Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Monday October 29, with strong consumer spending figures from the United States fueling broad strength in the US dollar index and adding downward pressure on prices.In a report released by the US Commerce Department, consumer spending increased by 0.4% over October, however, this is the smallest gain in 15...Read More
Iron ore prices were largely steady on Monday October 29, with limited liquidity in the spot market amid expectations of a loosening of steelmaking restrictions in China.MB 62% Fe Iron Ore Index: $76.48 per tonne cfr Qingdao, unchanged.MB 62% Fe Pilbara Blend Fines Index: $75.51 per tonne cfr Qingdao, unchanged.MB 62% Fe Iron Ore Index-Low Alumina: $80.23 per tonne cfr Qingdao, down $0.17 per tonn...Read More
Comex copper prices edged higher Monday morning in the US with the market holding steady amid further Chinese stock market deterioration. The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 1.25 cents to $2.7535 per lb.Concerns of a slowdown in the Chinese economy continue to weigh on Asian shares, with the Shanghai Composite falling 2.2% ov...Read More
Treatment charges (TCs) for spot zinc concentrates continued to rise over the past week after an open arbitrage into China and agreement on higher prices led to a flurry of deals earlier in the month.Meanwhile, spot prices for lead concentrates dropped, although the market was persistently lacking in supply.The zinc market is still in transition from being more tightly supplied than at any other t...Read More
Cobalt spot market prices for both high- and low-grade material increased week on week on Wednesday October 24 on bullish sentiment that was fueled by supply tightness in the United States, arising from sanctions on Chinese metal, Fastmarkets has heard.Although the cobalt spot market was unusually slow last week, due to industry conferences and the beginning of contract price negotiations, the dea...Read More
Comex copper prices edged higher Monday morning in the US with the market holding steady amid further Chinese stock market deterioration. The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 1.25 cents to $2.7535 per lb.Concerns of a slowdown in the Chinese economy continue to weigh on Asian shares, with the Shanghai Composite falling 2.2% ov...Read More
South Korean zinc smelter Young Poong is facing a 20-day shutdown at its Sukpu refined zinc smelter after a court rejected the company's appeal against a closure order.Situated in a national park, the Sukpu smelter is alleged to have discharged waste from the smelting process into the local river, which is used for drinking water by millions of people. Environmental groups and residents have been...Read More
Base metals prices on the London Metal Exchange were mostly lower at the start of the week on Monday October 29, with nickel trading at a 10-month low while weaker Chinese stocks indices add pressure across morning trading.Concerns of a slowdown in the Chinese economy continue to weigh on Asian shares, with the Shanghai Composite falling 2.2% over the morning and nearing levels unseen since 2014.&...Read More
International trading house Concord Resources is suing rival merchant Kyen Resources for $1.1 million, making it the third company to file a lawsuit against the embattled metals trader at the Singapore High Court. Based on the court document filed on October 22, Concord Resources sold one parcel of about 500 tonnes of London Metal Exchange-registered aluminium ingots to Kyen Resources on October 1...Read More
Aluminium billet premiums have remained largely stable worldwide, although Asian premiums have seen some weakness. Supply is generally regarded as tight globally, although slowing demand may loosen supply.European markets draw interestEuropean billet premiums were relatively stable on Friday October 26, holding near highs following the United States' sanctions against UC Rusal.The premium for 6063...Read More
Good morning from Fastmarkets' offices in Asia, bringing the latest news and pricing stories on Monday October 29. Base metals prices on the Shanghai Futures Exchange were predominantly higher during Asian morning trading, with zinc showing the biggest gains on depleting inventories; meanwhile tin and...Read More
The price for import merchant bar shot up due to confirmed sales of Mexican material into the southern and southwestern United States, while that for domestic material was steady due to calm market conditions. Fastmarket AMM's latest assessment for imported merchant bar rose to $770-800 per short ton ($38.50-40 per hundredweight) ddp port of Houston on Friday October 26 from $640-680 per ton...Read More
Prices for steel plate have inched up in the United States, due to a round of price increases from domestic mills gaining at least partial traction in the market.Fastmarkets AMM's price assessment for cut-to-length plate stands at $48.50 per hundredweight ($970 per short ton), up 1% from $48 per cwt ($960 per ton) previously, where the price had remained since October 5. Lead times were in a...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transaction: billetBilletRussia, billet, export, traded...Read More
French tube and pipe maker Vallourec said last week that it would not subsidise a takeover bid for its joint-venture Ascoval steel mill in France, which may now have to close.Ascoval said in March that it was searching for a new majority shareholder that would allow it to continue steelmaking operations beyond 2019, after Swiss special steels maker Schmolz & Bickenbach acquired Ascoval's majority...Read More
Brazilian flat steel producer Usiminas is analyzing whether to request an investigation into possible dumping of imported cold-rolled coil (CRC), chief executive officer Sergio Leite told Fastmarkets on Friday October 26.Steelmakers and other market participants in Brazil suspect that CRC and also coated steel imports, mainly from China, have entered the country at dumped prices. A potential compl...Read More
Vietnam's Southern Steel Sheet Co (SSSC) is targeting a larger share of the coated coil market by adding a third galvanizing line to its Nhon Trach operations in the country's Dong Nai province.Italian equipment supplier Tenova will supply the company - a joint venture of Vietnam Steel Corp, Japan's Sumitomo Corp and Malaysia's FIW Steel - with a galvanized coil line with capacity of 150,000 tonne...Read More
China's hot-rolled coil prices dropped on Monday October 29 amid weak demand, with trading activity being described as "very sparse." DomesticEastern China (Shanghai): 4,150-4,170 yuan ($597-600) per tonne, down 10-20 yuan per tonneNorthern China (Tianjin): 4,080-4,090 yuan per tonne, narrowing downward by 10 yuan per tonneTrading today was very thin during the day, with traders in both the northe...Read More
The need for investment in new lithium projects creates a need for risk management tools, but the market's immaturity creates challenges, according to panelists at an LME focus session during this year's annual LME Week. Increasing demand for lithium compounds arising out of the electric vehicle and battery boom has created an appetite to bring new projects on stream, but there are risks associate...Read More
The latest news and price moves to start the Asian day on Tuesday October 30.Base metal prices on the London Metal Exchange were lower at the close of trading on Monday October 29, with strong consumer spending figures from the United States fueling broad strength in the US dollar index and adding downward pressure to the market. Read more in our live futures report.Here are how prices looked at t...Read More