Overwhelmingly bearish sentiment pervaded the Asian scrap markets on Wednesday November 10, with buyers exiting the market amid continual price falls; the staple Kanto Tetsugen auction was not awarded due to low bids from traders.November Kanto Tetsugen auction fails to find winnersSentiment in China bearish after a major steelmaker in the country lowers domestic scrap buy priceTaiwanese buyers wa...Read More
Seaborne coking coal cfr prices continued to slide on Wednesday November 10, with Chinese domestic coking coal and coke prices also trending lower.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $530.15 per tonne, down $32.47 per tonneHard coking coal, cfr Jingtang: $474.72 per tonne, down $30.30 per tonnePremium hard coking coal, fob DBCT: $401.48 per tonne, down $1.67 per tonneHard co...Read More
Iron ore prices went down on Wednesday November 10, in line with falling finished steel prices, with demand for iron ore weak in the physical market, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $88.90 per tonne, down $3.40 per tonne62% Fe low-alumina fines, cfr Qingdao: $89.63 per tonne, down $3.83 per tonne58% Fe fines high-grade premium, cfr Qingdao: $61.23 p...Read More
Spot prices for hot-rolled coil in China fell sharply on Wednesday November 10, with a pessimistic demand outlook and waning costs knocking futures prices to an 11-month trough.DomesticEastern China (Shanghai): 4,650-4,710 yuan ($728-737) per tonne, down by 240-250 yuan per tonneSpot prices were at their lowest level since February 5, while the most-traded HRC contract on the Shanghai Futures Exch...Read More
Copper and aluminium prices edged higher in morning trading on the London Metal Exchange on Wednesday November 10, but struggled to gain momentum.Aluminium rose by $31 to $2,587.50 per tonne, after falling 1.9% at Tuesday's close.Trading volumes of the light metal continue to be the highest of the complex, but just over 4,000 lots had traded by 9:30am London time.The aluminium price has been incre...Read More
China's domestic rebar prices fell to an eight-month low on Wednesday November 10, with the decline coming amid persistently weak demand.Domestic Eastern China (Shanghai): 4,640-4,670 yuan ($726-730) per tonne, down by 260-270 yuan per tonnePrices are now at their lowest since March 12, when they were at 4,700-4,730 yuan per tonne.The major reason for the sharp decline was bearish sentiment caused...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday November 10.Key drivers European ferro-titanium spot prices were unchanged for the fourth week in a row after a tender for annual delivery in 2022 from Korean steel major Posco dragged on longer than expected. There have been no reported spot trades over the week to Wednesday November 10. Market participants expected the settlement...Read More
The Cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt price (low-end) trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt hydroxide.....Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt alloy grade, in-whs Rotterdam, $/lb at 28.75-29.00...Read More
The Cobalt sulfate 20.5% Co basis, exw China, yuan/tonne trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets...Read More
Chile plans to invest $68.93 billion in 51 different mining projects during the years 2021-30, a 6.92% decrease from the $74.05 billion previously expected for 2020-29, national copper commission Cochilco said on Monday November 8.The largest capital expenditures on the list were a $5.57-billion copper reserve replacement at Codelco's El Teniente division, a $5.20-billion copper mining expansion t...Read More
Domestic stainless steel prices continued their sharp drop in the week ended Wednesday November 10, with the low price attracting higher buying interest.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 19,300-19,500 ($3,019-3,050) per tonne, down by 500-700 yuan per tonne from a week earlier."Deals [have been] hard to conclude when prices [have been] above 20,000 yuan per to...Read More
Here are five Fastmarkets stories you might have missed on Tuesday November 9 that are worth another look.Carbon offsets and trading are an effective and quick way to contend with a future global ecosystem of green taxes, or the "green taxonomy," a sustainability consultancy said.Growing consumer appetite for sustainable products...Read More
Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were for the most part firmer this morning, Thursday November 11 - it would seem dip-buying has dominated once again.* Consumer prices in the United States and China rise more than expected.* US Dollar Index shoots up to 95 while the rally extends.Base metalsThree-month base metals prices on the LME were mainly stro...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points in pre-opening trade.Disney dropped $6.00 to $168.32 after reporting lower than consensus fourth quarter revenues and earnings. Beyond Meat dropped $9.74 to $84.74 after reporting a higher than consensus quarterly loss. The company also lowered guidance. Affirm Holdings jumped $37.07 to $170.60 after announci...Read More
Here are five Fastmarkets stories you might have missed on Tuesday November 9 that are worth another look.Carbon offsets and trading are an effective and quick way to contend with a future global ecosystem of green taxes, or the "green taxonomy," a sustainability consultancy said.Growing consumer appetite for sustainable products...Read More
Base metal futures prices were largely down across the London Metal Exchange complex at the 5pm close of trading on Tuesday November 9, despite gains made on Monday.Prices reversed across the board on the LME, initially trending higher before eventually scaling back by the close.The US Dollar Index rose throughout the day, supporting this price move. It was up to 94.05 by 5pm, from 93.96 at 9am.Th...Read More
The recent downward correction in aluminium prices and premiums was expected after a strong uptrend in 2021, but tighter supply from China is set to continue supporting high prices, Brazilian aluminium producer Companhia Brasileira do Alum?-nio (CBA) said on Tuesday November 9.Chinese aluminium output cuts, meant to reduce carbon emissions, deepened a global supply deficit in the third quarter. Es...Read More
An overview of the chrome ore and alloy markets and their latest price moves in Asia, Europe and the United States on Tuesday November 9.China The domestic spot ferro-chrome market weakened with suppliers lowering their offer prices in an attempt to profitably destock. The weaker ferro-chrome spot market also fed into the imported charge chrome market However, Taiyuan Iron & Steel (Tisco) and...Read More