Key data for the pricing session in the week ending Friday October 19. China The domestic ferro-chrome spot market softened owing to the downturn in downstream stainless steel prices. UG2 and Turkish lumpy chrome ore prices both strengthened on support from the recent sharp stocks fall. ...Read More
South32 achieved record quarterly production of manganese ore at its Australian division in the July-September quarter of 2018, and an increase of 8% in overall manganese ore production compared with the previous three months.The company continues to take advantage of strong demand and pricing, it said, which includes selling lower-grade secondary product and using higher cost trucking as a freigh...Read More
Pig iron exporters from the south of Brazil kept prices low in the week ended Friday October 19 due to the limited demand for high-phosphorous material in the global market.Fastmarkets' weekly price assessment for pig iron exports from the south-eastern Minas Gerais region on October 19 was unchanged at $350 per tonne fob. That was the lowest price seen so far in 2018, according to Fastmarkets' pr...Read More
Ferrous scrap prices softened globally in the week ended Friday October 19, except for Turkey, where prices moved up on Friday on late news of recent bookings.US export trading was sparse, which led to a drop in prices, while Turkey held back from deep-sea bookings for most of the week and the market in India continued to struggle with that country's weakening currency.Turkey importsTurkish mills...Read More
Prices for light iron scrap in the United Kingdom have been steady over the past week, extending a period of stability for the sixth consecutive week, sources told Metal Bulletin on Friday October 19.The market has been steady in line with domestic consumer demand and has garnered further support from increases in export prices to key destinations such as Turkey, although prices in the European ma...Read More
The price of shredded ferrous scrap imported into India fell this week due to reduced trading because of a festival in the country as well as continued weakness in the rupee, sources told Fastmarkets MB.Fastmarkets MB's weekly index for containerized imports of shredded scrap into India moved down to $354.42 per tonne cfr Nhava Sheva on Friday October 19, from $358.92 per tonne cfr Nhava Sheva one...Read More
The Turkish deep-sea scrap market ended the week with news of three bookings heard by Fastmarkets on Friday October 19.A steel mill in the Izmir region booked a Baltic Sea cargo for November shipment, comprising of 18,500 tonnes of HMS 1& 2 (80:20) at $327.50 per tonne, and 3,500 tonnes of bonus at $337.50 per tonne cfr. This was agreed on October 15 but did...Read More
Widespread work stoppages resulting from strike action, and interruptions to the iron ore supply chain, have paralyzed the hot-briquetted iron (HBI) industry in Venezuela, sources have told Fastmarkets recently."There has been a general work stoppage [in Bolivar state, where industry is concentrated] for the past 40 days," one source told Fastmarkets. "All plants are [closed] down, whether it is m...Read More
Qianhai Mercantile Exchange, Hong Kong Exchanges & Clearing's new onshore China commodities trading platform, started trading on Friday October 19, with a first deal for alumina concluded. Chinalco International Trade sold 3,000 tonnes of alumina to Xiamen Xiangyu Group at 3,030 yuan ($436.67) per tonne."We hope to establish fair market prices with industry customers and establish good market...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Friday October 19*Copper -$74.34 (-516.53 yuan) Aluminium -$445.55 (-3,095.84 yuan) Zinc -$121.56 (-844.63 yuan) Nickel $348.67 (2,422.65 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
Prices for premium hard coking coal on an fob Australia basis ended the week 2% higher, though trading activity in the seaborne market was muted on Friday October 19.A cargo of premium mid-vol materials was offered around $218 per tonne fob Australia during the day, below the last transaction price for a shipment in the same segment, sources said. "While Chinese buyers have always paid a premium f...Read More
Base metal stocks at Shanghai Futures Exchange-approved warehouses were mostly higher with zinc recording a rise at 23% week on week as of Friday October 19, while copper stocks rose 12%. Deliverable zinc stocks rose 10,106 tonnes or 23.3% in the past week to 53,479 tonnes as of Friday. This week, warehousing company Yuqiang in Shanghai had the most zinc stock moving to its sheds, totaling 9...Read More
China's domestic and export prices for hot-rolled coil both declined on Friday October 19 amid market participants' pessimistic outlook. DomesticEastern China (Shanghai): 4,180-4,200 yuan ($602-605) per tonne, down 30 yuan per tonneNorthern China (Tianjin): 4,100-4,110 yuan per tonne, down 10 yuan per tonneLocal authorities in north China's steel hub of Tangshan late on Thursday released a list in...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Fastmarkets minor metals prices changed on Friday October 19:Minor metalsBismuth MB China domestic, yuan/tonne: 51,000-52,500 yuan per tonne from 52,000-53,000 yuanChromium MB free market alumino-thermic, $/tonne: $10,800-11,600 per tonne from $11,000-11,800Cobalt sulfate, Co 205% min, China ex-works adjustment to low-grade cobalt low-end price...Read More
The following Fastmarkets non-ferrous European free market scrap prices changed on Friday October 19:Aluminium scrapFloated Frag: ?,?1,010-1,060 per tonne from...Read More
Gold futures settled slightly lower on the day, with the most active December Comex contract currently fixed at $1,229.60, a net decline of $0.50 on the day. However, gold scored modest gains this week. Gold opened on Monday at approximately $1,221.10, and it is currently fixed at $1,229.60, resulting in an eight dollar gain this week.Although the gains have been small and incremental, gold has no...Read More
(Kitco News) - The mining sector is seeing some renewed excitement as gold prices post their third week of gains, but one mining executive said that the sector still needs more to attract fresh investment capital. Mathieu Savard, president of the Quebec Mineral Exploration Association and vice-president of exploration for Osisko Mining In an interview with Kitco New on the sidelines of Xplor,...Read More
(Kitco News) - Gold’s resiliency this week in light of a higher U.S. dollar and hawkish FOMC meeting minutes could mean the precious metal is ready to shine again, according to analysts.As this week is coming to a close, gold is heading for a third straight weekly gain, which marks a significant turnaround following a dismal summer. The December Comex gold futures were last trading at $1,231...Read More
(Kitco News) - Lottery fever has once again gripped the U.S. as Friday's Mega Millions lottery pushes close to the one-billion dollar mark.As of Friday morning, the jackpot had an estimated value of $970 million with a cash option worth $548 million. The Mega Million's lottery win could buy about 788,617 ounces of gold with prices currently trading around $1,230 an ounce. To put that into perspect...Read More