India's recently announced national budget got a mixed response from the country's steel sector, with some describing it as "disappointing" while others said it was "promising," sources told Fastmarkets.The Indian government's $428 billion budget for 2020-21 was presented on February 1.Part of the budget concerned the soon-to-be-launched National Logistics Policy, which will include various infras...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday February 11 that are worth another look.A block on the World Trade Organization's dispute settlement process has paralyzed progress in steel cases, including those pertaining to Section 232, which could result in a disparity between steel prices in the United States and those in the rest of the world, according to two trade expe...Read More
BNP Paribas will take on the over-the-counter (OTC) base and precious metal clients of fellow French bank Soci?(C)t?(C) G?(C)n?(C)rale (SocGen), which is reducing its commodities exposure, both companies confirmed to Fastmarkets on Tuesday February 11.SocGen announced last April that it would be closing its OTC and proprietary commodities trading business, including metals, as part of a global cos...Read More
Once again rises across a broad set of markets suggest traders were less worried about the fallout from the Wuhan coronavirus (2019-nCoV) this morning, Tuesday February 11.LME base metals prices up by an average of 1.2%; SHFE base metals up by 0.7% on average. China's CSI 300 Index up by 1.2%.Gold prices are consolidating and were recently quoted at $1,568 per oz.Base metalsThree-month base metals...Read More
Trade log for cobalt sulfate in China including transactions, bids and offers reported to Fastmarkets.Unless otherwise stated, all prices are yuan per tonne on an ex-works basis.Click here for Fastmarkets' price assessment for cobalt sulfate, Co 20.5% basis, China ex-works, yuan/tonneFastmarkets has discontinued the calculation and publication...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% and Asian equities were up acr...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening comments.Bed Bath and Beyond dropped $3.91 to $10.94 after reporting lower than consensus fourth quarter revenues and earnings. The company also lowered guidance. Visa added $1.86 to $205.80 after Oppenheimer raised its target price from $210 to $220.MolsonCoors gained $3.25 to $61.30 after rep...Read More
The London Metal Exchange three-month lead price closed at its lowest level since May 2019 on Monday February 10, dipping below the key $1,800-per-tonne support level, while nickel futures struggled to breach resistance against thin trading volumes. Lead's underlying price on the LME closed at $1,796 per tonne, with its price action slipping from an intraday high of $1,825 per tonne while turnover...Read More
Chinese multi-metal company Jingchuan Group produced the first batch of nickel chloride from its newly-commissioned high-end nickel salt project on Sunday February 9.The size of the first nickel-chloride yield was not stipulated but the resultant material constitutes part of the group's efforts to ramp up battery-grade nickel production for the much-lauded electric vehicle (EV) boom, according to...Read More
Nickel producers in Indonesia continue to operate at full capacity amid China's ongoing Wuhan coronavirus pandemic, but concerns that logistical delays will exacerbate the already poor projections for material demand in 2020 loom large, participants say.Indonesia-based nickel producers including Chinese stainless steel giant Tsingshan and domestic producer PT Antam have confirmed to Fastmarkets th...Read More
Seaborne prices of both low- and high-grade manganese ore in China recorded strong gains in the week ended Friday February 7 alongside rising portside ore and alloy prices. Domestic market sentiment was buoyed by Hebei Steel's silico-manganese purchase price for February which rose by 600 yuan ($85.70) month on month to 7,200 yuan per tonne. Hebei Steel is China's second largest steel mill an...Read More
Fastmarkets' copper concentrates treatment and refining charge (TC/RC) index rose to its highest level since October 2019 this week, with Chinese smelters staying on the sidelines amid a murky outlook on production plans and product sales following the coronavirus outbreak. A weekly brief on the Fastmarkets' copper concentrate index: Fastmarkets' copper concentrates TC/RC index ticks up with more...Read More
Cobalt prices have continued their steady upswing over the past week, with consumers keeping an eye on spot market trends with a view to restocking in the coming weeks, and sellers happy to hold on to material until then.Fastmarkets' price assessment for cobalt, standard-grade, in-whs Rotterdam, was $16.70-17.20 per lb, in-warehouse on Monday February 10, unchanged day on day but up from $16.50-16...Read More
Key data from the pricing sessions in Asia and Europe in the week to Friday February 8.Key driversChina Fastmarkets' assessment of the price of antimony, MMTA standard grade II, ddp China was unmoved following a lack of liquidity and absent market participants after the Chinese New Year holiday break was extended (January 24-February 2). Many suppliers stayed out of the market in the week to Febru...Read More
Shredder feed price adjustments in the United States were erratic in the week to Monday February 10, with individual shredders moving their scale buying prices based on their specific needs as they questioned where ferrous scrap prices are likely to head in March. The US scrap market was extremely disjointed in February, with prices holding up better in the Midwest than on the East Coast and in th...Read More
Turkish steel producers have continued to book deep-sea scrap from the United States and Europe for end of February and early March shipments, sources told Fastmarkets on Monday February 10.A steel mill in the Iskenderun region booked a European cargo of 20,000-25,000 tonnes of HMS 1&2 (80:20) at $252 per tonne cfr.A steel mill in the Marmara region booked a US cargo, comprising 18,000 tonnes of H...Read More
Turkish domestic auto bundle and ship scrap prices have continued to slide over the past week in line with the falling cost of imported scrap, sources said on Monday February 10.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was 1,510-1,715 lira ($251-285) per tonne on February 10, down from 1,560-1,800 lira per tonne last week.The Turkish stee...Read More
The broader markets were mixed on the morning of Monday February 10, with equities in Asia generally weaker, as were metals on the Shanghai Futures Exchange, while the London Metal Exchange was firmer across the board.There is still much uncertainty around the impact of the Wuhan coronavirus (2019-nCoV), but with more businesses returning to work in China this week, we might get a better feel for...Read More
Cobalt prices have continued their steady upswing over the past week, with consumers keeping an eye on spot market trends with a view to restocking in the coming weeks, and sellers happy to hold on to material until then.Fastmarkets' price assessment for cobalt, standard-grade, in-whs Rotterdam, was $16.70-17.20 per lb, in-warehouse on Monday February 10, unchanged day on day but up from $16.50-16...Read More
Swiss miner-trader Glencore has signed a five-year deal - from 2020 until 2024 - to supply South Korean battery manufacturer Samsung SDI with 21,000 tonnes of cobalt contained in hydroxide, Glencore said on February 10.Glencore produces cobalt hydroxide at its Katanga mine in the Democratic Republic of Congo (DRC) - slated to produce about 29,000 tonnes of cobalt in intermediates this year. Glenco...Read More