Sharp falls in manganese ore prices in recent weeks have prompted widespread requests from buyers to renegotiate prices for deals already agreed, sources told Fastmarkets.Manganese ore prices have fallen as much as 22% in three weeks due to oversupply and high stocks, which have prompted aggressive bids from buyers.Fastmarkets' manganese ore index 37% Mn, cif Tianjin, dropped 10 cents to $3.25 per...Read More
Lifelong commodities trader Scott Evans has joined forces with a technology guru and a physical logistics specialist to co-found Cmdty, with the aim of creating a digital marketplace for physical commodities.Cmdty, which has already raised $10 million in its series A financing, plans to launch its pilot program in the first half of 2020. The goal is to use technology to streamline the physical com...Read More
The three-month nickel price on the London Metal Exchange continued to fall during morning trading on Tuesday November 12, with dip-buying yet to emerge against broadly high turnover across the complex. Nickel's outright price was recently at $15,410 per tonne, losing around 1% of Monday's closing price of $15,565 per tonne. Volumes traded in nickel were high over the morning, with some 4,300 lots...Read More
While investors and traders are still waiting for direction on China-United States trade talks, markets are reviewing their individual situations and adjusting accordingly.The two big movers have been the precious metals and nickel, both correcting lower as profit-taking and, or short-selling, set in, while the rest of the markets seem to be consolidating.With US President Donald Trump addressing...Read More
Base metals prices on the Shanghai Futures Exchange gave a subdued performance during morning trading on Tuesday November 12, with the complex awaiting the next development in United States-China trade talks.Trade uncertainty reemerged after US President Donald Trump said over the weekend that while that trade negotiations with China are progressing well, there was not yet an agreement to roll bac...Read More
ArcelorMittal has decided to temporarily idle operations of its blast furnace (BF) and steel plant in Krakow, Poland, from November 23 this year, the company said on Tuesday November 12.The steelmaker will restart the BF and other equipment in Krakow "as soon as market conditions improve [enough] to justify a restart leading to economically viable operations," it said.Earlier this year, the compan...Read More
Prices for import billet and rebar, and domestic rebar in the United Arab Emirates have increased over the past week on improving demand, market sources said on Tuesday November 12.Some market participants believe prices will increase further due to the global rise in production costs, while others argue that demand is not strong enough to support such increases.Billet importsBillet was offered fr...Read More
Offer prices on flat steel imports into the United Arab Emirates and Saudi Arabia have increased over the past week, but buyers have not accepted the new prices, sources told Fastmarkets on Tuesday November 12.Buyers were still reluctant to book large tonnages because of the weak end-user demand, they said.UAEOffer prices for hot-rolled coil (HRC) from Japan were heard in the UAE at $450-460 per t...Read More
Rebar contracts on the Shanghai Futures Exchange increased on Tuesday November 12 following two notices about winter production restrictions in the Fenwei Plain and Yangtze River Delta regions, but spot prices were unchanged. Eastern China (Shanghai): 3,700-3,740 yuan ($528-534) per tonne, unchangedNorthern China (Beijing): 3,630-3,650 yuan per tonne, unchangedRestrictions on production have been...Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil climbed during the week to Tuesday November 12 because of higher prices in the upstream hot-rolled coil market, sources said. HRC prices were boosted by strong domestic demand and production restrictions imposed by China's Ministry of Ecology and Environment on cities in the Yangtze River Delta to reduce air pollution.Cold r...Read More
China's hot-rolled coil producers raised their export offers on Tuesday November 12 amid a relatively stable domestic market.DomesticEastern China (Shanghai): 3,510-3,520 yuan ($501-502) per tonne, unchangedNorthern China (Tangshan): 3,530 yuan per tonne, up 20 yuan per tonneWhile prices for mainstream sizes of HRC in eastern China were stable, those for many other specifications rose to as high a...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday November 12 that are worth another look.Brazil's Vale expects to produce 70-75 million tonnes of iron ore fines and pellets in the first three months of 2020, compared with 72.9 million tonnes in the same quarter of this year.European manganese alloys prices are extending their losses in the spot market in line with weaker...Read More
Prices for ferrous scrap remained stable in Mexico's central Baj?-o region and moved slightly lower in the northern region of Monterrey during the week to Tuesday November 12, but market participants were optimistic about price increases to come.Fastmarkets' weekly assessment for steel scrap No1 busheling, consumer buying price, delivered mill Monterrey declined by 50 pesos to 4,400 pesos ($2...Read More
Seaborne iron ore prices rose above $80 per tonne cfr on Tuesday November 12 amid advances in the derivatives markets following news on production restrictions in China and Vale's lower sales target.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $81.48 per tonne, up $2.50 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $81.51 per tonne, up $2.50 per tonne.62% Fe low-alumina fines, cfr Q...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreVale, Beijing Iron Ore Trading Center (Corex), 80,000 tonnes of 65% Fe Iron Ore Carajas, traded at $92.30 per tonne cfr China, bill of lading November 7.Vale, Global Ore, 170,000 tonnes...Read More
Seaborne coking coal prices remain steady, with Chinese participants expected to move to the sidelines of the market, sources told Fastmarkets on Tuesday November 12.Fastmarkets indicesPremium hard coking coal, fob DBCT: $134.16 per tonne, down $0.61 per tonnePremium hard coking coal, cfr Jingtang: $145.35 per tonne, up $0.33 per tonneHard coking coal, fob DBCT: $121.70 per tonne, unchangedHard co...Read More
Brazil's Vale expects to produce 70-75 million tonnes of iron ore fines and pellets in the first three months of 2020, compared with 72.9 million tonnes in the same quarter of this year.The outlook is based on seasonality, the gradual and safe return of operations and in line with the miner's margin-over-volume strategy, the miner said on Monday November 11.Vale expects to sell 83-88 million tonne...Read More
Seaborne iron ore prices fell below $79 per tonne cfr China on Monday November 11 amid worsening market sentiment.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $78.98 per tonne, down $1.13 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $79.01 per tonne, down $1.13 per tonne.62% Fe low-alumina fines, cfr Qingdao: $78.30 per tonne, down $1.20 per tonne.58% Fe fines high-premium, cfr Qin...Read More
The price for silicon metal in the United States has held steady for the first time since March 2018, suggesting the market may have finally found a bottom after several false calls from market observers this year.Fastmarkets' price assessment for silicon, ddp US was $0.96-1.02 per lb on Monday November 11, unchanged from the previous assessment on October 10. While the silicon price remains...Read More
Cobalt hydroxide buyers' preference for spot and short-term procurement will persist, adding spot liquidity to the cobalt raw materials market next year, Fastmarkets understands. Chinese cobalt consumers demonstrated continued appetite to commit to long-term contracts during Antaike's annual International Nickel & Cobalt Conference in Yichang on November 5-6, which is an event where suppliers and...Read More