Comex copper reversed lower to start the new week on Monday morning in the US, with a broad-based sell-off and political uncertainty keeping market participants on the sidelines.The copper price for December settlement on the Comex division of the New York Mercantile Exchange fell 4.10 cents to $2.7720 per lb. On Friday, the contract touched a high of $2.8090 per lb, the highest level since Octobe...Read More
The latest news and price moves to start the Asian day on Tuesday November 6.Base metal prices on the London Metal Exchange were predominantly lower at the close of trading on Monday November 5, topped by a continued downturn in lead's three-month price while aluminium was the only metal to trade in positive territory. Read more in our live futures report.Here are how prices looked at the close of...Read More
The latest metal markets news and price moves to start the North American day on Monday November 5.Base metals on the London Metal Exchange were mostly lower during morning trading, pressured by escalating tensions between the United States and China while key global stock markets followed lower.Here's how base metals prices looked at 11:45am London time:Read our live futures report here. UC Rusal...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Monday November 5.Most base metals prices on the Shanghai Futures Exchange fell during Asian trading hours on Monday November 5, as buoyant hopes last week over a possible resolution to the ongoing trade war between the United States and China were punctured by White House economic adviser Lar...Read More
Base metals prices on the London Metal Exchange were predominantly lower at the close of trading on Monday November 5, topped by a continued downturn in lead's three-month price while aluminium was the only metal to trade in positive territory.Despite reaching an intraday high of $2,002.50 per tonne, the three-month lead price closed nearer to its October low of $1,915 per tonne, with last week's...Read More
Comex copper reversed lower to start the new week on Monday morning in the US, with a broad-based sell-off and political uncertainty keeping market participants on the sidelines.The copper price for December settlement on the Comex division of the New York Mercantile Exchange fell 4.10 cents to $2.7720 per lb. On Friday, the contract touched a high of $2.8090 per lb, the highest level since Octobe...Read More
Seaborne iron ore prices strengthened on Monday November 5 amid fears of supply disruptions in Australia.MB 62% Fe Iron Ore Index: $75.74 per tonne cfr Qingdao, up $1.77 per tonne.MB 62% Fe Pilbara Blend Fines Index: $74.77 per tonne cfr Qingdao, up $1.77 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $79.30 per tonne cfr Qingdao, up $2.34 per tonne.MB 58% Fe Premium Index: $66.92 per tonne cfr Q...Read More
The steel scrap sector in the United States still depends on exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London.This dependence persists despite the changes in the international markets created by the US' imposition of its Section 232 tariffs on imports of steel products, metals analyst Le...Read More
Suppliers of long steel products in the European Union have been raising their offer prices for November deals in anticipation of strong demand and high manufacturing costs, Fastmarkets was told on Monday November 5.But the recent political uncertainty that has enveloped all the world's major markets was keeping customers quiet for now, and content to keep their buying activities confined to the s...Read More
Easing supply tightness in the alumina market continues to put significant pressure on the fob Australia alumina index and traders expect prices to fall even further before the end of the year. The benchmark fob Australia daily alumina index has fallen back below $450 per tonne for the first time since June 2018. It was most recently assessed on Friday November 5 at $442.50 per tonne. Traders...Read More
The freefall in aluminium scrap prices could soon reach its bottom and stabilize, European secondary aluminium market participants told Fastmarkets this week.The combined impact of the trade war between the United States and China and fundamental changes in how the Chinese consume scrap has led to a flood of aluminium scrap entering the global market, pushing the price of some grades to...Read More
The latest metal markets news and price moves to start the North American day on Monday November 5.Base metals on the London Metal Exchange were mostly lower during morning trading, pressured by escalating tensions between the United States and China while key global stock markets followed lower.Here's how base metals prices looked at 11:45am London time:Read our live futures report here. UC Rusal...Read More
Base metals on the London Metal Exchange were mostly lower during morning trading on Monday November 5, pressured by escalating tensions between the United States and China while key global stock markets followed lower. Topping losses in percentage terms over the morning, the three-month nickel price continues to trade below the $12,000 per tonne threshold, retreating by 1.1% against a broadly str...Read More
Profits from zinc miners and refiners are expected to move downstream into the zinc smelting sector to reshape the unhealthy and significantly, profits-diverged structure, sources told Fastmarkets MB at the 21st China International Lead and Zinc Conference.Profits in the upstream zinc mining and refining sectors has risen by 8% year on year in the first nine months of 2018, while those in the smel...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Monday November 05*Copper -$205.55 (-1,425.89 yuan) Aluminium -$444.44 (-3,082.97 yuan) Zinc -$50.76 (-352.08 yuan) Nickel $570.66 (3,958.54 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month prices at 3pm Shanghai time, taking account of VAT and impor...Read More
The latest news and price moves to start the Asian day on Tuesday November 6.Base metal prices on the London Metal Exchange were predominantly lower at the close of trading on Monday November 5, topped by a continued downturn in lead's three-month price while aluminium was the only metal to trade in positive territory. Read more in our live futures report.Here are how prices looked at the close of...Read More
The global excess of steel production capacity is resulting in increased volumes of imports into the Middle East, BS Shetty of Al Ghurair Iron & Steel (AGIS) told an industry conference on Monday November 5.Steel mills in China and India have more than 50% of the world's steel production capacity, and they get export incentives, Shetty told delegates to the Arab Iron & Steel Union Summit in Amman,...Read More
The import price for steel slab in Southeast Asia and East Asia stopped declining during the past week, with trading activity still muted.Fastmarkets MB's price assessment for imported slab in Southeast Asia and East Asia was at $470-480 per tonne cfr for the week ended Monday November 5, the same as the previous week.The assessment had previously been falling since mid-October amid lower offers.....Read More
China's domestic rebar prices dropped on Monday November 5, with market participants taking a pessimistic view on demand and supply. Domestic Eastern China (Shanghai): 4,630-4,660 yuan ($672-676) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 4,450-4,480 yuan per tonne, down 10-20 yuan per tonneSpot rebar prices fell on Monday amid early-hours losses in the futures market...Read More
China's hot-rolled coil market was largely steady on Monday November 5, but expectations have emerged for some upward momentum in the export segment as soon as prices bottom out.DomesticEastern China (Shanghai): 4,030-4,040 yuan ($584-586) per tonne, narrowing downward by 10 yuan per tonneNorthern China (Tianjin): 4,030-4,040 yuan per tonne, unchangedPrices in both major trading regions in China w...Read More