LME lead prices up 25% since May low, but SHFE prices up only 8% Chinese auto sales were down 5.2% in September and were down 10.3% in the first nine months of the year, and Friday’s release of GDP data showed growth dropping to 6% in Q3, from 6.2% in Q2. This was the lowest growth since 1992. These are reasons enough to explain why lead prices are underperforming in China compared with the r...Read More
Indonesia leading global mine supply surge... The latest data from the International Nickel Study Group (INSG) showed strong growth of 8.1% in global nickel mine output in the first eight months of 2019 compared with the same period of last year. Indonesian nickel miners continued to boost output aggressively, with 28.6% growth in the country over the reporting period. ...and will likely only acce...Read More
Prices outperform so far in October... The LME tin price has gained roughly 6% since the start of October, in contrast with a much more subdued performance for the broader LMEX (+1% over the corresponding period). This compares with a sell-off of 19% in the first three quarters of the year, when tin underperformed the LMEX. ...as supply cuts start to be priced in The emergence of fresh buying in f...Read More
Overhead resistance emerges LME zinc prices have remained supported over the past week by the 100-day moving average. However, for the time being at least, prices remains capped ahead of $2,500 per tonne, particularly after the latest Chinese economic data stoked concerns about weaker demand. GDP grew 6% in Q3, slowing from 6.2% in Q2, and below the 6.1% forecast. That said industrial production r...Read More
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U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade. The Canadian Dollar slipped 0.14 to U.S.76.26 following election last night of a minority federal government. Procter & Gamble added $5.51 to $124.59 after reporting higher than consensus quarterly earnings and revenues. United Technologies gained $3.15 to $141.51 after reporting high...Read More
(Adds timings) By Elizabeth Piper, Kylie MacLellan and William James LONDON, Oct 21 (Reuters) - Prime Minister Boris Johnson willtry to drive the legislation needed to take Britain out of theEuropean Union through parliament in the next 10 days, or elsebreak his "do or die" pledge to leave on Oct. 31.On Monday, Johnson was forced to abandon his attempt to havea straight 'yes or no' vote...Read More
Here are five Fastmarkets MB stories you might have missed on Friday October 18 that are worth another look.Global scrap prices in all the major markets recovered during the working week ended October 18, boosted by lower material availability and rising Turkish import prices.An increase in copper concentrate treatment and refining charges (TC/RCs) so far this month reflects a drop in the number o...Read More
Billet prices in the major global markets continued to climb in the week ended Friday October 18, spurred by the tight availability of material in some markets, lively demand in China, and the uptick in global scrap prices.CIS, TurkeyOffers of CIS billet were limited last week. This was partially due to the absence of several Ukrainain mills, which quit the market due to unfavorable market conditi...Read More
BHP has reported a 9.6% year-on-year drop in metallurgical coal output in the three months to September, a period during which fob Australia prices for premium hard coking coal fell amid Chinese import restrictions and weak demand outside of China.The miner produced 9.35 million tonnes of met coal during the period, which also marked a 21% quarter-on-quarter drop, it said on Thursday October 17. B...Read More
Members of the incoming European Commission, expected to take office in November, have released more details of a planned "carbon border tax", which could levy charges on metal imports into the European Union. Products affected would be those deemed by the EU as manufactured with excessive carbon emissions. While details of what will be covered, and under what circumstances, will be included in a...Read More
US President Donald Trump said on Monday October 14 that he will impose a 50% tariff on imports of steel from Turkey in response to that country's military actions in northeastern Syria.However, market participants believe such a move will have a minor impact on the Turkish steel sector, because Turkey's steel exports to the United States are already limited because of weak demand.BilletA trader f...Read More
Billet prices in the major global markets continued to climb in the week ended Friday October 18, spurred by the tight availability of material in some markets, lively demand in China, and the uptick in global scrap prices.CIS, TurkeyOffers of CIS billet were limited last week. This was partially due to the absence of several Ukrainain mills, which quit the market due to unfavorable market conditi...Read More
Here are five Fastmarkets MB stories you might have missed on Friday October 18 that are worth another look.Global scrap prices in all the major markets recovered during the working week ended October 18, boosted by lower material availability and rising Turkish import prices.An increase in copper concentrate treatment and refining charges (TC/RCs) so far this month reflects a drop in the number o...Read More
Electric vehicles (EVs) are forecast to reach cost and functional parity with internal combustion engine (ICE) vehicles by 2025. Theoretically, this should create the global tipping point for mass market EV adoption, along with the development of the associated charging infrastructure required to accompany the growth.In practice, it is not quite as straightforward.A recent report by investment res...Read More
The world's largest low-grade iron ore producer has confirmed that it will bid for two blocks at what is considered the world's largest untapped high-grade ore resource, a move that reiterates what the industry has been saying over the past few years - that demand for green iron ore or high-grade ore is a structural change in the making."Following the release of information at a public meeting hel...Read More
Here are five Fastmarkets MB stories you might have missed on Friday October 18 that are worth another look.Global scrap prices in all the major markets recovered during the working week ended October 18, boosted by lower material availability and rising Turkish import prices.An increase in copper concentrate treatment and refining charges (TC/RCs) so far this month reflects a drop in the number o...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade.Apple gained $1.33 to $237.74 after Raymond James raised its target price to $280 from $250. Boeing dropped another $4.25 to $339.75 following revelations that the company may have withheld information on software used in the 737 Max aircraft.Hewlett Packard Enterprises gained $0.32 to $1...Read More
BHP has reported a 9.6% year-on-year drop in metallurgical coal output in the three months to September, a period during which fob Australia prices for premium hard coking coal fell amid Chinese import restrictions and weak demand outside of China.The miner produced 9.35 million tonnes of met coal during the period, which also marked a 21% quarter-on-quarter drop, it said on Thursday October 17. B...Read More