The three-month tin price on the London Metal Exchange rose by 2.4% against high turnover at the close of trading on Thursday November 21, while lead futures continued their decline over the afternoon. Tin's outright price on the LME closed at $16,400 per tonne up from Wednesday's closing price of $16,020 per tonne, while daily trading volumes were at their highest since November 13 at 482 lots ex...Read More
Low profit margins in the refined copper business and restrictions in global scrap flows have attracted large segments of the market in Europe and Asia to diversify into cheaper equivalent grade (EQ) copper cathodes despite greater risks related to financing difficulties and unreliability of supply. EQ grade copper cathodes refer to those that conform to grade A copper cathode specifications as de...Read More
The benchmark fob Australia alumina price stabilized around $278 per tonne on Thursday November 21 during a low-liquidity week. Fastmarkets calculated the benchmark daily alumina index, fob Australia, at $278.65 per tonne on Thursday, little changed from $278.86 per tonne on the previous day - and down from $281.10 a week earlier. Key drivers Alumina prices remained rangebound this week, wi...Read More
The benchmark fob Australia alumina price stabilized around $278 per tonne on Thursday November 21 during a low-liquidity week. Fastmarkets calculated the benchmark daily alumina index, fob Australia, at $278.65 per tonne on Thursday, little changed from $278.86 per tonne on the previous day - and down from $281.10 a week earlier. Key drivers Alumina prices remained rangebound this week, wi...Read More
Press Metal, the largest aluminium producer in Southeast Asia, has finalized a shareholder agreement with Bintan Alumina Indonesia (BAI) for 25% of the company, which will allow the former to "secure a long-term supply of alumina." Press Metal has invested 3.07 billion yuan ($437.03 million) in BAI, with the funding going toward a second phase of the Indonesia-based alumina project to double capac...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
Trade log for cobalt sulfate in China including transactions, bids and offers reported to Fastmarkets.Unless otherwise stated, all prices are in yuan per tonne on an ex-works basis.The cobalt sulfate, Co 20.5% basis, China ex-works, adjustment to the standard-grade cobalt low-end price is on a $ per lb basis.Fastmarkets prices Click here for Fastmarkets' price assessment for cobalt sulfate, Co 20....Read More
Turkish steel producers have held back from the deep-sea scrap market for a day and made no bookings, although prices remained steady, sources said on Thursday November 21.The mills booked five deep-sea scrap cargoes last week, totaling 180,000 tonnes, but have now slowed down their purchases. Only two deep-sea cargoes have been booked so far this week, totaling 62,500 tonnes.The main problem for...Read More
The macro-induced downtrend in primary and secondary aluminium prices is a temporary market set-up, according to bullish delegates at Fastmarkets' International Recycled Aluminium Conference in Hamburg on November 12-14. "There is kind of a bearish sentiment that is related to global recessions, dips in the London Metal Exchange three-month aluminium price and Chinese scrap import news," Russian a...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
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
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
Domestic prices for hot-rolled coil in Europe have been stable day on day, but the mood in the market remained upbeat, sources told Fastmarkets on Thursday November 21.Northern Europe"Workable" prices and a few deals have been heard at ?,?420-425 ($465-470) per tonne ex-works, but market sources suggested that mills could give additional discounts of about ?,?5 per tonne to specific buyers for Dec...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
US domestic rebar prices declined further in the two weeks to Wednesday November 20, falling to their lowest since early January 2018, while import prices narrowed downward slightly in the same comparison.Fastmarkets' assessment for steel reinforcing bar (rebar), fob mill US declined to $29.25-30.25 per hundredweight ($585-605 per short ton) on November 20, down by 0.8% from $29.75-30.25 per cwt p...Read More
Brazil's apparent steel use in October reversed a four-month run of declines, led by shipments of long steel products, with new orders for rebar in particular picking up in the country since late in the third quarter and import volumes soaring during the month.Steel consumption in October totaled 1.8 million tonnes, which was a 1.5% year-on-year increase from 1.77 million tonnes, national steelmak...Read More
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
Turkish steel producers have held back from the deep-sea scrap market for a day and made no bookings, although prices remained steady, sources said on Thursday November 21.The mills booked five deep-sea scrap cargoes last week, totaling 180,000 tonnes, but have now slowed down their purchases. Only two deep-sea cargoes have been booked so far this week, totaling 62,500 tonnes.The main problem for...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
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