Prices for steel H-beam in Northern Europe continued to move downward over the past week because of uncertainty created by falls in feedstock costs and persistent weak demand, sources told Fastmarkets on Wednesday October 9.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?540-580 ($592-636) per tonne on October 9, down from ?,?550-590 per tonne on O...Read More
US ferrous scrap export prices leaped overnight on a sale off the East Coast to Turkey, but it remains to be seen whether the market has entered a recovery - or whether the buying mill hoped to use the higher scrap price as leverage to raise rebar prices.An East Coast exporter sold a 40,000-tonne cargo that included 23,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap at $233 per tonne...Read More
Turkish steel producers resumed booking deep-sea scrap for November shipment after a short break, sources said on Wednesday October 9, although prices have now increased compared with previous bookings due to a lack of supply.One Turkish steel producer booked a scrap cargo from the United States, comprising 23,000 tonnes of HMS 1&2 (80:20) at $233 per tonne and 17,000 tonnes of shredded at $2...Read More
Physical iron ore prices dropped on Wednesday October 9 amid soft steel markets and demand concerns over the potential for more steelmaking restrictions in China.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $91.06 per tonne, down $3.71 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $90.34 per tonne, down $3.71 per tonne.62% Fe low-alumina fines, cfr Qingdao: $89.75 per...Read More
Trading activity in the seaborne coking coal market remained muted on Wednesday October 9 with Chinese buyers' optimism yet to translate into transactions while those elsewhere remained on the sidelines.Fastmarkets indicesPremium hard coking coal, fob DBCT: $146.37 per tonne, up $0.29 per tonnePremium hard coking coal, cfr Jingtang: $159.72 per tonne, up $0.02 per tonne Hard coking coal, fob DBCT:...Read More
More price falls are expected for Japanese H2 scrap in Asia after the Kanto Tetsugen scrap auction closed lower today, Wednesday October 9.The October auction concluded at an average price of ?22,293 ($208.03) per tonne on a free alongside ship (fas) basis this week, down ?2,556 per tonne from last month.A total of 21,100 tonnes was awarded to five buyers. The first buyer was awarded 5,000 tonne...Read More
European iron ore pellet producer Ferrexpo has revised its annual production guidance to 10.4-10.6 million tonnes, compared with 10.6 million tonnes previously, citing "the current market environment", it said on Tuesday October 8.The Switzerland-headquartered company, whose mines are in Ukraine, reported an output of 2.5 million tonnes in the July-September quarter. Of these, 96% consisted of 65%...Read More
China's hot-rolled coil market weakened further on Wednesday October 9, with mills lowering prices to boost trading after the lifting of production curbs in the northern region.DomesticEastern China (Shanghai): 3,590-3,600 yuan ($502-504) per tonne, down 20 yuan per tonneNorthern China (Tangshan): 3,540 yuan per tonne, down 20 yuan per tonneTraders in the spot market lowered their prices according...Read More
Rebar prices in eastern China continued to weaken on Wednesday October 9 on inactivity and sustained pessimism, while those in the northern region were unchanged on steady demand. Domestic Eastern China (Shanghai): 3,720-3,750 yuan ($520-525) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 3,590-3,630 yuan per tonne, unchangedSellers in eastern China lowered their prices to stimulate...Read More
London Metal Exchange three-month base metals prices were little changed - with the exception of nickel - during morning trading on Wednesday September 9 amid lackluster turnover despite the dollar index trading down 0.11% at 98.98 at the same time. Uncertainty over imminent United States-China trade talks, which continue to falter, weaker Caixin Services purchasing managers index data released on...Read More
Markets are treading water this morning, Wednesday October 9, ahead of the United States-China trade talks that are being held on Thursday and Friday. Ahead of the negotiations, optimism for a trade deal between the two is fading while rhetoric rises, but that may just be gamesmanship.The International Monetary Fund (IMF) is expected to downwardly revise its growth projections for this year and th...Read More
Fastmarkets is initiating a consultation on a proposed increase in the frequency of its benchmark prices for cobalt standard grade and cobalt alloy grade, in whs Rotterdam, to daily. Fastmarkets currently assesses both prices on Wednesday and Friday each week.Initial feedback suggests that daily pricing would be more responsive to price moves in the cobalt market, notably during times of volatilit...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday October 9.Key drivers The ferro-titanium market continued its softer trend this week amid a virtual absence of consumer demand for prompt deliveries that has lasted since since the summer. The spot ferro-titanium price narrowed down to $4.40-4.60 per kg delivered this week from $4.40-4.80 per kg previously. Consumers in the steel se...Read More
The following Fastmarkets minor metals prices changed on Wednesday October 9:Minor metalsAntimony max 100ppm Bi, in-whs Rotterdam $/tonne: $6,050-6,350 per tonne from $6,000-6,300Antimony MMTA standard grade II, in-whs Rotterdam, $/tonne: $6,050-6,300 per tonne from $6,000-6,300Antimony MMTA...Read More
Chinese stainless steel export prices have increased, after producers returned from the Golden Week holiday to find production costs rising due to a surge in nickel prices, market sources told Fastmarkets this week.The three-month nickel contract on the London Metal Exchange has averaged $17,560 per tonne so far in October, compared with August's average of $15,661 per tonne. Market participants i...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday October 9:Aluminium scrapCommercial pure cuttings, delivered consumer UK, ?/tonne: ?820-860 per tonne from ?850-880Loose old rolled cuttings, delivered consumer UK, ?/tonne: ?540-560 per...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade. Investors are focusing on news from U.S./China trade talks that started today.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the September Consumer Price Index was an increase of 0.1% versus a gain of 0.1% in August. Actual was unc...Read More
A summary of base metals premiums from across the globe for the week to Tuesday October 8.Please click...Read More
The London Metal Exchange three-month copper price fell by 0.6% at the close of trading on Tuesday October 8 to $5,682 per tonne compared with $5,722 per tonne the previous day despite a doubling of lots traded from this morning, with just shy of 16,500 lots having changed hands by the afternoon kerb. The red metal's LME three-month price has ignored a 4,800 tonne outflow from LME-approved warehou...Read More
A consortium including commodities brokerage Marex Spectron has launched a product monitoring the up-to-date operational status of up to 90% of the world's copper smelters using satellite technology. The SAVANT Global Copper Smelting Index is a partnership between Marex Spectron and geospatial intelligence company Earth-i, with development partly funded by the UK Space Agency via the European Spac...Read More