15.New car sales in Europe totaled 1,083,635 units in October, compared with 1,169,462 vehicles sold in the corresponding month of 2017.The decrease in October was "at a more moderate pace than in September," ACEA said. D...Read More
Turkish imported billet prices have weakened slightly over the past week on limited demand and a downturn in steel prices in China, while domestic and export billet prices were unchanged, sources said on Thursday November 15.Fastmarkets' weekly price assessment for billet imports into Turkey was $475-480 per tonne cfr, narrowing downward from last week's $475-485 per tonne cfr.The CIS export bille...Read More
Domestic prices for cold-rolled coil (CRC) have moved down slightly over the past week in Europe on slow trading, sources told Fastmarkets on Thursday November 15.Demand was slow because distributors have sufficient volumes in stock, according to market sources.In addition, the future price trend in the coil market was not clear to buyers so they preferred to hold back from purchasing.This week, d...Read More
CIS export billet prices softened slightly in the middle of this week with negative sentiment starting to spread due to the return of Chinese suppliers to export markets as well as rumors of possible tariffs on billet imports into Egypt in the near term."The case has been raised, but the officials responsible for a study have not made any comment yet," an Egyptian source told Fastmarkets on Thursd...Read More
Turkish long steel prices have continued to move in line with the lira-dollar exchange rate over the past week, sources said on Thursday November 15.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,250-3,400 ($593-621) per tonne ex-works, up from the last week's TRY3,200-3,335 per tonne including 18% VAT.The slight increase in...Read More
Turkish long steel export prices have fallen over the past week amid limited demand and weakening steel prices in China, sources told Fastmarkets on Thursday November 15.Fastmarkets' weekly price assessment for rebar exports out of Turkey was $505-510 per tonne fob, down from the $510-520 per tonne of last week.The decrease in the assessment followed news of a rebar cargo...Read More
Key data from the Wednesday November 14 pricing session in Europe. Key driversThe recent downward trend in the ferro-titanium price has created more losses in the European alloy market. The trend started on September 12, when the market was assessed at $5.80-6.05 per kg.Trading activity was slower this week, with many market participants at Fastmarkets MB' International Ferro-alloys conference in...Read More
The latest metal markets news and price moves to start the North American day on Thursday November 15.Base metals prices on the London Metal Exchange rallied against a high dollar index during morning trading, recovering losses made at Wednesday's close and topped by strong gains in zinc and nickel futures.Climbing by 3%, the three-month zinc price reached an intraday high of $2,595 per tonne over...Read More
Expansions in chrome capacity over the next five years will lead to a global oversupply in the short term, Fastmarkets learned at the 2018 International Chromium Development Association (ICDA) Conference in Baotou, China's Inner Mongolia Autonomous Region on November 6-8. There will be an increasing oversupply in the chrome industry over the next five years though it is difficult to gauge whether...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Thursday November 15.Base metals prices on the Shanghai Futures Exchange were up across the board during Asian morning trading on Thursday, reversing the previous day's losses on a weaker dollar and easing trade tensions.Check Fastmarkets MB's live futures report here. Nickel premiums in China...Read More
UK ferrous scrap prices for deliveries in November have been rolled over due to steady business and a small increase in European export prices to the key destination of Turkey, which meant there has been no support for changes to British domestic scrap prices, trade sources told Metal Bulletin on Wednesday November 14.UK suppliers had initially pushed for an increase of around ?5-10 ($6-13) per t...Read More
Iron ore prices weakened on Thursday November 15, marking the start of the winter heating season in north China and the accompanying steelmaking restrictions.MB 62% Fe Iron Ore Index: $74.93 per tonne cfr Qingdao, down $0.98 per tonne.MB 62% Fe Pilbara Blend Fines Index: $74.73 per tonne cfr Qingdao, down $0.98 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $77.97 per tonne cfr Qingdao, down $0.2...Read More
Sellers in the seaborne coking coal market maintained their offers on Thursday November 15 despite inactivity, with supply of the steelmaking raw material tightening amid steady demand from downstream sectors. "[China's biggest met coal producer] Shanxi Coking Coal Group talked about its plans to shut down certain coking coal mines next year thereby decreasing its total output. Coke plants will pr...Read More