Here are five Fastmarkets MB stories you might have missed on Thursday December 5 that are worth another look.Chinese stainless steel prices in both the domestic and export markets fell over the past week amid bearish sentiment stemming from the high inventories held at a major mill in eastern China.More of the world's copper looks likely to be priced in China from next year, with the Shanghai Int...Read More
A summary of Glencore's production guidance for copper, zinc and nickel over 2019-2022, as well as its production changes in major projects.In brief 2020 copper production guidance is modestly lower than that for 2019 due to transition to care and maintenance of the Mutanda copper-cobalt mine in the Democratic Republic of Congo (DRC) in late November 2019.Copper refining and c...Read More
The first deal for first-quarter aluminium ingot supply to Japan in 2020 has been concluded at a premium of $83 per tonne basis cif main Japanese ports (MJP), market sources told Fastmarkets on Thursday December 5. This deal marks the lowest quarterly deal since the fourth quarter of 2016, when the benchmark settled at $75 per tonne, and it is 14.4% lower than the 2019 fourth-quarter benchmark of...Read More
The UK's Serious Fraud Office (SFO) is investigating miner-trader Glencore, it said on Thursday December 5. "The SFO confirms it is investigating suspicions of bribery in the conduct of...Read More
Europe's largest copper producer, Aurubis, will continue deliveries to customers after a crane collapsed at its Olen plant in Belgium, the company said on Wednesday December 4. The accident occurred on Tuesday November 19, when a transport crane collapsed in the electrolysis section of its copper tankhouse. The company said the electrolysis tanks were not affected by the collapse. "Aurubis was abl...Read More
More of the world's copper looks likely to be priced in China from next year, with the Shanghai International Energy Exchange (INE) set to launch a new contract tradable by international market participants.The decision to launch, pending regulatory approval, would enable market participants based outside China to trade copper based on a Chinese price, sources told FastmarketsChina, which is the w...Read More
The three-month zinc price on the London Metal Exchange was lower during morning trading on Thursday December 5, with the metal failing to hold on to recent gains while volumes traded topped the complex. Zinc's outright price fell to an intra-morning low of $2,217.50 per tonne, a loss of 1.3% against Wednesday's closing price of $2,246 per tonne. At just under 2,500 lots exchanged as at 9.10am Lon...Read More
Brazilian steel institute A??o Brasil is ready to go before the United States Court of International Trade (CIT) if US President Donald Trump proceeds with the reinstatement of tariffs against the nation under Section 232, executive president Marco Polo de Mello Lopes said on Thursday December 5.As of now, however, there is no clear indication on whether the current quota system will be abandoned,...Read More
Turkish billet prices rose over the past week on the back of rising imported scrap costs, sources said on Thursday December 5. Mills in the country have tried to reflect the increase of imported scrap feedstock prices in their billet offers. Local producers raised their billet offers for local market to $405-410 per tonne ex-works, from the last week's $400-405 per tonne. Long steel producer Karde...Read More
Domestic long steel prices in Turkey continued to increase over the past week in line with the rising imported scrap values, sources said on Thursday December 5.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey, was 2,920-2,950 Turkish lira ($508-514) per tonne, including 18% VAT, on Thursday up from last week's 2,840-2,880 lira per tonne.Mills in the...Read More
Turkish steel producers skipped the day with no deep-sea bookings, while prices remained unchanged on tight supply, sources said on Thursday December 5.There were rumors of a UK or European cargo being sold at $282 per tonne cfr for HMS 1&2 (80:20), but market participants said the deal had not been closed."Suppliers have already...Read More
The seaborne iron ore prices have stayed rangebound on Thursday December 5, while demand for iron ore lump has started to improve.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $88.65 per tonne, down $0.41 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $87.74 per tonne, down $0.41 per tonne.62% Fe low-alumina fines, cfr Qingdao: $88.25 per tonne, down $0.38 per tonne.58%...Read More
Seaborne coking coal prices remained stable on Thursday December 5, with transaction prices seeing only mild movements in recent days.Fastmarkets indicesPremium hard coking coal, fob DBCT: $136.79 per tonne, down $0.01 per tonnePremium hard coking coal, cfr Jingtang: $147.22 per tonne, up $0.13 per tonne Hard coking coal, fob DBCT: $120.70 per tonne, unchangedHard coking coal, cfr J...Read More
Prices in Southeast Asia's steel billet market gained during the week to Thursday December 5 amid concerns over a potential supply deficit after a Russian steelmaker halted production. Sources told Fastmarkets that the Russian mill was facing difficulty in obtaining financing for raw materials due to a government probe into the company. A total of 100,000 tonnes of February-shipment billet from th...Read More
China's hot-rolled coil prices remained robust on Thursday December 4, partly because securities companies were buying spot goods to fulfil orders they had signed several weeks ago.DomesticEastern China (Shanghai): 3,770-3,800 yuan ($535-540) per tonne, widening upward by 20 yuan per tonneNorthern China (Tangshan): 3,640 yuan per tonne, unchangedSpot prices in Shanghai narrowed upward, w...Read More
Renewed optimism that a phase one trade deal between China and the United States could soon be reached gave a boost to most of the base metals traded on the Shanghai Futures Exchange during the morning session on Thursday December 5. This morning's broadly positive performance follows reports on Wednesday that a partial US-China trade deal may be nearing. This despite comments from US President Do...Read More
Glencore has cut its production guidance for cobalt in 2020 to 25,000-33,000 tonnes, down by about a third from 2019's 41,000-45,000 tonnes, the Swiss miner-trader said this week.In an investor presentation on Tuesday December 3, the company said that for 2021 and 2022 it expects to produce 28,000-36,000 tonnes of cobalt. It said the decline in production was mainly a...Read More
Chinese stainless steel prices in both the domestic and export markets fell over the past week amid bearish sentiment stemming from the high inventories held at a major mill in eastern China.DomesticFastmarkets' weekly price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 14,400-15,000 yuan ($2,040-2,125) per tonne incl...Read More
Spot demand for tin diminished further in the week to Tuesday December 3, with the focus now on annual contracts and backwardation returning to the London Metal Exchange price for the metal.The 99.9% European tin premium holds at its recent lower levelThanksgiving holiday cuts into trade in the United StatesAsian premiums not buoyed by earlier production cuts.European premiums flat on ubdued deman...Read More
The three-month zinc price on the London Metal Exchange was higher at the close of trading on Wednesday December 4, with upward movement in the price of the galvanizing metal supported by strong turnover, while nickel futures took a divergent path over the afternoon in a 1.6% sell-off.Zinc's underlying price on the LME closed at $2,245 per tonne in the afternoon, gaining just under 2% from Tuesday...Read More