Three-month prices of base metals trading on the London Metal Exchange rebounded at the close on Tuesday March 10 due to suggestions that the worst of the novel coronavirus (2019-nCoV) in China may be over. "Although the start of the new trading week was all out bearish, bargain-hunting activity prevails today and LME base metals look to be paring losses," Fastmarkets research analyst Andy Farida...Read More
A falling aluminium price on the Shanghai Futures Exchange below production costs has weakened sentiment for China's alumina market, sources told Fastmarkets this week. Market participants had been bullish about the Chinese alumina price due to reduced production during the height of the novel coronavirus (2019-nCoV) outbreak in the country early this year. Smelters had removed almost 6 milli...Read More
Prices for flat steel in Russia's Central Federal District around Moscow started to move up this week after the rouble lost value against the US dollar, sources told Fastmarkets on Tuesday, March 10. Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia, was 42,000-43,000 roubles per tonne on March 10, including 20% VAT, up from 41,000-42,000 roubles per ton...Read More
Sherritt International Corp is to exit the Ambatovy joint venture in Madagascar, but its decision will not affect nickel or cobalt production at the mine, the Canadian company confirmed to Fastmarkets on Tuesday March 10. The Canadian miner announced on February 26 that it would not fund its 12% stake in the Ambatovy JV, with Japan's Sumitomo Corp and South Korea's Korea Resources Corp (Kores...Read More
Three-month prices of base metals trading on the London Metal Exchange rebounded at the close on Tuesday March 10 due to suggestions that the worst of the novel coronavirus (2019-nCoV) in China may be over. "Although the start of the new trading week was all out bearish, bargain-hunting activity prevails today and LME base metals look to be paring losses," Fastmarkets research analyst Andy Farida...Read More
A falling aluminium price on the Shanghai Futures Exchange below production costs has weakened sentiment for China's alumina market, sources told Fastmarkets this week. Market participants had been bullish about the Chinese alumina price due to reduced production during the height of the novel coronavirus (2019-nCoV) outbreak in the country early this year. Smelters had removed almost 6 milli...Read More
Emirates Global Aluminium (EGA) has signed a new contract with Vietnamese state-owned company Vinacomin for the supply of alumina to the United Arab Emirates until 2023. The agreement means EGA will continue to buy up to 300,000 tonnes per year of alumina from Vinacomin. This deal extends an agreement that EGA and Vinacomin signed in late 2017 which was due to expire at the end of this year. https...Read More
The three-month nickel price on the London Metal Exchange improved during morning trading on Tuesday March 10, recouping losses made in Monday's decline in a 3% rally, while the rest of the complex followed higher. Nickel's outright price on the LME was recently at $12,920 per tonne, climbing from a morning low of $12,570 per tonne.Turnover in nickel was high this morning, with more than 5,000 lot...Read More
Prices for hot-rolled coil in the United States have rebounded following a steep drop at the beginning of the week, but prices remain closer to the $29-per-hundredweight ($580-per-short-ton) level than the $30-per-cwt level that characterized the spot market just a week ago.Fastmarkets' daily steel hot-rolled coil index, fob mill US, was calculated at $28.89 per hundredweight ($577.80 per ton) on...Read More
The recent extension of the 2019-nCoV coronavirus quarantine area to all of Italy has resulted in trading activity falling to nearly zero and has caused some minor disruptions to deliveries, sources told Fastmarkets on Tuesday March 10.But production has not been affected by the tougher measures, market participants said.On March 9, Italian authorities ordered a lockdown of whole country in an att...Read More
Domestic prices for hot-rolled coil in Northern Europe have dropped day on day following a decline in import offers and the risks related to the 2019-nCoV coronavirus outbreak in Italy, sources told Fastmarkets on Tuesday March 10.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?481.07 ($549.54) per tonne on Tuesday, down by ?,?3.55 per tonne day on day fr...Read More
Customers in some of the major outlet markets for CIS-origin steel slab have reduced their bids significantly in the past week due to the drop in demand and uncertainty in the global market caused by the spread of the 2019-nCoV coronavirus.No indications of fresh offers were heard from CIS producers on Tuesday March 10 because mills were said to be assessing the market.A source in Italy expected n...Read More
A summary of full year 2019 financial results for German metals distributor Kl??ckner & Co SE. In brief: The company cites falling steel prices and weak demand for a drop in earnings. Shipments and sales both fell across all segments of the business. Full year 2019 results Earnings before interest, taxes, depreciation and amortization (Ebitda)...Read More
Ferrous scrap market participants in the United States are steeling themselves for the likelihood of a pricing downturn in April, due to a multitude of uncertain economic and geopolitical conditions threatening the market outlook. Domestic steel mills successfully limited the pricing upside during the March trade - unanimously holding their ground on a $10-per-gross-ton increase on prime scrap whi...Read More
Turkish steel producers have continued to hold back from the deep-sea scrap market despite shrinking stock levels because of the firm prices being asked, sources said on Tuesday March 10.There have been no new bookings so far this month, but suppliers were keeping their offers steady.Offers of HMS 1&2 (80:20) from the US remained at $280 per tonne cfr, while offers of similar material increased by...Read More
Seaborne premium hard coking coal prices fell on Tuesday March 10, amid bearish sentiment caused by volatility in global financial markets and, more specifically, due to cuts in domestic coke prices in China. Fastmarkets indicesPremium hard coking coal, fob DBCT: $157.29 per tonne, down $1.36 per tonnePremium hard coking coal, cfr Jingtang: $166.66 per tonne, down $2.78 per tonneHard cok...Read More
The seaborne iron ore market has been bolstered on Tuesday March 10 amid concerns over supply constraints from Brazil and positive expectation for steel demand in March and April. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $92.09 per tonne, up $4.13 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $93.40 per tonne, up $4.13 per tonne58% Fe fines high-grade premium, cfr Qing...Read More
The publication of Fastmarkets China Domestic Coking Coal price estimate for Monday March 9 was delayed due to an administrative error. The Fastmarkets pricing database, MInD, has since been updated. Below are the details of the price.Price name: MB-COA-0001 Hard coking coal domestic China spot market , Shanxi-origin, delivered Tangshan Quality:Volatile matter: 75 Y value: >16 Ash: <=11.5 Su...Read More
China's domestic hot-rolled coil market stopped falling on Tuesday March 10 on strengthening downstream demand, with prices in the eastern region holding steady while those in the north edging up.DomesticEastern China (Shanghai): 3,490-3,500 yuan ($503-504) per tonne, unchangedNorthern China (Tangshan): 3,290-3,310 yuan per tonne, up 10 yuan per tonneDownstream demand is picking up with more manuf...Read More
China's domestic rebar prices picked up on Tuesday March 10 on a pick-up in trading activity due to rising futures.Eastern China (Shanghai): 3,410-3,440 yuan ($491-495) per tonne, up 40 yuan per tonne Northern China (Beijing): 3,270-3,310 yuan per tonne, up 10 yuan per tonneMore transactions were concluded during the day compared with Monday, with rebar futures charting big gains, sources said.End...Read More