The Chinese government has published an action plan to include a commodity price stability mechanism as part of the country's 14th Five-Year Plan that runs from 2021 to 2025. The National Development and Reform Commission (NDRC), the country's economic planning body, put forward a document named "Action plan to deepen the reform of pricing mechanism in the 14th Five-Year Plan" on Tuesday...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mainly positive on the morning of Tuesday May 25, with only SHFE lead showing significant weakness. Broader markets seem to have become more risk on again after US central bankers stuck to their dovish guidance.Asia-Pacific equities were firmer this morning, especially in China where government action has calmed inf...Read More
A handful of recent cargoes of shredded steel scrap have successfully cleared through Chinese ports, raising hopes across the market that China may start to import more of this key material grade in the near future.Since China reopened its import scrap market in January, very strict standards have largely limited trades to high-grade heavy scrap (HS) from Japan and South Korea, and some parcels of...Read More
Seaborne iron ore prices rose on Tuesday May 25, on support from a trading activity recovery in the physical market, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $192.87 per tonne, up $0.45 per tonne62% Fe low-alumina fines, cfr Qingdao: $194.49 per tonne, up $0.62 per tonne58% Fe fines high-grade premium, cfr Qingdao: $165.02 per tonne, up $1.55 per tonne65% Fe...Read More
High freight rates are pushing prices along the aluminium supply chain to multi-year highs, but there is one area where it is having the opposite effect: alumina.Alumina prices have been under pressure because of oversupply and high freight costs deterring buyers in China from importing despite low prices.Fastmarkets assessed its daily benchmark alumina index, fob Australia at $274.15 per tonne on...Read More
Base metal prices on the London Metal Exchange were little changed during morning trading on Tuesday May 25 from Monday's closing prices, with the complex consolidating following a month of peaks and declines.Nickel's three-month price, which recorded the highest rise in percentage terms among the base metals on Monday of 1.9%, was down slightly to $17,095 per tonne from its previous close at $17,...Read More
Sellers in China's domestic rebar market stopped lowering prices on Tuesday May 25, which led to a pick-up in end-user demand.DomesticEastern China (Shanghai): 4,900-4,920 yuan ($762-765) per tonne, unchangedThe stable prices encouraged contractors in the construction sector to replenish their inventories during the day. But transacted tonnages were not large because these buyers are not too bulli...Read More
The Shanghai Futures Exchange has allowed Glencore's Nikkelverk nickel brand to be physically deliverable as a registered brand against its nickel futures contracts as of May 21, the exchange said.Nikkelverk is a branded electrolytic nickel (Ni 99.80, electrowinning) produced by Glencore Nikkelverk, a wholly owned subsidiary of Glencore Canada, which has registered capacity of 80,000 tonnes, the S...Read More
The current bullish commodities market is mainly driven by a supply-demand mismatch during a pandemic instead of a super cycle, panelists said at the LME Asia Metal Seminar 2021 on Tuesday May 25.An energy transition is also driving demand and price momentum for some metals, they said."The [increased] metals price resulted from a disconnect between supply and demand, because demand for metals is r...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 25 that are worth another look.Exports of iron ore from India's east coast could face minor disruptions after the key port of Paradip in the state of Odisha suspended operations on May 25...Read More
Aluminium premiums remained high across the globe in the week ended Tuesday May 25 due to tight supply and high logistics costs.Rotterdam premiums well supportedUS Midwest premium remains at all-time highOpen arb pushes Shanghai premiums upwardMJP focused on third quarterLME contango supports Rotterdam premiumsAluminium premiums in Europe remained well supported this week with offer levels continu...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade. Urban Outfitters gained $1.64 to $36.60 after reporting higher than consensus first quarter sales and earnings. Toll Brother added $0.28 to $62.30 after reporting higher than consensus fiscal second quarter revenues and earnings. Nordstrom dropped $1.60 to $34.88 after reporting lower th...Read More
The European manganese alloys markets rose even higher over the week ended Friday May 21, hitting price ranges last seen in late 2008, on a bout of short-covering from traders looking to restock ahead of an expected renewal of consumer demand early next month, trade sources have told Fastmarkets.Market prices for silico-manganese delivered on a spot basis went as high as ?,?1,450 ($1,766) per tonn...Read More
Here are five Fastmarkets stories you might have missed on Monday May 24 that are worth another look.Demand for ferrous scrap imported to South Korea has shown a notable recovery in recent months amid healthy steel demand and rising steel output in the East Asian nation.Key Chinese commodities companies have been warned that they...Read More
Some base metals prices on the London Metal Exchange bounced back on Monday May 24 aided by elements of short-covering after the sell-off towards the end of last week that took copper and aluminium prices down by over 5%. The three-month nickel price had the biggest boost on Monday, of 1.9% to $17,118 per tonne, from Friday's $16,791 per tonne price. On Friday, the price had declined by 6% over th...Read More
Here are five Fastmarkets stories you might have missed on Monday May 24 that are worth another look.Demand for ferrous scrap imported to South Korea has shown a notable recovery in recent months amid healthy steel demand and rising steel output in the East Asian nation.Key Chinese commodities companies have been warned that they...Read More
The Chinese government held a meeting with the biggest iron ore, steel, copper and aluminium producers on Sunday May 23 to call for them to rein in commodity price hikes. Commodity leaders were told at the meeting to "proactively fulfill their social responsibilities" and make business decisions "for the benefit of the entire economy as a whole." "The key message is that we ought to obey our paren...Read More
Any imposition by Europe of import duties on stainless steel products from Indonesia and India would spur the domestic market, create additional demand for alloy and boost the ferro-chrome market - but the effects on prices may only be short-lived, according to Fastmarkets' senior analyst.It has been expected for some time that the EU will impose import duties on Indonesian and Indian stainless st...Read More
The seaborne low and high-grade manganese ore markets were quiet in the week to Friday May 21, while the portside market remained stable against strengthening silico-manganese prices, sources said.Fastmarkets' manganese ore index 37% Mn, cif Tianjin edged down by 1 cent (0.20%) to $4.50 per dry metric tonne unit (dmtu) on Friday, from $4.51 per dmtu a week earlier.The semi-carbonate market was lar...Read More
Here are five Fastmarkets stories you might have missed on Monday May 24 that are worth another look.Demand for ferrous scrap imported to South Korea has shown a notable recovery in recent months amid healthy steel demand and rising steel output in the East Asian nation.Key Chinese commodities companies have been warned that they...Read More