A summary of base metals premiums from across the globe for the week to Tuesday January 26.Please click...Read More
An overview of the chrome ore and alloy markets on Tuesday January 26 and their latest price moves.China Spot ferro-chrome prices surged again after major stainless steel mills hiked their February tender prices following production cuts in Inner Mongolia. Ongoing bullish momentum in ferro-chrome prices in China underpinned the soaring charge chrome market. The UG2 chrome ore market also edged up...Read More
Freeport-McMoRan said its Indonesian unit, PT-FI, has advanced discussions with the majority-owner of the country's Gresik smelter regarding an expansion by around 30%. This would see the smelter's concentrate treatment capacity rise by around 300,000 tonnes per year and would reduce PT-FI's commitment to develop a new smelter in Indonesia to 1.7 million tpy from 2 million tpy, Freeport said.The t...Read More
Here are five Fastmarkets stories you might have missed on Tuesday January 26 that are worth another look.The Russian government is considering stricter scrap export restrictions to combat rises in prices for finished steel used in the domestic construction sector, Fastmarkets has learned.A global shortage...Read More
A sharp increase in China's cobalt metal imports last year was a consequence of refineries' efforts to hedge against tightening upstream supply, and trader moves to lock in profits during times of a favorable import arbitrage, market participants told Fastmarkets. And these participants expect imports to remain elevated in 2021.A total of 6,192 tonnes of cobalt metal was shipped to China over the...Read More
Here are five Fastmarkets stories you might have missed on Tuesday January 26 that are worth another look.The Russian government is considering stricter scrap export restrictions to combat rises in prices for finished steel used in the domestic construction sector, Fastmarkets has learned.A global shortage...Read More
Ferrous scrap prices in Mexico have held steady or moved up marginally week on week, but market participants indicated that prices may have peaked, noting growing talk of price cuts.Fastmarkets' price assessments edged up in the country's central Baj?-o region. Some market participants reported that consumers applied increases, which had been announced in the week to January 15, to their buying pr...Read More
Turkish steel mills continued to stay away from the deep-sea scrap import market, on continuing poor demand for steel billet and finished long steel, sources told Fastmarkets on Tuesday January 26.Steel producers in Turkey have been quiet in the deep-sea markets since last week and have been seeking lower prices.The most recent transaction was heard on Wednesday January 20 at $440 per tonne c...Read More
Copper producer Freeport-McMoRan expects to see its 2021 copper sales reach about 3.8 billion pounds, or 1.7 million tonnes, while it continues its transition to underground mining at Grasberg in Indonesia.This is an increase from 3.2 billion lbs, or 1.4 million tonnes, on 2020 - a year in which the United States-based company faced the suspension of operations at Cerro Verde in Peru due...Read More
ED&F Man Capital Markets' Edward Meir led Fastmarkets' Apex 2020 leaderboard for base metals analysis with an accuracy rate of 96.24%, having led the leaderboard for two quarters during the year. Pezco Economics' team led by Helcio Takeda followed in second place for base metals with an accuracy rating of 95.76%, closely followed by Fastmarkets' research team, which had a close score of 95.74%. Ca...Read More
ED&F Man Capital Markets' Edward Meir took the top spot on the Apex base metals prediction ranking for the fourth quarter of 2020 with a 96.75% accuracy score while Wenyu Yao at ING was the winner for precious metals predictions over the quarter with 98.32%.For steel raw materials, ABN Amro's Casper Burgering had the first spot, with an 89.37% accuracy score. Click below to download the full repor...Read More
A summary of Sherritt International's production results for the fourth quarter and full-year 2020, along with its guidance for 2021, released on Monday January 25.In brief Finished nickel production at Sherritt's Moa JV (a joint venture with Cuba's General Nickel Co, with nickel/cobalt operations at Moa in Cuba and at Fort Saskatchewan in Alberta, Canada) over the...Read More
A sharp increase in China's cobalt metal imports last year was a consequence of refineries' efforts to hedge against tightening upstream supply, and trader moves to lock in profits during times of a favorable import arbitrage, market participants told Fastmarkets. And these participants expect imports to remain elevated in 2021.A total of 6,192 tonnes of cobalt metal was shipped to China over the...Read More
A dozen EU member states have called on the European Commission to extend the safeguard measures on steel imports that are due to expire on June 30 this year, according to a letter seen by Fastmarkets on Tuesday January 26.The letter, dated January 14, was signed by the governments of 12 countries: Italy, Germany, France, Slovakia, Luxembourg, Finland, Hungary, Poland, Spain, the Czech...Read More
Activity in the European hot-rolled coil market has been slow, with buyers avoiding purchases in expectation of long-term price falls, sources told Fastmarkets on Tuesday January 26.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?711.00 ($864.16) per tonne on Tuesday January 26, up by ?,?1 from ?,?710 per tonne on January 25.The index was down...Read More
Demand for flat steel imports in the United Arab Emirates (UAE) and Saudi Arabia was still weak, with prices contunuing to fall, sources said on Tuesday January 26.Both countries showed soft demand because buyers did not want to make bookings with prices on their way down. Offer prices from China and India continued to fall this week, but buyers' bids were even lower."Large-volume bookings are unl...Read More
Here are five Fastmarkets stories you might have missed on Tuesday January 26 that are worth another look.The Russian government is considering stricter scrap export restrictions to combat rises in prices for finished steel used in the domestic construction sector, Fastmarkets has learned.A global shortage...Read More
A dozen EU member states have called on the European Commission to extend the safeguard measures on steel imports that are due to expire on June 30 this year, according to a letter seen by Fastmarkets on Tuesday January 26.The letter, dated January 14, was signed by the governments of 12 countries: Italy, Germany, France, Slovakia, Luxembourg, Finland, Hungary, Poland, Spain, the Czech...Read More
Demand for steel rebar and billet in the United Arab Emirates was slow this week because buyers expected prices to fall, while producers kept their prices unchanged, sources told Fastmarkets on Tuesday January 26.Billet imports were likely to remain slow until local producers gave discounts, sources added.Domestic rebarSince Janaury 13, the country's steel producers have been offering rebar at 2,5...Read More
Ferrous scrap prices in Mexico have held steady or moved up marginally week on week, but market participants indicated that prices may have peaked, noting growing talk of price cuts.Fastmarkets' price assessments edged up in the country's central Baj?-o region. Some market participants reported that consumers applied increases, which had been announced in the week to January 15, to their buying pr...Read More