A summary of Finland-based stainless steel producer Outokumpu's results for the second quarter of 2021.In brief The company managed to increase steel deliveries by 20% year-on-year thanks to the improved market fundamentals in all business areas, considering that the reference period in 2020 was much weaker due to the demand slump created by the Covid-19 pandemic. Increased stainless steel prices...Read More
Triland Metals Ltd has resigned as a Category 1 member of the London Metal Exchange, ending almost 50 years as a ring dealing member of the exchange, the company said in a letter to its customers seen by Fastmarkets. Company chief executive officer Martin Pratt said in the letter that Triland - a 100%-owned subsidiary of Japanese conglomerate Mitsubishi set up in 1971 to hedge against price moveme...Read More
Base metals prices on the LME were mainly weaker this morning, Wednesday August 11, after average rebound gains of 1.4% on Tuesday, while SHFE base metals prices were mainly stronger in reaction to yesterday's LME gains.* US Senate passes $1 trillion infrastructure bill, focused on the transport system* Wall Street set fresh record highs on Tuesday* US dollar strong and climbing and US treasury yi...Read More
Here are five Fastmarkets stories you might have missed on Monday August 9 that are worth another look.On August 9, there was a blast at Novolipetsk Steel's (NLMK) oxygen plant in Lipetsk, Russia, but it will only have a minor impact on production, the company told Fastmarkets.The trade...Read More
The trade union representing workers at the Caserones copper mine in Chile will go on strike on Tuesday August 10 after failing to reach a deal through government-mediated negotiations with owner Minera Lumina Copper Chile.The company did not change its most recent offer during the extended talks, leading union members to officially vote to go on strike, the union said on Monday August 9.Workers a...Read More
Eight of the nine Category 1 members of the London Metal Exchange have indicated their support for continuing to trade official lunchtime prices in the open-outcry ring.Does this mean that one company does not support ring trading? And could one of the exchange's members be preparing to leave the trading floor?The exchange revealed on Monday August 9 that it had majority support for the ring, in a...Read More
The trade union representing workers at the Caserones copper mine in Chile will go on strike on Tuesday August 10 after failing to reach a deal through government-mediated negotiations with owner Minera Lumina Copper Chile.The company did not change its most recent offer during the extended talks, leading union members to officially vote to go on strike, the union said on Monday August 9.Workers a...Read More
The prices for low and high grades of seaborne manganese ore diverged further in the week ended Friday August 6, with extensive power restrictions across China continuing to disrupt operations at alloy smelters.Fastmarkets calculated its weekly index for manganese ore, 44% Mn, cif Tianjin, at $5.37 per dry metric tonne unit (dmtu) on Friday, up from $5.14 per dmtu previously."High-grade ore miners...Read More
China's January-to-July copper import volumes dropped by more than a tenth compared with the first seven months of 2020, the latest Chinese customs data shows. The biggest copper buyer in the world bought 3.219 million tonnes of unwrought copper and copper products in the first seven months this year, down 10.6% compared with the same period in 2020 which was a record year for imports.The average...Read More
Here are five Fastmarkets stories you might have missed on Monday August 9 that are worth another look.On August 9, there was a blast at Novolipetsk Steel's (NLMK) oxygen plant in Lipetsk, Russia, but it will only have a minor impact on production, the company told Fastmarkets.The trade...Read More
Europe's biggest copper producer, Aurubis, is planning to offload part of its downstream business to focus on primary copper smelting and recycling, it said on Monday August 9.The Germany-based company will sell a portion of its flat-rolled copper product operations to Intek Group, which fully controls KME, a leading player in the European copper and copper alloy semifinished-product industry. Ope...Read More
Import prices for steel scrap in Turkey dipped on Monday August 9 after recent bookings made by steel mills in the country came to light at the start of this week, sources told Fastmarkets.A steel mill in the Iskenderun region bought a United States-origin cargo for September shipment comprising 30,000 tonnes of HMS 1&2 (80:20) at $461 per tonne, and 5,000 tonnes of shredded and 5,000 tonnes of bo...Read More
Shipbreaking steel scrap prices in Turkey dropped during the week to Monday August 9, in line with prices for imported scrap, market participants told Fastmarkets.Turkish steel mills booked at least five deep-sea cargoes, with prices dropping through the week.Fastmarkets' assessment for steel scrap, heavy melting scrap 1&2 (80:20 mix) United States origin, cfr Turkey was calculated at $463.90...Read More
Stronger-than-expected United States employment figures on Friday August 6 turned the dollar higher, which weighed on prices, with most base metals weaker this morning, Monday August 9, but gold and silver underwent a 'flash crash' at the start of trading in Asia.Signs of a stronger US recovery weighed heavily on gold and silver on Friday, which led to a chaotic start to trading this morning. US 1...Read More
Key data from the Friday August 6 pricing session in London and ChinaKey driversCobalt hydroxide payables fell in the second half of the week to Friday August 6 after a rise on August 4, with a deal reported at a higher level. Most buyers were still reluctant to accept a higher level in the second half of the week considering...Read More
Australia-listed junior miner Core Lithium has signed a four-year binding offtake agreement with Chinese major Ganfeng Lithium, the companies announced Monday August 9.Over four years, Core Lithium will deliver 300,000 dry metric tonnes of spodumene concentrate from its Finniss project, at a rate of 75,000 tonnes per year, according to the agreement.Finniss is a lithium mine in development, locate...Read More
The nickel sulfate price remained steady at its highest level in the week to Friday August 6 amid continuous tight supply of raw materials, with LME nickel price volatility keeping market participants on the sidelines, sources said.Fastmarkets assessed the price of nickel sulfate min 21%, max 22.5%; cobalt 10ppm max, exw China at 37,000-38,000 yuan ($5,709-5,863) per tonne on August 6, unchan...Read More
Here are five Fastmarkets stories you might have missed on Monday August 9 that are worth another look.On August 9, there was a blast at Novolipetsk Steel's (NLMK) oxygen plant in Lipetsk, Russia, but it will only have a minor impact on production, the company told Fastmarkets.The trade...Read More
The European hot-rolled coil market remained slow on Monday August 9 due to seasonal factors, sources told Fastmarkets.Buyers and sellers are expected to return to the market in late August or early September, following the traditional market cycle."The market is almost dead - Europe is on holiday and buyers have a wait-and-see attitude," a German distributor said.Traded volumes are unlikely to be...Read More
Trading activity in the European hot-rolled coil market has been low in the week to Friday August 6 due to the start of the summer slowdown.Sufficient buyer stocks and slow August activity have weakened trading but activity should recover between the end of August and the first half of September, sources said.Most domestic producers only had HRC available from fourth-quarter rolling material, whil...Read More