Base metals prices on the London Metal Exchange ended mostly lower Wednesday October 31, pressured by a fresh 2018 high in the US dollar index.The three-month nickel price was hardest hit, falling 2.5% over the afternoon to an intraday low of $11,500 per tonne. Both three-month copper and zinc fell below nearby support levels - copper fell below $6,000 per tonne for the first time since September...Read More
The tin premium in Europe accelerated to a 21-month high on concerns surrounding Indonesian tin supply, while premiums in the United States and in Asia were immobile on sufficient supply. European premiums at 21-month high US contracts hint at climbing premiums Asia premiums steady on abundant stocks Indonesian supply crunch lifts European premiums In Europe, the premium for 99.9%...Read More
Key data from the Wednesday October 31 pricing session in Europe.Key driversTrades and assessments indicate the European ferro-titanium market continued the downtrend that began on September 12, when the market was assessed at $5.80-6.05 per kg. Ample supply of material, as well as traders looking to sell-off inventories before year-end were cited...Read More
Spot copper concentrate treatment and refining charges (TCs/RCs) remained almost unchanged and at high levels toward the end of October, with a rapidly widening backwardation reducing the market liquidity.Fastmarkets' assessment of the TC/RC index dipped by $1.60 per tonne/0.16 cents per lb to $87.40 per tonne/8.74 cents per lb on October 31. The previous assessment of $89.00 per tonne/8.90 cents...Read More
The refined zinc market is expected to be in a slight deficit next year despite improved mined zinc supply, a representative from the International Lead and Zinc Study Group said on Wednesday October 31.Refined zinc metal output will rise to 13.81 billion tonnes next year, up 3% from the expected output of 13.41 billion tonnes this year, the group's director of economics and environment Meng Jianb...Read More
The easing backwardation in forward London Metal Exchange price spreads gave support to aluminium premiums across the globe this week, with the December-January spread narrowing from a $15 per tonne backwardation to $7.50 per tonne. Rotterdam premiums gain support from easing backwardation in Q1 spreadsMJP premium range widens to $70-85 per tonneUS Midwest premium unchanged as backwardation fears...Read More
Turkish deep-sea scrap import prices remained largely stable after a new transaction was heard on Wednesday October 31.A steel mill in the Marmara region booked a Baltic Sea cargo comprising 23,000-25,000 tonnes of HMS 1&2 (80:20) at $335 per tonne and 4,000-5,000 tonnes of bonus at $345 per tonne cfr, late on October 30.Some sources believed that the cargo also contained...Read More
Comex copper prices recovered from a mid-September low in early morning trading on Wednesday in the United States, with a stronger dollar and modest Chinese growth preventing a major rebound.The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 0.05 cents to $2.6645 per lb. Overnight, China's October PMI for the manufacturing industry was reco...Read More
The European copper cathode premium dipped on Tuesday October 30 while the cif Shanghai premium was slightly lower after a sustained import loss and wider backwardation in the London Metal Exchange spread pushed traders to the sidelines; the US premium was steady with the focus on annual negotiations. European market slips on backwardation. Shanghai cif premium slightly lower due to import a...Read More
Market participants believe that domestic prices for hot-rolled coil (HRC) in Northern Europe have 'reached bottom,' sources told Fastmarkets on Wednesday October 31.Prices in southern and central Europe remained under pressure because of slow trading, they added.Northern EuropeFastmarkets' weekly price assessment for domestic HRC in Northern Europe was stable over the week at ?,?550-565 ($625-642...Read More
China's hot-rolled coil prices tumbled on Wednesday October 31 amid persistently weak demand, with buyers remaining on the sidelines on expectations of the market softening further.DomesticEastern China (Shanghai): 4,080-4,100 yuan ($586-588) per tonne, down 50-60 yuan per tonneNorthern China (Tianjin): 4,050-4,060 yuan per tonne, down 30 yuan per tonnePrices tumbled during the day following losse...Read More
Ferrous futures mostly ended morning trading on a slight uptick on Wednesday October 31 following a steep decline during Tuesday night's session.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,146 yuan ($595) per tonne, up 11 yuan per tonneJanuary hot rolled coil: 3,793 yuan per tonne, down 2 yuan per tonneDalian Commodity Exchange January iron ore: 533 yuan per...Read More
Prices for hollow steel sections in Northern Europe have fallen this week following a decline in feedstock prices, Fastmarkets heard on Wednesday October 31.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe fell by ?,?10 per tonne to ?,?650-660 ($739-750) per tonne delivered on October 31, from ?,?660-670 per tonne delivered on Oct...Read More
European prices for mesh-quality wire rod were flat across the Northern and Southern parts of the continent on Wednesday October 31, with few buyers seriously enquiring for deliveries. Fastmarkets' weekly domestic price assessments for mesh-quality wire rod in both Southern and Northern Europe were ?,?535-560 ($608-636) per tonne delivered on Wednesday. Both assessments were unchanged over the pre...Read More
The price for rebar produced and delivered in Southern Europe fell slightly on Wednesday October 31, with some suppliers accepting lower bids to make sales but most only offering higher prices.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe fell to ?,?510-535 ($579-608) per tonne delivered on Wednesday, from ?,?520-545 per tonne last week.Producers have been raising thei...Read More
Turkish deep-sea scrap import prices remained largely stable after a new transaction was heard on Wednesday October 31.A steel mill in the Marmara region booked a Baltic Sea cargo comprising 23,000-25,000 tonnes of HMS 1&2 (80:20) at $335 per tonne and 4,000-5,000 tonnes of bonus at $345 per tonne cfr, late on October 30.Some sources believed that the cargo also contained...Read More
Prices for iron ore fines weakened on Wednesday October 31 in a cautious market, while lump premiums traded higher.MB 62% Fe Iron Ore Index: $75.71 per tonne cfr Qingdao, down $1 per tonne. MB 62% Fe Pilbara Blend Fines Index: $74.74 per tonne cfr Qingdao, down $1 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $80.13 per tonne cfr Qingdao, down $0.04 per tonne. MB 58% Fe Premium Index: $67.42 pe...Read More
Ferrous futures mostly ended morning trading on a slight uptick on Wednesday October 31 following a steep decline during Tuesday night's session.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,146 yuan ($595) per tonne, up 11 yuan per tonneJanuary hot rolled coil: 3,793 yuan per tonne, down 2 yuan per tonneDalian Commodity Exchange January iron ore: 533 yuan per...Read More
Vietnam's Formosa Ha Tinh Steel Corp will add a considerable amount to Asia's billet supply with the full operational capacity of a new 1-million-tpy semi-continuous caster.The new billet mill has a capacity of 1 million tonnes per year of various steel grades as part of its first phase. It will have a capacity of up to 2 million tpy after a second expansion, equipment maker SMS group said on Octo...Read More
Rebar prices continued to rise in north China on Wednesday October 31, while those in the eastern region held steady amid ongoing transportation restrictions ahead of a major event in Shanghai. Domestic Eastern China (Shanghai): 4,670-4,700 yuan ($670-675) per tonne, unchangedNorthern China (Beijing): 4,480-4,520 yuan per tonne, up 30-40 yuan per tonneTrading activity was high in the northern regi...Read More