China's finished steel exports were up by more than 10% year on year in October, but fell when compared with September's volumes, according to preliminary Chinese customs data published on Thursday November 8.The country exported 5.5 million tonnes of finished steel in last month, up 10.4% from the 4.98 million tonnes shipped out in October 2017, according to the customs data. October shipmen...Read More
Base metals on the London Metal Exchange were mostly higher at the close of trading on Thursday November 8, with both zinc and lead futures pushing higher on low LME inventories, while nickel failed to follow the uptrend.Climbing 3.9% over the afternoon, the three-month lead price reached an intraday high of $2,008.50 per tonne, which is 5% higher than its weekly low of $1,905 per tonne on Novembe...Read More
Hydro's Alunorte alumina refinery will continue to run at 50% capacity following a federal court ruling, Fastmarkets understands. The federal court has decided to uphold the decision, previously made by the Para state court, to halt operations of the refinery's DRS2 bauxite residue disposal for environmental reasons. Alunorte has been running at 50% capacity since March following the original deci...Read More
The European molybdenum markets have dropped this week amid quiet business while dealers prepared for more active trading at the Fastmarkets MB ferro-alloys conference in Lisbon, Portugal this weekend, sources said.Fastmarkets MB assessed the price of European drummed molybdic oxide, in-warehouse Rotterdam, at $11.80-12.00 per lb on Wednesday November 7, down from $12.00-12.15 per lb on Friday las...Read More
The London Metal Exchange's total average daily volumes (ADV) rose by 15% year on year in October, with aluminium and aluminium alloy sales growing by 40% and 89% respectively. In September, total ADV declined by 3.4% annually. Aluminium ADV showed 40.6% growth with 264,293 lots traded and net stocks reaching 59,525 tonnes. The three-month aluminium price on the LME peaked at $2,267 per tonne on O...Read More
The latest metal markets news and price moves to start the North American day on Thursday November 8.The latest metal markets news and price moves to start the North American day on Thursday November 8.Base metals on the London Metal Exchange were mostly lower during morning trading, with a stronger US dollar and resurfacing US-China trade tensions adding downward pressure to the complex.Here's...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Thursday November 8.Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Thursday November 8, as the market took stock of the United States' mid-term election results and what it would mean for world economy going forward. Check Fastmarket MB's live fu...Read More
Global recycling industry association the Bureau of International Recycling (BIR) has appointed Gregory Schnitzer as the new president of its Ferrous Division.Schnitzer is currently vice president of ferrous sales at Schnitzer Steel Industries (SSI), based in Oregon, United States. SSI is a long-standing BIR member, with Schnitzer himself...Read More
Chris Walton, director of physical base metal trading at ICBC Standard Bank, has left the company after 16 and a half years, Fastmarkets has learned. ICBC Standard Bank is a South African investment bank, which was bought by Industrial and Commercial Bank of China Limited (ICBC) in...Read More
Asian stainless steel participants are increasingly looking to Taiwan and Indonesia as the region's new price-setters, while Chinese exporters struggle to catch up in the heated price war, participants told Fastmarkets MB.Competition among suppliers in the region has intensified in recent months amid lackluster demand, growing pessimism and the increased availability of cheap substrate triggered b...Read More
Base metals on the London Metal Exchange were mostly higher at the close of trading on Thursday November 8, with both zinc and lead futures pushing higher on low LME inventories, while nickel failed to follow the uptrend.Climbing 3.9% over the afternoon, the three-month lead price reached an intraday high of $2,008.50 per tonne, which is 5% higher than its weekly low of $1,905 per tonne on Novembe...Read More
The London Metal Exchange's total average daily volumes (ADV) rose by 15% year on year in October, with aluminium and aluminium alloy sales growing by 40% and 89% respectively. In September, total ADV declined by 3.4% annually. Aluminium ADV showed 40.6% growth with 264,293 lots traded and net stocks reaching 59,525 tonnes. The three-month aluminium price on the LME peaked at $2,267 per tonne on O...Read More
Comex copper prices fell to a one-week low on Thursday morning in the US amid a stronger dollar and a lack of fresh catalysts.The copper price for December settlement on the Comex division of the New York Mercantile Exchange declined 2.75 cents to $2.7270 per lb. Earlier in intraday trading, the contract touched a low of $2.7030 per lb, the weakest...Read More
Turkish steel producers continued to book deep-sea scrap for December deliveries with slightly lower prices on Thursday November 8.A steel mill in the Marmara region booked a US cargo, comprising 33,000 tonnes of HMS 1&2 (80:20) at $338 per tonne, 5,000 tonnes of shredded at $343 per tonne and 2,000 tonnes of bonus at $348 per tonne cfr, late on November 7.On Thursday, another...Read More
Steel billet import prices in Egypt increased in the week to Thursday November 8, but demand for rebar was still weak in the country.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $480-490 per tonne cfr on Thursday, compared with $477-480 per tonne cfr last week.Billet producers in the Commonwealth of Independent States (CIS) increased their prices because of the hig...Read More
The latest news and price moves to start the Asian day on Friday November 9.London Metal Exchange prices for tin. lead and zinc stepped higher at the close of trading on Thursday November 8, with tin the most significant gainer. Read more in our live futures report.Here is how prices looked at the close of trading:Hydro's Alunorte alumina refinery in Brazil will continue to run at 50% capacity fol...Read More
The London Metal Exchange has adjusted its fee structure after feedback was received from a market-wide consultation begun in August, issuing amendments to existing product fees in addition to its new services, it said in a note to members on Monday November 5.Following the decision indefinitely to maintain discounted short-dated and medium-dated carry fees, the LME has introduced new fees for exi...Read More
Comex copper prices fell to a one-week low on Thursday morning in the US amid a stronger dollar and a lack of fresh catalysts.The copper price for December settlement on the Comex division of the New York Mercantile Exchange declined 2.75 cents to $2.7270 per lb. Earlier in intraday trading, the contract touched a low of $2.7030 per lb, the weakest...Read More
Global mining and metals deal appetite could be poised for a rebound in the next 12 months, according to a report by consultancy group EY. The 19th EY Global Capital Confidence Barometer (CCB) found that 58% of global mining executive respondents intend to pursue mergers and acquisitions (M&A) in the next 12 months, compared with an average of 46% across all sectors. The focus in 2018 is shifting...Read More
The latest metal markets news and price moves to start the North American day on Thursday November 8.The latest metal markets news and price moves to start the North American day on Thursday November 8.Base metals on the London Metal Exchange were mostly lower during morning trading, with a stronger US dollar and resurfacing US-China trade tensions adding downward pressure to...Read More