Copper's three-month price was down by 1% and aluminium closed down by $30 per tonne on Monday March 29, while most other base metals metals on the London Metal Exchange also closed lower but the US Dollar Index reached a new high.The red metal closed at $8,865 per tonne on Monday, down by 1% from its closing price on Friday of $8,962 per tonne, which had been a 2% increase from the previous day's...Read More
India's Adani Enterprises will build its first copper cathode facility via a new subsidiary three years after the country's biggest copper smelter - Vedanta's Tuticorin - was ordered to close. Adani Enterprises incorporated wholly-owned subsidiary Kutch Copper Ltd (KCL) on March 24 to manufacture copper cathodes and copper rods, the company said last week. Adani had originally proposed the co...Read More
Chinese importers' shift toward buying No 1 copper material continued during March, with the rejection risk for No 2 copper cargoes remaining a major concern, market sources said.Since November last year, China has allowed certain high-grade copper scrap to be imported into the country as recyclable copper material and customs have taken up inspection duties to screen the scrap cargo arrivals. Wit...Read More
A refrain heard over and over again during Fastmarkets' virtual Copper Seminar earlier this month was that copper demand is accelerating globally while mining supply remains short."According to our estimates, the demand for copper - primarily driven by the transition to low-carbon energy, technologies and electrification - will go from just under 30 million tonnes [per year] today to about 60 mill...Read More
Fastmarkets' premium for the supply of aluminium to main Japanese ports (MJP) in the second quarter of 2021 has settled at $148-149 per tonne on top of the London Metal Exchange cash price, the highest since the second quarter of 2015. The aluminium P1020A (MJP) quarterly premium, cif Japan for the second quarter is up by 14.23% from $130 per tonne in the first quarter of 2021. It is also 81....Read More
The London Metal Exchange three-month aluminium price held around its recent year-to-date high on Monday March 29, while the rest of the metals were slightly lower from the end-of-week rally on Friday. LME aluminium rallied the most, reaching a new 2021 high of $2,301 per tonne during trading. On Monday at 9am, LME three-month aluminium was $2,297 per tonne, pretty much unchanged from the 2.3% ris...Read More
Base metals prices on the London Metal Exchange were mainly lower this morning, Monday March 29, but those on the Shanghai Futures Exchange were stronger across the board while they reacted to Friday's LME performance. Market focused on further potential fallout from troubled hedge fund after a mass liquidation on FridayEver Given ship re-floated in Suez CanalUnited States President Joe Biden expe...Read More
Export slab offers originating from the Commonwealth of Independent States region surged toward the end of March, supported by increasing hot-rolled coil prices both in the domestic and export markets.Fastmarkets' weekly price assessment for steel hot-rolled coil (HRC), export, fob Black Sea, CIS was $830-855 per tonne on Monday March 29, up $15-25 from $815-830 per tonne a week earlier.This was d...Read More
Domestic prices for hot-rolled coil in Europe inched up day on day on Monday March 29, and further price rises are anticipated, sources told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil (HRC) index, domestic, exw Northern Europe at ?,?836.67 ($986.63) per tonne on Monday, up by ?,?1.67 per tonne from ?,?835.00 per tonne on Friday March 26.The index was up by ?,?38.67 per tonn...Read More
Domestic hot-rolled sheet prices in Russia's Central Federal District around Moscow moved up in the week to Monday March 29, supported by improving buying activity and rising export prices, sources told Fastmarkets.Hot-rolled sheetBuying activity in the region has continued to pick up over the past week amid a seasonal improvement in end-user demand, restocking, sources said.Official domestic offe...Read More
Domestic prices for steel rebar in Russia's Central Federal District around Moscow increased again over the past week, driven by improving demand, sources told Fastmarkets on Monday March 29.Fastmarkets' price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, was 53,000-54,000 roubles ($699-712) per tonne, including 20% value-added tax, on March 29. This was up by 1,000-2...Read More
Asia will soon be hit by a "steel tsunami", a veteran trader in Vietnam told Fastmarkets recently, with a combination of factors expected to keep prices high into the second and third quarters of 2021.Looming China export rebate cutThe looming export rebate cut in China, possibly from 13% to 9%, is likely keep prices higher in the coming months, he said."We are already seeing this effect now, with...Read More
Turkish deep-sea scrap import prices rebounded as expected following the sale of several rebar cargoes to Southeast Asia at the end of the last week, market sources said on Monday March 29.A steel mill in the Iskenderun region booked a United States-origin cargo comprising HMS 1&2 (80:20) at $427 per tonne, shredded at $432 per tonne and bonus at $437 per tonne cfr on Friday March 26.This compares...Read More
Iron ore prices surged on Monday March 29, supported by firmer prices for steel and healthier margins, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $167.88 per tonne, up $6.58 per tonne62% Fe low-alumina fines, cfr Qingdao: $168.88 per tonne, up $6.14 per tonne58% Fe fines high-grade premium, cfr Qingdao: $149.46 per tonne, up $1.80 per tonne65% Fe Brazil-origin fines, cfr Q...Read More
The Chinese seaborne premium hard coking coal price slightly increased on Monday March 29 due to limited supply of both domestic and imported material, while remaining largely stable in the fob market on expectations of new demand. Fastmarkets indices Premium hard coking coal, fob DBCT: $113.47 per tonne, down $0.27 per tonne Premium hard coking coal, cfr Jingtang: $213.5 per tonne, up $0.79 per t...Read More
Prices for rebar imports into Singapore continued on a downward trend in the week to Monday March 29.Falling scrap prices and a weaker Turkish lira have caused import prices to fall continually, market sources said.There were multiple transactions heard concluded in the past week.Around 200,000 tonnes of Turkish rebar was heard sold to Singapore at $650-660 per tonne cfr on a theoretical weight ba...Read More
Prices for seaborne iron ore concentrate and pellet decreased in the week ended Friday March 26 amid weak demand due to China's ongoing emissions restrictions, market sources told Fastmarkets. Fastmarkets iron ore indices65% Fe blast furnace pellet, cfr Qingdao: $220.84 per tonne, down $10.24 per tonne.66% Fe concentrate, cfr Qingdao: $188.13 per tonne, down $4.05 per tonne.Key driversSeaborne pri...Read More
The recent "traffic jam" in the Suez Canal has added to the shipment delays affecting some minor metals whose markets are highly dependent on supplies out of China, and has already sent some prices to multi-year highs.Transit through the pivotal Suez Canal shipping lane has been blocked by the large containership Ever Given since late on March 23, creating a traffic jam involving more than 100 ves...Read More
First Cobalt has entered a five-year offtake agreement for Stratton Metals Resources to market cobalt sulfate from its refinery in Ontario, Canada, it said on Monday March 29. The "flexible long-term" deal will permit First Cobalt to also sign offtake agreements with automotive original equipment manufacturers (OEMs), which could reduce the volumes sold to Stratton, according to the press release....Read More
Key data from Fastmarkets' pricing session in London on Friday March 26.Key drivers: Antimony edged down this week for the first time since July 2020. Some market participants reported significantly lower offers for prompt availability in Europe with some traders destocking material for profit-taking. This was in line with falling prices in China too. The picture is mixed, however, with offers and...Read More