China's sustained presence as a buyer in Southeast Asia's spot billet market has been boosting prices in the region, sources told Fastmarkets. At least two cargoes involving close to 80,000 tonnes of Indian billet and 55,000 tonnes of Russian billet were booked at $395-400 per tonne cfr China after the country's October 1-7 Golden Week to commemorate its 70th National Day."The major buyers are re-...Read More
U.S. equity index futures were lower this morning. S&P 500 futures slipped 5 points in pre-opening trade.Index futures moved slightly lower following release of September Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.3% versus a revised gain of 0.6% in August. Actual was a drop of 0.3%. Excluding auto sales, consensus was an increase of 0.2% versus no change in August. Actual was...Read More
The three-month price of nickel on the London Metal Exchange was lower at the close of trading on Monday October 14, falling by more than 4% over the afternoon against high turnover while the majority of the base metals complex followed that downtrend.Nickel's outright price on the LME closed at $16,600 per tonne, falling by more than 4% from an intraday high of $17,545 per tonne, while more than...Read More
Lower-carbon aluminium may not yet award producers with higher premiums, but it has started making a difference when consumers pick their suppliers, according to a key executive at Companhia Brasileira de Alum?-nio (CBA)."At first, no company is really aiming to charge a higher premium for 'greener' aluminium," CBA's primary aluminium director Luis Jorge Nunes told Fastmarkets in an exclusive...Read More
There has been a significant rise in the number of Western Australian alumina cargoes imported into China over the past few weeks due to a widening arbitrage that has made it profitable to bring overseas material into the country. Market sources told Fastmarkets on Monday October 14 that they have heard a number of negotiations taking place to bring cargoes of Australian alumina into China. The la...Read More
Here are five Fastmarkets MB stories you might have missed on Monday October 14 that are worth another look.Lower-carbon aluminium may not yet award producers with higher premiums, but it has started making a difference when consumers pick their suppliers, according to a key executive at Companhia Brasileira de Alum?-nio (CBA).The Bureau of International Recycling (BIR) will advocate for a Ch...Read More
There has been a significant rise in the number of Western Australian alumina cargoes imported into China over the past few weeks due to a widening arbitrage that has made it profitable to bring overseas material into the country. Market sources told Fastmarkets on Monday October 14 that they have heard a number of negotiations taking place to bring cargoes of Australian alumina into China. The la...Read More
Nyrstar will shut its Langlois zinc and copper mine in Quebec, Canada, in December and has opened discussions with interested parties to sell it, the company said on Monday October 14.The mine will shut "due to rock conditions having deteriorated to the point where the company considers it uneconomic to continue...Read More
Key data from the pricing sessions in London, New York and Shanghai for the week ended Friday October 11.EuropeKey drivers European prices for grade 4-4-1 and grade 5-5-3 silicon edged down by 1.6% and 2% respectively after deals were concluded at lower levels. The silicon market has experienced slightly more activity both in the week to October 11 and the week before, with some traders taking pos...Read More
Key data from the pricing sessions in Asia and Europe in the week to Friday October 11. China Key drivers The price for antimony, MMTA standard grade II, ddp China gained 3.2% after domestic suppliers raised their offer prices in response to resumed buying interest from consumers returning from the week-long National Day holiday (October 1-7). Many antimony producers were reluctant...Read More
Deep-sea scrap import prices in the Turkish market increased in the latest bookings heard for November shipments, sources said on Monday October 14.A steel mill in the Marmara region booked a Baltic Sea cargo on Monday, comprising 40,000 tonnes of HMS 1&2 (80:20) at $237 per tonne cfr.Another steel mill in the Izmir region also booked a Baltic Sea cargo, comprising 30,000 tonnes of HMS 1&2 (80:20)...Read More
As the United States' Section 232 tariffs on steel imports enter the second half of their second year, ferrous markets across the globe are still reeling from their effects.The tariffs - imposed after a year-long Section 232 investigation into whether imports of steel, as well as aluminium, posed a national security risk to the US - were vaunted as policies to safeguard the country's domestic indu...Read More
The Bureau of International Recycling (BIR) will advocate for a Chinese proposal to discard the term "scrap" by officially renaming certain copper scrap products as "recyclable copper raw materials", whilst seeking further clarity with Chinese officials on the definition and specifications of importable scrap, the association said on Sunday October 13.In Chinese, "scrap" and "waste" are essentiall...Read More
The metals market remains cautious because there still seems a long way to go before a United States-China trade deal can be reached.Weak Chinese trade data highlights how the global economy is suffering - China's US dollar-denominated exports fell by 3.2% in September year on year, while imports dropped 8.5% in the same comparison.Asian equities are firmer across the board because at least some p...Read More
China's cobalt metal price consolidated gains made since late August on Friday October 11 due to weak demand and falling futures prices following the week-long national holiday break. Fastmarkets' assessment for cobalt 99.8% Co min, exw China dropped to 295,000-310,000 yuan per tonne (approx $16.72-17.57 per lb, China-VAT free) on Friday, down by 2.4% from the midweek pricing session. Spot de...Read More
Import prices for steel slab in Southeast Asia and East Asia fell during the past week, with market participants remaining bearish due to the ongoing plunge in downstream hot-rolled coil prices, sources told Fastmarkets."Margins for steel mills in Southeast Asia have been squeezed because of the decline in HRC prices, which has led to demands for lower slab prices," a source in Southeast Asia said...Read More
China's domestic hot-rolled coil prices strengthened on Monday October 14 amid steady demand, making export transactions challenging even though the country reached some form of a truce with the United States last Friday amid an ongoing trade spat.DomesticEastern China (Shanghai): 3,580-3,600 yuan ($505-508) per tonne, up 10-20 yuan per tonneNorthern China (Tangshan): 3,550 yuan per tonne, up 30 y...Read More
As the United States' Section 232 tariffs on steel imports enter the second half of their second year, ferrous markets across the globe are still reeling from their effects.The tariffs - imposed after a year-long Section 232 investigation into whether imports of steel, as well as aluminium, posed a national security risk to the US - were vaunted as policies to safeguard the country's domestic indu...Read More
Special bar quality (SBQ) steel prices in the United States fell again across the cold-finished and hot-rolled grades due to declining ferrous scrap prices, and demand from key end markets is expected to remain tepid for the rest of 2019.The price decrease stems from the $40-per-gross-ton decline in Chicago No1 busheling, a key feedstock for SBQ production. Fastmarkets understands that S...Read More
A summary of the financial results for Egypt's biggest steelmaking group, Ezz Steel, for the first half of 2019, between January 1 and June 30.In briefEarnings were down due to "the falling price of steel products and the rising costs of iron ore pellets. This pressure was increased by the exceptionally high costs of funding and energy in Egypt," Paul...Read More