China's domestic hot-rolled coil prices extended their losses on Tuesday August 3, falling to their lowest in a month on lingering fears of an easing of the country's plan to cut steel production.DomesticEastern China (Shanghai): 5,660-5,750 yuan ($876-890) per tonne, down by 100-110 yuan per tonneHRC futures fell for a second day during the day, with the most-traded October contract on the Shangh...Read More
China's domestic rebar prices continued to fall on Tuesday August 3, with demand weakened by adverse weather and a resurgence of Covid-19 infections.DomesticEastern China (Shanghai): 5,130-5,170 yuan ($794-800) per tonne, down by 60-70 yuan per tonneRain in eastern and southern China affected construction activity, particularly in coastal cities that experienced heavy downpour.A spike in Covid-19...Read More
Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were generally weaker this morning, Tuesday August 3, with LME copper and SHFE aluminium bucking the trend, but the drop in US ten-year treasury yield hints of a pick-up in haven buying.Asian equities mainly lower this morningSome disappointing manufacturing purchasing managers' index (PMI) have raised concern about...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, in-whs Rotterdam,...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 Cobalt alloy...Read More
Fastmarkets yesterday launched a new index for the steel scrap import market in Turkey - the steel scrap, month-to-date deal-weighted average, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, $ per tonne.After a month-long consultation period, Fastmarkets launched the Turkey import steel scrap month-to-date deal-weighted average on Monday August 2 to provide a tonnage-weighted average price f...Read More
Base metals prices on the London Metal Exchange were mixed this morning, Wednesday August 4, and those on the Shanghai Futures Exchange were all weaker.While the metals have generally found good underlying support, overhead resistance does seem to be capping the upside, which is perhaps not surprising because we are in the middle of the summer lull.US equities focused on strong results, less on th...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade. Index futures moved slightly lower following release of the July ADP Non-farm Employment report at 8:15 AM EDT. Consensus was an increase of 653,000 versus an increase of 680,000 in June. Actual was an increase of 330,000Lyft advanced $0.62 to $56.00 after reporting higher than consensu...Read More
Here are five Fastmarkets stories you might have missed on Monday August 2 that are worth another look.The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.Four unions representing...Read More
The price of lead reached a new year-to-date peak of $2,412.50 per tonne on Monday August 2, while nickel and copper faltered in trading on the London Metal Exchange.Lead's three-month price was at its highest on Monday for 37 months, since July 2, 2018. The metal's price was up by 0.8% from its price last Friday, hitting $2,402 per tonne at the close of trading. It had risen by 5.5% last month.Eu...Read More
Glencore has purchased a 9.99% stake in junior mining company Hot Chili for A$14.4 million ($10.62 million), the latter said on Monday August 2.The agreement gives Hot Chili, which is listed on the Australian Securities Exchange and operates assets in Chile, the financing to complete a feasibility study for...Read More
Hydrometallurgy company Hellenic Minerals has completed the construction of a nickel sulfate hexahydrate facility in Cyprus, paving the way for initial production there.The plant in Skouriotissa, about 30km west of the island nation's capital, Nicosia, is thought to be on the site of the world's oldest copper mine. It was expected to reach output of 44,000 tonnes per year of laterite ore, containi...Read More
Glencore has purchased a 9.99% stake in junior mining company Hot Chili for A$14.4 million ($10.62 million), the latter said on Monday August 2.The agreement gives Hot Chili, which is listed on the Australian Securities Exchange and operates assets in Chile, the financing to complete a feasibility study for...Read More
Zinc and lead concentrate treatment charges (TCs) rose toward the end of July due to more mined tonnage hitting the market and pushing terms higher.Fastmarkets' assessment of zinc spot concentrate TC, cif China was $78-90 per tonne on Friday July 30, up from $75-88 per tonne three weeks earlier, and its highest level since last October.Terms have gradually increased since Chinese smelters took ext...Read More
Here are five Fastmarkets stories you might have missed on Monday August 2 that are worth another look.The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.Four unions representing...Read More
The price for manganese flake has been rising since May this year because of the controls on the use of electricity during summer in several provinces in China, as well as production cuts at major manganese flake producers and strong demand from the steel industry, sources told Fastmarkets on Monday August 2.Fastmarkets' latest price assessment for manganese 99.7%, electrolytic manganese flake, fo...Read More
Turkish steel mills remained inactive in the import markets at the start of this week, making no new bookings of deep-sea scrap cargoes on Monday August 2, sources told Fastmarkets.But two older cargoes have come to light since the calculation of the scrap indices closed for the day last Friday.Two European cargoes were booked by mills in the regions of Marmara and Izmir, each comprising unspecifi...Read More
Base metals prices on the London Metal Exchange were generally trending higher this morning, Monday August 2, with copper the metal that seems to be struggling the most. Base metals trading on the Shanghai Futures Exchange gave a mixed performance, however.Chinese equities rebound this morning after last week's weaknessUS Senate makes progress on $1 trillion infrastructure billChina's official man...Read More
Hydrometallurgy company Hellenic Minerals has completed the construction of a nickel sulfate hexahydrate facility in Cyprus, paving the way for initial production there.The plant in Skouriotissa, about 30km west of the island nation's capital, Nicosia, is thought to be on the site of the world's oldest copper mine. It was expected to reach output of 44,000 tonnes per year of laterite ore, containi...Read More
Australia-listed Vulcan Energy Resources and car manufacturer Renault have signed a five-year lithium offtake agreement, the two companies said on Monday August 2.From 2026, Renault will purchase between 6,000 and 17,000 tonnes per year of battery-grade lithium hydroxide from Vulcan, the companies said.The lithium hydroxide will come from Vulcan's 'zero-carbon' combined geothermal energy and lithi...Read More