Nickel premiums in China, the United States and Europe remained unchanged over the week amid limited activity, an unstable import window in Shanghai and participants' absence from the market. An open but unstable import window kept premiums in Shanghai flat Subdued activity in the US nickel market maintains premiums European nickel market quiet with long-term in focusShanghai nickel premiums uncha...Read More
Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Wednesday November 14, boosted by a steady rebound in global benchmark crude oil futures and a marginal retreat in the dollar index.Following a decline in the oil price this morning due to increasing concerns over a global slowdown economic growth, it bounced 1.47% over the course of the...Read More
South African miners will continue to need road transportation to get their material to port, according to Thembalani Gantsho, joint chief executive officer of Kudumane Manganese Resources.Road freight will be needed to meet the shortfall in capacity offered by the country's rail freight company, Transnet, Gantsho told delegates to Fastmarkets International Ferroalloys Conference in Lisbon, held N...Read More
Manganese alloy smelters are under pressure to scale back production due to the smaller margins achieved on suppressed alloy prices, Ferroglobe chief executive officer Pedro Larrea said during Fastmarkets' International Ferro-alloys Conference in Lisbon.Ferroglobe has cut some production at its manganese alloy furnaces, because the company has faced difficulties in generating profits due to the st...Read More
Manganese alloy smelters are under pressure to scale back production due to the smaller margins achieved on suppressed alloy prices, Ferroglobe chief executive officer Pedro Larrea said during Fastmarkets' International Ferro-alloys Conference in Lisbon.Ferroglobe has cut some production at its manganese alloy furnaces, because the company has faced difficulties in generating profits due to the st...Read More
The first deals for special high-grade zinc supply in 2019 in Europe point to a decline in annual zinc premiums compared with this year's levels, but Nyrstar's financial troubles are complicating negotiations and raising concerns that supply may turn out to be tighter than anticipated."Not much has been done yet, but [the premium] seems to be lower than last year by at least $10-15 per t...Read More
Manganese ore prices are overheated compared with production costs and manganese alloy prices, making them prone to a decline next year, panelists said at Fastmarkets' 34th International Ferro-alloys conference in Lisbon this week. Manganese ore prices have trended higher since May this year. Fastmarkets MB's 44% manganese ore index was last calculated at $7.13 per dry metric tonne unit dmtu,...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The Turkish steel mills continued their silence in the deep-sea scrap markets for another day on Wednesday November 14, because of a softening rebar market and increasing scrap supply in Europe, Fastmarkets was told.After booking two cargoes from the United States late last week, Turkish mills paused their purchases. Meanwhile, rebar prices have shown a downturn with news of recent sales at $506-5...Read More
A series of Chinese policies aimed at restricting imports of copper scrap is not expected to significantly alter the supply/demand balance in the world's largest copper consuming country, industry executives said during a panel discussion at Asia Copper Week in Shanghai. "Despite the restriction of category-7 copper scrap imports this year, we have seen limited impact on the industry this year," Q...Read More
Vietnam, a major consumer of scrap in Asia, has purchased at least 30,000 tonnes of Japanese H2 materials this week.Deals involving at least two bulk shipments bound for southern Vietnam were heard concluded around $329-330 per tonne cfr Vietnam.This suggests that fob Japan prices have fallen further from last week's level of ?34,700-35,000 ($305-307) per tonne after a tender held by the Kanto Te...Read More
Comex copper prices moved higher on Wednesday November 14 despite a stronger dollar due to growing optimism that a bilateral trade agreement between the United States and China could be reached in the next few months. The copper price for December settlement on the Comex division of the New York Mercantile Exchange gained 1.25 cents to $2.6995 per lb. Markets have seen chaotic price movement in th...Read More
Three-month base metals prices on the London Metal Exchange were broadly weaker on the morning of Wednesday November 14, with the three-month copper price down by 0.1% at $6,040 per tonne. This after Tuesday's energetic start that saw the red metal reach $6,181 per tonne at one point. Three-month nickel, lead and zinc were down by 0.2%, 0.3% and 1% respectively on the LME this morning, while three...Read More
Optimism continued to grow among copper market participants in the United States over the outlook for the domestic copper cathode premium following a key industry meeting this past week, with many attendees predicting a higher premium for next year.Elsewhere, Shanghai copper premiums continued to soften while the Chinese market contends with a closed import arbitrage window, while a backwardation...Read More
Domestic prices for hot-rolled coil (HRC) are down over the past week in Southern Europe, sources told Fastmarkets on Wednesday November 14.The decrease was the result of slow trading and competitive import offers from Turkey, market participants said.Southern EuropeFastmarkets' domestic price assessment for HRC in Southern Europe was ?,?480-525 ($540-591) per tonne ex-works on November 14, down f...Read More
The gap between export offers and bids for hot-rolled coil in China narrowed on Wednesday November 14, raising expectations of the Chinese product finding favor among overseas buyers again.DomesticEastern China (Shanghai): 3,800-3,810 yuan ($546-547) per tonne, narrowing downward 10 yuan per tonneNorthern China (Tianjin): 3,840-3,850 yuan per tonne, up 10-20 yuan per tonneDomestic prices were larg...Read More
China's ferrous futures rose across the board during morning trading on Wednesday November 14, following the release of data showing higher-than-expected industrial output in October.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 3,926 yuan ($564) per tonne, up 57 yuan per tonneJanuary hot-rolled coil: 3,617 yuan per tonne, up 34 yuan per tonneDalian Commodity Ex...Read More
The latest news and price moves to start the Asian day on Thursday November 15.Base metal prices on the London Metal Exchange were predominantly higher at the close of trading on Wednesday November 14, boosted by a steady rebound in global benchmark crude oil futures and a marginal retreat in the United States' dollar index. Read more in our live futures report.Here are how prices looked at the cl...Read More
European prices for mesh-quality wire rod rose across the Northern and Southern parts of the continent on Wednesday November 14, with the volume available in the EU's import quota continuing to go down.Fastmarkets' weekly domestic price assessments for mesh-quality wire rod in both Southern and Northern Europe narrowed upward to ?,?540-560 ($608-630) per tonne delivered on Wednesday, from ?,?535-5...Read More
The price for rebar produced and delivered in Southern Europe pushed slowly upward again on Wednesday November 14, with sellers offering higher prices due to high costs but consumers so far unwilling to commit to large-volume deals.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe narrowed upward to ?,?530-535 ($597-602) per tonne delivered on Wednesday, from ?,?520-535 pe...Read More