Deliverable copper stocks at Shanghai Futures Exchange-approved warehouses increased by 12,942 tonnes (8.1%) to 172,455 tonnes in the week to Friday August 7, marking the largest gain in percentage terms across the base metals complex.The biggest inflow of red metal stocks was at Zhongchu Wusong's warehouses in Shanghai, where inventories rose by 4,505 tonnes to 43,835 tonnes, according to data re...Read More
The three-month copper price on the London Metal Exchange was lower during morning trading on Friday August 7, with continued tightness across the front end of the metal's forward curve deterring interest, while a marked improvement in German industrial production remains a key indicator of improving economic conditions in Europe.Copper's outright price on the LME was recently trading at $6,416 pe...Read More
An overview of the minor metals markets and their latest price moves.Read More
The cobalt alloy grade, in-whs Rotterdam trade log, including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies.Fastmarkets assessed cobalt alloy grade, in-whs Rotterdam at...Read More
Key data from Fastmarkets' pricing session in Europe on Friday August 7. Key drivers Prices moved higher in all five daily price assessment this week, stoked by concern in China over availability of metal. Hydroxide payables continue to strengthen on limited supply, which has pushed some companies to buying metal...Read More
Fastmarkets has decided to discontinue five precious metals price assessments from October 1, 2020, due to the limited liquidity of the markets in question and to focus on its core markets. The discontinuation follows a month-long consultation that started on July 7, 2020. The prices to be discontinued are as follows: Platinum min 99.9% Europe Free Market $ per troy oz in warehouse Palladium min 9...Read More
An overview of the Chinese minor metals markets and the reasons for their latest price moves. Read More
A summary of stainless steel producer Outokumpu's results for the second quarter of 2020.In brief Weakening of global demand for stainless steel due to the Covid-19 pandemic dragged Outokumpu's earnings sharply downward in the second quarter. In Europe, the company's results were burdened by both lower deliveries and prices as well as high import levels from third countries, particularly from Asia...Read More
A roundup of layoff announcements contained in Worker Adjustment and Retraining Notice (WARN) Act letters filed to state labor agencies in the United States thus far this summer, including at least six full plant closures, indexed by sector:Aerospace: Boeing announced that 1,608 employees will be laid off at its operations in Puget Sound, Washington, effective October 2-28. Textron...Read More
The price uptrend for imported containerized ferrous scrap in key market Taiwan continued over the past week.Fastmarkets' daily price assessment for containerized cargoes of steel scrap, HMS 1&2 (80:20), US material import, cfr main port Taiwan was $255-257 per tonne on Friday August 7, unchanged from a day earlier but up by $7-8 per tonne from $248-249 per tonne cfr Taiwan on July 30.Transactions...Read More
Interest for deep-sea bulk cargoes of heavy melting scrap from the United States' West Coast returned this week in Vietnam, a key market in Asia, with a transaction involving 4,000 tonnes of HMS 1&2 (80:20) heard at $295 per tonne cfr.This is part of a bulk shipment that includes another 22,000 tonnes of shredded scrap priced at $297 per tonne cfr Vietnam and 4,000 tonnes of plate & structural (P&...Read More
Molybdenum prices rose in the United States and Europe after a flood disabled one of the world's top two molybdenum producers, Jinduicheng Molybdenum Co (JDC Moly), on Wednesday August 5 for what is said to be an indefinite period. A correction has...Read More
Here are five Fastmarkets stories you might have missed on Thursday August 6 that are worth another look.The United States will reintroduce Section 232 tariffs on imports of non-alloyed unwrought aluminium from Canada, President Donald Trump announced on Thursday August 6. The aluminium industry neither deserves nor can afford the shock that...Read More
Aluminium industry participants - many of which lobbied against Section 232 tariffs - respond to US President Donald Trump's decision to reinstate the tariffs on imports of non-alloyed unwrought aluminium from Canada.Michael Bless, chief executive officer of Century Aluminum Co and a strong supporter of the Section 232 tariffs, said that their reintroduction would continue to help drive the resurg...Read More
Sometimes it is better to let a situation speak for itself. Alcoa, Rio Tinto Aluminium, Novelis, Constellium, Arconic, Kaiser Aluminum, Tri-Arrows Aluminum, American Metal Chemical Corp, Hydro Extrusion North America, JW Aluminum, Real Alloy, Reynolds Consumer Products, Scepter, Silberline Manufacturing Co, Smelter Service Corp and Wagstaff. The US Aluminum Association, which represents more than...Read More
Here are five Fastmarkets stories you might have missed on Thursday August 6 that are worth another look.The United States will reintroduce Section 232 tariffs on imports of non-alloyed unwrought aluminium from Canada, President Donald Trump announced on Thursday August 6. The aluminium industry neither deserves nor can afford the shock that...Read More
Chilean copper commission Cochilco has increased its forecast for the average copper price this year to $2.62 per lb, from $2.40 per lb previously, due to the recovery in the Chinese economy and a drop in inventories, it said on Thursday August 6.For next year, however, Cochilco has reduced its average copper price estimate to $2.85 per lb, from the $2.90 per lb it published in its previous market...Read More
Base metal production in Peru continued to recover in June while mines reopened after a two-month lockdown to combat Covid-19, with copper and zinc production back up to January levels, the country's ministry of energy and mines, Minem, said on Wednesday August 5.Peru produced 119,174 tonnes of zinc in June, up by 2.7% from 115,990 tonnes a year before, Minem data showed. Production also grew sign...Read More
Here are five Fastmarkets stories you might have missed on Thursday August 6 that are worth another look.The United States will reintroduce Section 232 tariffs on imports of non-alloyed unwrought aluminium from Canada, President Donald Trump announced on Thursday August 6. The aluminium industry neither deserves nor can afford the shock that...Read More
Glencore will not rush to bring its Mutanda copper-cobalt mine in the Democratic Republic of Congo (DRC) back into production ahead of an increase in demand from the electric vehicle sector, and while cobalt prices are low, chief executive officer Ivan Glasenberg said during an investor call earlier today. Mutanda was put on care and maintenance for at least two years at the end of November 2019 f...Read More