A hazy outlook for China's ferrous sector after the upcoming Chinese New Year holiday is overwhelming the Asian steel industry, resulting in a market divided on prices and purchasing decisions, sources told Fastmarkets this week.Steel demand"The situation for the Chinese steel market is unclear now. It's not clear whether demand will rebound after the Chinese New Year. Many market participants in...Read More
Market activity in China's UG2 chrome ore and ferro-chrome markets slowed down ahead of the country's Lunar New Year holiday, but the confidence in the near-term outlook continued to support the markets in the week to Tuesday February 2. Fastmarkets' chrome ore South Africa UG2 concentrates index, basis 42%, cif China settled at $169 per tonne on Tuesday, up by $4 per tonne (2.4%) from $165 p...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were for the most part weaker this morning, Friday January 29, with aluminium bucking the trend on both exchanges and March tin on the SHFE also higher.Asian-Pacific equities and major western pre-market equity index futures were weaker this morning. Overall the base metals are looking heavy.Base metalsThree-month alumin...Read More
Copper cathode premiums in China rose on Tuesday February 2, with market participants expecting strong buying activity on expectations of restricted supply after the country's Lunar New Year holiday comes to an end in mid-February.China premiums up but buying muted ahead of holidaySupply issues in Japan, Chile restricting availabilityLondon Metal Exchange price drop encourages some spot buying.Sha...Read More
A summary of base metals premiums from across the globe for the week to Tuesday February 2.Please click...Read More
The frenzy of buying activity in silver, attributed to a group of retail investors using the Reddit forum r/WallStreetBets and other social media sites, is waning.The silver surge - which began on January 27 and saw the price of the industrial metal soar to an eight-year high of more than $30 per oz before slipping to just below $27 per oz by Tuesday January 2 - followed a phenomenal upswell in th...Read More
Chilean copper output plummeted in December amid lower activity at Codelco, Escondida and other major mines, data from the country's copper commission, Cochilco, showed on Tuesday February 2.Production hit 499,700 tonnes in December, down by 9.4% year on year from 551,500 tonnes. Additionally, full-year output reached 5.73 million tonnes in 2020, a 1% decrease from 5.79 million tonnes in 2019.Lowe...Read More
An overview of the chrome ore and alloy markets on Tuesday February 2 and their latest price moves.China Domestic ferro-chrome prices rose for the seventh consecutive week but at slower rate than recent sessions while bullishness continued with tight alloy availability and rising stainless steel prices. The charge chrome market ticked up with little spot liquidity while major suppliers reported ti...Read More
South African manganese miner Assmang has declared force majeure on some shipments after state transport provider Transnet issued the same notice last week. Assmang's notice refers to immediate vessels that will be slightly delayed due to rail closures caused by severe rain and flooding, Fastmarkets understands. Transnet declared force majeure on Friday January 29 after rains washed away parts of...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key ferro-alloy forecast highlights:?EUR?In a strong start to the year, January saw ore and alloy pricing gains across all markets priced by Fastmarkets - with the exception of Chinese silicon metal export prices, which retreated slightly last month after posting impressive gains in December 2020.The combination...Read More
A return of buying activity in the selenium market and larger traded volumes since the start of 2021 have renewed price optimism among some market participants. Fastmarkets assessed the price of selenium, 99.5% Se min, in-whs Rotterdam at $6-7 per lb on Friday January 29, stable from the midweek assessment but up by 8.3% from $5.50-6.50 per lb a month ago amid improved liquidity. The majority...Read More
Ferrous scrap prices in Mexico started to decline from all-time highs in the week ended on Friday January 29, with several mills reducing their buying price for the steelmaking raw material and announcing further price cuts.In both Baj?-o and Monterrey, price cuts of 100-300 pesos ($5-15) were reported last week. The movement is expected to be followed by weekly price reductions, which could...Read More
Turkish steelmakers continued to hold back from deep-sea scrap purchases amid falling prices, sources said on Tuesday February 2.The most recent deals were heard nearly a week ago, late on Wednesday January 27, when two US cargoes were booked.A steel mill in the Iskenderun region booked a cargo from the United States, comprising HMS 1&2 (80:20) at $416 per tonne, shredded at $421 per tonne and bon...Read More
A scheme in India to retire and tax older vehicles will increase the supply of scrap to its domestic market, if its implementation goes ahead after years of false starts, market sources told Fastmarkets.On January 25, the Union Minister for Road Transport and Highways, Nitin Gadkari, approved a proposal for a green tax on older vehicles and the scrapping of some vehicles, a government document sho...Read More
The frenzy of buying activity in silver, attributed to a group of retail investors using the Reddit forum r/WallStreetBets and other social media sites, is waning.The silver surge - which began on January 27 and saw the price of the industrial metal soar to an eight-year high of more than $30 per oz before slipping to just below $27 per oz by Tuesday January 2 - followed a phenomenal upswell in th...Read More
Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were mixed, albeit with a downside bias, during morning trading on Tuesday February 2, while silver was consolidating below highs but above its recent trading range.Silver prices spiked up to around the $30-per-oz level on Monday, before ending the day around $28.50 per oz - the metal is now looking for direction. S...Read More
Here are five Fastmarkets stories you might have missed on Tuesday February 2 that are worth another look.Steelmaker ArcelorMittal is planning to restart blast furnace (BF) B at its Ghent plant in Belgium by the middle of February this year, the company told Fastmarkets on February 2.Aluminium...Read More
Demand for flat steel imports in the United Arab Emirates (UAE) and Saudi Arabia was still weak in the week to Tuesday February 2 because buyers expect prices to decrease more and are holding back on placing orders, sources said. Most market participants said they believe prices will keep falling until after the Chinese New Year holiday (February 11-17), and prices from China after the break will...Read More
Here are five Fastmarkets stories you might have missed on Tuesday February 2 that are worth another look.Steelmaker ArcelorMittal is planning to restart blast furnace (BF) B at its Ghent plant in Belgium by the middle of February this year, the company told Fastmarkets on February 2.Aluminium...Read More
Buyers of steel rebar and billet market in the United Arab Emirates expected prices to decrease this week, with trading activity being very low, although producers kept their prices unchanged, sources told Fastmarkets on Tuesday February 2.Importers of billet and rebar also preferred to wait, because import prices usually follow price changes in domestic rebar, sources added.Domestic rebarThe coun...Read More