A summary of BHP's copper, iron ore and nickel production results for the year ended June 2021.Australia-based resources company BHP's operational review, published on Tuesday July 20, is summarised below.In brief Annual copper production was down by 5% from the previous year, mainly due to declines at Escondida and Pampa Norte, both in Chile,...Read More
Hot-rolled coil prices across China's domestic market edged lower on Tuesday July 20 and futures prices fell following Beijing's latest pledge to ensure stable prices for commodities.DomesticEastern China (Shanghai): 5,850-5,930 yuan ($903-915) per tonne, down by 20-30 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange slipped to a one-week low of 5,822 yuan per tonne in e...Read More
Steelmaking heavyweights in eastern China's Jiangsu province were actively looking to source steel billet imports on Tuesday July 20, after the reality of crude steel production cuts in the region started to become clearer.Three mill sources from the region told Fastmarkets they were interested in importing billet, with the recent output cuts communicated to them by Chinese authorities set to limi...Read More
Fastmarkets has corrected its weekly price assessment for European high-carbon ferro-chrome (60-70% Cr), which was published incorrectly on Tuesday July 20 due to an error in the review process.Fastmarkets' weekly price assessment for MB-FEC-0004 ferro-chrome, high carbon, 6-8.5% C, basis 60-70% Cr, max 1.5% Si, delivered Europe, should have been $1.34-1.55 per lb Cr but was published as $1.34-1.6...Read More
An overview of the chrome ore and alloy markets in Asia, Europe and the United States on Tuesday July 20 and their latest price moves.China Spot ferro-chrome prices reached 10,000 yuan ($1,541) per tonne after some stainless steel mills raised their purchase prices amid strong production rates and with stainless steel prices at seven-year highs. Ferro-chrome producers in Inner Mongolia continued t...Read More
The London Metal Exchange nickel cash price is likely to hit $20,500 per tonne in the third quarter, with strong stainless steel demand and electric vehicle (EV) restocking driving the uptrend, according to analysts at Citi.Despite a sell off across base metals on July 19, Citi Metals Strategist Oliver Nugent told Fastmarkets that nickel fundamentals remain strong for Q3 and that he expects the pr...Read More
Base metals prices on the London Metal Exchange performed well on Tuesday July 20, despite strong headwinds from rising coronavirus cases and a strong United States Dollar Index."The sell-off on Monday July 19 across the LME base metals complex was triggered by a set of negative macro dynamics, which spooked global investors," Fastmarkets analyst Andy Farida said. "Risk sentiment turned very negat...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 20 that are worth another look,Shipments and distribution of steel in Germany have been disrupted by the recent flooding in the country, pushing flat steel producer Thyssenkrupp to declare force majeure, sources told Fastmarkets...Read More
Base metals prices on the LME were up across the board this morning, Tuesday July 20, while the SHFE followed Monday's weakness, which was triggered by growing fears over the potential impact of the Delta variant of Covid-19 on the global economic recovery.Gold, the yen and the dollar were stronger and the United States 10-year treasury yield weaker - all signs of a pick-up in haven demandThe spre...Read More
Turkish steel mills remained silent on Tuesday July 20, with no bookings heard due to the ongoing week-long Eid al-Adha public holiday, sources told Fastmarkets.The Turkish deep sea scrap market has remained silent since material was last booked on Tuesday July 13.A public holiday on Thursday 15 July also slowed any possible trading...Read More
The London Metal Exchange nickel cash price is likely to hit $20,500 per tonne in the third quarter, with strong stainless steel demand and electric vehicle (EV) restocking driving the uptrend, according to analysts at Citi.Despite a sell off across base metals on July 19, Citi Metals Strategist Oliver Nugent told Fastmarkets that nickel fundamentals remain strong for Q3 and that he expects the pr...Read More
The London Metal Exchange's new aluminium duty-paid European premiums contract, which is settled againstFastmarkets' assessment, traded for the first time on Tuesday July 20.The cash-settled contract had more than 1,800 tonnes cleared in the LME's inter-office market at $359 per tonne for a September 2021 to April 2022 period. The contract, which launched on Monday July 19, is basis...Read More
Hot-rolled coil prices in the United States climbed to a new record high as a result of the latest spot offers and an increase in reported transactions involving material for August and September shipment.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $91.34 per hundredweight ($1,826.80 per short ton) on Tuesday July 20, an increase of 0.42% from $90.96 per cwt on Mo...Read More
Shipments and distribution of steel in Germany have been disrupted by the recent flooding in the country, pushing flat steel producer Thyssenkrupp to declare force majeure, sources told Fastmarkets on Tuesday July 20.The situation was likely to worsen the carbon steel shortage in the European market, participants believed. Over the past year, the supply of both flat and long steel products has bee...Read More
Base metals prices were up across the board on the morning of Tuesday July 20, recovering slightly from Monday's drop after a sharp rise in global coronavirus cases raised concern about potential further lockdowns stifling economic recovery."This morning the metals have recovered a little from yesterday's fall but on very thin volumes and no doubt unnerved by the Asian equities in negative territo...Read More
China's domestic rebar price dropped on Tuesday July 20 due to weak demand caused by adverse weather in large parts of the country, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,220-5,240 yuan ($804-807) per tonne, down by 10-20 yuan per tonneThere was heavy rain in central China's Henan province and southern China's Guangdong province on July 20, and large...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 point in pre-opening trade. Chipotle advanced $68.86 to $1,641.21 after reporting higher than consensus second quarter revenues and earnings. Netflix added $2.15 to $533.20 after the company announced plans to enter the gaming industry.Canadian National Railway slipped $0.40 to US$101.90 after reporting slightly less...Read More
Here are five Fastmarkets stories you might have missed on Monday July 19 that are worth another look.European steel association Eurofer is demanding stronger carbon emissions measures to guarantee a balanced approach that will enable a decarbonization of the region's steel industry, it said on Thursday July 15.Read More
Alumina prices on an fob Australia basis were at a four-month high on Monday July 19 due to an increase in liquidity, with cargoes changing hands at higher prices.Fastmarkets assessed its daily alumina index, fob Australia, at $289.36 per tonne on Monday, the highest since March 19.Demand for cargoes has increased over the past week. But the rise in prices also related to concern in the market abo...Read More
A combination of concerns over the spread of the delta variant of Covid-19, a sturdy dollar index and falling US equities triggered a sell-off in London Metal Exchange prices during the afternoon's trade on Monday July 19.Nickel's three-month price showed the biggest drop of the day, down by 3.2% at the close to $18,462 per tonne, from Friday's $19,070 per tonne price at the same time."Nickel pric...Read More