China's domestic rebar prices dropped slightly on Thursday February 13 on persistently weak demand while the export segment tumbled after cargoes were sold much lower than prevailing rates. Eastern China (Shanghai): 3,370-3,400 yuan ($483-488) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,420-3,450 yuan per tonne, down 10-20 yuan per tonneMost construction projects are delaying t...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products.Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
Cobalt sulfate and tetroxide prices in China continue to be underpinned by tight supply and resumed demand after the Lunar New Year holiday, but mid-term demand is still in check due to the novel coronavirus (2019-nCoV) outbreak. Fastmarkets' assessment for cobalt sulfate 20.5% Co basis, exw China rose to 53,000-55,000 yuan ($7,589-7,876) per tonne on Wednesday February 12, up 2.9% from 52,00...Read More
A spike in the reported death toll from the novel coronavirus (2019-nCov) in China led to a pullback in risk asset prices in early trading this morning, Thursday February 13, but the spike is not all what it seems.The sudden jump in the number of new cases reported was due to a change in how the infection is being reported, rather than a sudden jump in people actually being infected. The latest da...Read More
Key data from the Wednesday February 12 pricing session in Shanghai and London. Key drivers Tight spot supply pushes cobalt hydroxide payables up again, now at their highest since the end of October 2019.Customers pay a premium for nearby, prompt material in preference to that coming from Africa, where logistical bottlenecks have also slowed down shipments. ...Read More
China's exports of ammonium paratungstate (APT) in 2019 plunged year on year due to weakened overseas demand and reduced domestic output. Around 3,161 tonnes of APT left China in 2019, down 36.8% from 5,001 tonnes in 2018, according to official but unconfirmed data seen by Fastmarkets. The drop in export volumes in 2019 can be attributed mainly to decreased demand from Europe, which is usually the...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade. Index futures were virtually unchanged following release of January Retail Sales at 8:30 AM EST. Consensus was an increase of 0.3% versus a gain of 0.3% in December. Actual was a gain of 0.3%. Excluding auto sales, consensus for January Retail Sales was an increase of 0.3% versus a gain o...Read More
The three-month price of copper on the London Metal Exchange edged higher at the close of trading on Wednesday February 12, staying firmly above the $5,700 per tonne support level despite low turnover, while nickel similarly held above nearby support.Copper's outright price on the LME closed at $5,764 per tonne on Wednesday afternoon, falling from an intraday high of $5,783 per tonne but topping T...Read More
Contango has returned to the price of tin, but the spot markets have remained quiet on muted demand and uncertainty about the implications of the outbreak in China of novel coronavirus (2019-nCoV).London Metal Exchange tin price still down from earlier in the year, with coronavirus spreading.Tin imports to China largely halted; premiums flat in Taiwan, too.United States sees modest spot trade over...Read More
Nickel premiums in all regions held steady in the week to Tuesday February 11. European nickel premiums hold in illiquid spot market. The US nickel briquette premium could rise further, though it was flat this week. China nickel premiums were unchanged amid spot illiquidity on a closed arbitrage import window. Rotterdam nickel premiums stabilize in illiquid spot market Premiums for a...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday February 12 that are worth another look.China may not be the big steady steel rebar buyer that most of us in the market thought it was, the International Rebar Producers & Exporters Association (Irepas) said on February 5 with regards the impact of the novel coronavirus (2019-nCoV).Major Chinese copper smelter Daye Nonferrous,...Read More
Major Chinese copper smelter Daye Nonferrous, at the heart of the region affected by the coronavirus outbreak, is managing to continue its copper production activities by destocking the sulfuric acid byproduct at a discount, Fastmarkets has learnt."We have no plans to declare force majeure so far," a source with direct knowledge of the matter said. "We are still receiving overseas shipments of cop...Read More
China's alumina price is on an upward trend after many alumina refineries reduced production following transportation difficulties since the Wuhan coronavirus outbreak restricted their coal and bauxite supply, several sources told Fastmarkets on Monday February 10.Despite a bullish sentiment in the market, some alumina analysts think the uptrend may not last long because China still has a lot of a...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
Chinese battery materials producer GEM will prioritize delivering cargoes to overseas buyers in February amid the large-scale lockdown in Hubei province following the outbreak of the novel coronavirus (2019-nCoV), a company source told Fastmarkets. GEM's Jingmen plant is located in Jingmen city, Hubei province, which has been heavily affected by the coronavirus outbreak. The plant is unable to res...Read More
Turkish deep-sea scrap import prices have increased sharply with improving demand from the country's steel mills, sources said on Wednesday February 12.A steel mill in the Izmir region has booked a US cargo, comprising 24,000 tonnes of HMS 1&2 (80:20) at $268 per tonne, 12,000 tonnes of shredded at $273 per tonne and 4,000 tonnes of bonus at $278 per tonne cfr. It was not clear whether this deal w...Read More
Demand for aluminium and steel coil in China has come under strain while the novel coronavirus (2019-nCoV) crisis has allowed the gears of the country's automotive sector to grind to a halt.Many manufacturing plants across China - including those in the automotive segment - have paused operations in the past two weeks to February 12 after the government extended workers' Lunar New Year holiday to...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday February 12.Key drivers The price range for ferro-titanium has been stable over the past week, with suppliers holding their offer prices against steady but low-key demand from consumers. No deals were reported, apart from in the scrap market where there were reports of almost 40 tonnes bought in the UK at the top end of the latest a...Read More
While equity markets remain buoyant on optimism that the spread of the novel coronavirus (2019-nCoV) may be slowing, the base metals seemed more circumspect on Wednesday February 12 as they wait to see what the fallout from the virus will be in terms of how much disruption the manufacturing sector is suffering.LME base metals prices were up by an average of 0.2%; SHFE base metals prices were mixed...Read More
Chinese battery materials producer GEM will prioritize delivering cargoes to overseas buyers in February amid the large-scale lockdown in Hubei province following the outbreak of the novel coronavirus (2019-nCoV), a company source told Fastmarkets. GEM's Jingmen plant is located in Jingmen city, Hubei province, which has been heavily affected by the coronavirus outbreak. The plant is unable to res...Read More