Metal Bulletin reviews the major stories that have affected the steel market during the week ended November 2.Raw Materials Xcoal Energy & Resources has exported the first cargo of Baralaba low-vol pulverized coal injection from the Baralaba North mine in Queensland, Australia.BHP is counting on India and China to drive demand for steelmaking raw materials in the year ahead, and expects the struct...Read More
Fastmarkets rounds up some of the key news and price moves across the global metals markets this week.Base metalsA massive backwardation on copper forward price spreads on the London Metal Exchange has collapsed after market tightness eased thanks to delivery of 44,950 tonnes of metal into exchange-listed warehouses.Brazilian multi-metals producer Nexa Resources has maintained its production and s...Read More
If Brexit - the departure of the United Kingdom from the European Union on March 29, 2019 - isn't on your radar, it should be. With the annual London Metal Exchange Week now in full swing, the exchange, its members and their customers need to have contingency plans in place if they are expecting to be affected in any way by Brexit. And as with anything political, an element of brinkmanship will na...Read More
When the London Metal Exchange finished its 12-step warehouse reform package, it proved once more that you cannot please all of the people all of the time. It faced some inevitable criticism of the rules, in particular that the LME went too far in certain areas and should consider tweaking or rolling back some of its reforms. In particular, the focus of attention was on the load-in, load-out (LILO...Read More
For one week, Shanghai, China's economic center, will become the center of the global copper industry - representatives from miners, consumers, banks and brokers will convene for the annual Cesco Week. The week is centred on the Cesco dinner on Thursday November 15 evening - to be attended by some 2,000 guests - but there are a host of other well-established functions. The following details the ke...Read More
Base metals prices on the London Metal Exchange were collectively higher at the close of trading on Friday November 2, ending the week stronger despite continued stock outflows and broad strength in the US dollar index.An easing of the trade tensions between the United States and China fueled the price rallies, with the three-month copper price topping the gains and reaching an intraday high of $6...Read More
Comex copper prices surged back up to a mid-October high during a volatile week that saw the red metal unable to establish a clear price direction amid competing macroeconomic factors.The copper price for December settlement on the Comex division of the New York Mercantile Exchange jumped by 8.60 cents to $2.8075 per lb. Earlier today in trading, the contract touched a high of $2.8090, the highest...Read More
China's month-on-month new electric vehicles (NEV) sales rebounded in August after month-on-month declines in June and July. The drop in sales between May and June was the first drop since September 2016, but Fastmarkets MB had expected Chinese NEV sales to dip temporarily after the June subsidy changes came into effect because consumers and NEV manufacturers would have to adjust to the new subsid...Read More
Alloy steel scrap prices followed divergent trajectories this week in Europe and the UK as a result of differing market fundamentals. In Europe, 18/8 scrap solids prices fell amid poor demand, while grade-316 solids prices edged higher because of very tight supplies. In both cased, however, market activity has been very slow and price movements were only marginal. Fastmark...Read More
For one week, Shanghai, China's economic center, will become the center of the global copper industry - representatives from miners, consumers, banks and brokers will convene for the annual Cesco Week. The week is centred on the Cesco dinner on Thursday November 15 evening - to be attended by some 2,000 guests - but there are a host of other well-established functions. The following details the ke...Read More
Base metals prices on the London Metal Exchange were collectively higher at the close of trading on Friday November 2, ending the week stronger despite continued stock outflows and broad strength in the US dollar index.An easing of the trade tensions between the United States and China fueled the price rallies, with the three-month copper price topping the gains and reaching an intraday high of $6...Read More
Fastmarkets rounds up some of the key news and price moves across the global metals markets this week.Base metalsA massive backwardation on copper forward price spreads on the London Metal Exchange has collapsed after market tightness eased thanks to delivery of 44,950 tonnes of metal into exchange-listed warehouses.Brazilian multi-metals producer Nexa Resources has maintained its production and s...Read More
Comex copper prices surged back up to a mid-October high during a volatile week that saw the red metal unable to establish a clear price direction amid competing macroeconomic factors.The copper price for December settlement on the Comex division of the New York Mercantile Exchange jumped by 8.60 cents to $2.8075 per lb. Earlier today in trading, the contract touched a high of $2.8090, the highest...Read More
The latest metal markets news and price moves to start the North American day on Friday November 2. Base metals prices on the London Metal Exchange were all higher during morning trading on Friday November 2, after the largest single-day inflow in LME copper stocks since February 2004.The three-month copper price climbed more than 1.5% to more than $6,200 per tonne after around 47,700 to...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Friday November 02*Copper -$139.78 (-966.73 yuan) Aluminium -$447.88 (-3,097.64 yuan) Zinc -$44.6 (-308.47 yuan) Nickel $570.06 (3,942.62 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month prices at 3pm Shanghai...Read More
Base metals prices on the London Metal Exchange were all higher during morning trading on Friday November 2 after the largest single-day inflow in LME copper stocks since February 2004.The three-month copper price climbed more than 1.5% to above $6,200 per tonne after around 47,700 tonnes of the metal were delivered to LME-listed warehouses, predominantly in Asian locations, with Korean warehouses...Read More
A massive backwardation on copper forward price spreads on the London Metal Exchange has collapsed after market tightness was eased by a delivery of 44,950 tonnes of metal into exchange sheds, Fastmarkets heard on Friday November 2.On-warrant LME warehouse stocks were up by 78% on Friday to 102,600 tonnes. Thursday's 57,000 tonnes was the lowest inventory level since August 2005.The delivery was t...Read More
Metal Bulletin reviews the major stories that have affected the steel market during the week ended November 2.Raw Materials Xcoal Energy & Resources has exported the first cargo of Baralaba low-vol pulverized coal injection from the Baralaba North mine in Queensland, Australia.BHP is counting on India and China to drive demand for steelmaking raw materials in the year ahead, and expects the struct...Read More
Cold-rolled coil prices in the United States have held steady week on week, but coated base prices were offered as low as $46-47 per cwt, market participants said.One producer and seller of coated steel targeted $47.50 per hundredweight after mills announced a $2-per-cwt price increase in mid-October, but little could be sold at that price in recent weeks, that seller said. Now $46.50 per cwt...Read More
Steel mills in India have reduced their domestic price for hot-rolled coil (HRC) by about 500 rupees ($7) per tonne for November sales by providing incentives to distributors."We rolled back prices by about 500 rupees per tonne, with some conditions linked to targets to be achieved by our distributors," an official from an Indian steel mill said.But these measures were unlikely to help mills remai...Read More