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
Rio Tinto has formally complained of Landsvirkjun - the energy supplier to its ISAL aluminium smelter - abusing its market dominance in Iceland and threatened to close the plant entirely if the alleged anti-competitive conduct does not end, it said. The complaint, lodged by the company to the Icelandic Competition Authority (ICA) against state-owned generator Landsvirkjun, marks the end of the fir...Read More
London Metal Exchange three-month base metals prices were down at the close of trading on Wednesday July 22 following news that China's central bank will cease its monetary easing activity amid fears that it would over-stimulate its economy while it recovers from the Covid-19 pandemic.The People's Bank of China injected 1.81 trillion yuan ($259 billion) of new loan liquidity on July 10. Following...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Comfortable consolidationAluminium appears comfortable consolidating for the moment, and this will leave prices in a stronger position to challenge overhanging long-term trend-line resistance from the May 2018 high, which stands at $1,670 per tonne currently.Copper: Consolidation unlikely to lastCopper reached its...Read More
Grade A copper cathode premiums in Asia softened in the week to Tuesday July 21, with a higher LME three-month price limiting buying opportunities, while tight spreads kept premiums in Europe and the United States steady week on week. Asian sellers heed caution amid Chile supply woes. Rotterdam stock decline perplexes European participants. Spot market remains quiet in the US. Premiums b...Read More
More zinc and lead metal were delivered onto exchange warehouses as spot interest remained low for both metals with premiums flat across different markets this week. Significant deliveries of zinc and lead metal to LME sheds showed ample availability and poor demandFastmarkets' latest tally of zinc production lost so far this year because of the Covid-19 pandemic amounts to 744,000 tonnesThe arbit...Read More
Decreasing ferrous scrap prices and overall weak demand have eroded wire rod spot prices in the United States, Fastmarkets has learned.Fastmarkets' monthly assessment for steel wire rod (low carbon) industrial quality, fob mill US fell to $29-29.50per hundredweight ($580-590 per short ton) on Tuesday July 21, down by 4.1% from $30-31 per cwt last month, when sources indicated the domestic wir...Read More
Hollow steel sections prices in Northern and Southern Europe were unchanged on Wednesday July 22 with much of the market already away for the summer, sources told Fastmarkets. Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe was ?,?540-560 ($620-642) per tonne on Wednesday, unchanged week on week. The weekly steel sections (medium), domestic,...Read More
Egyptian long steel producer El Marakby Steel will add a total of 400,000 tonnes per year to its steel rebar and wire rod production capacity, company chairman of board Hassan ElMarakby said on July 17.El Marakby Steel signed a certificate of acceptance with SMS Group for the wire rod and rebar mill, which will have the capability to produce 10-32 mm thickness rebar and 5.5-12mm...Read More
Sentiment in the European hot-rolled coil market has been positive despite the seasonal slowdown in activity in the second half of the summer, sources told Fastmarkets on Wednesday July 22.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?407.68 ($467.82) per tonne on Wednesday, up by just ?,?0.01 per tonne from ?,?407.67 per tonne on July 21.Wedne...Read More
Steel H-beam prices in Europe moved up on Wednesday July 22, after producers achieved the price increases they had been pushing for over recent weeks, sources have told Fastmarkets. Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe was ?,?530-560 ($608-643) per tonne on Wednesday, up from ?,?520-550 per tonne the week before. The corresponding weekly pr...Read More
Turkish steel producers have continued their deep-sea scrap purchases for August shipments but at slightly higher prices, sources said on Wednesday July 22.A steel mill in the Iskenderun region booked a Baltic Sea cargo, comprising 13,000 tonnes of HMS 1&2 (95:5) at $273 per tonne cfr. The cargo was scheduled to be shipped before August 19.A steel mill in the Marmara region booked US cargo, compri...Read More
Seaborne iron ore prices moved down on Wednesday July 22 amid market expectations that strong supply from Australia could offset supply uncertainties from Brazil. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $110.95 per tonne, down $0.48 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $112.84 per tonne, down $0.16 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $99.51 per tonn...Read More
The seaborne premium hard-coking coal fob Australia index increased on Wednesday July 22 following the latest transaction, which market participants attributed to an optimistic outlook shared among miners and traders, Fastmarkets heard.Fastmarkets indicesPremium hard coking coal, fob DBCT: $109.93 per tonne, up $1.67 per tonne Premium hard coking coal, cfr Jingtang: $119.23 per tonne, down $0.24 p...Read More
Fastmarkets' seaborne premium hard coking coal cfr China index continued to edge up slightly on Tuesday July 21 after the latest transaction saw it rebound further from last week's perceived 'bottom'.Fastmarkets indicesPremium hard coking coal, fob DBCT: $108.26 per tonne, down $0.09 per tonne Premium hard coking coal, cfr Jingtang: $119.47 per tonne, up $0.91 per tonneHard coking coal,...Read More
Chinese hot-rolled coil importers are sourcing for cargoes from Vietnam amid domestic price increases, with interest for Indian products declining due to tensions between China and the South Asian country.DomesticEastern China (Shanghai): 3,950-3,970 yuan ($566-568) per tonne, up 50-60 yuan per tonneDomestic HRC prices surged on Wednesday July 22 amid increased liquidity in the market, which led s...Read More
The London Metal Exchange three-month base metals prices were predominantly subdued during morning trading on Wednesday July 22, with zinc futures leading the decline while fresh cancelations and a steady decline in the US dollar index did little to boost sentiment. LME zinc's outright price was recently at $2,189 per tonne, a decline of over 2.5% from a morning high of $2,263 per tonne, while tur...Read More
China's domestic rebar prices rose further on Wednesday July 22 on stronger demand following weather improvements in the eastern part of the country.Domestic Eastern China (Shanghai): 3,610-3,640 yuan ($518-522) per tonne, up by 30-40 yuan per tonneThe rainy season in the major markets of eastern China, such as Shanghai, Jiangsu and Zhejiang provinces came to an end in the last couple of days, acc...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. 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. Read More