China's non-ferrous scrap imports will come to a standstill in the next four months, because major buyers have used up their 2019 import quotas and new quotas are unlikely to be granted before the lunar new year in late January, industry sources have said.Major Chinese non-ferrous importers have delayed further purchases of copper and aluminium scrap to February next year because they were worried...Read More
Operations at the Pe??asquito lead-zinc-gold mine in Mexico should return to full capacity in the next 10 days following the resumption of production there.With the support of the state and federal governments as well as a continued police presence, owner Newmont Gold Corp has safely started up output at the mine following the lifting of the illegal blockade on October 8, it said.The blockade - th...Read More
The three-month copper price on the London Metal Exchange rose to its highest level in more than a month at the close of trading on Wednesday October 23 amid positive forward spreads, while tin futures underperformed in a 2% decline over the afternoon. Copper's three-month price closed at $5,881 per tonne this afternoon, its highest level since September 13, with just over 16,000 lots of metal exc...Read More
Buyers in all regions stayed on the sidelines in the week to Tuesday October 22 amid London Metal Exchange nickel price and spread volatility. European market sees little spot trade on weak demand. US nickel premiums flat, with scrap substitution dampening primary metal demand. Asian nickel remains at a discount versus a premium. Brief contango fails to tempt European buyers Rotterdam...Read More
The Southeast Asian lead premium rose by 4.2% week on week on increased spot interest, with market participants suggesting an uptick in automotive sales as a key tailwind; meanwhile, global zinc premiums were unchanged amid stagnant spot demand and tight forward spreads. Southeast Asian lead premium rises on renewed buyer interest US, Asian zinc premiums flat on low spot interests Eur...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday October 23.Please click...Read More
Chilean iron ore and long steel producer Compa???-a de Acero de Pac?-fico (CAP) was forced to reduce production from some of its iron ore operations in the week to Wednesday October 23 amid widespread anti-government protests in the country.CAP's 75%-owned mining subsidiary, Compa???-a Minera del Pac?-fico (CMP), had partial interruptions to operations at one of its iron ore pellet plants and at t...Read More
Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) will resume operations at its No3 blast furnace later this week, after a maintenance outage lasting more than three months.The company told Fastmarkets about the restart late on Tuesday October 22 and the resumption in output will add steelmaking capacity to the country's already-flat steel market. Prices are already under p...Read More
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