All prices on the London Metal Exchange except for copper finished the day on June 29 at higher prices than Monday, with lead showing the biggest gains and setting a new year-to-date high, and aluminium up by 2.5%.Copper was the only price to close lower on Tuesday, falling 0.6% to $9,334.50 per tonne from Monday's $9,388 per tonne. The three-month price of lead rose by 3.2% to $2,305 per ton...Read More
Tin demand is likely to exceed 400,000 tonnes per year by 2025, while supplies from greenfield projects and recycled material are not expected to keep pace, leading to a deficit over the next decade, according to the International Tin Association (ITA).At an ITA seminar on Tuesday June 29, delegates heard that tin demand for 2020 was calculated at 355,200 tonnes, with more than 50% being used for...Read More
No2 copper scrap cargoes have been sold to Asia and Europe at large discounts recently over concerns of the cargoes not meeting new Chinese customs criteria for recyclable material, industry sources told Fastmarkets. Theoretically, the birch/cliff cargoes, containing copper content of 94-96%, could qualify for import to China as No2 copper material, RCu-2B under the new policy which took effect la...Read More
Seven creditors have sued a Chinese warehousing and logistics firm to claim a loss of copper concentrate worth 1.073 billion yuan ($166 million), according to several court documents, the latest of which was released on June 23. Dalian Container Terminal Co Ltd (DCTL) allegedly delivered a total 925,000 tonnes of copper concentrates without the consent of the seven companies that had provided cred...Read More
Base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange were weaker across the board this morning, Tuesday June 29, with the spread of the Covid-19 Delta variant a worrisome development.While lockdowns can hit demand, there is also a risk to supply from mine closures or further logistical delaysBase metalsLME three-month base metals prices were down across the board...Read More
With the exception of rising tin and aluminium prices, most prices on the London Metal Exchange were mixed on the morning of June 29. The LME three-month price of tin price rose to $31,350 per tonne on Tuesday at 9am, up from its Monday closing price of $31,152 per tonne, which had been a 1.2% increase on Friday's price. Supply issues continue to be bullish for the metal's price, with the MSC...Read More
Hot-rolled coil prices in the United States surged to an all-time high after more market participants grew concerned that a shortage of spot-market tonnage may endure for the remainder of 2021.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $85.98 per hundredweight ($1,719.60 per short ton) on Tuesday June 29, an increase of 1.46% from $84.74 per cwt on Monday June 28...Read More
Domestic prices for hot-rolled coil in Europe remained stable on Tuesday June 29 with trading activity still limited, sources told Fastmarkets.Buyers have been more cautious about making new deals because they have sufficient stocks for the next few months and delivery times from the EU mills for HRC are reaching late 2021. For downstream coil, several producers said they were now sold out for the...Read More
The steel rebar and billet import market in the United Arab Emirates was slow after the country's biggest steel producer announced reduced rebar prices, sources told Fastmarkets on Tuesday June 29.Emirates Steel, the biggest producer in the UAE, decreased its rebar price by 55 dirhams ($14.97) per tonne to 3,012 dirhams per tonne ex-works in effect from June 27.The new rebar price did not improve...Read More
The European steel association (Eurofer) has welcomed the extension of existing safeguard measures because they will continue to protect Europe's domestic steel industry from excessive imports.On June 25, the European Union confirmed there will be a three-year extension of the safeguarding measures on 26 steel products imported into the EU - lasting until June 30, 2024, with quota volumes increasi...Read More
Hot-rolled coil prices in China's domestic market inched lower on Tuesday June 29 while futures prices reversed earlier gains.DomesticEastern China (Shanghai): 5,390-5,450 yuan ($834-844) per tonne, widening downward by 10 yuan per tonne from 5,400-5,450 yuan. Spot prices edged lower after the most-traded HRC contract on the Shanghai Futures Exchange fell slightly from an earlier high of...Read More
Turkish steel mills picked up their activity in the deep-sea scrap markets with a fresh UK cargo sold at fairly stable prices, market participants said on Tuesday June 29.A steel mill in the Marmara region booked the UK cargo, comprising 25,000 tonnes of HMS 1&2 (80:20), 10,000 tonnes of shredded and 10,000 tonnes of bonus at an average price of $505.50 per tonne cfr. The cargo is scheduled to be...Read More
Prices for steel billet exports from the Commonwealth of Independent States softened early in the week started Monday June 28 due to a lack of support from buyers.Russian suppliers mostly continued to stay away from the market, with no fresh offers placed yet following news last Friday of the planned introduction of an export duty on steel products from August 1.The duty's base rate will be 15%, w...Read More
The steel rebar and billet import market in the United Arab Emirates was slow after the country's biggest steel producer announced reduced rebar prices, sources told Fastmarkets on Tuesday June 29.Emirates Steel, the biggest producer in the UAE, decreased its rebar price by 55 dirhams ($14.97) per tonne to 3,012 dirhams per tonne ex-works in effect from June 27.The new rebar price did not improve...Read More
Global miner Anglo American has made a successful trial of the use of sustainable biofuel to power a chartered Capesize ship on a voyage from Singapore to South Africa, reducing carbon dioxide emissions by around 5% compared with using 100% conventional marine fuel, the company has said.The biodiesel blend was produced by converting waste cooking oil from Singapore's food and beverage industry.The...Read More
All prices on the London Metal Exchange except for copper finished the day on June 29 at higher prices than Monday, with lead showing the biggest gains and setting a new year-to-date high, and aluminium up by 2.5%.Copper was the only price to close lower on Tuesday, falling 0.6% to $9,334.50 per tonne from Monday's $9,388 per tonne. The three-month price of lead rose by 3.2% to $2,305 per ton...Read More
Iron ore prices fell amid Chinese emissions restrictions and depressed market sentiment on Tuesday June 29, with the ongoing rainy season in southern China also dampening demand, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $212.33 per tonne, down $6.29 per tonne62% Fe low-alumina fines, cfr Qingdao: $214.94 per tonne, down $5.83 per tonne58% Fe fines high-grade...Read More
The seaborne premium hard coking coal price stayed large stable in the cfr market because most market participants adopted a wait-and-see attitude on Tuesday June 29, market sources said, while the price of premium hard coking coal fob DBCT inched higher on buying interest.Fastmarkets indicesPremium hard coking coal, fob DBCT: $184.92 per tonne, up $1.10 per tonnePremium hard coking coal, cfr Jing...Read More
Flat steel prices for imports into the United Arab Emirates and Saudi Arabia decreased during the week ended Tuesday June 29, but demand was better because of low stock levels, Fastmarkets was told.Some market participants expected flat steel prices to increase because of Russia's recently proposed export duty.Russia will impose a base 15% export duty on 340 metal products, including hot-rolled co...Read More
The European ferro-titanium and titanium scrap markets may be set to push higher in the coming months after news that Russia will impose an export tax on ferro-alloys between August 1 and December 31 this year, according to industry sources.Europe imported around 1,500 tonnes of ferro-titanium per month on average from Russia in the past three years, including Scandinavia and Turkey, with 1,700-1,...Read More