China's domestic hot-rolled coil prices strengthened on Thursday April 16 after word spread that Tangshan, the country's steelmaking hub in the northern region, is set to cut steel output.DomesticEastern China (Shanghai): 3,330-3,340 yuan ($471-473) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,260 yuan per tonne, up 40 yuan per tonneTrading picked up across the country during the da...Read More
China's domestic rebar prices were flat on Thursday April 16 although futures strengthened following word that Tangshan would likely impose restrictions on blast furnaces.Eastern China (Shanghai): 3,430-3,460 yuan ($486-490) per tonne, unchangedNorthern China (Beijing): 3,430-3,460 yuan per tonne, unchangedTrading activity was stable in the morning, which kept rebar prices unchanged.Some sellers r...Read More
The three-month zinc price on the London Metal Exchange was up during morning trading on Thursday April 16, with price action supported by a fresh outflow of some 600 tonnes, while steady buying over the morning saw copper hold on to recent gains. Zinc's outright price on the LME was recently seen at $1,946 per tonne, a rise of around 0.8% from Wednesday's closing price of $1,931 per tonne. Turnov...Read More
Metals prices are in limbo this morning, Thursday April 16, while participants weigh up the stark truth that the global economy is experiencing a slump in demand with the potential for a rebound given all the monetary and fiscal stimulus being thrown at economies around the world. The combination of poor data summed up by the United States' Empire State manufacturing index falling to -78.2 in Apri...Read More
The Covid-19 pandemic has rapidly hit global electric vehicle (EV) production and sales, and so the broadly anticipated reshuffle of China's EV battery supply chain is likely to speed up in 2020. Many already believed the EV subsidy policy in China that had been scheduled to end in December 2020 would squeeze out some companies in the EV battery supply chain, including producers of precursors, cat...Read More
Key data from the Wednesday April 15 pricing session in Shanghai.Key drivers Cobalt metal price supported by steady local futures, but spot trades were limited because foreign demand for Chinese metal remains soft due to the effects of the Covid-19 pandemic.Cobalt tetroxide price stable since...Read More
Trade log for cobalt sulfate in China including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are yuan per tonne on an ex-works basis.Fastmarkets prices Click here for Fastmarkets' price assessment for cobalt sulfate, Co 20.5% basis, China ex-works, yuan/tonne.The exchange rate on Wednesday April 15 at 43,000 yuan to $6,097.Wednesday April 15Price unchanged...Read More
Chinese stainless steel producers have withheld their offers since late last week and this has resulted in a recent surge in prices, multiple sources told Fastmarkets this week. Stainless steel mills including a major privately-held steelmaker resorted to a supply shock to arrest a rapid decline in prices after futile attempts to court customers with price discounts, a stainless steel trader in no...Read More
The base metals and broader markets are upbeat this morning, Friday April 17, with equity indices and metals prices showing strong gains - this despite some grim data out of China this morning, which suggests the markets may have been expecting even worse data. Chinese gross domestic product (GDP) fell 6.8% in the first quarter and more recent data for March on fixed asset investment and retail sa...Read More
U.S. equity index futures were higher this morning. S&P 500 futures advanced 74 points in pre-opening trade. Index futures responded to encouraging signs that COVID 19 has passed its peak in the U.S.Gilead gained $8.26 to $84.88 after reporting encouraging drug tests that reduced COVID 19 symptoms. Boeing added $11.87 to 146.11 after announcing a resumption of commercial aircraft production at...Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 15 that are worth another look.No market has been left untouched by the escalating coronavirus pandemic, but iron ore prices have proved relatively buoyant for the past two months compared with the price plunges we have seen in other commodities.Industry association European Aluminium has launched a strategic plan to maximi...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday April 15.Please click...Read More
The three-month tin price on the London Metal Exchange was the worst performer across afternoon trading on Wednesday April 15, dipping by just less than 2% and wiping out gains made earlier in the day, while aluminium futures held above nearby support despite continued inflows.Tin's outright price on the LME closed at $15,093 per tonne at the 5pm close, falling from an intraday high of $15,425 per...Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 15 that are worth another look.No market has been left untouched by the escalating coronavirus pandemic, but iron ore prices have proved relatively buoyant for the past two months compared with the price plunges we have seen in other commodities.Industry association European Aluminium has launched a strategic plan to maximi...Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 15 that are worth another look.No market has been left untouched by the escalating coronavirus pandemic, but iron ore prices have proved relatively buoyant for the past two months compared with the price plunges we have seen in other commodities.Industry association European Aluminium has launched a strategic plan to maximi...Read More
Global mining company BHP has stopped tendering spot market copper concentrates from its Escondida mine, informed sources have told Fastmarkets. Escondida in Chile, which produced 1.19 million tonnes of copper last year - around 5% of global supply - traditionally sells substantial volumes of concentrates on the spot market, with traders bidding against each other to win cargoes. But the company h...Read More
Sentiment in Chinese domestic portside manganese ore prices for both low and high grades has strengthened following news that the lockdown in South Africa will be extended by another 14 days. Late on Thursday April 9, South African President Cyril Ramaphosa announced he will extend the nationwide lockdown in place since March 26 to the end of April as part of efforts to slow the spread o...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 15 that are worth another look.No market has been left untouched by the escalating coronavirus pandemic, but iron ore prices have proved relatively buoyant for the past two months compared with the price plunges we have seen in other commodities.Industry association European Aluminium has launched a strategic plan to maximi...Read More
The Turkish deep-sea scrap import market has gone quiet again after the recent upturn, with material supply being limited, while buyers were struggling with weak demand for finished steel, sources said on Wednesday April 15.The daily scrap indices went up by more than $15 per tonne on Tuesday, after deals for United States- and Baltic Sea-origin cargoes were heard at $255-257 per tonne cfr for HMS...Read More