China's hot-rolled coil market was largely inactive on Tuesday February 4, with what few offers from mills generating little interest because they were considered as too high.DomesticEastern China (Shanghai): 3,600 yuan ($513) per tonne, down 30-50 yuan per tonneNorthern China (Tangshan): 3,300 yuan per tonne, unchangedA Shanghai-based trader said sellers in the city lowered their offers by 30-50...Read More
A rebound is underway across a broad set of markets, with China's CSI 300 index up by 2.5% this morning, after China's central bank pumped money into the financial system and appears to be working to stabilize markets and calm fears.Most Asian equity indices are rebounding.Gold prices are retreating as they pull back from Friday's highs.US 10-year government bond yields are firmer too. Base metals...Read More
Hebei Steel, China's second-largest steel mill, has set its price for silico-manganese for February delivery at 7,200 yuan ($1,027) per tonne, market participants told Fastmarkets on Tuesday February 4.This was up by 600 yuan per tonne from the mill's January tender price, they added.The price from Hebei Steel, which is for cargoes delivered to warehouse, includes value-added tax and should be pai...Read More
Glencore's ferro-chrome production dropped by 9% in 2019 due to maintenance taken during periods of high costs and low prices, the trader-miner announced on Tuesday February 4.Glencore, which operates a chrome joint venture with South Africa's Merafe Resources, produced 1.44 million tonnes of ferro-chrome in 2019, down from 1.58 million tonnes in 2018."Attributable ferrochrome production of 1,438,...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 economy, the ri...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 28 points in pre-opening trade.Index futures were virtually unchanged following release of economic news. Consensus for January ADP employment was 158,000 versus 202,000 in December. Actual was 291,000. Consensus for December U.S. Trade Deficit was $48.00 billion versus $43.10 billion in November. Actual was $48.9 bill...Read More
The three-month aluminium price on the London Metal Exchange settled at a three-year low at the close of trading on Monday February 3, below the $1,700 per tonne support level against a 16-month high in turnover, while lead's price decline over the day was the starkest in the base-metals complex.Aluminium's outright price on the LME closed at $1,686.50 per tonne on Monday afternoon, its lowest lev...Read More
Canadian copper producer Taseko has decided to take action to protect itself against the tumbling London Metal Exchange copper price.Vancouver-listed Taseko placed put options for 22.5 million lbs of copper (10,206 tonnes) - equivalent to 75% of February, March and April production at its British Colombia-located Gibraltar mine - it said in a notice on Monday February 3.Read More
Russian aluminium producer UC Rusal is suspending the operation of its Bauxite Company of Guyana (BCGI) business in Guyana on "serious illegitimate actions" but will continue to obtain bauxite supply from its other mines, it said on Monday February 3.Rusal owns 90% of BCGI, based in Georgetown, which has an annual production capacity of 2.3 million tonnes of bauxite. The remaining 10% belongs to t...Read More
View the Fastmarkets holiday pricing schedule for 2020 and 2021. Click on the image below to view the Fastmarkets holiday pricing schedule for base metals, minors, ores & alloys and industrial minerals, and ferrous prices for 2020 and 2021.The 2020 calendar has been updated to include the extended Lunar New Year holiday in China, which affected certain prices. See the following pricing notices for...Read More
Canadian copper producer Taseko has decided to take action to protect itself against the tumbling London Metal Exchange copper price.Vancouver-listed Taseko placed put options for 22.5 million lbs of copper (10,206 tonnes) - equivalent to 75% of February, March and April production at its British Colombia-located Gibraltar mine - it said in a notice on Monday February 3.Read More
Russian aluminium producer UC Rusal is suspending the operation of its Bauxite Company of Guyana (BCGI) business in Guyana on "serious illegitimate actions" but will continue to obtain bauxite supply from its other mines, it said on Monday February 3.Rusal owns 90% of BCGI, based in Georgetown, which has an annual production capacity of 2.3 million tonnes of bauxite. The remaining 10% belongs to t...Read More
The seaborne prices for both high and low-grade manganese ore in China ticked down in the week to Friday January 31 in response to weakening sentiment amid the worsening coronavirus outbreak.Fastmarkets' manganese ore index 37% Mn, cif Tianjin declined by 2 cents per dry metric tonne unit (dmtu) or 0.5% week on week to $4.27 per dmtu on January 31.Fastmarkets' manganese ore 37% Mn, fob Port Elizab...Read More
The impact of the coronavirus outbreak from Wuhan city, China, is positively affecting antimony prices in Europe, with low stocks in Rotterdam and the market heavily dependent on supply from China.The East Asian country accounts for 78% of global antimony output, according to the United States Geologic Survey (USGS). Fastmarkets assessed the price for antimony max 100 ppm Bi, in-whs Rotterdam at $...Read More
The Turkish steel mills continued to hold back from deep-sea scrap purchases on Monday February 3, expecting lower prices to emerge, sources told Fastmarkets.The daily scrap indices went down by almost $10 per tonne on January 29, when a US cargo was heard sold at $275 per tonne cfr for HMS 1&2 (90:10).That was the sole cargo sold last week, with mills seeking even lower prices because they were s...Read More
Domestic auto bundle scrap prices in the Turkish market have weakened further, although slightly, over the past week in response to the fall in imported scrap values, sources said on Monday February 3.Turkish deep-sea scrap import prices have declined by around $10 per tonne, after a deal heard on January 29 for a United States cargo containing 30,000 tonnes of HMS 1&2 (90:10) at $275 per tonne cf...Read More
Global scrap prices fell last week due to weak downstream demand and market jitters following the outbreak of the Wuhan coronavirus in China. Turkish import prices slide on weak downstream demandUnited States' ferrous scrap export prices tumble in latest dealsTaiwan import prices dip on virus jittersIndian import prices dip in line with international pricesTurkeyTurkish imported ferrous scrap pric...Read More
While markets in China catch up after more than a week of holiday, most base metals prices on the London Metal Exchange are rebounding because China's sell-off has not been as severe as feared.China's CSI 300 was down by 7.7%, while pre-market Dow Jones Futures are indicated up by 0.6%.SHFE copper price falls 7%, which was limit down, but were recently quoted off by 6.5%, suggesting some buying ha...Read More
Cobalt prices held on to their recent gains on Monday February 3, finding support because of the limited supplies of readily available material.Fastmarkets' inaugural daily price assessments on February 3 for cobalt standard grade, in-whs Rotterdam, and cobalt alloy grade, in-whs Rotterdam, were unchanged at $16.50-16.90 per lb and $17.40-17.80 per lb respectively. The previous assessments were on...Read More
Fastmarkets MB today launched daily publication for its benchmark price assessments for standard and alloy-grade cobalt, in-whs Rotterdam. Folllowing a consultation period in 2019, Fastmarkets has launched daily price assessments for cobalt standard grade, in-whs Rotterdam, $/lb and cobalt alloy grade, in whs Rotterdam $/lb. The increase in frequency is intended to provide greater transparenc...Read More