Prices of both Chinese imported charge chrome and UG2 chrome ore continued to rise in the week to Tuesday January 12, supported by a surging domestic spot ferro-chrome market. The city of Ulanqab, a major ferro-alloy production hub in China's autonomous region of Inner Mongolia, has ordered smelters to shut down their small furnaces. The expectation of resultant lower supply in the short term imme...Read More
Nickel premiums in the United States and China rose in the week to Tuesday January 12 on stronger demand for metal in both regions, while premiums in Europe were unchanged.US briquette premium increases 25% from record low.Narrowing import arb in China spurs bullish sentiment.European demand dampened by high London Metal Exchange price.US briquette premium rises from floorThe nickel briquette prem...Read More
The base metals on the London Metal Exchange and on the Shanghai Futures Exchange were mixed this morning, Thursday January 14, with prices generally holding up in high ground but some weakness is showing up on the charts in the likes of zinc.But reports that US President-elect Joe Biden is considering a fiscal relief package that could be as large as $2 trillion may well underpin further gains in...Read More
China large cap iShares (FXI) moved above $48.71 extending an intermediate uptrend after China's December trade data beat consensus.Cintas (CTAS), a NASDAQ 100 stock moved below $334.13 setting an intermediate downtrend. Pre-opening Comments for Thursday January 14thU.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.Delta Airlines add...Read More
Here are five Fastmarkets stories you might have missed on Tuesday January 12 that are worth another look.Mexican steel scrap prices continued their upward trend in the week ended Friday January 8, especially in the country's central Baj?-o region, while most prices were stable in the northern Monterrey region.Philippine...Read More
Aluminium premiums across the globe were mostly flat in the week ending Tuesday January 12, with market participants continuing to keep a close watch on the volatile London Metal Exchange spreads.Uncertainty in Europe due to spreadsImport premium widens in BrazilUS Midwest market quietDomestic market more favorable in Japan.Backwardations create uncertainty in EuropeAluminium premiums throughout E...Read More
The three-month nickel contract was the biggest gainer on Tuesday January 12 with a 3% rise in a broad-based reversal of fortunes for base metals on the London Metals Exchange, due to expectations of further Covid-19 stimulus in the United States. Nickel's three-month price bounced back by 3.4% on Tuesday at 5pm to $17,668 per tonne, coming back to levels seen at the end of the first week of Janua...Read More
Here are five Fastmarkets stories you might have missed on Tuesday January 12 that are worth another look.Mexican steel scrap prices continued their upward trend in the week ended Friday January 8, especially in the country's central Baj?-o region, while most prices were stable in the northern Monterrey region.Philippine...Read More
An overview of the chrome ore and alloy markets on Tuesday January 12 and their latest price moves.China Spot domestic ferro-chrome prices hit a 21-month high amid surging offers from suppliers after Ulanqab, a major ferro-alloy production hub in China's Inner Mongolia, ordered small furnaces - with a power consumption of...Read More
Philippine President Rodrigo Duterte has directed the closure of mining operations on Tumbagaan Island in Languyan, in the province of Tawi-Tawi, to rehabilitate the area, the Philippine News Agency reported on Tuesday January 12."The island has, at this point, been mined out. And while rehabilitation efforts are underway, the President is issuing a directive to stop any and all mining in Tumbagaa...Read More
Here are five Fastmarkets stories you might have missed on Tuesday January 12 that are worth another look.Mexican steel scrap prices continued their upward trend in the week ended Friday January 8, especially in the country's central Baj?-o region, while most prices were stable in the northern Monterrey region.Philippine...Read More
Here are five Fastmarkets stories you might have missed on Tuesday January 12 that are worth another look.Mexican steel scrap prices continued their upward trend in the week ended Friday January 8, especially in the country's central Baj?-o region, while most prices were stable in the northern Monterrey region.Philippine...Read More
Mexican steel scrap prices continued their upward trend in the week ended Friday January 8, especially in the country's central Baj?-o region, while most prices were stable in the northern Monterrey region.Several steel producers in Baj?-o and nearby San Luis Potos?- state have increased their buying prices by around 200 pesos ($10) per tonne for most grades, in order to secure volumes, according...Read More
Turkish steelmakers stepped back from the deep-sea scrap import market on Tuesday January 12, focusing instead on finished steel and billet sales, sources told Fastmarkets.After a number of steel scrap cargoes were booked at the end of the last week, the market has generally been quiet."Market is very quiet [so far this] week, but I still expect the mills to book more carg...Read More
After further weakness in the base metals on Monday January 11, that saw the complex close down by an average of 1.5%, prices were up across the board on the London Metal Exchange this morning but those on the Shanghai Futures Exchange base metals prices were down across the board while they followed yesterday's performance on the LME. Asian-Pacific equities were mixed this morningGold prices were...Read More
First Cobalt Corp has finalized long-term cobalt hydroxide feed deals with Glencore and trading company IXM, a subsidiary of mining company CMOC, as part of a plan by the Canada-based company to recommission and expand a currently idle cobalt refinery in the country.The agreements will see Glencore and IXM provide a total of 4,500 tonnes per year of contained cobalt to the First Cobalt refinery, s...Read More
Domestic prices for hot-rolled coil in Northern Europe were stable day on day on Tuesday January 12 following an increase a day earlier, sources have told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?688.00 ($837.09) per tonne on Tuesday, unchanged day on day.On Monday, the index had jumped by ?,?20.50 per tonne day on day.The index...Read More
Flat steel import prices in the United Arab Emirates (UAE) and Saudi Arabia went up over the past week with higher offers and bids, market sources said on Tuesday January 12.Buyers believed that offer prices were too high and asked for discounts, but sellers did not accept the lower bids. As a result, no deals were heard."Bookings are very slow in the UAE due to the heavy increase in prices," one...Read More
China's hot-rolled coil markets dropped for a second consecutive day on Tuesday January 12 on inactive trading conditions. Domestic Eastern China (Shanghai): 4,550-4,570 yuan ($702-705) per tonne, down 60-80 yuan per tonne A Shanghai-based trader said he received few orders from downstream buyers on Tuesday even though his offers were 60-80 yuan per tonne below those issued on Monday. He said dema...Read More
Steel rebar and billet prices in the United Arab Emirates rose again in the week to Tuesday January 12 because of higher offers and market indications, but most rebar producers are yet to announce new prices for February production, sources said. Demand for billet and rebar from end users was moderate to strong during the week, sources added. Domestic rebar Steel producers sold rebar at 2,259-2,29...Read More