U.S. equity index futures moved higher this morning. S&P 500 futures were up 12 points in pre-opening trade. Index futures responded to news that China and the U.S. agreed to phase out some of their tariffs.Index futures were virtually unchanged following release of the Weekly Initial Jobless Claims report at 8:30 AM EST. Consensus was a drop to 215,000 from a revised 219,000 last week. Actual...Read More
A summary of base metals premiums from across the globe for the week to Tuesday November 5.Please click...Read More
The three-month copper price traded on the London Metal Exchange almost closed the gap on its psychological $6,000 per tonne level, with growing supply concerns bolstering consumption and precipitating a significantly higher turnover on Tuesday November 5. The red metal's three-month price closed 1.1% higher at $5,946.50 per tonne compared with the previous day's $5,877 per tonne close. The price...Read More
Discounts for nickel full plate cathodes in the Chinese import market flipped to premiums on Tuesday November 5 following a sudden opening of the import window over the week. "The intermittent opening of the import window this week was due to technical squeezing on China's future exchanges rather than supply tightness. [Nickel full plate cathodes are] normal premiums now," a Shanghai-based trader...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday November 5 that are worth another look.Most major aluminium producers agree that tackling the carbon intensity of the smelting process is one of the biggest challenges facing their industry.Chinese re-rollers' interest in imported billet has waned in recent weeks following a surge in prices in the major global markets, sources t...Read More
Shipments of nickel laterite ore from Indonesia have resumed gradually following a crackdown on nickel mines in the country on October 25, delegates attending the China International Nickel & Cobalt Conference in Yichang, Central China, told Fastmarkets on Tuesday November 5.Indonesian officials launched an inspection of domestic nickel laterite ore mines late on October 25, market sources confirm...Read More
The global vanadium market remained under pressure last week from poor buying interest and good spot availability.The export price of ferro-vanadium in China plunged in the latest assessment period on Thursday October 31 following a significant price drop in the domestic market.Fastmarkets assessed the price of ferro-vanadium, 78% V min, fob China at $29-31 per kg on October 31, down by 11.1% from...Read More
Fastmarkets is proposing to reduce the frequency of publication of its European germanium metal and tellurium assessments and Chinese germanium dioxide assessment. Fastmarkets selects the frequency of publication of its price assessments after considering the number of data points (deals, bids, offers, deals heard and assessments) that it can reasonably expect to collect on a consistent basis in t...Read More
Electric vehicle (EV) production growth in China has slowed over the second half of this year, dropping more quickly than the market expected, Houshan Bai, chairman of Ningbo Ronbay New Energy Technology Co, told delegates at a nickel and cobalt conference on Tuesday November 5. In the first six months, EV sales and production in China had been in a healthy upturn, but slower growth started to eme...Read More
Prices for ferrous scrap in Mexico increased slightly in the northern steelmaking region of Monterrey in the week to Tuesday November 5, while prices were flat in the central steelmaking region of Bajio.Market participants are more optimistic about prices, with indications that scrap prices in the United States could see a modest recovery in November.In Monterrey, word circulated that at least one...Read More
Turkish steel mills stepped back from the deep-sea markets on Tuesday November 5, following the purchase of several cargoes the previous day, sources told Fastmarkets.Yesterday, three newly booked cargoes - two of US origin and one of Baltic Sea origin - ended a week-long hiatus since the previous booking. All three bookings were of similar composition and pricing, with HMS 1&2...Read More
The combination of some easing in Chinese lending rates and talk that United States officials may be prepared to drop some tariffs on China has led to more risk-on in broader markets.The three leading US indices, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite closed on record highs on Monday November 4 and US treasury yields are climbing, but the metals are looking quite mi...Read More
Electric vehicle (EV) production growth in China has slowed over the second half of this year, dropping more quickly than the market expected, Houshan Bai, chairman of Ningbo Ronbay New Energy Technology Co, told delegates at a nickel and cobalt conference on Tuesday November 5. In the first six months, EV sales and production in China had been in a healthy upturn, but slower growth started to eme...Read More
Demand for flat steel products in Turkey remained weak in October because of the decline in global prices, market participants told Fastmarkets on Tuesday, November 5.Nonetheless, they added that local producers have now filled their order books until late December.Local demand was already weak in Turkey in September, and political uncertainty in October led to a further fall in&nbs...Read More
Turkish exports of flat steel products declined by 21.8% year-on-year to 393,716 tonnes in September 2019, according to the Turkish Statistical Institute (TUIK).This compares with a volume of 503,524 tonnes in the corresponding period of 2018, the institute said.The reason for decrease in exports was the lackluster demand for Turkish flat steel...Read More
Hot-rolled coil import prices in the United Arab Emirates and Saudi Arabia have gone down this week on lower offers, sources told Fastmarkets on Tuesday November 5.Buyers were still reluctant to book large tonnages because of the falling prices as well as the weak end-user demand, they said.UAEOffer prices for HRC from China and Japan were heard in the UAE at $420-430 per tonne cfr this week, with...Read More
Import prices for steel billet and rebar in the United Arab Emirates have decreased over the past week, but domestic rebar prices remained stable, market sources said on Tuesday November 5.Demand for long steel was still moderate in the country, and buyers preferred to buy small quantities in order to avoid holding high stocks at the end of the year.Billet importsBillet was offered from Oman at ab...Read More
Chinese rebar prices picked up on Tuesday November 5 despite a dip in trading activity caused by transport curbs put up in conjunction with the China International Import Expo in Shanghai amid gains in the futures market.Eastern China (Shanghai): 3,710-3,740 yuan ($529-533) per tonne, up 40 yuan per tonneNorthern China (Beijing): 3,630-3,660 yuan per tonne, up 10 yuan per tonnesTraffic movements i...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, beams and other long steel products. Latest transaction: rebar, wire rodRebar East China, domestic, grade III 16-25mm...Read More
Prices for ferrous scrap in Mexico increased slightly in the northern steelmaking region of Monterrey in the week to Tuesday November 5, while prices were flat in the central steelmaking region of Bajio.Market participants are more optimistic about prices, with indications that scrap prices in the United States could see a modest recovery in November.In Monterrey, word circulated that at least one...Read More