The stainless steel scrap market in the United States is flatlining, with few signs that it will gain strength anytime soon."There is no question that scrap supply is thinner than 2019, and depending on how short processors are on material scrap dealers continue to have some leverage," one US scrap dealer source said.Fastmarkets assessed the 316 solids, clips, broker buying price, delivered to pro...Read More
The Turkish steel mills have continued to book deep-sea scrap for March shipments at slightly higher prices, sources said on Wednesday February 19.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 9,000 tonnes of HMS 1&2 (80:20) at $279 per tonne, 15,000 tonnes of shredded at $284 per tonne and 6,000 tonnes of bonus at $289 per tonne cfr.The same mill booked a second Baltic...Read More
The International Chamber of Commerce has ordered the government of Sierra Leone to withdraw its restrictions on the mining of iron ore at the Marampa project by SL Mining, the company said in a press release dated Tuesday February 18.The ICC's Arbitral Tribunal issued a peremptory order on the mining project on February 13, SL Mining said. The order gave country's government eight days to comply....Read More
Japanese ferrous scrap export prices have risen over the past week amid tightening supplies and healthy demand from Vietnamese buyers, sources in Japan told Fastmarkets.Fastmarkets' inaugural price assessment for steel scrap H2 export, fob main port Japan was ?24,000-24,500 ($219-223) per tonne fob Tokyo Bay on February 19, up by around ?500-1,000 per tonne from prices heard last week. In t...Read More
Seaborne iron ore prices were rangebound on Wednesday February 19 amid a murky short-term outlook for demand.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90 per tonne, down $0.18 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $89.33 per tonne, down $0.18 per tonne.62% Fe low-alumina fines, cfr Qingdao: $91.16 per tonne, down $0.04 per tonne.58% Fe fines high-premium, cfr Qingdao: $7...Read More
Domestic prices for ferrous scrap in Italy have declined over the past month in line with the fall in international scrap prices, sources told Fastmarkets.Fastmarkets' monthly price assessment for steel scrap, No E3 (old thick scrap), domestic, delivered mill Italy was ?,?235-250 ($254-270) per tonne on February 18, down by ?,?20 per tonne from ?,?255-270 per tonne on January 20.Read More
Seaborne coking coal prices climbed again on Wednesday February 19, with market participants in China citing tight supply as the key driver of the upward movements.Fastmarkets indicesPremium hard coking coal, fob DBCT: $158.29 per tonne, up $2.86 per tonnePremium hard coking coal, cfr Jingtang: $166.94 per tonne, up $2.36 per tonneHard coking coal, fob DBCT: $133.50 per tonne, up $6.49 per tonneHa...Read More
The London Metal Exchange base metals, except tin, were subject to stock moves in the morning session on Wednesday February 19, with LME three-month prices demonstrating mixed consolidation.The LME three-month lead price was trading down 0.6% from the previous day's close at around $1,885 per tonne, capped by a 5,725-tonne re-warranting of material in Kaohsiung, South Korea, with a widening cash/t...Read More
Exporters of Chinese hot-rolled coil lowered their offers further to stimulate sales amid high inventory levels despite a relatively stable domestic market on Wednesday February 19.DomesticEastern China (Shanghai): 3,480-3,490 yuan ($497-499) per tonne, narrowing upward by 10 yuan per tonneNorthern China (Tangshan): 3,230 yuan per tonne, unchangedA Shanghai-based trader said prices in the city nar...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday February 19.Key drivers The price range for ferro-titanium has not changed over the week to February 19, steady for two weeks despite low-key trading. No deals were reported in either alloys or titanium scrap. The markets were probably static due to the expected settlement of tenders issued by consumers for feedstock on a longer ter...Read More
An overview of the minor metals markets and the reasons behind the latest price moves.Read More
The cobalt sulfate price in China has continued higher because of spot tight availability while refineries that suspended operations during the Chinese New Year holiday (January 24-February 2) have gradually resumed operations. Fastmarkets' price assessment of cobalt sulfate 20.5% Co basis, exw China was 57,000-58,000 yuan ($8,145-8,288) per tonne on Wednesday February 19, up by 0.9% fro...Read More
Eurasian Resources Group (ERG) is considering the construction of a plant to produce lithium-ion battery precursor materials, the company said today. The plant would be supplied with cobalt hydroxide produced at ERG's Metalkol Roan Tailings & Reclamation (RTR) project in the Democratic Republic of Congo (DRC). The intention is to produce nickel-cobalt-manganese (NCM) precursor materials that are u...Read More
After the broad-based dip on Tuesday February 18 that was partially triggered by Apple's sales warning, markets have recovered on Wednesday with equity indices in Asia stronger, as are pre-market western equity indices.Base metals prices on the London Metal Exchange were up across the board this morning, while those on the Shanghai Futures Exchange were mixed. Spot gold prices are holding on to Tu...Read More
Fastmarkets MB today launches its Japan export ferrous scrap price assessments for H2, shredded, Shindachi and plate and structural (P&S) scrap grades. After undertaking an extensive consultation period that began on January 7, which was then extended by one week on February 12, Fastmarkets has launched price assessments for the following ferrous scrap prices:Steel scrap H2 export, fob main port J...Read More
Equity markets remain buoyant in Asia, but pre-market western equity indices have started to weaken, while metals are mixed this morning, Thursday February 20.It seems as though equities are focused on how well the novel coronavirus (2019-nCoV) is being contained, while the metals are taking a more cautious stance as they wait for the market to assess the impact on supply and demand. Indeed, given...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening comments. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for the February Philly Fed Index was a drop to 12.0 from 17.0 in January. Actual was an increase to 39.7. Consensus for Weekly Jobless Claims was an increase to 210,000 from revised 20...Read More
Here are five Fastmarkets stories you might have missed on Tuesday February 18 that are worth another look.Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil fell during the week to February 18 amid a slowdown in domestic trading while downstream sectors gradually return to work.Increasing aluminium inventories pressured China's aluminium price amid, generally, uninterrupted...Read More
A summary of base metals premiums from across the globe for the week to Tuesday February 18.Click on...Read More
London Metal Exchange three-month base metals prices, with the exception of lead, traded down at the close on Tuesday February 18, with any residual optimism capped by negative movements in global equities markets and restrictions in Chinese markets due to the novel coronavirus (2019-nCoV) outbreak.LME nickel futures were the worst hit, trading down 2.2% to close at $12,815 per tonne on the previo...Read More