Hot-rolled coil prices in China's domestic market remained stable on Monday August 16, subdued by weak economic data but supported by a sharp decline in output.DomesticEastern China (Shanghai): 5,750-5,810 yuan ($888-897) per tonne, upward widening by 30 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange slipped to 5,675 yuan per tonne on Monday morning, before clawing bac...Read More
Most prices on the London Metal Exchange started the week on lower ground than last Friday on Monday August 16, following worse-than-expected Chinese economic data published over the weekend.Nickel's three-month price, for example, was down to $19,530 per tonne on Monday at 9am, from Friday's closing price of $19,656 per tonne after rising 5.6% from last Monday's $18,620 per tonne.Similarly, coppe...Read More
International cobalt metal prices softened on Monday August 16 with competitive offers emerging; some sellers are willing to drop their offers to take profits in a quiet market, sources said.Lower offers started to emerge last week and gradually brought downward pressure to the market amid thin liquidity, which is typical during the peak summer holiday period.Fastmarkets' assessment of the price o...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade,...Read More
Key data from the Friday August 13 pricing session in Shanghai.Key drivers China's domestic magnesium prices surged due to spot supply shortage from producers.Some producer sources said they had signed forward contracts with buyers, because they did not have spot material available for the...Read More
Key data from Friday August 13 pricing session in Shanghai.Key drivers Sellers reduced their offers in the hope of facilitating sales. Regular participants held their offers at 530-550 yuan ($82-85) per kg but offers below 520 yuan per kg were also...Read More
Fastmarkets today launches two daily indices for cfr China ferrous scrap prices, reported on a US-dollar-per-tonne basis.After the original consultation period for this proposed launch, which ended on August 9, Fastmarkets has launched its steel scrap, index, heavy recycled steel materials, cfr east China, $ per tonne and steel scrap, index, heavy recycled steel materials, cfr north China, $ per t...Read More
German steelmakers settled their monthly steel scrap contracts for August at lower prices, following the trend in international markets, sources told Fastmarkets.The fall in prices of new scrap grades, including E8 grade, was less pronounced due to the continued short supply of the material both from automotive producers and from flat steel service centres.Stoppages and reduced production rates in...Read More
Secondary aluminium ingot prices in Europe rose during the week to Friday August 13 due to surging costs for alloying elements. Despite quieter market conditions due to the seasonal summer lull, ingot prices rose in both Europe and the United Kingdom this week due to ascending prices for elements used in aluminium alloying such as silicon and copper. Fastmarkets assessed the price for aluminium sc...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 25 points in pre-opening trade.The Canadian Dollar was virtually unchanged at US79.22 cents following release of July Canadian Housing Starts at 8:15 AM EDT. Consensus was a decline to 270,800 from upwardly revised 295,085 in June. Actual was 286,620.Index futures moved lower following release of the July Retail Sales...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points in pre-opening news.Index futures were virtually unchanged following release of the August Empire State Manufacturing Index at 8:30 AM EDT. Consensus was a drop to 30.00 from 43.00 in July. Actual was a drop to 18.3.Chipotle dropped $10.31 to $1,877.50 after Raymond James downgraded the stock from Strong Buy...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
Spot prices for imported hot-rolled coil in Vietnam were stable in the week to Friday August 13 amid poor spot liquidity while major Vietnamese domestic producer Formosa Ha Tinh Steel Corporation (FHS) reduced its prices, sources said.South Korean traders continued to offer low prices for Russian HRC from Magnitogorsk Iron and Steel Works (MMK), including the remaining quantities of 15,000-20,000...Read More
Global ferrous scrap prices have continued to fall in the week to August 13 due to high freight rates, Covid-19 outbreaks in importing countries and poor downstream steel demand.Turkish scrap prices fell amid weak downstream demandUnited States scrap exports were poor due to high freight costsWeak demand for imports in Vietnam due to Covid-19China abstains from purchasing due to large bid-offer sp...Read More
Eastern China rebar prices held steady on Friday August 13 on tighter supply due to lower spot market inventories, but prices were down by 10 yuan per tonne week on week due to Thursday's fall.DomesticEastern China (Shanghai): 5,200-5,230 yuan ($803-808) per tonne, unchangedNorthern China (Beijing) weekly assessment: 5,170-5,210 yuan per tonne, up by 60-70 yuan per tonneFalling spot market invento...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
Here are five Fastmarkets stories you might have missed on Friday August 13 that are worth another look.Extended waiting times and bottlenecks at major Chinese ports have resulted in lower demand for imports of steel billet and higher freight costs for such shipments this week, sources told Fastmarkets...Read More
Aluminium primary foundry alloy (PFA) premiums were unchanged this month in Europe and the United States, continuing to lag other value-added products such as billet.EuropeFastmarkets assessed the aluminium primary foundry alloy, silicon 7 ingot premium, ddp Germany at $510-550 per tonne on Friday August 13, flat from July 9. "The market has been really quiet this week. We are waiting until Septem...Read More