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
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
Selenium prices in Europe have risen in the past two pricing sessions, against the backdrop of limited spot material availability and higher prices in China.Fastmarkets most recently assessed the price of selenium, 99.5% Se min, in-whs Rotterdam, at $8.20-9.20 per lb on Friday May 21, up from $7.90-9.00 per lb in the previous session two days earlier. The price was up by 10.2% from $7.40-8.30 per...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade, in-whs Rotterdam, $/lb at 20.00-20.50...Read More
China-based Do-Fluoride Chemical Co will invest 300 million yuan ($46.67 million) to build a lithium-ion battery plant in the city of Nanning, Guangxi province, in southern China, it said on Tuesday May 25.The project will be led by Do-Fluoride, the Nanning municipal government, and the government of the Qingxiu district of Nanning, and will have an estimated annual production capacity of 20GWh.Th...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 summary of China's minor metals exports for April 2021.In brief China's exports of antimony declined in April amid weak overseas demand; buyers abroad were hesitant to place orders amid a downtrend in the material's price, according to market sources. Chinese shipments of gallium surged in April...Read More
Import prices for steel scrap in China were unchanged on Tuesday May 25, with the country's finished steel market crashing in response to a meeting held by the Chinese government on Sunday May 23 that put more emphasis on stability in the commodities sector.Fastmarkets' daily price assessment for steel scrap, heavy recycled steel materials, cfr China, which takes into account prices at ports in ea...Read More
Recycled aluminium could meet 50% of demand for the metal by 2050, according to the International Aluminium Institute (IAI).In new data released on Tuesday May 25, the IAI reported a record 20 million tonnes of post-consumer scrap intake in 2019, representing nearly 60% of total scrap intake and equivalent to saving 300 million tonnes of greenhouse gas emissions."Aluminium demand is expected to in...Read More
Base metals prices on the LME and SHFE were mixed - albeit with a slight upward bias - this morning, Wednesday May 26. But the rebounds seem half-hearted, with some erring on the side of caution judging by the lower treasury yields and stronger gold price.* While the United States Federal Reserve generally seems to be remaining dovish, the vice chair, Richard Clarida, spoke of a “soft landing...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
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