The UG2 chrome ore index slid again in China after poor demand prompted suppliers to lower their offers in the week to Friday November 1, while falling ferro-chrome supply in Europe helped the regional high-carbon market edge up by 0.6%. Suppliers cut offers for chrome ore amid weak demand Chinese spot alloy prices flat in thin trading Alloy supply tightens in Europe US price ma...Read More
Here are five Fastmarkets MB stories you might have missed on Monday November 4 that are worth another look.AM Investco, the consortium led by ArcelorMittal that was put together to purchase Italian steelmaker Ilva, is pulling out of the deal, ArcelorMittal said on November 4.Shanghai-bonded copper stocks continued to fall in October, but the decline was slower than in September due to the re...Read More
The T?-a Mar?-a copper project in Peru, run by Southern Copper Corp (SCC), is still short of the approvals needed to move towards operation, despite being green-lit by the country's mining council, minister of energy and mines, Juan Carlos Liu, said in a statement on Sunday November 3.SCC was only authorized to begin construction of the site's copper processing plant on October 30, and its environ...Read More
AS Mauskar and N Bhavsar of Bank Muscat led the base metals leaderboard again in the Apex third-quarter 2019 contest, with an accuracy rating of 96.9%, while UBS' Glyn Lawcock was top of the precious metals table with a rating of 97.6%. For steel raw materials, Fastmarkets was at the top of the leaderboard at 90.6% accuracy. Click on the image below to download the full report. Second on the base...Read More
Shanghai-bonded copper stocks continued to fall in October, but the decline was slower than in September due to the relatively limited amount of metal available, wide arbitrage losses and fewer working days last month.Fastmarkets assessed Shanghai-bonded copper stocks at 253,000-256,000 tonnes at the end of October, a drop of 13.3% from 292,000-295,000 tonnes at the end of September, which was pub...Read More
The three-month zinc price on the London Metal Exchange was higher during morning trading on Monday November 4, with price action keeping comfortably above the $2,500 per tonne support level due to high turnover and tight forward spreads. Zinc's outright price on the LME was recently $2,529 per tonne, with more than 2,000 lots exchanged as of 9am London time. Fresh zinc outflow of 625 tonnes this...Read More
The nickel market must switch its focus to class-one nickel production if it is to meet projected battery demand, analysts said during London Metal Exchange Week 2019. Analysts are concerned that traditional production focus on stainless steel may prevent adequate supply of battery-preferential nickel coming online even though this sector will eventually eclipse stainless steel demand. "The exciti...Read More
Turkey imported 602,707 tonnes of flat steel in September 2019, down by 5.07% from the corresponding month in 2018, when 634,898 tonnes arrived in the country, the Turkish Statistical Institute (TUIK) said last week.Turkey's domestic market has been in the doldrums since September 2018, when trade relations with the United States soured after US President Donald Trump doubled the import tariff on...Read More
CIS export wire rod prices have softened at the beginning of November on limited demand in the major sales outlets, according to market sources.Fastmarkets' weekly price assessment for steel wire rod (mesh quality), export, fob Black Sea, CIS, was $420-430 per tonne on Monday November 4, down by $10 on the lower end.Recent offers for Russian wire rod were heard at $430 per tonne fob last week. No...Read More
AM Investco, the consortium led by ArcelorMittal that was put together to purchase Italian steelmaker Ilva, is pulling out of the deal, ArcelorMittal said on Monday November 4.The consortium has sent a notice to the Ilva commissioners indicating that it intends to withdraw from the agreement for the lease and subsequent conditional purchase of the Ilva business and certain subsidiaries.ArcelorMitt...Read More
With competition in the global steel markets still fierce, Fastmarkets provides an update on the new, progressing and closed trade cases from around the world in October 2019.The case list below includes only updates. For other continuing cases,...Read More
A summary of the financial results of German metals distributor Kl??ckner & Co for the third quarter of 2019.Kl??ckner & Co attributed a significant year-on-year decrease in operating income to low steel prices and weak demand,Earnings before interest, taxes, depreciation and amortization (Ebitda) ?,?26 million, down from ?,?59 million in...Read More
Participants in the seaborne coking coal market are maintaining a bearish outlook amid quiet trading, with many divided on the price gap between premium low-vol and mid-vol cargoes.Fastmarkets indicesPremium hard coking coal, fob DBCT: $134.16 per tonne, up by $1.78 per tonnePremium hard coking coal, cfr Jingtang: $146.36 per tonne, up by $1.28 per tonneHard coking coal, fob DBCT: $123.21 per tonn...Read More
Turkish steel mills returned to the deep-sea markets on Monday November 4, booking several cargoes from different origins and pushing prices up further, sources told Fastmarkets.The three newly booked cargoes end a week-long quiet period since the previous booking, all with a very similar composition and pricing. Two of the cargoes were of US origin. The first, booked by a steel mill in...Read More
Turkish domestic auto bundle scrap prices have increased again over the past week, in line with rises in imported scrap values, sources said on Monday November 4.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,400-1,555 ($243-269) per tonne on Monday, narrowing upward from TRY1,385-1,555 per tonne last week.Four steel mills have raised...Read More
Prices for mid-grade seaborne iron ore slid below $85 per tonne cfr China on Monday November 4, the first time since August 30.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.27 per tonne, down $2.29 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $83.09 per tonne, down $2.29 per tonne.62% Fe low-alumina fines, cfr Qingdao: $82.71 per tonne, down $2.23 per tonne.58% Fe fines high-pre...Read More
Seaborne iron ore concentrate of some origins continued to trade at premiums compared with discounts for other cargoes last week, while the pellet market stayed tepid. Concentrates Fastmarkets' weekly index for iron ore 66% Fe concentrate, cfr Qingdao was at $96.09 per tonne on Friday November 1, up by $1.07 from a week earlier. The daily Fastmarkets index for iron ore 65% Fe Brazil-origin fi...Read More
China's domestic hot-rolled coil prices picked up some strength on Monday November 4 on robust trading activity after a stagnant week, though exporters appeared more willing to make concessions amid a pessimistic outlook for demand.DomesticEastern China (Shanghai): 3,510-3,520 yuan ($499-500) per tonne, narrowing upward by 10 yuan per tonneNorthern China (Tangshan): 3,510 yuan per tonne, up 10 yua...Read More
Trading activity in China's domestic rebar market picked up on Monday November 4 amid flat prices ahead of the China International Import Expo in Shanghai from Tuesday until Sunday.Eastern China (Shanghai): 3,670-3,700 yuan ($521-526) per tonne, unchanged Northern China (Beijing): 3,620-3,650 yuan per tonne, unchanged Rebar futures were trading above last Friday's settlement price of 3,364 yuan pe...Read More
With the exception of those for aluminium and zinc, base metals prices on the Shanghai Futures Exchange were down during the morning trading session on Monday November 4.The lackluster performance comes despite positive developments in United States-China trade negotiations regarding the signing of a "Phase One" deal as well as better-than-expected data that boosted wider risk sentiment heading in...Read More