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 are weaker, led by a 1.5% decline in the Hang Seng, and US 10-year treasury yields fell as the outlook for a trade deal deteriorates. Ba...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was a drop to 215,000 from upwardly revised 227,000 last week. Actual was 227,000. Consensus for the November Philly Fed Index was an increase to 7.0 from 5.6 in Oc...Read More
The three-month nickel price traded on the London Metal Exchange continues to languish below $15,000 per tonne at the close on Tuesday November 19 while fresh inflows continue to pressure nickel futures. LME nickel stocks have fallen by 60% in just over two months to 66,174 tonnes from 166,680 tonnes on September 12 but the LME three-month nickel price has been on a general downtrend over the same...Read More
The three-month nickel price on the London Metal Exchange continued its downtrend during morning trading on Tuesday November 19, with price action coming under downward pressure from fresh inflows. Nickel's outright price was recently at $14,575 per tonne, while just over 2,000 lots were exchanged as of 9:15am London time. The metal's underlying price has been falling since reaching a 2019-high of...Read More
While equity markets in the United States have pushed up to and are holding near record highs, the industrial metals are by comparison weak.This suggests global industry is still unsure about whether a post-trade war rebound is on the cards, or whether a trade deal will even emerge. Haven assets are back in demand while trade uncertainty dominates.London Metal Exchange three-month nickel price fal...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday November 19 that are worth another look.Flat-rolled steel sales volumes from Brazilian distributors rose by 18.3% year on year in October, outpacing purchases and leading to a decline in stocks, steel distributors' association Inda said on November 19.Next year will be a "transitional year" for the nickel market ahead of a shift...Read More
Chinese portside manganese ore prices rose for the first time since August on Friday November 15 after many ore traders held back from offering and those that did offer raised their prices in response to the concentration of inquiries, market sources told Fastmarkets. Fastmarkets' manganese ore port index, base 37% Mn, range 35-39%, fot Tianjin China climbed to 32.10 yuan ($4.57) per dry metr...Read More
South Africa needs a 40% tax on exports of chrome ore while it grapples with rising electricity costs from Eskom and a subdued demand outlook, according to Afarak's chief operating officer, Danko Koncar. The price for ferro-chrome, high carbon 6-8.5% C, basis 60-70% Cr, max 1.5% Si, delivered Europe slumped to a ten-year low of $0.70-0.80 per lb in August this year, amid a surplus of material and...Read More
Strategic & Precious Metals Processing's (SPMP) antimony and gold processing facility in Sohar, Oman, has produced its first commercial grade 99.65% antimony metal and has met keen interest from potential buyers looking to diversify their supply sources, parent company Tri-Star Resources said on Tuesday November 19. The producer is now focused on achieving full-scale commercial production and is t...Read More
Turkish steel producers made no new deep-sea bookings on Tuesday November 19, as they paused to digest the latest upturn in prices, market sources said.A European cargo sent the daily scrap indices up by almost $5 per tonne at the start of the week, but mills were still worried about the limited demand for long steel products.A steel mill in the Iskenderun region booked the European cargo, which c...Read More
While equity markets in the United States have pushed up to and are holding near record highs, the industrial metals are by comparison weak.This suggests global industry is still unsure about whether a post-trade war rebound is on the cards, or whether a trade deal will even emerge. Haven assets are back in demand while trade uncertainty dominates.London Metal Exchange three-month nickel price fal...Read More
Next year will be a "transitional year" for the nickel market ahead of a shift into a structural deficit in 2021, Denis Sharypin, head of market intelligence at Norilsk Nickel, told delegates at Fastmarkets' International Ferro-alloys Conference in Budapest, Hungary, this week. The market will strengthen as demand ramps up, especially with annual consumption from the battery sector swelling to 500...Read More
Australia's Hornsdale Power Reserve, the world's biggest lithium-ion battery plant, is set to expand capacity by 50% to 150 megawatts, according to Neoen SA, the French power producer that owns and operates the site. The $48 million project built in 2017 in conjunction with US-based Tesla Inc, has saved local energy consumers more than $50 million in energy costs over its first year of operation,...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia rose this week on higher offers, improved demand and expectations that prices will increase further, sources told Fastmarkets on Tuesday November 19.Buyers placed some bookings during the week and expect further price increases in the coming days.UAEOffer prices for hot-rolled coil from Japan were heard in the UAE at $460 per to...Read More
Domestic prices for hot-rolled coil in Southern Europe have moved up due to reduced output and a rise in import offers, sources told Fastmarkets on Tuesday November 19.At the same time, Northern European transaction prices have been largely stable after the region's steelmakers announced a price rise at the end of last week.Southern EuropeSouthern European mills have been targeting prices of ?,?40...Read More
Seasonally weak demand in Russia's Central Federal District around Moscow has pushed prices for hot-rolled and cold-rolled steel sheet lower, sources told Fastmarkets on Monday November 18.Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia, was 39,000-40,000 roubles ($611-627) per tonne on November 18, including 20% VAT. This was down from 39,500-41,000 r...Read More
CIS export wire rod prices surged in the week to Monday November 18, buoyed by the strength of global prices and raw materials and semi-finished steel costs, even as demand remained limited.Fastmarkets' price assessment for steel wire rod (mesh quality), export, fob Black Sea, CIS, was $435-445 per tonne on Monday November 18, up by $15 per tonne week-on-week.Wire rod from Russia and Ukraine sched...Read More
Import prices for steel billet and rebar in the United Arab Emirates and the country's domestic offer prices for rebar have all increased over the past week, with buyers waiting for official domestic rebar prices to be announced, market sources said on Tuesday November 19.Market participants in the UAE believed that prices would increase further because of a global rise in production costs, but no...Read More
Major Vietnamese integrated steel producer Formosa Ha Tinh Steel has raised offer prices for most of its hot-rolled coil products, for January shipment and delivery, by $10 per tonne, on price gains in the Asian market.The steelmaker's latest offers are:Skin-pass SAE1006 HRC: $470 per tonne cif (previously $460 per tonne cif)SS400 and pipemaking-grade HRC: $460 per tonne cif (previously $450 per t...Read More
Turkish steel producers made no new deep-sea bookings on Tuesday November 19, as they paused to digest the latest upturn in prices, market sources said.A European cargo sent the daily scrap indices up by almost $5 per tonne at the start of the week, but mills were still worried about the limited demand for long steel products.A steel mill in the Iskenderun region booked the European cargo, which c...Read More