China has become the savior of the global steel market, with its big appetite and high domestic prices supporting the international ferrous supply chain amid the Covid-19 pandemic.While demand for steel in most economies has plummeted in the face of the health crisis, that in China has been strengthening since at least the second quarter of 2020 amid the country's steady recovery after battling th...Read More
Export prices for bulk cargoes of Japan-origin scrap increased again over the past week, with continued low supply combining with firm demand, market participants told Fastmarkets.Fastmarkets' price assessment for steel scrap H2, export, fob main port Japan, was ?24,500-25,000 ($229-234) per tonne on Wednesday July 22, up by ?1,500 per tonne week on week.Japanese H1:H2 scrap was sold to Taiwan a...Read More
The LME is to continue its market-wide consultation on the implementation of pre-trade transparency changes, after halting the process due to Covid-19 in April, the exchange said in a note to members on Wednesday July 22. Amendments were initially set to take place in mid-2020, but were shelved due to the outbreak of Covid-19 across Europe, which continues to impact the London Metal Exchange'...Read More
Overseas buyers are bidding higher for hot-rolled coil from China, with sellers in other parts of the world keeping their offers high.DomesticEastern China (Shanghai): 3,940-3,970 yuan ($564-568) per tonne, widened downward by 10 yuan per tonneChina's domestic HRC prices were largely stable on Thursday July 23, although most traders told Fastmarkets that trading activity was weaker compared with s...Read More
The three-month nickel price on the London Metal Exchange was higher during morning trading on Thursday July 23, with strong turnover across the Asian session leading price action to gain just under $400 per tonne over the morning, while copper spreads continued to tighten.Nickel's outright price on the LME was recently trading at $13,520 per tonne, appreciating from a morning low of $13,070 per t...Read More
China's domestic rebar prices lost their upward momentum on Thursday July 23 amid slight increases in the futures market during the day, with tensions between the country and the United States escalating in the background.Domestic Eastern China (Shanghai): 3,610-3,640 yuan ($516-520) per tonne, unchangedSources reported that trading activity was steady in the spot rebar market on Thursday.Analysts...Read More
Heightened diplomatic tensions between the United States and China, and their potential implications on the phase one trade deal struck between the two nations, were a headwind for the base metals this morning, Thursday July 23. Meanwhile, more liquidity keeps underlying sentiment bullish, as do supply concerns.Base metals have run into resistance; not so the precious metals, especially gold after...Read More
Key data from the pricing session in London on Thursday July 23.Key drivers Cobalt prices stabilized after falls at the beginning of the month. Some market participants beleved the market to be close to the floor due to rising...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...Read More
The cobalt standard 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...Read More
Key data from Fastmarkets' pricing session in Shanghai on Wednesday July 22. Key driversPrice of antimony in China's domestic market climbed after high offers translated into deals. Domestic suppliers maintained firm offer prices amid growing buying interest and persisting difficulty...Read More
The Ramu NiCo mine, which produced at record levels in the first quarter of the year, appears to be operating normally despite a 7.0 earthquake that hit Papua New Guinea on Friday July 17.Neither the mine's operator, Metallurgical Corp of China ("MCC"), in Beijing, nor Ramu NiCo's minor stakeholder, Conic Metals Corp, in Toronto, responded to Fastmarkets' multiple requests for updates on the nicke...Read More
China's domestic stainless steel prices increased slightly over the past week on rising demand from manufacturers, but a slower recovery elsewhere saw sellers from China and East Asia dropping their export offers to encourage buying activity. DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 13,500-14,000 yuan ($1,926-1,998) per tonne, narrowing up by 100 yuan per tonne...Read More
Demand for copper scrap material in the United States remained lackluster this week; the market is not short on copper scrap, sources said, noting that pressured overseas markets have weighed further on already weak domestic demand."There's severe pressure on the consumer market overseas," a consumer said. "Our end markets aren't valuable enough."Fastmarkets' assessment of the discount for copper...Read More
The base metals were polarized this morning, Friday July 24, with prices on the London Metal Exchange down across the board, while the opposite was true for those on the Shanghai Futures Exchange.* Asian-Pacific equities and major western pre-market equity futures indices were in negative territory this morning.* Haven assets like gold, US treasuries and the yen are all pointing to a pick-up in in...Read More
Intel (INTC), a Dow Jones Industrial stock moved below $56.76 setting an intermediate downtrend. The stock responded to lower than consensus third quarter guidance. Pre-opening Comments for Friday July 24thU.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade. Intel dropped $8.16 to $52.24 after lowering third quarter guidance. Mizuho and S...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 22 that are worth another look.Russia's largest steelmaker, Novolipetsk Steel (NLMK), has suspended rolling operations at its subsidiary in the Ural region due to a flood, the company said earlier this week.Rio Tinto has formally complained...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday July 22.Please click...Read More
Despite the worsening effects of the Covid-19 pandemic, Western participants in the global nickel markets saw hopeful signs, while a lack of arbitrage kept Chinese trading at a low level.Some "desperate" selling in the United States was considered to be isolated.European market participants expected a post-summer pick-up, and a boost from nickel briquettes being listed on the Shanghai Futures Exch...Read More
Exports of manganese ore from South Africa are on track to almost quadruple from April to July, according to preliminary unofficial data seen by Fastmarkets, and the majority will head to China, where inventories are already rising and prices have fallen sharply.South Africa will export almost 2 million tonnes of manganese ore in July from around 500,000 tonnes in April when South Africa was under...Read More