A summary of the financial results for Swedish steelmaker SSAB for the third quarter of 2019.In briefExceptional pressure on margins on the European market continued to have a negative impact on SSAB's third-quarter earnings as did the planned repair of one of the blast furnaces at its Raahe operations Lower earnings were primarily attributable to the performance of SSAB Europe. Demand in Europe s...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 transactions: pig ironPig ironBrazil, exports,...Read More
The Turkish steel mills have extended their silence in the deep-sea scrap markets and are now focused on the markets for billet and finished long steel, sources said on Wednesday October 23.The mills in Turkey have been very active in scrap purchasing so far this month, booking at least 16 cargoes. They went quiet in the deep-sea markets at the end of last week after booking almost 500,000 tonnes...Read More
Exports of hot-briquetted iron from Venezuela have remained low in recent weeks because of a continuing shortage of iron ore pellets and pressure from sanctions imposed by the United States, sources told Fastmarkets on Wednesday October 23.Around 125,000 tonnes of HBI was available from stocks in Venezuela in early October, according to an official source."Venezuela is producing HBI but we will se...Read More
Seaborne iron ore prices edged up on Wednesday October 23 in line with the trend seen in the futures market.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $87.18 per tonne, up $0.50 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $87 per tonne, up $0.67 per tonne.62% Fe low-alumina fines, cfr Qingdao: $85.66 per tonne, up $0.39 per tonne.58% Fe fines high-premium, cfr Qin...Read More
China continues to drive trading activity in the seaborne coking coal market, with hardly any interest emerging elsewhere.Fastmarkets indicesPremium hard coking coal, fob DBCT: $152.40 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $164.07 per tonne, down $0.63 per tonneHard coking coal, fob DBCT: $129.92 per tonne, unchangedHard coking coal, cfr Jingtang: $142.29 per tonne, unchanged...Read More
A combination of weak macroeconomics and an anticipated increase of global aluminium supply is prompting expectations that more participants will purchase metal with the intention of holding and financing it for long-term gain. The expected slowdown of the global economy, participants say, will lead to a decline in demand and metal consumption meaning more stock will be put on warrant on the Londo...Read More
Chinese mills raised their domestic offers on Wednesday October 23, though buyers in the eastern region put up some resistance against them, resulting in a smaller price rise in comparison with those in the northern region.DomesticEastern China (Shanghai): 3,500-3,520 yuan ($494-497) per tonne, widening upward by 10 yuan per tonneNorthern China (Tangshan): 3,500 yuan per tonne, up 20 yuan per tonn...Read More
The London Metal Exchange three-month nickel price was trading down 1% at around $16,330 per tonne during the morning session on Thursday October 23, with persistent drawdowns failing to give support to nickel futures. 4,134 tonnes of material were taken out of LME-approved global sheds as of 9am this morning versus just 696 tonnes of metal delivered in, leaving LME global nickel inventory at 83,6...Read More
There have been a significant number of large backwardations on London Metal Exchange futures contracts throughout 2019 and questions have been raised about whether the exchange's spreads truly reflect the fundamentals of the market.LME chief executive officer Matthew Chamberlain has said the exchange is monitoring the situation and has not heard any outcry from the market looking for things to ch...Read More
Barring those for nickel and tin, base metals prices on the Shanghai Futures Exchange were down during the morning trading session on Wednesday October 23. Following the weakness seen at the start of the week, nickel has rebounded strongly this morning. The most-traded December nickel contract on the SHFE climbed to 129,120 yuan ($18,240) per tonne as at 10.15am Shanghai time, up by 3,430 - or 2.7...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday October 23. Key drivers Ferro-titanium market stability extended for a third week despite only low volumes reported sold. Only one truckload of ferro-titanium was reported being sold at $4.50 per kg delivered, duty-paid. Alloy suppliers are looking to start negotiations for deliveries on longer-term agreements as s...Read More
Fastmarkets is proposing to discontinue its fortnightly price assessments for mercury. Global mercury trade has reduced since the 2017 the Minamata Convention on mercury, a legally binding international agreement aimed at tackling mercury pollution, came into force. The Convention has reached more than 100 party ratifications, and, as a result, mercury use is declining around the globe. Mercury tr...Read More
The Ramu nickel-cobalt project in northeast Papua New Guinea is to close imminently pending an environmental investigation, the region's minister for mining Johnson Tuke confirmed on Wednesday October 23.The Ramu nickel-cobalt project in northeastern Papua-New Guinea will close imminently pending an environmental investigation, the region's minister for mining, Johnson Tuke, confirmed on Wednesday...Read More
A summary of Antofagasta's production results for the third quarter of 2019 following the company's results report released on Wednesday October 23.IN BRIEF: Antofagasta's group copper production for the third quarter of 2019 was recorded at 197,000 tonnes, a drop of 0.8% against the previous quarter. Group copper production for the first nine months of 2019 climbed to 584,200 tonnes, a rise...Read More
An overview of the noble alloys markets and their latest price moves.Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Initial Jobless Claims was 215,000 versus 214,000 last week. Actual was 212,000. Consensus for September Durable Goods Orders was a drop of 0.8% versus a gain of 0.2% in August....Read More
(Updates with closing prices, recasts) By Peter Hobson LONDON, Oct 23 (Reuters) - Copper prices rose on Wednesdayas a wave of protests in top producer Chile began to disruptsupplies, but gains were limited by lingering fears over thehealth of the global economy and the outlook for demand. Benchmark copper on the London Metal Exchange endedup 1.1% at $5,881 a tonne after reaching $5,885, the highes...Read More
The benchmark London Metal Exchange cash/three-month spread is once more trading in a contango of around $20 per tonne on Tuesday October 22 following a period of deep and sustained backwardation up until yesterday when the spread was in a $108 per tonne backwardation. The LME cash/three-month nickel spread has traded in an intermittent backwardation since January 2019. It slipped into a $39 per t...Read More
Trade unions representing workers for Chile's state-run miner Codelco have called on their members to mobilize in support of protests against the government.Union No1 for Codelco's Chuquicamata has joined Sindicato No1 for BHP's Escondida in backing protestors, whose opposition to inequality in the country has escalated into alleged looting and arson, and to violent confrontations with the militar...Read More