Spot ferro-chrome prices in China rose for the first time since March, with improved demand and sentiment after new power cuts were imposed in Inner Mongolia. Fastmarkets' price assessment for ferro-chrome, spot, 6-8% C, basis 50% Cr, ddp China was 7,300-7,600 yuan ($1,135.62-1,182.29) per tonne on Tuesday May 19, up by 100 yuan (1.4%) from 7,200-7,500 yuan per tonne the preceding week. Prior...Read More
Base metals prices on the London Metal Exchange were mainly stronger this morning, Thursday May 20, on dip buying, while those on the Shanghai Futures Exchange were down across the board in reaction to the 3.5% average loss on the LME on Wednesday.China’s rhetoric on its determination to wrestle inflationary pressures in commodities triggered weakness in the metals.Base metalsLME three-month...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade.U.S. equity index futures were virtually unchanged prior to release of the May Philly Fed Index at 8:30 AM EDT. Consensus was a drop to 44.0 from 50.2 in April.Cisco dropped $2.52 to $49.95 despite reporting higher than consensus fiscal fourth quarter revenues and earnings. Guidance was l...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 18 that are worth another look.Sales volumes of flat-rolled steel by Brazilian distributors were up 106.69% in April from the corresponding period of 2020, amid a lower comparison basis and stronger end-user demand, national...Read More
A summary of base metal premiums from across the globe for the week to Tuesday May 18.Please click...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
A summary of base metal premiums from across the globe for the week to Tuesday May 18.Please click...Read More
Key data from the pricing sessions in Asia, Europe and the United States over the week to Tuesday May 18. China The spot domestic ferro-chrome price rose for the first time since March due to buoyed demand. Suppliers quoted higher offers after power cuts were imposed on ferro-alloy smelters in the production heartland of the city of Baotou, Inner Mongolia. The strengthened domesti...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 18 that are worth another look.Sales volumes of flat-rolled steel by Brazilian distributors were up 106.69% in April from the corresponding period of 2020, amid a lower comparison basis and stronger end-user demand, national...Read More
The United States plans to "make up for lost time" in the battle against climate change by developing new technologies and investing in the products that will drive the transition to a global, low-carbon economy, according to the country's Treasury chief, Janet Yellen.Speaking in a keynote speech at the US Chamber's inaugural global forum on economic recovery, the Secretary to the Treasury said th...Read More
Mexican ferrous scrap prices were little changed for the week ended Friday May 14, with buyers and sellers heard making minor adjustments and getting prices closer to an average.Few price increases were reported in the Monterrey and Baj?-o regions, with some scrap buyers leveling their purchase prices with the market average."Demand for scrap continues [to be] very good in Mexico," a scrap de...Read More
Turkish steelmakers remained quiet in the seaborne scrap market on the second working day of the week amid holiday and lockdown periods, market sources told Fastmarkets on Tuesday May 18.The country observed the post-Ramadan religious holiday, Eid al-Fitr from May 12 and ended during the country's full lockdown between April 29 and May 16 put in place in an attempt to halt a third wave of Covid-19...Read More
German steelmaker Thyssenkrupp has signed a joint letter of intent with recycler TSR to explore the use of high-quality scrap in its blast furnaces to reduce carbon emissions, the company said on Monday May 17.The use of recycled raw materials in blast furnaces helps to strengthen the circular economy, reduces use of carbon-containing reducing agents and decreases carbon dioxide (CO2) emissions, a...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up across the board this morning, Tuesday May 18, and once again recent dips have been short-lived and not that deep, suggesting sentiment remains robust.Inflation concerns remain elevated, US treasury yields and gold firmerUnited States Federal Reserve officials stick to their view that inflationary pressures will...Read More
The United States plans to "make up for lost time" in the battle against climate change by developing new technologies and investing in the products that will drive the transition to a global, low-carbon economy, according to the country's Treasury chief, Janet Yellen.Speaking in a keynote speech at the US Chamber's inaugural global forum on economic recovery, the Secretary to the Treasury said th...Read More
After a Covid-inflicted year out, the Cobalt Institute's annual conference is running its event virtually in 2021. While the usual sideline chatter will be largely absent, there are plenty of topics up for discussion, as Fastmarkets reporters outline here. Will Chinese buyers return to the market? The year started with a strong rally on metal which led to two-year price highs; driven by demand fro...Read More
The Chinese nickel sulfate price further extended its gains amid an uptick in the London Metal Exchange nickel price in the seven days to Friday May 14, although market participants are starting to become cautious of the volatility in the nickel price. Fastmarkets assessed the nickel sulfate min 21%, max 22.5%, cobalt 10ppm max, exw China at 33,000-33,500 yuan ($5,132-5,209) per tonne on Friday, u...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 18 that are worth another look.Sales volumes of flat-rolled steel by Brazilian distributors were up 106.69% in April from the corresponding period of 2020, amid a lower comparison basis and stronger end-user demand, national...Read More
European hot-rolled coil buyers face a shortage of steel and have little alternative but to accept offer prices from domestic mills, market sources said on Tuesday May 18. Since steelmakers have largely stayed out of the spot market, the number of completed deals remains small for now although demand both from end consumers and from distributors remains strong. Buyers said they have no option but...Read More
Flat-rolled steel import prices in the United Arab Emirates and Saudi Arabia increased further during the week ended Tuesday May 18, but demand has yet to improve due to limited market activity after the Eid Al-Fitr holiday, sources told Fastmarkets.The Eid holidays ended on May 17 and stock levels are low in the countries, so buying is likely to improve soon, sources added.Saudi ArabiaHot-rolled...Read More