China's domestic rebar prices moved down on Tuesday October 8 on heightened selling interest and weak futures on the first working day after the country's Golden Week. Domestic Eastern China (Shanghai): 3,740-3,780 yuan ($525-530) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 3,590-3,630 yuan per tonne, down 10 yuan per tonneStockists who built up their inventories late in Septembe...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, plate, sheet and other flat steel products.Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic,...Read More
Mexican scrap prices were largely stable this week, with buyers trying to apply previously announced price cuts while waiting for further movements.Market participants were holding off on committing to additional price adjustments until October settlements were completed in the United States' main markets.News of $40-per-gross-ton reductions in prime scrap prices in Chicago for...Read More
Physical iron ore prices rose on Tuesday October 8 on likely easing production restrictions in north China.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $94.77 per tonne, up $1.39 per tonne. 62% Fe Pilbara Blend Fines, cfr Qingdao: $94.05 per tonne, up $1.14 per tonne.62% Fe low-alumina fines, cfr Qingdao: $93.50 per tonne, up $1.78 per tonne. 58% Fe fines high-premium, cfr Qingdao...Read More
Seaborne coking coal prices remained steady on Tuesday October 8 despite the return of Chinese buyers after the country's Golden Week, with most of them waiting for offers to emerge to gauge the direction of the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $146.08 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $159.70 per tonne, unchanged Hard coking coal, fob DBCT: $...Read More
Shanghai-bonded copper stocks fell to a four-year low at the start of October as higher in-warehouse premiums in Shanghai and a profitable import arbitrage between London and Shanghai boosted buying interest for bonded warrants.Zinc inventories in the Shanghai bonded zone were lower due to higher customs clearance volumes during the busy September and October period, while nickel stocks rose on th...Read More
The three-month copper price on the London Metal Exchange was higher during morning trading on Tuesday October 8, holding above nearby support levels amid high turnover, while nickel futures shed 1.1% despite continued stock outflows.Copper's outright price was recently seen trading at $5,710 per tonne, maintaining support above its nearby $5,700-per-tonne support level. Turnover was high over the...Read More
Participants were expecting a stronger performance by the base metals on Tuesday October 8 following the reopening of Chinese markets, but futures prices on both the London Metal Exchange and Shanghai Futures Exchange have been mixed.On the LME, three-month copper, zinc and lead prices were firmer by an average of 0.5%, while nickel, tin and aluminium were down by an average of 1.1% - led by a 2.1...Read More
Fastmarkets has amended the specifications of its two cobalt hydroxide price assessments to take account of chemical components, mine origin of material eligible for consideration, and publication frequency. Following a consultation, Fastmarkets has tightened the chemical specification of the cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points in pre-opening trade. Investors were encouraged by news that China has committed to purchase $10 billion in agricultural products if a U.S./China trade agreement is reached. Johnson & Johnson dropped $2.85 to $128.99 following a jury decision that awarded $8 billion against the company.Verizons added $0.2...Read More
The three-month aluminium price on the London Metal Exchange was higher at the close of trading on Monday October 7, topping a broadly lackluster base metals complex amid low turnover, while zinc's benchmark cash/three-month spread narrowed over the afternoon.Aluminium futures closed at $1,746 per tonne in the afternoon, climbing from an intraday low of $1,714 per tonne, while some 10,100 lots wer...Read More
The three-month nickel price on the London Metal Exchange moved higher during morning trading on Monday October 7, with prices buoyed by a continued draw on the exchange's falling inventory. Nickel's outright price was recently seen trading at $17,775 per tonne, edging closer to the $18,000-per-tonne resistance level, a price not seen since September 13. Volumes traded were particularly thin over...Read More
China is still on holiday this morning, Monday October 7, and quiet trading has resulted in fairly mixed prices across the metals and broader markets. We expect activity to pick up when China's markets reopen on Tuesday, but with United States-China trade talks scheduled for Thursday and Friday, trading is likely to be nervous. Markets quiet with China on holiday for Golden Week until Tuesday...Read More
Antimony found support again in Europe over the week ended Friday October 4, with some traders reportedly achieving higher prices in Rotterdam.Fastmarkets assessed the price of antimony, MMTA standard grade II, in-warehouse Rotterdam, at $6,000-6,300 per tonne on Friday, up by 1.8% per tonne from the previous assessment. Despite the absence of Chinese market participants during the week-long...Read More
Chinese cobalt producer GEM Co Ltd has signed a cobalt supply contract with Switzerland-based miner-trader Glencore, locking in cobalt hydroxide supply for the next five years, the companies announced on October 7. Glencore will supply GEM, including four of its wholly-owned subsidiaries, with at least 61,200 tonnes of cobalt hydroxide between 2020 and 2024. According to the agreement, GEM will pu...Read More
Turkish domestic scrap prices were largely stable over the past week, in line with steady imported scrap values, sources said on Monday October 7.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,300-1,430 ($229-252) per tonne on Monday, unchanged week-on-week. Almost all steel mills have kept their buy prices flat for the...Read More
Turkish steel mills were silent on the first working day of the week with no deep-sea purchases taking place and prices remaining stable, sources said on Monday October 7. Two cargoes were booked at the end of last week. One Turkish steel mill in the Marmara region booked a UK cargo at $223.50 per tonne cfr for HMS 1&2 (80:20) and another steel mill in the Izmir region booked a US cargo at $228.50...Read More
China is still on holiday this morning, Monday October 7, and quiet trading has resulted in fairly mixed prices across the metals and broader markets. We expect activity to pick up when China's markets reopen on Tuesday, but with United States-China trade talks scheduled for Thursday and Friday, trading is likely to be nervous. Markets quiet with China on holiday for Golden Week until Tuesday...Read More
Chinese cobalt producer GEM Co Ltd has signed a cobalt supply contract with Switzerland-based miner-trader Glencore, locking in cobalt hydroxide supply for the next five years, the companies announced on October 7. Glencore will supply GEM, including four of its wholly-owned subsidiaries, with at least 61,200 tonnes of cobalt hydroxide between 2020 and 2024. According to the agreement, GEM will pu...Read More
Import prices for rebar into Singapore were unchanged over the past week due to limited spot activity during the National Day holiday in China.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) import, cfr Singapore - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was $430-435 per tonne for the week to Monday October...Read More