Global nickel premiums were mostly static in the week to Tuesday June 2, with the exception of the delivered Midwest premium in the United States, where oversupply and weak demand saw the range soften, while a strong London Metal Exchange three-month nickel price kept consumption limited.Cheaper global supply caps US domestic briquette interestThin liquidity limits European marketArb losses hamper...Read More
An earthquake with a magnitude of 6.8 has hit the Antofagasta region of Northern Chile, which is home to a cluster of major copper mines, Fastmarkets understands.The US Geological Survey said the earthquake occurred in the early morning local time on Wednesday June 3, with the epicentre of the quake reportedly in the southwest of San Pedro de Atacama. Major copper mines close to the epicentre incl...Read More
Prices for hot-rolled coil in the United States have remained largely unchanged, but pressure from higher raw materials costs may lead to a third price increase by domestic sheet mills, sources said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $25.32 per hundredweight ($506.40 per short ton) on Wednesday June 3, up by 0.9% from $25.10 per cwt on Tuesday J...Read More
Iranian export billet prices narrowed upward in the week to Wednesday June 3 with more mills managing to achieve higher sales prices.Last week, Khouzestan Steel, the country's major billet exporter, sold several cargoes scheduled for delivery in July at $364 per tonne fob Iranian ports.Some market participants said that such a level would be accepted only for position cargoes, estimating the worka...Read More
Domestic prices for heavy steel plate moved down again in Southern Europe over the week due to poor demand, sources told Fastmarkets on Wednesday June 3.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe, was ?,?415-425 ($463- 474) per tonne on June 3, down by ?,?10 per tonne week on week from ?,?425-435 per tonne. The assessment was down by ?,?30-35 per ton...Read More
No offers have been submitted to acquire struggling Polish plate producer Huta Czestochowa, the spokesman of the district court of the city of Czestochowa told Fastmarkets. Huta Czestochowa was been recommended for sale by tender in March 2020. The starting price was set at 250 million Polish zloty ($63 million) and bids to acquire Huta Czestochowa could be submitted until May 29, the source...Read More
Prices for mesh-quality steel wire rod in Europe declined over the past seven days on pressure from buyers, sources told Fastmarkets on Wednesday June 3.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Southern Europe, was ?,?420-440 ($470-493) per tonne on Wednesday, narrowing down by ?,?10 per tonne over a week.ItalyThe Italian market have today af...Read More
The stainless steel scrap market in the United States has slowed its pace, and prices have started flattening out with June demand uncertain and continuing worrisome supply conditions."It will take a strong restart in manufacturing to change the supply side of the equation," one dealer said, adding that it is very "unusual to see a gradual uptick in prices as we head into the summer season, b...Read More
Both coasts of the United States have enjoyed a flurry of renewed activity in the ferrous scrap export market, with global demand becoming the bright spot of business in the US.On the West Coast, one exporter sold a 30,000-tonne cargo to India on Tuesday June 2 at an average price of $280 per tonne as low international shipping rates have opened up many areas that are not typically acces...Read More
Turkish steel producers have continued to book more deep-sea scrap cargoes at steady prices, sources told Fastmarkets on Wednesday June 3.A steel mill in the Izmir region booked a US cargo, comprising shredded scrap at $259.50 per tonne and plate & structural scrap (P&S) at $264.50 per tonne cfr late on Tuesday June 2. The cargo's composition and volumes were not clear at the time of publicat...Read More
Seaborne premium hard coking coal prices dropped on Wednesday June 3 after a transaction was completed at $107.33 per tonne cfr China on Tuesday. Fastmarkets indicesPremium hard coking coal, fob DBCT: $106.46 per tonne, down $2.51 per tonne Premium hard coking coal, cfr Jingtang: $114.95 per tonne, down $1.93 per tonneHard coking coal, fob DBCT: $87.66 per tonne, down $1.91 per tonn...Read More
Seaborne iron ore prices were mostly flat at a high price level on Wednesday June 3 with the seaborne market continuing to be active in low-grade and mid-grade iron-ore fines trading, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $101.22 per tonne, down $0.10 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $104 per tonne, down $0.13 per tonne. 58% Fe fines high-grade premi...Read More
Mills in India and Pakistan have returned to the market for bulk scrap and have booked cargoes from the United States over the past few days, sources told Fastmarkets on Wednesday June 3.Indian and Pakistani steelmakers increased their purchases of containerized scrap imports in recent weeks while Covid-19 lockdown measures eased and steelmaking operations ramped up in both countries.Furthermore,...Read More
China's hot-rolled coil market weakened on Wednesday June 3 on futures losses, but exporters kept offering high despite thin trading.DomesticEastern China (Shanghai): 3,640-3,660 yuan ($512-515) per tonne, down 10-20 yuan per tonneSellers in Shanghai offered at 3,660 yuan per tonne this morning, but cut offers to around 3,640 yuan per tonne in the afternoon after market sentiment was dampened by f...Read More
China's domestic rebar prices strengthened further on Wednesday June 3 on market participants' positive outlook for demand over the next few months. Domestic Eastern China (Shanghai): 3,610-3,640 yuan ($508-512) per tonne, up by 20 yuan per tonneThe Chinese finance ministry said that the country had issued 3.2 trillion yuan of local bonds in the first five months of 2020, up by 65.1% year on year....Read More
The three-month copper price on the London Metal Exchange was up during morning trading on Wednesday June 3, maintaining a push above the nearby $5,500-per-tonne threshold achieved on Tuesday afternoon, while weak demand continues to pressure zinc futures downward. Copper's outright price on the LME was recently seen at $5,529.50 per tonne, while turnover topped the complex over the morning with m...Read More
Key data from the June 3 pricing session in London and Shanghai.Key drivers: - Cobalt hydroxide payables were steady in the first half of the week - fresh inquiries were relatively fewer than in late May, but buyers are still finalizing their latest round of spot top-ups. So far, suppliers have refused to compromise and accept lower bids. - Suppliers indicate they are holding their offers firm for...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
The cobalt standard grade, in-whs Rotterdam, $/lb 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 standard grade, in-whs Rotterdam, $/lb...Read More
The cobalt alloy grade, in-whs Rotterdam, $/lb 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...Read More