The London Metal Exchange told Fastmarkets that it is confident there is enough capacity to meet the increasing demand to store metal in its warehouses across the globe. Demand for physical metal continues to decline following Covid-19 shutdowns in downstream sectors and premiums are falling, forcing stockholders to take up the option of storing their material in warehouses instead. Metal stock on...Read More
China's domestic hot-rolled coil prices picked up on Wednesday May 6, the first working day after a five-day break for Labor Day, which sparked expectations for growing imports.DomesticEastern China (Shanghai): 3,320-3,340 yuan ($470-473) per tonne, up 40-50 yuan per tonneNorthern China (Tangshan): 3,310 yuan per tonne, up 60-70 yuan per tonneMajor spot markets saw active trading during the day, w...Read More
China's domestic rebar prices moved up on Wednesday May 6 after a five-day break for Labor Day amid a drop in spot market inventory levels and rising futures. Domestic Eastern China (Shanghai): 3,430-3,460 yuan ($486-490) per tonne, up by 20 yuan per tonne China's 20 biggest rebar markets had 8.31 million tonnes of the product at the end of April, down by 610,000 tonnes (6.8%) from April 20,...Read More
The London Metal Exchange three-month nickel price gained 2.4% on the previous day's close to hit a high of $12,295 per tonne during morning trading on Wednesday May 6, as China's return to market proved to be a tailwind for nickel demand and the metal's outright price.China's re-entry into the market at a time when the country is restarting its commercial activities is expected to bolster metals...Read More
Broader markets were mixed this morning, Wednesday May 6, while base metals prices on the London Metal Exchange were up across the board. Base metals prices on the Shanghai Futures Exchange were mixed following Chinese participants' return to the market after the country's Labor Day holiday (May 1-5).Asian-Pacific and pre-market western equity indices were mixed this morning.Markets should be brac...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
Ailing silicon producer Ferroglobe will delay filing its 2019 annual report by up to six weeks as a result of the Covid-19 pandemic, the company announced last week."With the uncertainties created by the Covid-19 pandemic and potential implications for Ferroglobe's operating environment and financial results, the company continues to prepare financial scenarios for the near term, which its externa...Read More
A summary of stainless steel producer Aperam's results for the first quarter of 2020.In brief Sales, shipments and adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) were down year on year due to the coronavirus-driven downturn. The company reported a "seasonally normal...Read More
A summary of stainless steel producer Outokumpu's results for the first quarter of 2020. In brief Sales and deliveries decreased year on year because of the coronavirus pandemic and its effect on the market. Earnings before interest, taxes, depreciation and amortization (Ebitda) for the quarter increased on an annual comparison because...Read More
A summary of the financial results for Switzerland-based special and stainless steel producer Schmolz + Bickenbach (S+B) for the first quarter of 2020.In brief The company attributed the weaker quarterly results to the effects of the Covid-19 pandemic. A fragile market recovery, which started in early 2020, was interrupted by the pandemic. Geographically, all regions and countries suffered a doubl...Read More
A summary of Brazilian steelmaker Gerdau's financial results in the first quarter of 2020, as stated in its earnings report on Wednesday May 6.In brief Sales volumes and financial performance weakened year-on-year with all of the company's divisions affected by lower demand in the last 15 days of March due to the Covid-19 pandemic. The North America unit reported stronger results amid higher consu...Read More
Stainless steel prices in China were largely unchanged in the week to Wednesday May 6, with market participants in the country absent from May 1-5 for the Labor Day holiday. The lack of major price movements in the cost of nickel was another factor contributing to steady stainless steel prices, sources said.The three-month nickel contract on the London Metal Exchange has averaged $11,878 per tonne...Read More
Broader markets were mixed this morning, Thursday May 7 after Wednesday’s employment data in the United States knocked market confidence, but with a barrage of data expected today and Friday, the market is braced for a reality check. Not, all the data released so far has been bad though; the all-important Chinese trade data for April showed a surprise 3.5% rise in exports compared with a year...Read More
The copper mining industry has long been prone to unplanned disruptions, which can have an important bearing on market sentiment, moving prices and spot TC/RCs. Fastmarkets analysts have been routinely monitoring these supply disruptions in recent years, and continue...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 43 points in pre-opening trade.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for First Quarter U.S. Non-farm Productivity was a drop of 5.5% versus a gain of 1.2% in the fourth quarter. Actual was a drop of 2.5%. Consensus for Weekly Jobless Claims was 3.00 million...Read More
If ever there was a masterclass in the need to disaster-proof a supply chain, then the Covid-19 pandemic has provided a harsh reminder to the automotive sector that it's failing. It's a wake-up call for the industry, which, after a massive earthquake and tsunami hit Japan in March 2011, had vowed to end its "just in time" production philosophy and diversify its supply chain in orderto limit a repe...Read More
London Metal Exchange three-month base metals prices rose on Tuesday May 5, buoyed by increasing optimism for an increase in demand amid expectations that Covid-19 trade restrictions will continue to be eased in some parts of Europe while China's restart gathers momentum. China's market absence - due to the Labor Day public holiday from May 1 to May 5 - failed to dampen upward price momentum acros...Read More
The three-month tin price on the London Metal Exchange was higher across morning trading on Tuesday May 5, supported by the largest fresh cancelation in the tin market this year, while climbing exchange stocks and lackluster trade continues to pressure the aluminium price. The LME tin price was recently at $15,165 per tonne, up 0.5% from Monday's closing price of $15,085 per tonne. The price spike...Read More
Employees at the Kroondal chrome mine in South Africa have been informed the facility will not restart after lockdown measures are relaxed because of financial challenges in the market, according to a source close to the matter. Kroondal is part of the Glencore-Merafe Chrome Venture, in which Glencore has 79.5% stake. The mine near Rustenberg has a production capacity of 1 million tonnes per year,...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 5 that are worth another look.US President Donald Trump is threatening to abandon a preliminary trade deal leading to an easing of trade tensions with China, citing the Covid-19 virus.Employees at the Kroondal chrome mine in South Africa have been informed the facility will not restart after lockdown measures are relaxed b...Read More