London Metal Exchange base metal futures barring tin traded higher on Friday July 9 after the market responded to news that China's central bank will boost liquidity to small and medium sized businesses.The People's Bank of China said it would reduce the Reserve Requirement Ratio (RRR), the amount of cash banks have to hold in reserve, by 0.5%, equivalent to the release of a trillion yuan ($154 bi...Read More
Iron ore prices across the board declined further on Friday July 9, with market chatter about crude steel production cuts in China depressing sentiment amid thin trading.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $214.77 per tonne, down by $3.27 per tonne62% Fe low-alumina fines, cfr Qingdao: $218.00 per tonne, down by $4.00 per tonne58% Fe fines high-grade premium, cfr Qingdao: $180.0...Read More
The introduction of a Russian export duty on steel products carries serious risks for the country's steel industry, Russia's steel association Russkaya Stal warned last week.The duties, which cover 340 metal products, will apply from August 1 through to December 31 and have a base rate of 15%, with a specific minimum rate for each product.The measures will inevitably cut the profitability of steel...Read More
Sandfire Resources' Motheo copper mine in Botswana will come online in 2023, the mid-tier copper and gold miner said this week, after acquiring a mining license for the project. The construction of the Motheo copper mine will accelerate in the coming months and should deliver 30,000 tonnes of copper and 1.2 million ounces of silver for the first 12-and-a-half years of mine life, the Canada-listed...Read More
Base metals registered an increase in inventories at Shanghai Futures Exchange-registered warehouses during the week to Friday July 9, with nickel increasing the most in percentage terms, up 20.62%.Nickel stocks totaled 7,555 tonnes on Friday, up by 1,292 tonnes from 6,263 tonnes a week ago. The largest inflow was at Zhongchu Dachang warehouse, Shanghai, where volumes were up by 1,214 tones or 46....Read More
London Metal Exchange base metal futures barring tin traded higher on Friday July 9 after the market responded to news that China's central bank will boost liquidity to small and medium sized businesses.The People's Bank of China said it would reduce the Reserve Requirement Ratio (RRR), the amount of cash banks have to hold in reserve, by 0.5%, equivalent to the release of a trillion yuan ($154 bi...Read More
Spot copper concentrate treatment/refining charges (TC/RC) continued to rise for the fourth week in a row on the improving availability of the copper raw material.Fastmarkets copper concentrate TC/RC index was calculated at $42.4 per tonne/4.24 cents per lb for the week to Friday July 9, its first foray above the $40/4 cents mark since late...Read More
Treatment charges (TCs) for zinc concentrates have risen over the past two weeks, with smelters sitting on better inventories and a flurry of mine tenders indicating rising supply, Fastmarkets heard on Friday July 9.TCs becoming firmer, but slower than market expectedSeveral tenders issued by miners in recent weeks, well bid by the tradeSome smelters see TCs at $100 per tonne as a peak for this ye...Read More
Seaborne coking coal prices were steady in the cfr market on Friday July 9 while market participants awaited further information about second-half production cut plans at Chinese steel mills. The fob coking coal market surged amid necessary procurement demand from Asia, market sources said.Prices for seaborne pulverized coal injection (PCI) decreased in the cfr market in the week to July 9 because...Read More
Bullish sentiment in the aluminium supply chain fueled increases in premium foundry alloy (PFA) premiums in Europe in the week ended Friday July 9. The PFA premium in the US was flat once again.EuropeSoaring premiums for P1020 aluminium, expensive logistics and solid demand pushed the premiums for primary foundry alloy (PFA) in Europe to new all-time highs this week.Fastmarkets' assessment of the...Read More
The price of cold-rolled stainless steel in Europe increased further this past week due to the severe material shortage that has been ongoing, sources told Fastmarkets on Friday July 9.Fastmarkets' weekly price assessment for stainless steel cold-rolled sheet 2mm grade 304 transaction domestic, delivered north Europe was ?,?3,600-3,650 ($4,257-4,316) per tonne on Friday, up by ?,?150 from ?,?...Read More
An overview of the new energy materials markets and their price moves from the past week.Susan Zou, Yingchi Yang and...Read More
Activity in the market for pig iron exports from Brazil was at a standstill in the week to Friday July 9, but local demand for such material was strong, sources have told Fastmarkets.Fastmarkets' price assessment for pig iron, export, fob port of Vitoria/Rio, Brazil, was $620-625 per tonne on Friday, stable week on week.Suppliers in the south of Brazil were heard to be inactive as regards...Read More
An overview of the new energy materials markets and their price moves from the past week.Susan Zou, Yingchi Yang and...Read More
Sandfire Resources' Motheo copper mine in Botswana will come online in 2023, the mid-tier copper and gold miner said this week, after acquiring a mining license for the project. The construction of the Motheo copper mine will accelerate in the coming months and should deliver 30,000 tonnes of copper and 1.2 million ounces of silver for the first 12-and-a-half years of mine life, the Canada-listed...Read More
Prices for shredded steel scrap imports into Pakistan increased in the week to Friday July 9, supported by higher trading activity compared with India, sources have told Fastmarkets.Fastmarkets calculated its weekly steel scrap, shredded, index, import, cfr Port Qasim, Pakistan, at $547.34 per tonne on July 9, up by $7.83 per tonne from $539.51 per tonne on July 2.Deals for the material have been...Read More
Domestic steel rebar prices in Poland were broadly flat in the week to Friday July 9, with market activity slowing down on seasonal factors, sources told Fastmarkets.Fastmarkets' price assessment for steel reinforcing bar (rebar), domestic, exw Poland, was 4,050-4,100 zloty ($1,054-1,067) per tonne on Friday, the same as last week.The assessment was based on deals, offers and achievable prices rep...Read More
The inter-merchant light iron scrap market in the United Kingdom was unchanged this week although increased demand could result in small price rises in the coming weeks, participants told Fastmarkets on Friday July 9.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?175-190 ($241-262) per tonne on Friday, unchanged since June 18...Read More
Global scrap prices broadly fell over the week to Friday July 9. Spot demand in Asia remained weak, with buyers looking at lower Turkish steel scrap prices for indications of better buying opportunities in the future.Turkey resumes deep-sea importsPrime grades perform best in USVietnam demand soft but billet demand could offer hopeChinese price uptrend capped by production cutsTaiwan continues to...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves.Janie Davies...Read More