The bullish momentum in China's stainless steel market in the first half of 2021 will likely extend into the third quarter, which would underpin prices for upstream products such as nickel pig iron (NPI) and ferro-chrome, market participants say.But several mills' plan to put new capacity into operation could weigh on prices in the fourth quarter, which would affect the upstream market for these r...Read More
Base metals price movements on the London Metal Exchange were mixed during trading on Monday July 5, with copper and tin making the best showings among the complex.Copper's three-month price rallied upward by more than $130 per tonne during Monday's trading, to $9,511 per tonne at the 5pm close, from $9,376.50 per tonne on Friday, despite only 12,404 lots being traded during the day.While the stro...Read More
Iron ore prices were up on Monday July 5 with market sentiment improving because of the easing of restrictions in China's steelmaking hub of Tangshan, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $221.82 per tonne, up by $3.84 per tonne62% Fe low-alumina fines, cfr Qingdao: $223.14 per tonne, up by $3.57 per tonne58% Fe fines high-grade premium, cfr Qingdao: $184...Read More
The bullish momentum in China's stainless steel market in the first half of 2021 will likely extend into the third quarter, which would underpin prices for upstream products such as nickel pig iron (NPI) and ferro-chrome, market participants say.But several mills' plan to put new capacity into operation could weigh on prices in the fourth quarter, which would affect the upstream market for these r...Read More
Base metals, iron ore, rebar and precious metal prices on the Shanghai Futures Exchange were up across the board this morning, Monday July 5, with all the base metals, apart from lead, also higher on the London Metal Exchange.Markets taking comfort from Friday's US employment report. Markets likely to be quiet with the United States celebrating Sunday's Independence DayBase metalsLME three-month l...Read More
Stainless steel prices continue to register new highs around the end of the first half of 2021 and steelmakers continue to enjoy outsized margins.They have responded in recent months by increasing their output, which has now pushed above pre-pandemic levels and will eventually restore balance to the market.For now, though, supply gaps are still being filled and buyers find themselves competing aga...Read More
Base metals price movements on the London Metal Exchange were mixed during trading on Monday July 5, with copper and tin making the best showings among the complex.Copper's three-month price rallied upward by more than $130 per tonne during Monday's trading, to $9,511 per tonne at the 5pm close, from $9,376.50 per tonne on Friday, despite only 12,404 lots being traded during the day.While the stro...Read More
Russia-origin aluminium will carry an export duty of 15% with a minimum rate of $254 per tonne from August 1 until December 31 this year, according to the Russian government.Export duties have been approved on 340 non-ferrous and steel products, after Russian Prime Minister Mikhail Mishustin signed an official decree on Friday June 25.Primary aluminium, under harmonized system code 760110, will al...Read More
Base metals production in Peru increased significantly year-on-year during May due to the strong effects of the Covid-19 pandemic in 2020, but figures were also up on a monthly basis on better performances by the largest mines, the country's ministry of energy and mines, Minem, said on Friday July 2.Copper output totaled 195,999 tonnes in May, up by 52.63% from 128,412 tonnes in the corresponding...Read More
Export prices for steel slab from the Commonwealth of Independent States dropped in the week to Monday July 5 amid decreasing finished flat steel values in the region, as well as a possible increase in supply through July before Russia imposes an export duty on metal products in August."The price trend in hot-rolled coil has affected the slab sector. MMK [Magnitogorsk Iron & Steel Works] scared ev...Read More
Base metals, iron ore, rebar and precious metal prices on the Shanghai Futures Exchange were up across the board this morning, Monday July 5, with all the base metals, apart from lead, also higher on the London Metal Exchange.Markets taking comfort from Friday's US employment report. Markets likely to be quiet with the United States celebrating Sunday's Independence DayBase metalsLME three-month l...Read More
Domestic prices for hot-rolled coil in Northern Europe and Italy declined in the week to Friday July 2, with buyers reluctant to continue paying high prices.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?1,149.50 ($1,363.72) per tonne on July 2, down by ?,?41.64 per tonne week on week and down by ?,?0.50 per tonne month on month.The index was bas...Read More
Key data from the Friday July 2 pricing session in China.Key driversChina's spot domestic cobalt metal price maintained its upward momentum on Friday July 2, driven by continuing bullish sentiment and rising local future prices. Sellers succeeded in concluding small-volume deals at higher levels because some buyers with immediate needs started to restock to avoid further price increases.The rising...Read More
Stainless steel prices continue to register new highs around the end of the first half of 2021 and steelmakers continue to enjoy outsized margins.They have responded in recent months by increasing their output, which has now pushed above pre-pandemic levels and will eventually restore balance to the market.For now, though, supply gaps are still being filled and buyers find themselves competing aga...Read More
Key data from the Friday July 2 pricing session in China.Key driversChina's spot domestic cobalt metal price maintained its upward momentum on Friday July 2, driven by continuing bullish sentiment and rising local future prices. Sellers succeeded in concluding small-volume deals at higher levels because some buyers with immediate needs started to restock to avoid further price increases.The rising...Read More
The latest data for the global manganese ore market for the week ended July 2, 2021.Read More
U.S. equity index futures were slightly lower this morning. S&P 500 futures were down 2 points in pre-opening trade.Gold gained $27.50 to $1,810.70 per ounce in response to U.S. Dollar weakness.Apple gained $0.29 to $140.25 after JP Morgan raised its target price from $165 to $170.Nvidia advanced $11.19 to $830.67 after KeyBanc Capital raised its target price from $775 to $950 American Express...Read More
Iron ore prices were up on Monday July 5 with market sentiment improving because of the easing of restrictions in China's steelmaking hub of Tangshan, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $221.82 per tonne, up by $3.84 per tonne62% Fe low-alumina fines, cfr Qingdao: $223.14 per tonne, up by $3.57 per tonne58% Fe fines high-grade premium, cfr Qingdao: $184...Read More
Gerald Group's subsidiary SL Mining resumed loading iron ore for export in the Port of Freetown, Sierra Leone, West Africa, on Sunday July 4 2021, the London-based metals trader said this week.The company's first exports since June 2019, the "Marampa Blue" brand iron ore concentrate being shipped is more than 65% iron content and the unspecified volumes being transported will be taken from SL Mini...Read More
Turkish deep-sea scrap import markets were quiet on Monday July 5 with mills reluctant to buy scrap amid limited finished steel demand, while suppliers kept offers firm, market sources told Fastmarkets.Steel producers in Turkey booked four deep-sea cargoes last week, three of which were booked by a single steel mill.The most recent deep-sea transaction put the heavy melting scrap 1&2 (80:20) price...Read More