Here are five Fastmarkets stories you might have missed on Thursday May 13 that are worth another look.Export prices for Chinese stainless steel increased sharply on Wednesday May 12 due to the the removal of China's 13% export rebate and the rising nickel prices on the London Metal Exchange.Nornickel resumed ore...Read More
Selling continued on the London Metal Exchange throughout Thursday May 13, leading to lower prices at the close, after higher-than-expected inflation readings from the United States triggered concerns of interest-rate increases on Wednesday.Nickel's three-month price was most affected on Thursday, with a decrease of 2.6% to $17,323 per tonne from Wednesday's $17,797 per tonne.Meanwhile, the three-...Read More
Myanmar's major copper and nickel mining operations have been suspended with the transport of equipment, raw materials and finished goods no longer feasible after February's military coup, Fastmarkets learned. "Basic supplies like explosives could not be transported into the region. How could blast mining be possible?" one source familiar with current condition of Sagaing, the country's copper and...Read More
Here are five Fastmarkets stories you might have missed on Thursday May 13 that are worth another look.Export prices for Chinese stainless steel increased sharply on Wednesday May 12 due to the the removal of China's 13% export rebate and the rising nickel prices on the London Metal Exchange.Nornickel resumed ore...Read More
Glencore has joined fellow global commodities trader Trafigura in holding talks to purchase a portion of Cliveden Trading's copper book, informed sources told Fastmarkets on Thursday May 13.Cliveden, which last year was said to have traded more than 1 million tonnes of copper...Read More
A summary of aluminium roller and recycler Novelis' fiscal fourth-quarter 2021 operating results, released on Wednesday May 12. In brief Novelis shipped 983,000 tonnes of rolled aluminium product in the fiscal fourth quarter ended March 31, up by 21.21% from the same period last year.Net sales increased by 33.20% year on year to $3.63 billion during the three-month period, primarily...Read More
Strong demand from the Chinese automotive industry, combined with rising aluminium scrap values, pushed aluminium ingot ADC 12 prices to a record high this week.ADC 12 is widely used in the production of alloy wheels.Fastmarkets' weekly price assessment for aluminium ingot ADC12, exw dp China was 19,000-19,300 yuan($2,947-2,993) per tonne on Wednesday May 12, up 5.8% or 1,000-1,300 yuan per...Read More
Nornickel resumed ore mining at full capacity at its Oktyabrsky underground mine on Thursday May 13, the company has said, after flooding at the site meant that it was offline for nearly two months.Operations were suspended on February 24 after an inflow of groundwater was reported. Nornickel said that the mine had now recovered to its full capacity for a daily mined volume of 14,100 tonnes.Mining...Read More
Myanmar's major copper and nickel mining operations have been suspended with the transport of equipment, raw materials and finished goods no longer feasible after February's military coup, Fastmarkets learned. "Basic supplies like explosives could not be transported into the region. How could blast mining be possible?" one source familiar with current condition of Sagaing, the country's copper and...Read More
Nickel and lead futures prices on the LME returned to levels unseen since the last week of April on the morning of Thursday May 13, with the fallout continuing after the release of the latest US inflation figures. Nickel's price was at $17,295 per tonne on Thursday at 9am, a 2.8% fall from Wednesday's closing price of $17,797 per tonne, which had itself been a 0.7% fall. The metal had reached...Read More
Guido Kerkhoff has become chief executive officer of German metals distributor Kl??ckner & Co, Fastmarkets has heard.Kerkhoff took office on Thursday May 13, replacing Gisbert R? 1/4 hl, who has been a member of the company's executive board since 2006 and its chairman since 2009.Before this, Kerkhoff had been Kl??ckner's deputy chairman of the board of directors in Europe since September 2020. He...Read More
The CIS export market for steel billet turned quiet on Thursday May 13 when buying activity in the majority of outlets faded.Customers in the Middle East-North Africa (Mena) region, as well as in some Asian countries, left the market to celebrate the end of the Islamic holy month of Ramadan, while buyers from China withdrew bids after domestic long steel prices as well as the futures market became...Read More
Domestic prices for hot-dipped galvanized steel coil in Europe increased again over the week to Wednesday May 12 on support from the combination of strong demand and a material shortage, sources told Fastmarkets.ArcelorMittal increased its official coil offers by ?,?50 ($61) per tonne on May 12 so as a result, new offers for HDG have reached ?,?1,250 per tonne ex-works on May 13, market sources sa...Read More
Fastmarkets' Ferrous Analytics report helps subscribers keep track of hot metal costs and steel production spreads in China, along with key pricing components of the steelmaking raw materials supply chain in Asia.Read More
China's domestic rebar prices decreased sharply by $16 per tonne on Thursday May 13 after maintaining at a historical high in the prior three days.DomesticEastern China (Shanghai): 5,900-5,930 yuan ($916-919) per tonne, down by 100 yuan per tonnePremier Minister Li Keqiang requested that relevant offices take measures to deal with the recent sharp price rise of bulk commodities, in which steel pro...Read More
China's hot-rolled coil prices fell on Thursday May 13 after Premier Li Keqiang called for stable commodity prices on Wednesday, with falls in global stock markets also dampening sentiment.DomesticEastern China (Shanghai): 6,520-6,710 yuan ($1,011-1,041) per tonne, up by 110-180 yuan per tonneSpot sellers in Shanghai secured some deals at around 6,710 yuan per tonne in the morning, but had to lowe...Read More
Prices for steel scrap imported into China remained steady on Thursday May 13 amid sparse trading. Fastmarkets' price assessment for steel scrap, heavy recycled steel materials, cfr China, which takes into account prices at ports in eastern China, was $530-545 per tonne on Thursday, unchanged from a day earlier.Few sellers were offering cargoes due to the uncertainties about the steel billet...Read More
Downstream appetites from lithium cobalt oxide (LCO) battery manufacturers weakened in the second quarter during the traditionally weak consumption season for consumer electronics - a key consumer of LCO batteries and an industry battling with a shortage of semi-conductor chips, sources said.Some cobalt-tetroxide producers told Fastmarkets their customers have cut orders and that demand for LCO ca...Read More
Base metals prices on both the LME and SHFE were mainly weaker this morning, Thursday May 13, this after some choppy trading in recent days and the greater-than-expected pick-up in the US Consumer Price Index (CPI) on Wednesday.US CPI rises 4.4% year on year in April, and was up 0.8% month on month Asia-Pacific equities weaken on Thursday US treasury yields rise and forward curve steepens Base met...Read More
Steel wire rod producers in Southern Europe were largely staying away from the market and holding back new offers, while scarce deals were heard done at substantially higher prices during the week amid a surge in the scrap and global long steel markets, Fastmarkets heard on Wednesday May 12.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Southern Europe,...Read More