The London Metal Exchange three-month nickel price continued its downturn up to the close of trading on Monday March 23, falling over 3.5% and dipping below nearby support levels, while tin futures failed to hold on to Friday's gains. Nickel's underlying price on the LME closed at $10,880 per tonne on Monday afternoon, its lowest closing price since December 2018, while turnover was high at more t...Read More
New Caledonia's Koniambo nickel mine, a joint venture between Switzerland-based commodity and mining firm Glencore and local miner Soci?(C)t?(C) Mini??re du Sud Pacifique (SMSP), has cut production in a bid to protect employees amid the global novel coronavirus (2019-nCoV) pandemic. While production has not stopped completely, sources close to the matter indicated that two smelters at the mine sit...Read More
Key pricing data from the alumina index, fob Australia pricing session on Monday March 23. Key drivers Fastmarkets' daily alumina index, fob Australia, to $272.41 per tonne on Monday from $275.47 per tonne on Friday March 20. The index is now at its lowest level since May 18, 2017, when the price was $272.10 per tonne. Marks a...Read More
Lead production at Glencore's San Gavino plant in Sardinia will cease on Monday March 23, but the company's zinc smelter Portovesme will continue operations, Fastmarkets understands.San Gavino refines lead and precious metals while Portovesme smelts zinc and lead from batteries...Read More
Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $28.04 per hundredweight ($560.80 per short ton) on Monday March 23, down slightly from $28.06 per cwt on Friday March 20 and 2.4% below $28.73 per cwt a week earlier on March 16. Leads times were generally four to six weeks. Inputs were received in a range of $27.50-29 per cwt - creating a spread of just $1.50 per cwt,...Read More
NLMK USA plans to take a three-week outage in June to make upgrades to its flat-rolled steel mill in Portage, Indiana, the company's top executive said."We have a major skid project in Indiana that impacts the reheat furnace in Indiana," NLMK USA president and chief executive officer Bob Miller said in an email to Fastmarkets AMM.The project was planned in advance and is not the result of the Covi...Read More
Tata Steel India is to install a slab conditioning line at its Kalinganagar works in the state of Odisha to serve the automotive market, equipment provider SMS Group said in a press release on Thursday March 19.The scarfing line will process slabs to remove surface and subsurface defects, which is required by some car manufacturers for steel to be used in vehicle-body applications.It is hoped that...Read More
Another set of major US automakers will extend manufacturing shutdowns due to the impact of the novel coronavirus (2019-nCoV).Hyundai Motor Manufacturing Alabama (HMMA) said in a statement it would extend suspension of production of automobiles in Montgomery, Alabama for seven days beginning Monday March 23 through Tuesday March 31. The suspension will reduce production by approximately 10,00...Read More
Steel plate prices in the United States held steady this past week while market participants attempted to measure the impact of the Covid-19 pandemic on production and demand. Most buyers said they had paused spot orders as last week progressed. With stay-home mandates proliferating in an increasing number of states - some accompanied by a suspension of construction projects - market par...Read More
Fastmarkets will continue to provide the price data, news and analytics you rely on in these turbulent times.Dear Colleagues,First and foremost, we hope that you, your family, your friends and your colleagues are keeping well in these uncertain times. Covid-19 has disrupted our economy, our normal work patterns and, for many, our lives. Before I speak to the status of our business continuity...Read More
Brazilian mining company Vale reverted to a previous decision to temporarily stop activities at Teluk Rubiah Maritime Terminal (TRMT), its distribution center in Malaysia, due to intermittent material supply.The distribution center will remain closed until Tuesday March 31 at a minimum, the company said on March 23. Ships will then be redirected to blending units in China, adding that ov...Read More
The Turkish deep-sea scrap import market started the week in silence on Monday March 23, with some fearing the worst is yet to come with regard to the impact of the novel coronavirus (2019-nCoV), sources told Fastmarkets.The market has been quiet since a $23.90-per-tonne day-on-day price drop on Wednesday March 18, following news of a fresh cargo.Since then, market participants have turned increas...Read More
Turkish domestic auto bundle scrap prices have fallen sharply over the past week, in line with declining scrap import values, with some mills stopping their scrap purchases, sources said on Monday March 23.Turkish scrap import prices fell by 9% last week, amid the novel coronavirus (2019-nCoV) pandemic.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $249.0...Read More
Seaborne coking coal prices retreated on Monday March 23, with fears of a global economic downturn taking hold due to the spread of the novel coronavirus (2019-nCoV), even though sentiment among Chinese participants was starting to become more optimistic.Fastmarkets IndicesPremium hard coking coal, fob DBCT: $159.43 per tonne, down $1.22 per tonnePremium hard coking coal, cfr Jingtang: $...Read More
The 2019-nCoV pandemic is definitely a black swan event, one which nobody saw coming. Global business sentiment has taken a massive hit, with major industries grinding to a halt on travel bans, quarantine orders and border controls. Major airlines such as Singapore Airlines and Qatar Airways have grounded their fleets, stock markets have collapsed with exchanges closing and tourism is taking a pun...Read More
Seaborne iron ore prices plummeted on Monday March 23, with concerns about ex-Chinese demand took center stage, pushing Chinese participants to recalibrate their outlook on the steelmaking raw material.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $81.07 per tonne, down $6.91 per tonne 62% Fe low-alumina fines, cfr Qingdao: $82.17 per tonne, down $6.98 per tone58% Fe fines high-grade pre...Read More
Global ferrous scrap prices dropped again during the week to Friday March 20, with the spread of the novel coronavirus (2019-nCoV) continuing to weigh on markets and squeeze demand from steel mills.Turkish import prices record midweek plungeUS West Coast scrap flows begin to dry upTaiwan, Vietnam buyers delay bookings on expectations of further price dropsIndian import prices struggle amid weakeni...Read More
The copper price is coming off its worst week in almost a decade, but analysts feel there could be more downside for the metal as novel coronavirus (2019-nCoV) lockdowns globally wreck demand prospects. The London Metal Exchange three-month copper price closed at $4,810 per tonne on Friday March 20, down 11% from the start of the week and hit a three-year low of $4,371 per tonne on Wednesday. Gove...Read More
The London Metal Exchange three-month copper price was lower during morning trading on Monday March 23, with continued selling pressure pushing copper to test support at $4,500 per tonne, while a rewarranting of 4,566 tonnes led to nickel's decline this morning. Copper's underlying price on the LME was recently at $4,559 per tonne, down by 3% from Friday's closing price of $4,810 per tonne. Copper...Read More
China's domestic rebar prices dropped on Monday March 23 amid falling futures and destocking pressure. Eastern China (Shanghai): 3,460-3,490 yuan ($488-492) per tonne, down 40 yuan per tonne Northern China (Beijing): 3,360-3,400 yuan per tonne, down 20-30 yuan per tonne Rebar futures tumbled during the day amid concerns over how severe an effect the novel coronavirus (2019-nCoV) would have on...Read More