The price for imported rebar in Singapore fell during the week to Monday May 24 due to turnaround in market sentiment and spot prices in China, market sources said. Buyers have been skittish amid falling steel prices in Asia, led by continual falls in China's physical and futures market. There were no bids heard. Prices in China have fallen continually from 6,000-6,030 yuan ($931-936) per tonne on...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...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points in pre-opening trade. The TSX Composite Index also is expected to open higher reflecting strength in U.S. equity indices yesterday and strong increases in Far East equity markets in overnight trade. Notable was a 2.40% increase in the Shanghai Composite Index led by gains in the technology sector. Amazon gain...Read More
(Updates prices, adds comment) By Pratima Desai LONDON, May 24 (Reuters) - Copper prices rose on Monday as asofter dollar spurred modest purchases, but gains were capped byconcerns over price curbs on industrial metals in top consumerChina. Benchmark copper on the London Metal Exchange (LME)was up 0.6% to $9,939 a tonne at 1600 GMT.However, prices of the metal, used widely in the power andconstruc...Read More
Here are five Fastmarkets stories you might have missed on Friday May 21 that are worth another look.The export price for pig iron from the south of Brazil increased again in the week to May 21, on continuing strong demand and long lead times, with suppliers said to be sold...Read More
Here are five Fastmarkets stories you might have missed on Friday May 21 that are worth another look.The export price for pig iron from the south of Brazil increased again in the week to May 21, on continuing strong demand and long lead times, with suppliers said to be sold...Read More
Here are five Fastmarkets stories you might have missed on Friday May 21 that are worth another look.The export price for pig iron from the south of Brazil increased again in the week to May 21, on continuing strong demand and long lead times, with suppliers said to be sold...Read More
Here are five Fastmarkets stories you might have missed on Friday May 21 that are worth another look.The export price for pig iron from the south of Brazil increased again in the week to May 21, on continuing strong demand and long lead times, with suppliers said to be sold...Read More
Here are five Fastmarkets stories you might have missed on Friday May 21 that are worth another look.The export price for pig iron from the south of Brazil increased again in the week to May 21, on continuing strong demand and long lead times, with suppliers said to be sold...Read More
Base metals prices on the LME were mainly weaker on the morning of Monday May 24, while those on the SHFE were down across the board in response to attempts by the Chinese authorities to inhibit price increases.* Power shortages in China, brought on by drought and emissions controls, are forcing some metal producers to reduce output.* Proposed infrastructure plans in the United States face having...Read More
Most U.S. equity indices moved slightly lower again last week. Greatest influences on North American equity markets remain evidence of a possible third wave of the coronavirus (negative) and continued expansion of distribution of a vaccine (positive). ObservationsThe S&P 500 Index is following its historic seasonal pattern for this time of year, a mixed, choppy period between early May a...Read More
A strategy to cool down commodity price spikes was top of the agenda China's weekly State Cabinet meeting on Wednesday May 19. Chaired by China's second most powerful politician, Premier Li Keqiang, the cabinet meeting discussed control measures to rein in the "unreasonable price rally", including ensuring sufficient supplies of main commodities. The aim is to prevent the rising costs pa...Read More
First Quantum Minerals has entered into a binding agreement to sell a 30% equity interest in the Ravensthorpe nickel-cobalt operation in Western Australia to South Korean steelmaker Posco for $240 million in cash, the company said on May 19.The Vancouver, Canada-headquartered company will retain a 70% interest in Ravensthorpe and continue to be the operator.Posco and First Quantum have also agreed...Read More
The world will need more than twice the amount of copper that it used in past three decades if it is to hit Paris Climate Agreement targets in the next 30 years, BHP's chief executive officer, Mike Henry said this week.Speaking at the Bank of America Metals, Mining & Steel conference on Tuesday May 18, Henry said demand for nickel will quadruple over the same timeframe.He added that meet...Read More
China's new tax regime for ferrous raw materials and steel exports will kick off a new era for the steel sector, one in which demand and supply will become more balanced and the country cuts its dependency on iron ore at a faster pace. Chinese authorities announced last week that, from May 1, import duties for metallics and semi-finished steel would be removed and that export duties for raw materi...Read More
Proposed changes to the London Metal Exchange's market structure may actually have the opposite effect to its desired intention: destroying liquidity, not increasing it.Attention has been focused on the proposed permanent closure of the LME ring, the incentivization of electronic trade and changes to margin methodology, which were central issues in the exchange's recently closed discussion paper.B...Read More
The Shanghai Futures Exchange's plans to list ferro-chrome futures, potentially this year, will bring welcomed hedging opportunities and may weaken the dominance of China's stainless steel mills in the ore and alloy markets, participants told Fastmarkets.While no definite date or specifications of the ferro-chrome futures have been announced, Fastmarkets asked participants what changes these contr...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Recent weeks have largely been a repetition of the weeks leading up to our previous tracker in mid-April. A flurry of price increases have been announced, and largely obtained, by leading steelmakers in both Europe and the United States while buyers struggle to secure spot tonnages.Although steel output is rising in both reg...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:Unprecedentedly high flat steel product pricing in the United States was forecast to persist through the current quarter and well into the second half of 2021.Actual US hot-rolled coil prices in April slightly outpaced our forecasts, with Fastmarkets' US HRC index ave...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.The upward momentum in United States' flat product prices is yet to show any signs of slowing, with US HRC prices hitting new record highs during April. Steel supply is forecast to remain short of demand due to no improvement in underlying supply and demand fundamentals, which is propelling US flat product prices higher...Read More