Key data from Fastmarkets' pricing session in Europe on Wednesday June 2.Key drivers Trading has been quiet over the past week due to the shortened working week, with a national UK holiday on Monday May 31 (Spring Bank Holiday), while European markets will be affected by Corpus Christi on Thursday June 3. These breaks have also coincided with school holidays, meaning that many workers are...Read More
Recent weakness in Chinese export hot-rolled coil prices are likely to have minimal impact on prices in Turkey and the Commonwealth of Independent States - major flat steel suppliers - at least in the short term, sources told Fastmarkets. Existing demand at key outlets and long lead times will prevent prices from following the Chinese export price in the near term, Fastmarkets has learned. Do...Read More
Fastmarkets has decided to revise the outlier detection method used in the calculation of its copper concentrate treatment and refining charge (TC/RC) index. Following a one-month consultation, Fastmarkets will proceed to revise the outlier detection method used in the calculation of its copper concentrate TC/RC index to reflect spot market changes. Changes will take effect on Friday June 4. The p...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were generally weaker on Thursday June 3 morning, although nickel bucked the trend on both exchanges.* Brent crude oil continues to rally, reaching $71.71 on Thursday morning.* China’s Caixin services purchasing manager’s index eases to 55.1 in May, from 56.3 in April.Base metalsLME three-month base metals pric...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 26 points in pre-opening trade.Equity futures are expected to respond to a series of economic reports to be released this morning. ? The May ADP Non-farm Employment to be released at 8:15 AM EDT is expected to drop to 650,000 from 742,000 in April. ? Next estimate of first quarter Non-farm Productivity to be released...Read More
Here are five Fastmarkets stories you might have missed on Tuesday June 1 that are worth another look.Technology entrepreneur Elon Musk once described the ongoing use of fossil fuels and their generation of a vast carbon footprint as "the dumbest experiment in human history."German carmaker Volkswagen will halt...Read More
The first proposed draft on scrap shipment regulation revisions in Europe will come out in a few weeks, with more restrictions on the free flow of secondary metal raw materials expected, panelists said at the Bureau of International Recycling (BIR) Convention, which started on Monday May 31.The biggest point of uncertainty is whether the European Commission (EC) will stop the export of both unproc...Read More
Technology entrepreneur Elon Musk once described the ongoing use of fossil fuels and their generation of a vast carbon footprint as "the dumbest experiment in human history."Not everyone will agree with his assessment of the petroleum, gas and coal sectors, which have powered the world's growth for decades. Nonetheless, the twin goals of supply chain security and sustainability are now driving a t...Read More
Key data from the pricing sessions in Asia, Europe and the United States over the week to Tuesday June 1.China Producers, under increasing cost pressure, looked to increase UG2 chrome ore prices after sentiment strengthened following higher-than-expected ferro-chrome tender prices but little liquidity has been realized yet.China's major stainless-steel mills set their ferro-chrome tender prices a...Read More
Brazil-headquartered Minera????o Vale Verde (MVV) completed construction of the Serrote copper-gold project in the northeastern Alagoas state ahead of schedule and expects its first concentrate shipment to be made in November, its parent company Appian Capital Advisory said on Tuesday June 1.The mining company will ramp up production during the second half of the year aiming to ship high-grade cop...Read More
Trafigura has purchased a sizeable amount of rival merchant Cliveden's copper trading book, increasing what was already said to be the world's biggest copper trading book by volume.The relevant parties have been in discussions for weeks on a deal, which was tabled after Zug-based Cliveden contacted trading houses for assistance in financing copper concentrate cargoes, multiple sources confirmed.So...Read More
Here are five Fastmarkets stories you might have missed on Tuesday June 1 that are worth another look.Technology entrepreneur Elon Musk once described the ongoing use of fossil fuels and their generation of a vast carbon footprint as "the dumbest experiment in human history."German carmaker Volkswagen will halt...Read More
Technology entrepreneur Elon Musk once described the ongoing use of fossil fuels and their generation of a vast carbon footprint as "the dumbest experiment in human history."Not everyone will agree with his assessment of the petroleum, gas and coal sectors, which have powered the world's growth for decades. Nonetheless, the twin goals of supply chain security and sustainability are now driving a t...Read More
The first proposed draft on scrap shipment regulation revisions in Europe will come out in a few weeks, with more restrictions on the free flow of secondary metal raw materials expected, panelists said at the Bureau of International Recycling (BIR) Convention, which started on Monday May 31.The biggest point of uncertainty is whether the European Commission (EC) will stop the export of both unproc...Read More
Turkish steel producers remained quiet in the deep-sea scrap market and instead continued to focus on finished steel, sources told Fastmarkets on Tuesday June 1.The most recent deep-sea trade was done at the end of last week, when a steel mill in the Marmara region booked a US cargo, comprising HMS 1&2 (80:20) at $503 per tonne and shredded scrap at $513 per tonne cfr.The US cargo resulted a furth...Read More
Fastmarkets invites feedback on its Taiwan steel scrap price assessment as part of its annual methodology review process, in compliance with the International Organization of Securities Commissions (Iosco) principles for price reporting agencies.This consultation, which will be open until July 1, 2021, seeks to ensure that our methodology continues to reflect the physical market under the price as...Read More
Brazil-headquartered Minera????o Vale Verde (MVV) completed construction of the Serrote copper-gold project in the northeastern Alagoas state ahead of schedule and expects its first concentrate shipment to be made in November, its parent company Appian Capital Advisory said on Tuesday June 1.The mining company will ramp up production during the second half of the year aiming to ship high-grade cop...Read More
Trafigura has purchased a sizeable amount of rival merchant Cliveden's copper trading book, increasing what was already said to be the world's biggest copper trading book by volume.The relevant parties have been in discussions for weeks on a deal, which was tabled after Zug-based Cliveden contacted trading houses for assistance in financing copper concentrate cargoes, multiple sources confirmed.So...Read More
Technology entrepreneur Elon Musk once described the ongoing use of fossil fuels and their generation of a vast carbon footprint as "the dumbest experiment in human history."Not everyone will agree with his assessment of the petroleum, gas and coal sectors, which have powered the world's growth for decades. Nonetheless, the twin goals of supply chain security and sustainability are now driving a t...Read More
Mineral sequestration could be used to develop the world's first-ever carbon-neutral nickel mine, according to the president of Giga Metals Corp, which is developing the Turnagain project in British Columbia, Canada.Martin Vydra said that its Turnagain project is on a path to achieving carbon neutrality without having to purchase carbon credits, according to test results conducted on mineralized m...Read More