Domestic rebar and wire rod prices in the Turkish market remained fairly stable over the past week despite firming scrap prices, sources said on Thursday November 21.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey was 2,870-2,880 Turkish lira ($503-505) per tonne including 18% VAT on Thursday, compared with the last week's 2,850-2,900 Turkish lira.The do...Read More
Prices for steel rebar and billet in Egypt continued to rise in the week ended Thursday November 21, with strong demand for rebar in the country, sources told Fastmarkets.Egyptian rebar producers were offering material at E ?9,850-10,370 ($611-643) per tonne ex-works including 14% VAT, up from last week's E ?9,600-10,370 per tonne ex-works including VAT.Some Egyptian...Read More
The Fastmarkets index for iron ore 65% Fe Brazil-origin, cfr Qingdao was lifted on Thursday November 21 amid growing winter season demand, while lump premiums posted smaller gains.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $86.67 per tonne, up $0.34 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $86.70 per tonne, up $0.34 per tonne.62% Fe low-alumina fines, cfr Qingdao:&n...Read More
Seaborne coking coal prices remain resilient, with trading activity involving products in the premium segment not showing any signs of slowing down.Fastmarkets indicesPremium hard coking coal, fob DBCT: $133.51 per tonne, up $1.22 per tonnePremium hard coking coal, cfr Jingtang: $144.07 per tonne, unchangedHard coking coal, fob DBCT: $120.70 per tonne, unchangedHard coking coal, cfr Jingtang: $133...Read More
Traders are scrambling to divert their transshipped containerized cargoes of ferrous scrap bound for Indonesia to other destinations and find new supply sources in response to new import restrictions issued last month by the country's trade ministry."I'm working to divert my containerized scrap cargoes to other ports in Asia because the new regulations do not allow transshipment," a trader in East...Read More
The three-month zinc price on the London Metal Exchange was lower during morning trading on Thursday November 21, dipping below nearby support against fresh inflows of material, while tin's outright price bucked the downward trend. Zinc's three-month price was recently seen at $2,297 per tonne, with price action down 0.5% from Wednesday's closing price of $2,313 per tonne. Turnover in zinc was hig...Read More
Trading activity in China's hot-rolled coil market thinned on Thursday November 21, with participants exercising caution after several days of gains.DomesticEastern China (Shanghai): 3,660-3,680 yuan ($521-524) per tonne, narrowing downward by 20 yuan per tonneNorthern China (Tangshan): 3,650-3,670 yuan per tonne, widening downward by 20 yuan per tonneBuying slowed across the country, which exerte...Read More
Discouraging news from China over the "phase one" trade deal with the United States has led to less risk appetite, which for now is affecting the broader markets more than the metals, which were broadly firmer on Thursday November 21.Asian equities weaker, led by a 1.5% decline in the Hang Seng. US 10-year treasury yields fall as the outlook for a trade deal deteriorates. Base metalsThree-month ba...Read More
Chinese stainless steel prices dived over the past week amid a sustained downtrend for nickel futures on the London Metal Exchange.The three-month nickel contract on the LME ended Wednesday November 20's trading session at $14,350-14,375 per tonne, down $4,100 per tonne from a five-year high of $18,450-18,475 per tonne on September 2.DomesticFastmarkets' weekly price assessment for stainless steel...Read More
Base metals prices on the Shanghai Futures Exchange were mixed during the morning trading session on Thursday November 21 after trade headlines continued to cast doubts on the likelihood of a near-term deal between China and the United States.Market sentiment was subdued this morning after several negative trade developments on Wednesday, the first being the passing of a bill by the US Senate that...Read More
The Chinese cobalt sulfate price fell again in the latest pricing session, under constant pressure since mid-October from significantly shrinking buying appetite amid a bearish near-term outlook for electric vehicle (EV) development. Fastmarkets' assessment of the cobalt sulfate 20.5% Co basis, exw China price dropped to 44,000-46,000 yuan ($6,248-6,532) per tonne on Wednesday November 20, do...Read More
An overview of the minor metals markets and their latest price moves.Read More
With confusing news over United States-China trade talks, the markets are unsettled this morning, Friday November 22; the path of least resistance for the metals is to the downside, but with prices already weak, support is being encountered.With gold prices weaker and US 10-year treasury yields firmer, havens are in less demand. The release of flash purchasing managers’ index (PMI) data...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.The Canadian Dollar added 0.14 to U.S.75.43 cents following release of Canadian September Retail Sales at 8:30 AM EST. Consensus was an increase of 0.3% versus a decline of 0.2% in August. Actual was a decrease of 0.1%.Nordstrom gained $2.86 to $37.18 after reporting higher than consensus...Read More
The three-month nickel price on the London Metal Exchange continued to fall at the close of trading on Wednesday November 20, with continued selling pressure and supportive forward spreads prompting the metal's lowest close since July.Nickel's outright price on the LME closed at $14,360 per tonne in the afternoon, falling by just over 2% from an intraday high of $14,695 per tonne. Turnover was at...Read More
The spot tin market is reportedly slow in all regions despite talk of forthcoming production cuts to tackle excess supply. 99.9% European tin premium declines for the first time in five months Trade in the United States holds in range but some say floor is moving lower Asian premiums hold in thin tradeEuropean premiums decline on excess supply, soft demandFastmarkets' tin 99.9% ingot premium, in-...Read More
Fastmarkets' US zinc premium was unchanged in the week to Tuesday November 19 from a week earlier due to the persistent backwardation in the metal's forward curve despite record lows in the stocks registered to the London Metal Exchange in the United States.US lead premiums remained flat as well but may rise in the coming weeks due to the fallout from the closure of Glencore's New Brunswick lead s...Read More
Copper smelters will slow capacity expansions if market terms for copper concentrates fall to reflect a potential market deficit, Jiangxi Copper's Yuanfeng Xu said at Fastmarkets' Asia Copper Conference in Shanghai on Wednesday November 20."Right now [smelting] capacity is still increasing, so the future potential risk may come from the supply from the ore mining side," Xu, who is vice president o...Read More
Assuming stable growth in copper demand, the world is lacking investment in new mine projects amid expansion in smelting capacity, with a large gap seen in the mined copper balance over the next decade, according to Anglo American's base metals chief. While copper consumption is expected to grow by an annual rate of around 2-3%, there will be demand for 7 million tonnes of refined copper emerging...Read More
Turkish steel producers have continued to book deep-sea scrap for December deliveries but only at a slow pace due to the limited demand for finished long steel products, with prices holding steady, sources said on Wednesday November 20.A steel mill in the Marmara region booked a Baltic Sea cargo on November 20, comprising 25,000 tonnes of HMS 1&2 (80:20) at $261 per tonne and 5,000 tonnes of bonus...Read More