Base metals prices on the London Metal Exchange were down across the board at the 5pm close on Thursday November 4, with strength in the United States Dollar supporting price weakness across the complex.The US Dollar Index was most recently at $94.39 after hitting an intraday high of $94.47, the highest level since October 13, with base metals trading downward as a result. The three-month alu...Read More
Hot-rolled coil spot prices in China retreated to eight-month lows on Thursday November 4 as part of a broad-based decline led by coal.DomesticEastern China (Shanghai): 4,980-5,000 yuan ($779-782) per tonne, down by 70-100 yuan per tonneSpot HRC prices in China's eastern market fell to their lowest since March 18, wiping out all of Wednesday's gains.Traders reported that the price decline has redu...Read More
A summary of operational results for Ukrainian steelmaker Metinvest for the third quarter of 2021.In brief The group's output of coke totaled 1.09 million tonnes, down by 9% quarter on quarter due to a decrease in the number of coke ovens in use at Ukraine's Avdiivka Coke and a shortage of raw materials. Merchant slab production increased by 15% quarter on quarter...Read More
Trafigura has confirmed its commitment to drive decarbonisation in the shipping and aluminium sectors by being a founding member of First Movers Coalition, the company said.The World Economic Forum, in partnership with US special presidential envoy for climate John Kerry, announced the First Movers Coalition during COP26, the United Nations climate conference taking place in Glasgow, Scotland.The...Read More
Elysis, a joint-venture project between Alcoa and Rio Tinto to eliminate the emission of greenhouse gases from the industrial aluminium smelting process, has moved to the next stage of production, the companies jointly announced on Thursday November 4.Elysis is led by Alcoa and Rio Tinto, with additional investment from the governments of Canada and Quebec.It is working to commercialize a new tech...Read More
International spot cobalt prices have continued their trend upward over the past week, fueled by bullish sentiment in long-term contract negotiations due to next year's improved demand outlook, sources said.Spot units remain in tight hands, with sellers offering aggressively, while some spot buying appetite has returned among consumers in the United States and the European markets following the co...Read More
The agreement reached between the United States and the European Union regarding the replacement of Section 232 tariffs will support domestic prices for flat steel in Europe but the impact is likely to be limited, sources told Fastmarkets.On October 30, the US and the EU agreed to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas.The decision i...Read More
Sentiment was buoyed among most market participants at the annual Nickel & Cobalt conference held by Chinese information provider Antaike on November 1-3 in Ningbo, China, but the strong resurgence of lithium iron phosphate (LFP) batteries has created uncertainty about consumption of the two metals.Fastmarkets summarizes below four key takeaways from the sidelines of the conference.LFP outperforms...Read More
Major companies in logistics and heavy industry have come together as part of an initiative launched by the World Economic Forum at the the 2021 United Nations Climate Change Conference - COP26 - in Glasgow to create a critical mass of demand for low carbon technologies aimed at decarbonising heavily polluting sectors.The First Movers Coalition, announced on November 4, is a partnership between th...Read More
Major companies in logistics and heavy industry have come together as part of an initiative launched by the World Economic Forum at the the 2021 United Nations Climate Change Conference - COP26 - in Glasgow to create a critical mass of demand for low carbon technologies aimed at decarbonising heavily polluting sectors.The First Movers Coalition, announced on November 4, is a partnership between th...Read More
Mexican steel producer Deacero has opened an office in Washington to be closer to trade decisions affecting its business. It is a first for a Mexican company, according to a Thursday November 4 statement."This is where decisions are made that affect our company, its workers, and its customers - not only in the US, but also in Mexico, and in other international markets where we do...Read More
Hot-rolled coil spot prices in China retreated to eight-month lows on Thursday November 4 as part of a broad-based decline led by coal.DomesticEastern China (Shanghai): 4,980-5,000 yuan ($779-782) per tonne, down by 70-100 yuan per tonneSpot HRC prices in China's eastern market fell to their lowest since March 18, wiping out all of Wednesday's gains.Traders reported that the price decline has redu...Read More
Backwardations in the forward curves of most metals on the London Metal Exchange have constrained warrant trading for the past few weeks.Copper warrants, for example, have been "impossible" to trade since steep backwardations emerged in copper's forward curve in mid-October, traders widely agreed.Its cash/three-month spread was recently at a $190 per tonne backwardation on Thursday November 4, hav...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 21 points in pre-opening trade. Index futures moved higher following release of the U.S. October Employment Report at 8:30 AM EDT. Consensus for October Non-farm Payrolls was an increase of 450,000 versus an upwardly revised a gain of 312,000 in September. Actual was an increase of 531,000. Consensus for the October Un...Read More
Turkish steel mills have continued their deep-sea scrap imports with recovering prices on Thursday November 4, market participants told Fastmarkets.A steel mill in the Marmara region booked a US cargo comprising 20,000 tonnes of HMS 1&2 (80:20) at $500 per tonne, 7,000 tonnes of shredded and 3,000 tonnes of bonus at $520 per tonne cfr. Another steel mill in the same region booked a cargo from the...Read More
Major companies in logistics and heavy industry have come together as part of an initiative launched by the World Economic Forum at the the 2021 United Nations Climate Change Conference - COP26 - in Glasgow to create a critical mass of demand for low carbon technologies aimed at decarbonising heavily polluting sectors.The First Movers Coalition, announced on November 4, is a partnership between th...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...Read More
The agreement reached between the United States and the European Union regarding the replacement of Section 232 tariffs will support domestic prices for flat steel in Europe but the impact is likely to be limited, sources told Fastmarkets.On October 30, the US and the EU agreed to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas.The decision i...Read More
Mexican steel producer Deacero has opened an office in Washington to be closer to trade decisions affecting its business. It is a first for a Mexican company, according to a Thursday November 4 statement."This is where decisions are made that affect our company, its workers, and its customers - not only in the US, but also in Mexico, and in other international markets where we do...Read More
Vale and South Korea's Posco have signed a memorandum of understanding to seek low-carbon steelmaking solutions, the Brazil-headquartered company said on Thursday November 4.The world's largest iron ore producer and the steel producer are in talks about cutting carbon emissions - part of the strategy could involve Vale's higher-quality iron ore fines, pellets and briquettes, Vale added.This will a...Read More