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
Iron ore prices were mixed on Wednesday November 14 with supply tightness and higher premiums reported for December-arrival Pilbara Blend fines.MB 62% Fe Iron Ore Index: $75.91 per tonne cfr Qingdao, up $0.18 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.71 per tonne cfr Qingdao, up $0.18 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $78.25 per tonne cfr Qingdao, up $0.53 per tonne.MB 58% F...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 oreRio Tinto, Global Ore,...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
The seaborne coking coal market remained steady on Wednesday November 14 with offers being issued at prevailing levels.Top Australian brands were still offered around $220-224 per tonne cfr China during the day while offers for two different second-tier products were made around $208-209 per tonne cfr China, according to various market sources."Both sellers and buyers are happy with the current ma...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
An overview of the minor metals markets and the reasons for any price moves.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
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Wednesday November 14.Base metals prices on the Shanghai Futures Exchange weakened during Asian morning trading on Wednesday, with the release of lackluster Chinese data failing to offset the downward pressure being exerted by a strong dollar.Check Fastmarkets MB's live futures report here.Opt...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
Special steelmaker Voestalpine attributed an 11% fall in its earnings for the first half of 2018 to continuing global trade conflicts, it said late last week.The Austrian company reported a decline of 11.2% in earnings before interest, taxes, depreciation and amortization (Ebitda) over April-September 2018, the first half of its financial year, to ?,?860 million ($969 million). This compared with...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday November 14:Aluminium scrapCommercial pure cuttings: ?1,035-1,065 per tonne from ?1,080-1,110Clean HE9 extrusions: ?1,330-1,380 per tonne from ?1,360-1,410Loose old rolled cuttings: ?730-760 per tonne from ?750-780Baled old...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
Three-month base metals prices on the London Metal Exchange were up acrossthe board by an average of 0.7% on the morning of Thursday November 15. Zinc and nickel prices were up by the most with gains of 1.2% and 1.1% respectively, while copper wasup by 0.8% at $6,149 per tonne. The others were up by between 0.2% for aluminium and 0.8% for lead.Volume has been below average with 4,583 lots tra...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points in pre-opening trade. U.S. equity index futures moved lower following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 215,000 versus 214,000 last week. Actual was 216,000. Consensus for October Retail Sales was a gain of 0.4% versus an increase of 0.1% in September. Actual was...Read More
(Kitco News) - Negative sentiment continues to build around tech giant Apple (Nasdaq: AAPL), and some analysts have warned that slower iPhone sales could have broader implications on global growth that could benefit safe-haven assets like gold.In a report Tuesday, Hussein Sayed, chief market strategist at FXTM, said the little smartphone had a significant impact on U.S. gross domestic product grow...Read More
(Kitco News) - Pan American Silver Corp. (Nasdaq, TSX: PAAS), the world’s second-largest primary silver producer, will acquire Tahoe Resources Inc. (NYSE: TAHO; TSX: THO) in a $1.07 billion stock-cash deal announced by the two companies Wednesday.Officials said the merger will create the world’s largest publicly traded silver-mining company and will have the world’s largest silve...Read More
The decision by the United States Treasury to extend the deadline for US companies to wind down their contracts with Russian producer Rusal has had little effect on global aluminium premiums over the week ended Tuesday November 13, with the market still watching the backwardated December-January spreads. Rotterdam premiums unchanged; market focused on first-quarter deals MJP dips on backwardation...Read More
Closing prices for base metals on the London Metal Exchange were mixed on Tuesday November 13, with lead the biggest positive move of the day while zinc failed to close above its nearby support level amid record-low LME inventories for both metals. The three-month lead price climbed over 1% today, recovering losses made at Monday's close and pushing above $1,950 per tonne to $1,952 per tonne at 5p...Read More
The annual global benchmark for copper treatment and refining charges (TCs/RCs) might show a small fall in 2019 because of the tightening supply of copper concentrates, according to Canada-based financial services provider BMO Capital Markets.Copper miners, led by Freeport and Antofagasta, and smelters, led by Chinese firms Tongling and Jiangxi Copper, are currently in the middle of contract negot...Read More