Most ferro-chrome smelters had covered their ore needs for this week and logistics disruptions are minimal between ports and many major smelters. But logistics disruptions are hitting mills as they seek alloy. Predictions of higher prices have not been realised so far. Supply and stocks Chrome ore inventories at the main ports of Tianjin, Qinzhou, Lianyungang and Shanghai: 3.12-3.42 million t...Read More
The broad-based rally across markets that started on Monday finally halted this morning and consolidation is setting in. And, given there is still so much uncertainty around the impact of the Wuhan coronavirus (2019-nCoV), a pause for reflection seems logical.This is especially so for the metals markets, with China such a big player on both the demand and supply side of the equation and where dema...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.Index futures were virtually unchanged following release of the January employment report at 8:30 AM EST. Consensus for January Non-farm Payrolls was 165,000 versus 145,000 in December. Actual was 225,000. Consensus for January Unemployment Rate was unchanged from December at 3.5%. Actual...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday February 5.Please click...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Wednesday January 5, breaching nearby resistance at $5,700 per tonne against strong turnover.And a positive close across the base-metals complex saw nickel futures make the greatest gains to settle above $13,000 per tonne.Copper's outright price on the LME closed at $5,722 per tonne on Wednesday afterno...Read More
A weak US aluminium market kept market participants away from undertaking arbitrage activities between Southeast Asia and the United States despite plummeting freight rates. Sustained pressure on aluminium premiums in the US was one of the main factors preventing viable aluminium arbitrage opportunities between London Metal Exchange sheds in Southeast Asia to the US Midwest. Fastmarkets assessed t...Read More
The coronavirus outbreak has not yet affected buying demand in China for imported alumina, with material from Western Australia still being shipped to China and fresh deals concluded, market participants told Fastmarkets. A deal was concluded on Tuesday February 4 for 30,000 tonnes of Western Australian alumina at $299.50 per tonne on a cif China basis.The cargo is for March loading and to either...Read More
China's copper smelters face limited scope to slash production even as diminished demand on virus-related lockdowns raises concerns refined inventories could grow. Daye Nonferrous, based in Huangshi at the heart of the novel coronavirus outbreak in Hubei province, plans to operate at just a moderately reduced rate of 70-80% of capacity for the first quarter, a company source said. A market source...Read More
An overview of the minor metals markets and their latest price moves.Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday February 5.Key drivers The price range for ferro-titanium has narrowed over the past week, with increased trading activity resulting in higher-priced deals in Europe. There was an increase in traded volumes reported, with sources saying higher-priced sales from Europe to Asia had spurred domestic European buying inte...Read More
Turkish deep-sea scrap markets went quiet on Wednesday February 5 after cargoes from the United States and the Baltic Sea sent prices down by about $10 per tonne, sources told Fastmarkets.News of two fresh cargoes on Tuesday February 4, caused a $10.38-10.54 per tonne drop in Fastmarkets' daily scrap indices. The drop in prices was expected by market participants because of wea...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday February 5.Key drivers The price range for ferro-titanium has narrowed over the past week, with increased trading activity resulting in higher-priced deals in Europe. There was an increase in traded volumes reported, with sources saying higher-priced sales from Europe to Asia had spurred domestic European buying inte...Read More
The Asian scrap market is resting in a mid-week slump on Wednesday February 5 on the back of a string of Wuhan coronavirus-related fears.Shippers are now awaiting more announcements of mandatory quarantine periods - of up to 14 days - for vessels inbound to discharge ports.Key northern Vietnam port Hai Phong has stipulated that any vessels that have visited Chinese ports (excluding Hong Kong) in t...Read More
A broad base of markets are rebounding after China's move to boost liquidity and stabilize the market convinced many investors that the measures being taken will help cushion the economic impact of the Wuhan coronavirus (2019-nCoV). Given that it is still early days in terms of discerning the medium-term impact of the Wuhan coronavirus will have on the China and, indeed, the global econo...Read More
Fastmarkets has discontinued the calculation and publication of its MB-CO-0022 - China cobalt sulfate, Co 20.5% min, ex-works, adjustment to the low-grade cobalt low-end price.The discontinuance of the China cobalt sulfate, exw standard-grade adjustment, which is calculated against Fastmarkets' assessment of the all-in exw China cobalt sulfate price and the low end of the standard-grade cobalt pri...Read More
Turkey exported 5,609,697 tonnes of flat steel products in 2019, a decrease of 6.43% compared with 5,995,470 tonnes in 2018, according to the Turkish Statistical Institute (TUIK).Strong demand for flat steel, especially in Europe and North Africa, was the main factor behind the increase in the country's flat steel exports.In addition, local demand for steel in the Middle Eastern country was not st...Read More
European buyers have been reluctant to accept the higher prices now being asked for hot-rolled coil, sources told Fastmarkets on Wednesday February 5.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?475.91 ($525.88) per tonne on Wednesday, down by ?,?3.81 per tonne day on day from ?,?479.72 per tonne a day earlier.The index was based on deals heard at ?,?4...Read More
Fears over a possible price slump for Chinese hot-rolled coil have led some traders to issue export offers that are significantly lower than those of mills.DomesticEastern China (Shanghai): 3,600 yuan ($514) per tonne, unchangedNorthern China (Tangshan): 3,270-3,300 yuan per tonne, widening downward by 30 yuan per tonneSellers in Shanghai kept their offers stable on Wednesday February 5, with trad...Read More
The price of steel rebar in Europe moved downward this week following a continued decrease in the price of feedstock materials, sources told Fastmarkets on Wednesday February 5.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was ?,?480-490 ($530-541) per tonne on Wednesday, down from ?,?490-500 per tonne one week earlier."Prices are goin...Read More
Prices for steel mesh-quality wire rod in Europe were flat this week although feedstock costs continued to fall, sources told Fastmarkets on Wednesday February 5.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, remained at ?,?460-470 ($508-519) per tonne on February 5, the third consecutive week of stability.Feedstock prices rose sharply...Read More