Nickel broke above $14,000 per tonne again in the morning trading session on the London Metal Exchange on Thursday December 19 despite further stock inflows.The three-month nickel price has traded at an intraday peak of $14,115 per tonne, up around 1.6% on the previous day's close despite stocks in LME-listed warehouses rising by a net 3,324 tonnes to 136,770 tonnes - they have more than doubled t...Read More
China's stainless steel market strengthened over the past week amid higher nickel prices on the London Metal Exchange, though a pick-up in trading activity eased selling pressure among steelmakers. The three-month nickel contract on the London Metal Exchange ended Wednesday's trading session at $13,895-13,900 per tonne, up $260-265 per tonne from $13,630-13,640 per tonne a week earlier. DomesticFa...Read More
Base metals prices on the Shanghai Futures Exchange were mostly in positive territory at the end of the morning trading session on Thursday December 19, with the complex buoyed by news earlier today that China's central bank had injected another round of cash into the country's financial system.The People's Bank of China (PBOC) on Thursday injected 30 billion yuan ($4.3 billion) into the market vi...Read More
Turkish billet prices have gone up this week in response to rising imported scrap costs, sources said on Thursday December 19.Suppliers in the Commonwealth of Independent States (CIS) region have raised their offers for billet to $425-430 per tonne cfr Turkey, from last week's $420-425 per tonne.Customers in Turkey, however, are still seeking prices of $410-415 per tonne cfr.Fastmarkets'...Read More
Turkish rebar and wire rod prices have gone up over the past week on improving demand and higher imported scrap costs, sources said on Thursday December 19.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) export, fob main port Turkey was $445-450 per tonne on Thursday, up from the $435-440 per tonne of last week.Turkish steel producers have raised their offers for rebar expor...Read More
Domestic long steel prices in Turkey have increased over the past week amid rising scrap import costs. But demand was still limited, sources said on Thursday December 19.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey was 3,120-3,140 Turkish lira ($528-532) per tonne on Thursday, up from 3,020-3,070 lira per tonne last week.The domestic rebar price in th...Read More
Rebar producers in the United Arab Emirates increased their prices for January production, effective Thursday, December 19.The country's biggest producer, Emirates Steel, is offering rebar at 1,900 dirhams...Read More
Turkish steel mills have continued to stay away from the deep-sea scrap markets on Thursday December 19 and are focusing on finished steel sales, participants told Fastmarkets.Mills in the country went quiet earlier this week after booking two deep-sea cargoes at steady prices of $299-300 per tonne cfr for Baltic Sea-origin HMS 1&2 (80:20).The offers for deep-sea scrap then increased to $305-310 p...Read More
Ukrainian steelmaker Metinvest plans to continue cutting pig iron shipments in 2020 and to further increase its slab and steel output, sales director Dmitry Nikolayenko told Fastmarkets on the sidelines of the Middle East Iron & Steel (MEIS) conference in Dubai last week.In 2020, Metinvest's pig iron shipments will be down by about 200,000 tonnes compared with 2019, the company said.Over the first...Read More
The European steel industry has welcomed the European Commission's recently launched European Green Deal although further policy and support are required to ensure competitiveness.The European Union plans to be the first climate-neutral continent by 2050 through key policies to cut emissions and invest in research and innovation for green technologies. The decarbonization and modernization of ener...Read More
Seaborne iron ore prices experienced a slight uptick on Thursday December 19 amid ferrous futures gains in China.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $93.77 per tonne, up $0.57 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $92.86 per tonne, up $0.57 per tonne.62% Fe low-alumina fines, cfr Qingdao: $93.66 per tonne, up $0.54 per tonne.58% Fe fines high-premium, cfr Qingdao: $...Read More
Seaborne coking coal prices remained largely rangebound on Thursday December 19 despite more deals being concluded.Fastmarkets indicesPremium hard coking coal, fob DBCT: $134.12 per tonne, down $1.55 per tonnePremium hard coking coal, cfr Jingtang: $148.13 per tonne, up $0.80 per tonneHard coking coal, fob DBCT: $122.33 per tonne, unchangedHard coking coal, cfr Jingtang: $134.9...Read More
What's in store for the steel and scrap markets in 2020? There is a good mix of opportunities and threats in the global ferrous trading environment in 2020, according to five major traders with supply chains out to the far reaches of the world. China's volatile policy changes, blooming markets in South Asia, a global trade war and excess steel supply will continue to have significant sway over the...Read More
China's domestic rebar prices moved up slightly on Thursday December 19 amid rising futures after the release of data pointing to a drop in output. Domestic Eastern China (Shanghai): 3,810-3,840 yuan ($544-548) per tonne, up 10 yuan per tonneNorthern China (Beijing): 3,500-3,540 yuan per tonne, up 10-20 yuan per tonneMajor steel mills produced 3.58 million tonnes of rebar in the week to Thursday,...Read More
Spot market prices for alloy-grade and standard-grade cobalt diverged in the first half of the week. Large spot inquiries continued to materialise for certain brands and shapes of metal, though sales of off-grade units have clouded any optimism in the standard-grade market so far.Fastmarkets' price assessment for cobalt, standard-grade, in-whs Rotterdam, fell 10 cents on the high and low of the ra...Read More
Two weeks of strikes in protest against government plans to reform pension arrangements have delayed some minor metals deliveries that will now be postponed until 2020."It's very difficult to get material in and out of France and this is practically the last week of the year to ship goods to customers," a European minor metals trader said. "From next week onwards, most manufacturers close or are...Read More
U.S. equity index futures were slightly higher this morning. S&P 500 futures were up 2 points in pre-opening trade.Today is "Triple Witching Day": last trade day for December equity and index futures and options. Volumes are expected to be higher than average. Index futures were virtually unchanged following release of the next estimate of third quarter GDP at 8:30 AM EST. Consensus was growth...Read More
The three-month prices of base metals on the London Metal Exchange traded in slim ranges to consolidate mixed at the afternoon kerb on Wednesday December 18.LME base metals three-month prices were seemingly torn between closing up on US-China trade talk optimism now a phase one deal has been agreed between the world's two largest economies, or down, capped by a stronger US dollar index, which was...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday December 18.Please click...Read More
Spot activity was low across zinc markets in Asia, Europe and the United States in the week ended Tuesday December 17 with much of the focus on next year's contractual supply premium discussion. Market focus was drawn away from spot activity and toward next year's contractual supply premium discussions. The International Lead & Zinc Study Group (ILZSG) says both the refined zinc and lead ma...Read More