The three-month nickel price on the London Metal Exchange closed higher on Tuesday October 29, with news of the expedited ore ban in Indonesia keeping the metal's price elevated, while lead futures also ended the day higher despite low turnover. Nickel's outright price closed at $16,830 per tonne this afternoon, up from an intraday low of $16,565 per tonne but lower than its daily high of $17,000...Read More
Discounts for nickel full-plate cathodes in the Chinese import market softened in the week to Tuesday October 29 while material became cheaper to hold amid a brief contango in the London Metal Exchange nickel cash/three-month spread.The benchmark LME cash/three-month nickel spread traded in a $32 per tonne backwardation on October 29, having snapped briefly into a $22 per tonne contango on October...Read More
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctions against producer UC Rusal was potentially deadly for a company so heavily reliant on international trade, Lord Greg Barker, executive chairman of EN+ Group said.Speaking at the LME Week seminar on Monday October 28, Barker said working to find a way for the sanctions to be lifted was 'do or die' for the company."...Read More
Copper has attempted to rebound since early September following a marked sell-off in the summer months where macro and fundamental forces have been prevalent.On the macro front, copper has benefited from a slight easing in US-China trade tensions and more monetary policy easing across the globe - including China, where copper consumption is the most exposed - that has shored up investor sentiment....Read More
Turkish steel producers continued to pause their deep-sea cargo purchases because of a public holiday in the country reducing trading activity, sources told Fastmarkets on Tuesday October 29.Today is a public holiday in Turkey for the Republic Day of Turkey, which has reduced trading activity to zero. No purchases have been heard booked so far this week, with Monday also a half...Read More
Discounts for nickel full-plate cathodes in the Chinese import market softened in the week to Tuesday October 29 while material became cheaper to hold amid a brief contango in the London Metal Exchange nickel cash/three-month spread.The benchmark LME cash/three-month nickel spread traded in a $32 per tonne backwardation on October 29, having snapped briefly into a $22 per tonne contango on October...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday October 29 that are worth another look.The decline in Asian hot-rolled coil prices has continued to apply downward pressure on slab prices in the region, sources told Fastmarkets.The copper market is largely shrugging off the positive price effects of supply constraints and is focusing its attention on the negative consequences...Read More
A summary of base metals premiums from across the globe for the week to Tuesday October 29.Please click...Read More
Brazilian company Atlantic Nickel has resumed operations at its Santa Rita mine in the northeastern state of Bahia, and is producing concentrates at the site, owner Appian Capital Advisory said on Monday October 28.At the same time, Atlantic Nickel is finishing the drilling campaign for an underground mine phase, and is expected to update its reserve calculation statement during the first quarter...Read More
The copper market is largely shrugging off the positive price effects of supply constraints and is focusing its attention on the negative consequences on growth of the trade wars, the chief executive officer of Freeport-McMoRan has said.As long as this remains the case, copper prices appear unlikely to strengthen significantly, although a return to a more stable and positive relationship between C...Read More
Indonesian officials said on Tuesday October 29 that their country's ban on the export of nickel ore will begin in January 2020, as previously scheduled, once a review of irregular ore exporting practices is concluded.This reverses reports on October 28 that the ban would begin with immediate effect.The review is likely to be finished in a week or two, Luhut Pandjaitan, Indonesia's coordinating mi...Read More
Most flat steel import prices in the United Arab Emirates and Saudi Arabia were stable this week amid limited demand, sources told Fastmarkets on Tuesday October 29.Buyers were reluctant to book large tonnages due to falling prices as well as weak end-user demand, they said.UAEOffer prices for hot-rolled coil (HRC) from China were heard in the UAE at $440-450 per tonne cfr this week, wit...Read More
Import prices for steel billet in the United Arab Emirates increased over the past week, while domestic and import rebar values decreased, market sources said on Tuesday October 29.Domestic prices for rebar for the month were announced by the country's producers on October 21. Both Emirates Steel and Conares Steel kept their prices unchanged.Billet importsOne billet booking was made from Oman at a...Read More
Export prices for hot-rolled and cold-rolled coil from the Commonwealth of Independent States continued to fall during the week ended Monday October 28, although market sources told Fastmarkets they doubted the market could decline much further. Fastmarkets' price assessment for steel HRC export, fob Black Sea, CIS was $360-375 per tonne on October 21, down from $375-385 per tonne a week ear...Read More
A new Singapore Steel Forum will kick off for the first time next year as part of Singapore Iron Ore Week (SIOW) 2020.Fastmarkets will drive the forum together with the Singapore Exchange (SGX) and Enterprise Singapore as part of an expanded SIOW, which will be held on May 18-21 2020 at Sands Expo & Convention Centre. The Singapore Steel Forum will be held on May 20 and will include global steelma...Read More
Chinese steelmakers kept their export offers for hot-rolled coil unchanged on Tuesday October 29 amid a stable domestic market.DomesticEastern China (Shanghai): 3,500-3,520 yuan ($495-498) per tonne, unchangedNorthern China (Tangshan): 3,500 yuan per tonne, unchangedSteady demand kept domestic prices unchanged during the day.A Shanghai-based trader thinks demand will be sustained for several days...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, plate, sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
The decline in Asian hot-rolled coil prices has continued to apply downward pressure on slab prices in the region, sources told Fastmarkets.Fastmarkets' price assessment for steel slab imports, cfr Southeast Asia and East Asia, was $375-380 per tonne on Monday October 28, as compared with $370-385 per tonne from a week earlier.During the week to Monday, a Russian producer...Read More
Seaborne iron ore prices were down on Tuesday October 29 amid market uncertainty about demand levels in winter.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $86.64 per tonne, down $1.34 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $86.46 per tonne, down $1.34 per tonne.62% Fe low-alumina fines, cfr Qingdao: $85.25 per tonne, down $1.40 per tonne.58% Fe fines high-prem...Read More
Seaborne coking coal prices remained steady on Tuesday October 29, although spot market activity emerged in the pulverized coal injection (PCI) sector.Fastmarkets indicesPremium hard coking coal, fob DBCT: $146.40 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $161.53 per tonne, unchangedHard coking coal, fob DBCT: $129.36 per tonne, unchangedHard coking coal, cfr Jingtang: $141.14 pe...Read More