The three-month zinc price on the London Metal Exchange continued its sell-off at the close of trading on Wednesday November 13, recording moderate turnover, while tin's outright price teased a break below nearby support.Zinc futures on the LME closed at $2,422 per tonne on Wednesday, the lowest closing price for the metal since October 16. Turnover was broadly average at just over 7,400 lots exch...Read More
The London Metal Exchange is seeking to launch a new cash-settled main Japanese ports (MJP) aluminium premium contract settled against a Fastmarkets price, the exchange said on Wednesday November 13.The contract, which will be settled against the monthly average of Fastmarkets MB's aluminium P1020A spot cif MJP price, is likely to be launched in the second half of 2020, subject to regulatory appro...Read More
Fastmarkets has amended the publication times of its weekly global pig iron and hot-briquetted iron (HBI) price assessments from 3pm to 4pm London time.Following a consultation period, Fastmarkets has made the change to capture of a larger number of transactions during the week thereby helping to increase the liquidity for each of the assessments.From Thursday, November 14, and week...Read More
Steel H-beam prices in Europe remained unchanged in the week to Wednesday, November 13, but sources told Fastmarkets that mills are starting to increase their offer prices to reflect recent rises in feedstock costs.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?530-560 ($584-617) per tonne on November 13, unchanged week on week.International scrap...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday November 13 that are worth another look.The London Metal Exchange is seeking to launch a new cash-settled main Japanese ports (MJP) aluminium premium contract settled against a Fastmarkets price, the exchange said on November 13.Low demand for long steel products such as rebar was at the root of the problems facing the steel i...Read More
The three-month zinc price on the London Metal Exchange continued its sell-off at the close of trading on Wednesday November 13, recording moderate turnover, while tin's outright price teased a break below nearby support.Zinc futures on the LME closed at $2,422 per tonne on Wednesday, the lowest closing price for the metal since October 16. Turnover was broadly average at just over 7,400 lots exch...Read More
Global zinc premiums were left with little room to maneuver against exchange-stock drawdowns and high import losses this week, while persistent backwardations in the metal's forward curve kept spot trading opportunities minimal. New Orleans LME warehouse stocks are at an all-time low but this failed to support the US zinc premium due to bad demand. High import loss leaves Chinese zinc marke...Read More
Premiums for full-plate nickel cathodes in China declined in the week to Tuesday November 12 as import arbitrage margins shrank, while in Europe premiums were flat and in the United States briquette premiums edged up. Asian nickel premiums drops; arbitrage profits shrinkUS briquette premium up at lower end, while plate premium holds firmEuropean market subdued on lack of physical appetite despite...Read More
The London Metal Exchange is seeking to launch a new cash-settled main Japanese ports (MJP) aluminium premium contract settled against a Fastmarkets price, the exchange said on Wednesday November 13.The contract, which will be settled against the monthly average of Fastmarkets MB's aluminium P1020A spot cif MJP price, is likely to be launched in the second half of 2020, subject to regulatory appro...Read More
Chinese copper smelters will continue to lead benchmark copper concentrate negotiations despite approaching Japan's Pan Pacific Copper (PPC) to negotiate the annual deal from a stronger position, sources said. During late-October's LME Week, talk emerged that Chinese smelters would accept an agreement set by PPC, Asia's largest copper smelter outside China, if it settled a number earlier than duri...Read More
Steel producers in Turkey expect output to increase in the last quarter of 2019, the Turkish Steel Producers' Association (T???oeD) said on Wednesday November 13.Turkey produced 25.29 million tonnes of crude steel in January-September 2019, down by 10.09% from 28.12 million tonnes in the corresponding nine-month period of last year.This meant that Turkey recorded the highest rate of decrease among...Read More
The price of steel rebar in the Southern Europe domestic market was unchanged this week but market participants expect increases in the near future because of significantly higher ferrous scrap costs, they told Fastmarkets on Wednesday November 13. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe, was ?,?455-465 ($501-512) per tonne on Wed...Read More
The price of steel rebar in the Northern Europe domestic market continued to move up this week with mills seeking to reflect rising scrap costs in their rebar sales, sources told Fastmarkets on Wednesday November 13. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe was ?,?475-485 ($523-535) per tonne on Wednesday, up by ?,?10 per tonne wee...Read More
Export billet prices from Iran have surged in the week to Wednesday November 13 with mills starting sales of their January-rolling material, Fastmarkets has learnt.Last week, several cargoes of January-rolling billet were reported sold to traders within the range of $360-365 per tonne fob for further sale to Asian markets."There is very little tonnage left now from the January allocation,"...Read More
The stainless steel scrap market in the United States resumed its downward trek this week due to lower nickel prices, a weakening chrome market and slack demand, although the latter seems to have stabilized at least for now, sources said."We continue to be as conservative as possible with our buying prices because we have no confidence in the direction prices are heading," one domestic dealer sour...Read More
Turkish steel producers have continued their deep-sea scrap purchases for December deliveries at steady prices, sources said on Wednesday November 13.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $262 per tonne and 5,000 tonnes of bonus at $272 per tonne cfr.A Monday booking from...Read More
China is likely to turn into an exporter of ferrous scrap in the next decade and global scrap availability is expected to almost double by 2050, Edwin Basson, director general at the World Steel Association, said on Tuesday November 12.As the Chinese steel recycling sector develops the Asian country is set to generate more than it needs by the mid-2020s, he told a panel at Alacero's Latin American...Read More
Low demand for long steel products such as rebar was at the root of the problems facing the steel industry, according to the International Rebar Producers & Exporters Association (Irepas).The raw material for blast furnaces was becoming cheaper but the ferrous scrap used in electric-arc furnaces was getting more expensive, while the prices for both rebar and hot-rolled coil were increasing. This w...Read More
The spread between mid-grade and high-grade fines has continued to widen, with concerns over the glut in supply of the former and limited spot availability of the latter.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $81.03 per tonne, down $0.45 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $81.06 per tonne, down $0.45 per tonne.62% Fe low-alumina fines, cfr Qingdao: $8...Read More
China's rebar prices increased on Wednesday November 13 amid tightened supply caused by logistical bottlenecks, though market participants expect these to ease over the next few days.DomesticEastern China (Shanghai): 3,780-3,830 yuan ($539-547) per tonne, up 80-90 yuan per tonneNorthern China (Beijing): 3,640-3,670 yuan per tonne, up 10-20 yuan per tonneA trader in Shanghai said that a lot of carg...Read More