The advent of Covid-19 pushed prices to their lowest levels during the first quarter of the year, yet by the end of 2020, most underlying prices on the London Metal Exchange had bounced back to multi-year highs. Fastmarkets looks at why some metals outperformed others.Figure 1: LME Indexed performance up until December 24.Copper - cash price gain of 25% ($6,179.50 per tonne open 3 Jan to $7,749 pe...Read More
Here are five Fastmarkets stories you might have missed on Thursday December 31 that are worth another look.The global pig iron market remained strong, but activity was limited during the week to December 31 due to the end-of-year holiday period.Argentinian aluminium producer Aluar finished 2020 at 70% capacity utilization, ramping up...Read More
The advent of Covid-19 pushed prices to their lowest levels during the first quarter of the year, yet by the end of 2020, most underlying prices on the London Metal Exchange had bounced back to multi-year highs. Fastmarkets looks at why some metals outperformed others.Figure 1: LME Indexed performance up until December 24.Copper - cash price gain of 25% ($6,179.50 per tonne open 3 Jan to $7,749 pe...Read More
The rapid and significant falls in manganese ore prices in 2019 and 2020 have created 'frozen stocks', which are believed to have acted as a buffer for the ore market while also demonstrating some different characteristics over both years, sources told Fastmarkets.Fastmarkets' manganese ore index 37% Mn, cif Tianjin ended 2019 at $3.92 per dry metric tonne unit (dmtu), a decline of $2.19 per dmtu...Read More
The advent of Covid-19 pushed prices to their lowest levels during the first quarter of the year, yet by the end of 2020, most underlying prices on the London Metal Exchange had bounced back to multi-year highs. Fastmarkets looks at why some metals outperformed others.Figure 1: LME Indexed performance up until December 24.Copper - cash price gain of 25% ($6,179.50 per tonne open 3 Jan to $7,749 pe...Read More
Base metal prices on the London Metal Exchange edged lower at the close on Thursday December 31, with a number of participants still out of the market due to the holiday season.But the majority of metals did close higher than where they opened the year on January 2, 2020. Three-month copper fell by $81.50 per tonne day on day to close at $7,766 per tonne. But the price was up by more than 25%...Read More
Aluminium inventories in Shanghai-bonded warehouses had the sharpest drop aside from nickel after stocks were delivered to China on a persistently open arbitrage window, while stocks for copper and zinc continued rising amid no arbitrage opportunities and little activity.Aluminium stocks significantly down on persistent opening arbitrage window Fastmarkets assessed Shanghai-bonded aluminium stocks...Read More
The global pig iron market remained strong, but activity was limited during the week to Thursday December 31 due to the end-of-year holiday period.Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS was $530 per tonne on Thursday, up by 5% from $500-510 per tonne a week earlier.Pig iron exporters from the Commonwealth...Read More
China's spot prices for battery-grade lithium carbonate moved up further on tight supply, and deals were secured at even higher prices over the week Thursday December 31China Deals for battery-grade lithium carbonate in China concluded at higher levels this week on tight availability of material; producer sources expect higher prices to emerge in the coming month. Offers for industrial-grade lithi...Read More
Base metal prices on the London Metal Exchange edged lower at the close on Thursday December 31, with a number of participants still out of the market due to the holiday season.But the majority of metals did close higher than where they opened the year on January 2, 2020. Three-month copper fell by $81.50 per tonne day on day to close at $7,766 per tonne. But the price was up by more than 25%...Read More
Aluminium inventories in Shanghai-bonded warehouses had the sharpest drop aside from nickel after stocks were delivered to China on a persistently open arbitrage window, while stocks for copper and zinc continued rising amid no arbitrage opportunities and little activity.Aluminium stocks significantly down on persistent opening arbitrage window Fastmarkets assessed Shanghai-bonded aluminium stocks...Read More
Discussions between Chinese copper smelter Jiangxi Copper and Zambian producer Chambishi on annual blister copper refining charges (RCs) for 2021 are at their final stage, with both sides expecting a rise in terms, Fastmarkets has learned.Benchmark RCs for contractual supply of intermediate copper products in 2021 have still not been signed, sources said. Two sources close to the matter said...Read More
London Metal Exchange base metal price futures prices all declined in morning trading on Thursday December 31, with lawmakers in the United States still at loggerheads regarding additional stimulus for the economy there.While American citizens will each receive $600 as part of a stimulus package designed to boost the economy, provide funding for coronavirus jabs and prevent job losses, Senate Repu...Read More
The export steel billet market in the Commonwealth of Independent States fell quiet on Thursday December 31 amid a pre-holiday lull in the region and in consumer markets, sources told Fastmarkets.Although some major CIS millswere reported to still have February-shipment tonnages, the mills were not in a hurry to sell them, anticipating further price increases in January, several sources told Fastm...Read More
Indian mills are aiming to increase domestic hot rolled coil (HRC) prices by at least 3,000 rupees ($41) per tonne over the month of January, Fastmarkets heard on December 31.An official from an Indian mill said that current domestic HRC prices are at a discount of at least 4,000 rupees per tonne compared to the international prices of the commodity."We're aiming to achieve 55,000 rupees per tonne...Read More
Steel billet and reinforcing bar prices have increased again in Egypt for the week ended Thursday December 31, but demand remains weak due to the year-end lull in business, market sources told Fastmarkets.Market participants want to see the global direction of prices at the beginning of January before placing orders.Demand for rebar and billet has been slow in the country since the imposition of a...Read More
Flat steel prices in Turkey continued to increase in the week to Thursday December 31, but buying was weak because most buyers were busy with inventory calculations, sources told Fastmarkets.Additionally, hot-rolled coil (HRC) prices fell during the week in China because of weak trading, which created market concerns of whether global flat steel prices will follow, trading sources said.Fastma...Read More
Steel coated coil prices were unchanged in Turkey's local market over the week due to low demand during the last week of the year, sources told Fastmarkets on December 31.Most companies are busy with their 2020-end inventory calculations in the last week of the year, which is keeping participants away from the market, sources said.Additionally, many of Turkey's traditional export markets have been...Read More
China's rebar prices picked up on Thursday December 31 despite thin trading, with the government's call for output cuts in the new year lifting market sentiment.DomesticEastern China (Shanghai): 4,450-4,470 yuan ($682-685) per tonne, up by 20 yuan per tonneNorthern China (Beijing) weekly assessment: 3,950-4,000 yuan per tonne, down by 100-120 yuan per tonneA Shanghai-based trader said sellers ther...Read More
China's hot-rolled coil prices stabilized on Thursday December 31, benefitting from improved market sentiment after the government pledged to cut steel output in the coming year.DomesticEastern China (Shanghai): 4,530-4,570 yuan ($694-700) per tonne, up 20-40 yuan per tonneNorthern China (Tangshan) - weekly assessment: 4,430-4,480 yuan per tonne, down 190-340 yuan per tonneAlthough HRC prices in S...Read More