Outokumpu chief executive officer and president Roeland Baan will step down in May, the Finnish stainless steelmaker said on Friday February 7.He will continue in his role as the company's ceo until May 15, 2020. His successor has not yet been named by the company.Baan joined Outokumpu in January 2016....Read More
Market participants in the Philippines do not expect the domestic long steel market to face shortages, despite the country's Department of Trade and Industry (DTI) suspending six steelmakers' Philippine Standard (PS) licenses.Products from the six mills failed to meet the requirements listed in the Philippine National Standard (PNS) 49, Series of 2002, during a test the DTI's Bureau of Philippine...Read More
Australia's Port of Dampier in Western Australia state is being shut down at noon local time on Friday February 7 in preparation for a potential impact from a tropical cyclone that is expected to intensify during the day.The Pilbara Ports Authority (PPA) said during the day that its cyclone response procedure has been activated and with it, the Port of Dampier will be shut down, having already bee...Read More
Brazilian slab export prices widened upward slightly in the week ended Friday February 7, with the first negotiations for April-shipment volumes taking place.Fastmarkets' weekly price assessment for steel slab export, fob main port Brazil, was $460-480 per tonne on February 7, up from $460-475 per tonne a week before.Producers were expected to focus on the North American market for April shipment...Read More
An overview of the Chinese minor metals markets and the reasons for their latest price moves.Read More
Key data from the pricing sessions in Europe, Asia and the United States for the week ended Friday February 7.China The seaborne price of low-grade manganese ore rose after buyers accepted higher offers for March-delivery cargoes.Higher alloy and portside ore prices also supported the high- and low-grade seaborne markets.Hebei Steel, China's second-largest steel mill - raised its tender price...Read More
The inter-merchant spot market for light iron scrap in the UK dropped by 11.1% in the week ended Friday February 7, with domestic prices broadly reflecting similar moves in the European export markets to Turkey and the Indian subcontinent over the same period, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant,...Read More
The London Metal Exchange price of nickel fell by more than 3% on Friday February 7 after reaching a temporary high of $13,210 per tonne.And nickel's closing price dropped to $12,770 per tonne, in a day that saw more than 6,300 lots traded.LME nickel stocks in LME-registered warehouses were now just below 204,000 tonnes, with 3,576 tonnes of fresh cancellations seen in the LME's daily stock report...Read More
Zinc's benchmark cash/three-month spread on the London Metal Exchange has moved into contango for the first time in five months after the largest inflow since last April brought on-warrant material to more than 50,000 tonnes. This is the first time LME zinc's on-warrant inventory has breached this level since August 2019. The galvanizing metal's cash/three-month spread traded in a $1.50 per tonne...Read More
Seaborne iron ore prices continued to be buoyed by cyclone-led port impacts in Western Australia on Friday February 7, while doubts remained among Chinese market participants about steelmaking demand. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.59 per tonne, up $0.42 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $82.92 per tonne, up $0.42 per tonne. 62% Fe low-alumina fines, cf...Read More
European hot-rolled coil producers have been resisting buyers' attempts to achieve lower prices, sources told Fastmarkets on Friday February 7.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?471.67 ($518.40) per tonne on Friday February 7, up by ?,?1.49 per tonne day on day from ?,?470.18 per tonne a day earlier.Buyers bid for the material at ?,?460-465 p...Read More
The London Metal Exchange price of nickel fell by more than 3% on Friday February 7 after reaching a temporary high of $13,210 per tonne.And nickel's closing price dropped to $12,770 per tonne, in a day that saw more than 6,300 lots traded.LME nickel stocks in LME-registered warehouses were now just below 204,000 tonnes, with 3,576 tonnes of fresh cancellations seen in the LME's daily stock report...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
Nickel and cobalt producer Ramu NiCo, owned by state-owned Metallurgical Corporation of China (MMC), has been sued for $5.4 billion for environmental failures, the latest in a long line of environmental woes to befall the Papua New Guinea operation.Ramu's alleged failure to regulate its environmental conduct in Mandang province, Papua New Guinea, has led the municipal government and a consortium o...Read More
Zinc and lead concentrate treatment charges (TCs) declined in January amid illiquid market conditions, with the Chinese Lunar New Year limiting trade and concerns building that the effects of coronavirus will cap market demand.Fastmarkets' assessment of zinc concentrate TC, cif China, dropped to $285-310 per tonne on January 31, from a multi-year high of $285-315 per tonne the month prior.January...Read More
Alumina prices for spot cargoes on a fob Australia basis pushed above $280 per tonne on Friday February 7, as liquidity returned to the market.Fastmarkets calculated the benchmark daily alumina index, fob Australia, at $281.97 per tonne on Friday, up from $279.60 per tonne the previous day. The index is now at its highest level since November 7, when it was at $282.12 per tonne.Key drivers: Most r...Read More
China has halved tariffs on a slew of US-sourced metals and minerals including copper cathodes and rare earths. The reduced tariffs will come into effect on February 14, China's State Council announced on Thursday February 6. US products that formerly faced tariffs of 15% to enter China will be liable for a 7.5% levy, those that were 10% are now 5%. The annual trade value...Read More
Zinc's benchmark cash/three-month spread on the London Metal Exchange has moved into contango for the first time in five months after the largest inflow since last April brought on-warrant material to more than 50,000 tonnes. This is the first time LME zinc's on-warrant inventory has breached this level since August 2019. The galvanizing metal's cash/three-month spread traded in a $1.50 per tonne...Read More
Deliverable stocks for zinc, copper and aluminium at Shanghai Futures Exchange-approved warehouses soared in the week to Friday February 7 because consumers have delayed their return to work due to the novel coronavirus outbreak that originated in China. Some local governments at major cities in China have extended instructions to keep businesses closed until at least February 10. Market participa...Read More
Import prices for some flat steel in South America inched down on Friday February 7, with buyers refraining from booking orders amid concerns over the outbreak of the Wuhan coronavirus.Several sources reported that buying activity was nearly at a standstill. There are fears that the outbreak could spark price cuts in Chinese material.The first offers from China were reported at levels similar to b...Read More