China Nonferrous Mining Corp's (CNMC) Lualaba copper smelter has commenced operations in the Democratic Republic of Congo (DRC) with an estimated output of 100,000 tonnes of copper this year, Fastmarkets has learned. The smelter started production at the start of 2020, a source close to the matter told Fastmarkets. The 120,000 tonne-per-year capacity smelter is the only major copper smelter in the...Read More
The three-month lead price on the London Metal Exchange was higher during morning trading on Thursday January 16, with price action breaking past the $2,000-per-tonne resistance level against strong volumes, while zinc futures followed higher. Lead's outright price on the LME was recently at $2,026.50 per tonne, while morning trading volumes were high with over 2,100 lots exchanged as of 9:30am Lo...Read More
South32 has maintained its production guidance for its Hillside and Mozal aluminium smelters for its 2020 financial year, despite the first half being affected by South African power outages. Aluminium At Hillside, aluminium saleable production increased by 1% to 362,000 tonnes in the first half of South32's financial year ended December 31, 2019, attributed to the smelter continuing to test...Read More
Copper production at the Deziwa copper-cobalt project in the Democratic Republic of the Congo (DRC) has officially come online in January 2020, following successful trial operations in December 2019, sources told Fastmarkets this week. And the project is expected to start production of cobalt in late first quarter, they added. Deziwa is operated by Soci?(C)t?(C) Minere de Deziwa (Somdez), a j...Read More
US hot-rolled coil prices have slipped on fears that domestic mills' recent attempts to lift tags might fail as a result of lower scrap prices, increased slab supplies and weaker demand.Fastmarkets' daily steel hot-rolled coil price, fob mill US was calculated at $30.75 per hundredweight ($615 per short ton) on Thursday January 16, down by 0.5% from $30.91 per cwt on Wednesday January 15 but up by...Read More
The European Commission (EC) has backtracked on an end-use monitoring procedure which was applied as part of its safeguard measures on imports of hot-dipped galvanized coil (HDG) destined for the automotive industry, it said on Wednesday January 15.The HDG safeguard was among a raft of such measures that concerned 26 steel product categories, with any imports that exceeded a specific quota becomin...Read More
Demand for passenger cars in Europe moved up by a remarkable 21.65% year-on-year in December 2019, making it the fourth consecutive month of growth.New car sales in Europe totalled 1,215,076 vehicles in December last year, compared with 998,791 units sold in the corresponding month of 2018, the European Automotive Manufacturers Association (ACEA)...Read More
Domestic prices in Europe are almost unchanged day on day, but the mood in the market has remained positive, sources told Fastmarkets on Thursday January 16.European steelmakers have moved offers up and are reluctant to give discounts, according to market sources. A lack of competitive import offers and some seasonal demand recovery are supporting the positive market sentiment.Fastmarkets' daily s...Read More
Turkish steel billet import prices fell slightly over the past week on the back of weakening scrap costs, and domestic and export billet prices are expected to follow suit soon, sources said on Thursday January 16.Fastmarkets' weekly price assessment for steel billet import, cfr main port Turkey, was $410-415 per tonne on Thursday, narrowing down from $410-420 per tonne last week.Steel billet supp...Read More
Brazilian producer Vale has halted operations at an iron ore mine at its subsidiary Ferrous Resources to allow for safety works, it said on Thursday January 16.Vale stopped operations of a waste and tailings pile at its Esperan??a mine as soon as it took control of Ferrous Resources, the company said...Read More
The seaborne iron ore index was rangebound on Thursday January 16, likely due to weaker demand from mills, while demand for low-alumina fines seemed robust.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $96.36 per tonne, down $0.08 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $95.40 per tonne, down $0.08 per tonne.62% Fe low-alumina fines, cfr Qingdao: $97.20 per tonne, up $0.09 per...Read More
Coal import restrictions have emerged at the ports of Jingtang and Caofeidian in China, two key entry points for seaborne coking coal to the country's steelmaking hub of Tangshan, sources told Fastmarkets on Thursday January 16. Fastmarkets indicesPremium hard coking coal, fob DBCT: $155.26 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $160.87 per tonne, unchangedHard coking coal, fo...Read More
China's hot-rolled coil prices were largely stable on Thursday January 16 amid thin trading activity, though rising inventory levels have raised concerns over they would trend in the weeks ahead.DomesticEastern China (Shanghai): 3,860-3,880 yuan ($560-563) per tonne, narrowing downward by 10 yuan per tonneNorthern China (Tangshan): 3,590 yuan per tonne, unchangedTrading activity was reported to be...Read More
Lower production rates are keeping China's domestic rebar prices supported amid weakening demand ahead of the Chinese New Year.Eastern China (Shanghai): 3,640-3,670 yuan ($528-532) per tonne, unchangedNorthern China (Beijing): 3,540-3,560 yuan per tonne, unchangedSteel mills that operate electric-arc furnaces have lowered their production rates due to losses attributed to a weakened rebar market a...Read More
China's stainless steel prices decreased slightly ahead of the upcoming January 24-30 Chinese New Year holiday amid sluggish trading due to a segment of the market already starting their breaks well in advance."Producers made minor adjustments to their stainless steel prices, if any at all, because the price of nickel has been mostly stable with only minor movements," a steel processor source in e...Read More
Base metals prices on the Shanghai Futures Exchange were broadly up at the close of the morning trading session on Thursday January 16, with market sentiment buoyed by the signing of a "phase one" trade agreement between China and the United States on Wednesday.The deal, signed between Chinese Vice Premier Liu He and US President Donald Trump at the White House, includes a pledge from Beijing to b...Read More
Key data from Wednesday January 15 pricing session in Shanghai and London. Key drivers Spot cobalt hydroxide payables made further gains after suppliers successfully translated their higher offers into business, with rising demand since late December. Business was concluded across the new range; producers reportedly sitting on comfortable inventories and showing little interest in cheaper bi...Read More
Key data from the Wednesday January 15 pricing session in Shanghai.Key driversThe cobalt sulfate price in China continued to edge higher despite slow trades, with some producers holding back from sales of cargoes to be delivered after the Chinese New Year holiday (January 24-30).Other...Read More
The fate of Allegheny Technology Inc's (ATI) stainless steel plant in Midland, Pennsylvania, hangs in the balance, according to company president and chief executive officer Robert S. Wetherbee.Its survival is threatened by the 25% tariff under Section 232 imposed on imports of nickel-rich steel slabs from Indonesia that are used in the mill to make cold-rolled 60-inch stainless steel sheet coils....Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade. Equity index futures were virtually unchanged following release of December Housing Starts released at 8:30 AM EST. Consensus was unchanged from November at 1.365 million units. Actual was 1.608 million units.Gap Stores gained $1.19 to $19.80 after the company announced that it no longer...Read More