Steel billet prices in Turkey have gone down over the past week on falling steel prices and weak demand, sources said on Thursday March 12.The suppliers in the Commonwealth of Independent States (CIS) region have lowered their offers for billet to $400-405 per tonne cfr, from the $405-410 per tonne of last week.But customers in Turkey were only bidding $390 per tonne cfr for CIS billet, according...Read More
Domestic prices for long steel in Turkey have softened over the past week because of falling export values and limited demand, sources said on Thursday March 12.Fastmarkets' weekly price assessment on Thursday for steel reinforcing bar (rebar), domestic, exw Turkey, was 3,050-3,100 lira ($493-501) per tonne, including 18% VAT, down from the 3,150-3,180 lira per tonne of last week."The demand for d...Read More
Export prices for steel rebar and wire rod from Turkey have gone down over the past week in line with sluggish demand, sources said on Thursday March 12.The mills in the country mostly lowered their offers for rebar to $425-430 per tonne fob on an actual weight basis, from the $435-445 per tonne of last week, in an attempt to generate custom. But buyers' general price expectation was $420 per tonn...Read More
Seaborne coking coal prices were stable on Thursday March 12, though concerns about demand and weather-related worries continue to cloud outlook, Fastmarkets heard. Fastmarkets indicesPremium hard coking coal, fob DBCT: $159.56 per tonne, up $1.34 per tonnePremium hard coking coal, cfr Jingtang: $164.86 per tonne, down $0.81 per tonneHard coking coal, fob DBCT: $144.01 per tonne, unchangedHard cok...Read More
Seaborne iron ore prices moved up on Thursday March 12, with a bid for Brazilian Blend Fines coming in at $92 per tonne cfr China - lower than the previous traded price, but higher than some market participant estimates on Wednesday.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $90.75 per tonne, up $0.70 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $92.46 per tonne, up $1....Read More
Namzinc's Skorpion zinc refinery in Namibia resumed production in February 2020, a spokesperson for parent company Vedanta Resources confirmed to Fastmarkets on Thursday March 12."Further to the maintenance shutdown in November 2019, Skorpion Zinc resumed production in February 2020," the spokesperson said. The Namibian mine's refinery, part of Africa's largest integrated zinc operation, ceased pr...Read More
The three-month nickel price on the LME was lower during morning trading on Thursday March 12, selling-off some 2.4% of its outright price against broad macroeconomic risk-aversion, while a fresh rewarranting of some 16,656 tonnes added downward pressure.Nickel's underlying price on the London Metal Exchange was recently seen at $12,115 per tonne, a drop of more than 2% against Wednesday's closing...Read More
The Dow Jones Industrial Average Index (DJIA) closed down by 5.9% on Wednesday, and in the pre-market this morning, Thursday March 12, the DJIA futures are down by around 4.4% - such is the continued fear in the market. Base metals on the London Metal Exchange and on the Shanghai Futures Exchange were down across the board by an average of 1% and 1.7% respectively, as of 7:50am London time. A...Read More
Base metals prices on the Shanghai Futures Exchange were all down at the close of morning trading on Thursday March 12, with investors' appetite for risk dented by broad economic concerns after the World Health Organization (WHO) declared the novel coronavirus (2019-nCOV) outbreak a global pandemic.The declaration by WHO on Wednesday comes after the virus, which causes the disease Covid-19, has ra...Read More
Key data from the Wednesday June 12 pricing session in London.Key driversDomestic suppliers increased offer prices further in response to higher crude indium prices amid tight remaining availability.Many crude indium producers could not resume operations after the prolonged Chinese New Year holiday break (January 24-February 2) due...Read More
Cobalt hydroxide payables gave back some of their February gains this past week, with post-Lunar New Year restocking being replaced by more cautious buying while market participants expect the spread of the novel coronavirus (2019-nCov) to dent global economic growth, and with it, cobalt consumption.Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China was at 67-69% of the standar...Read More
A summary of the fourth-quarter and full-year 2019 financial results for Switzerland-based special and stainless steel producer Schmolz + Bickenbach (S+B).In briefThe company reported that the challenge in all its markets was having a significant effect on its financial figures. It also cited an "unusually strong and prolonged decline in demand" for all its main products, which led to a significan...Read More
Stainless steel prices in China have plunged over the past week on growing inventory levels, although market participants were optimistic that domestic demand showed signs of improvement."It's likely that Chinese prices are close to bottoming out because most companies have already resumed operations," a trader in northern China said.The lack of significant declines in raw material costs could als...Read More
The Dow Jones Industrial Average Index (DJIA) closed down by 10% on Thursday March 12, taking the loss from the February high to 28.3%, while the London Metal Exchange three-month base metals at their recent lows have been down by an average of 16% - ranged between 10.4% for aluminium and 22.2% for zinc.DJIA futures were up by 1.6% in pre-market trading at 6.45am on Friday morning, although most A...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 126 point limit in pre-opening trade. Investors are anticipating launch of a fiscal stimulus program by the U.S. Congress.Apple advanced $19.47 to $267.70 after Wells Fargo upgraded the stock from Equal Weight to Overweight. Adobe jumped $19.79 to $304.79 after JP Morgan upgraded the stock from Neutral to Overweight. G...Read More
Here are five Fastmarkets stories you might have missed on Wednesday March 11 that are worth another look.The enlargement of the quarantine zone in Italy to a nationwide reach has already started to affect steel output, with at least two long steel mills announcing production stoppages, sources told Fastmarkets on March 11.The first deal for second-quarter aluminium ingot supply to Japan has been...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday March 11.Please click...Read More
The London Metal Exchange three-month nickel price declined at the close of trading on Wednesday March 11, weakening against continued risk-aversion, while lead futures failed to hold above $1,800 per tonne. Nickel's outright price on the LME closed at $12,420 per tonne this afternoon, falling from an intraday high of $12,905 per tonne, while turnover was high with more than 9,500 lots exchanged b...Read More
Here are five Fastmarkets stories you might have missed on Wednesday March 11 that are worth another look.The enlargement of the quarantine zone in Italy to a nationwide reach has already started to affect steel output, with at least two long steel mills announcing production stoppages, sources told Fastmarkets on March 11.The first deal for second-quarter aluminium ingot supply to Japan has been...Read More
Chile recorded a 0.4% year-on-year increase in copper production during January, as higher output from Escondida and Collahuasi offset declines from Codelco, Anglo American Sur and BHP's Spence, according to copper commission Cochilco.The country produced 459,100 tonnes of copper content in the first month of 2020, compared with 457,100 tonnes a year earlier, the commission said on Tuesday March 1...Read More