London Metal Exchange chief executive Matthew Chamberlain spoke to Metal Market Magazine editor Richard Barrett about how he almost missed the opportunity to advise Hong Kong Exchanges & Clearing on its acquisition of the bourse.Matthew Chamberlain joined the London Metal Exchange in 2012, having previously advised Hong Kong Exchanges & Clearing on the acquisition of the LME while working for bank...Read More
A very simplistic summary of the LME's approach to responsible sourcing is that it uses the Organization for Economic Co-operation & Development(OECD) red flag scheme and a phased introduction of transparency, but Matthew Chamberlain is keen to explain the "two big philosophical pillars behind it."The first is about establishing the LME's role in delivering responsible sourcing. "There are some in...Read More
A recurring theme throughout the multiple consultations undertaken on Matthew Chamberlain's watch to make progress along the London Metal Exchange's strategic pathway has been a goal of creating fairness between different types of member and market user with differing goals and agendas of their own. Does Chamberlain think that the exchange has achieved the right balance between the differing aims...Read More
Flat steel import prices were caught once again in the continuous global downtrend during the past week, as market participants await for Chinese offers to resume after the Golden Week and material from other origins was sold at lower levels.Fastmarkets assessed the price for steel hot-rolled coil import, cfr main ports South America, at $465-490 per tonne on Friday October 4, down from $480-500 p...Read More
Brazilian slab export prices fell this week amid widespread pessimism and buyers' low expectations.Fastmarkets' weekly price assessment for steel slab, export, fob main port Brazil, was at $370-380 per tonne fob on Friday October 4, down $30 per tonne from $400-410 per tonne fob a week earlier.Regular offers were at $375-380 per tonne fob aimed at the US market, according to market participants.Pr...Read More
The latest attempt by steel mills in Brazil to impose an increase in the domestic price of rebar has managed to stop a previous freefall seen in late September, although the rise that was implemented was smaller than was intended, Fastmarkets heard on Friday October 4.Fastmarkets' latest price assessment for steel reinforcing bar (rebar), domestic, monthly, delivered Brazil, was 2,165-2,300 Reais...Read More
Turkish prices for hot-dipped galvanized coil (HDG) and pre-painted galvanized iron (PPGI) fell in the week to Friday October 4, with demand remaining weak, sources have told Fastmarkets.Prices for hot-rolled coil, the base product for coated coil, have been coming down recently, and coated coil prices were expected to follow soon.Domestic pricesDemand in the country's local market was poor over t...Read More
Domestic rebar prices in Poland have decreased over the past week because of the expected fall in scrap prices this month, sources told Fastmarkets on Friday October 4.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Poland, was 1,960-2,000 zloty ($495-505) per tonne on October 4, down by 80-100 zloty per tonne over the week from 2,060-2,080 zloty per tonne.The...Read More
Turkish prices for hot-rolled and cold-rolled coil (HRC, CRC) have continued to fall over the past week on low demand, sources told Fastmarkets on Friday October 4.Demand was unlikely to improve in the coming weeks because of the current weak prices for steel and raw materials, Fastmarkets heard.HRC exportsFastmarkets' weekly price assessment for steel HRC, export, fob main port Turkey, was $420-4...Read More
An uptick in Turkish scrap import prices, coupled with a week-long holiday in China to mark the country's 70th anniversary, provided support for steel billet prices in Southeast Asia over the past week, sources told Fastmarkets on Friday October 4.Market participants were cautiously optimistic that billet prices had bottomed out."Ferrous scrap prices [in Turkey] moved up slightly this week and we...Read More
An overview of the battery raw materials markets and their latest price moves.Read More
Pig iron export prices from the south of Brazil have stabilized as suppliers turn away from the weaker United States market to refocus on China.Fastmarkets' weekly price assessment for pig iron, export, fob Vitorio/Rio, Brazil, was $275-280 per tonne on Friday October 4, stable week on week. "We are not offering to the US now, because [the] market level is falling there," one supplier said. "...Read More
Prices in the UK and mainland Europe alloy steel scrap markets were unchanged this week because of an almost complete lack of buying interest, sources told Fastmarkets on Friday October 4. Demand from European stainless steel mills is extremely low, traders said, because of weak demand globally for stainless steel that has led mills to reduce their production rates. With mills producing less stain...Read More
The inter-merchant spot market for UK-origin light iron scrap was steady in the week ended Friday October 4, stabilizing the losses made over the past two weeks, with suppliers keeping their offer prices firm ahead of agreeing domestic monthly settlements to consumers.Fastmarkets' price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?60-80 ($74-99) per...Read More
Prices of ferrous scrap imported into India fell at a slower rate this week amid signs that the market has started to stabilize after several weeks of decreases, sources told Fastmarkets on Friday October 4.Fastmarkets' weekly index for steel scrap, shredded import, cfr Nhava Sheva was $251.34 per tonne on Friday, down by just $0.47 from $251.81 per tonne one week ago.This compared with week-...Read More
No significant trading activity was reported in the key export outlets for pig iron from the Commonwealth of Independent States during the week ended Thursday October 3, with buyers pessimistic about falling scrap prices in the United States.The US is the largest global importer of pig iron.Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS, decl...Read More
Seaborne iron ore prices remained flat on Friday October 4 in a quiet session, with most Chinese market participants still on a week-long break.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $93.38 per tonne, unchanged.62% Fe Pilbara Blend fines, cfr Qingdao: $92.91 per tonne, unchanged.62% Fe low-alumina fines, cfr Qingdao: $91.72 per tonne, unchanged.58% Fe fines high-prem...Read More
Trading activity in the seaborne coking coal market remained muted on Friday October 4, the fourth day of China's Golden Week to mark its 70th National Day.Premium 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: $123.13 per tonne, unchangedHard coking coal, cfr...Read More
It has been a hectic couple of years for LME chief executive officer Matthew Chamberlain, his teams and members while the exchange works through the comprehensive list of plans and actions in its Strategic Pathway.Regardless of the actual volume of activity under way in an organization, there is a tendency for most chiefs to convey a sense of constant, restless dynamism focused on an endless desir...Read More
The three-month nickel price on the London Metal Exchange was higher during morning trading on Friday October 4, with continued outflows and fresh cancelations in LME stocks buoying price action, while copper continues to drift below nearby resistance levels. Nickel's outright price was recently trading at $17,775 per tonne - its highest level since September 20 - against just 1,500 lots exchanged...Read More