Copper stocks in Shanghai bonded warehouses have increased from the all-time low recorded on June 1, following the closure of the import arbitrage window.Fastmarkets assessed Shanghai bonded copper stocks at 217,000-227,000 tonnes on Monday June 15, up by 2.3% from 212,000-222,000 tonnes on June 1."The growth [in bonded stocks] makes sense because there has been no import profit since mid-May," a...Read More
Markets were stronger across the board this morning, Tuesday June 16, reversing the weakness seen at the end of last week and during early trading on Monday.The Federal Reserve's action to extend buying to a wider base of corporate debt suggests the central bank will "do whatever it takes" to support market sentiment, and indeed markets, if it can. Base metals prices on both the London Metal Excha...Read More
The Shanghai Futures Exchange will start trading aluminium and zinc options from August 10 after receiving approval from the China Security Regulatory Commission, the exchange said on Friday June 12.Options are one kind of risk management tool. An option is a contract which offers the buyer the opportunity to buy or sell - depending on the type of contract they hold - the underlying asset. Unlike...Read More
Hot-rolled coil prices in the United States have remained rangebound on expectations of flat or lower domestic ferrous scrap prices in July and uncertainty about end-use demand, market participants said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $25.44 per hundredweight ($508.80 per short ton) on Tuesday June 16, up by 0.5% from $25.32 per cwt on Monday June...Read More
Domestic prices for hot-rolled coil in Northern Europe moved further down day on day on Tuesday June 16 due to low market activity, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was ?,?391.56 ($441.42) per tonne on Tuesday June 16, down by ?,?2.19 per tonne from ?,?393.75 per tonne on Monday June 15. The index was down by ?,?7.37 per to...Read More
Export offers for billet from the Commonwealth of Independent states increased over the weekend, although mills in no hurry to sell volumes, Fastmarkets understands.The mood in the market was nonetheless positive amid growing finished long steel production costs and the expectation of further growth in scrap prices."There are few offers in the market now, the lowest coming in at $380 per...Read More
Flat-steel import prices in the United Arab Emirates and Saudi Arabia increased although demand was weak, sources told Fastmarkets on Tuesday June 16.No deals were heard during the week.UAEOffer prices for hot-rolled coil (HRC) from China were heard in the UAE at $470 per tonne cfr, while one buyer believed $450 per tonne cfr is a workable price for Chinese HRC - but no deals were heard.India offe...Read More
Steel rebar and billet prices in the United Arab Emirates increased this week despite only moderate demand, sources told Fastmarkets on Tuesday June 16.It came as no surprise, however, as market participants in the country were expecting prices to rise.Domestic rebarThe country's biggest producer, Emirates Steel, is offering rebar at 1,773 dirhams ($483) per tonne ex-works from June 16, up fr...Read More
Export slab prices from the Commonwealth of Independent States (CIS) continued to increase in mid-June despite lower activity, supported by the reduced availability of the material in the market.Ukraine-origin slab was offered to Turkey at $385 per tonne cfr, equivalent to $370-375 per tonne fob Black Sea last week, compared with previous bookings done at slightly above $370 per tonne cfr at the s...Read More
Rebar and wire rod producers from the Commonwealth of Independent States (CIS) increased their offer prices after hikes by Turkish suppliers this week, in response to higher scrap costs.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was $267.66 per tonne cfr on Monday June 15, up from $260.12 per tonne on the same day last week.And the daily index fo...Read More
Turkish steel producers continued to stay away from the deep-sea scrap import market, but the current firm prices could soon start to rise if demand for rebar grows, sources said on Tuesday June 16.After booking nine deep-sea cargoes, totalling 250,000 tonnes last week, the Turkish steel producers have been quiet since the start of this week.They are still expected to book more cargoes,...Read More
Seaborne prices were generally flat on Tuesday June 16 after no transactions were heard, with market participants trying to figure out how China's import restrictions and ex-China demands will affect the market. Fastmarkets indicesPremium hard coking coal, fob DBCT: $108.36 per tonne, down $0.11 per tonne Premium hard coking coal, cfr Jingtang: $117.35 per tonne, down $0.23 per tonneHard coking co...Read More
Seaborne iron ore prices went up on Tuesday June 16 following a rise in the futures market due to a weekly decrease in shipments from Australia and Brazil, sources told Fastmarkets. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $104.85 per tonne, up $1.41 per tonne.62% Fe low-alumina fines, cfr Qingdao: $107.80 per tonne, up $1.68 per tonne. 58% Fe fines high-grade premium, cfr Qingdao:...Read More
China's domestic and export prices for rebar were flat on Tuesday June 16 amid low trading activity as a result of bad weather, with rising futures keeping the market supported.Domestic Eastern China (Shanghai): 3,570-3,600 yuan ($503-508) per tonne, unchangedRain persisted in eastern China while some parts of the northern and southern regions experienced high temperatures, which shortened the wor...Read More
The electric vehicle (EV) sector will continue to find support in the medium term despite the overall impact of Covid-19 on global automotive output in 2020, according to battery materials manufacturer Umicore. The Belgian company anticipates a 25% decline in total global automotive production this year, but while the coronavirus and its impact on the global economy have clouded the outl...Read More
After market feedback, Fastmarkets MB is extending the consultation period for its proposal to launch a weekly price assessment for tantalum concentrate.The initial consultation, which ends on June 15, has confirmed an appetite for third-party price assessments for tantalum, but the extension will allow time for market feedback on the specifications that have been revised in line with initial...Read More
Markets were mixed this morning, Wednesday June 17, while bullish sentiment continues to be fueled by government liquidity and stimulus but Covid-19 concerns and economic reality remain headwinds.* Asian-Pacific equity markets were mixed this morning, but pre-market major western equity index futures were weaker. * Passenger car registrations in the European Union fall by 52.3% year on year in May...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points in pre-opening trade.U.S. equity index futures were virtually unchanged following release of the May Housing Starts report at 8:30 AM EDT. Consensus was 1.095 million units versus 934,000 units in April. Actual was an increase to 974,000 units.The Canadian Dollar was virtually unchanged at 73.84 following rel...Read More
Here are five Fastmarkets stories you might have missed on Monday June 15 that are worth another look.Jaguar-Land Rover will cut up to 1,100 employees in the UK, while posting a pre-tax loss amid the coronavirus pandemic, it announced on June 15 in its financial results.Latin American steelmakers were operating at 42% capacity in April after at least seven blast furnaces were halted to balance sup...Read More
Aluminium producer Hydro has reported a 42% drop in sales from its Extruded Solutions business unit and a 21% drop in rolled product sales for April-May, due to the impact of Covid-19 restrictions.The Norwegian company announced that its sales from its Extruded Solutions business unit were down 42% in April and May of this year, compared with the same months in 2019, due to weaker market demand fo...Read More