U.S. equity index futures were higher. S&P 500 futures advanced 7 points in pre-opening trade.Index futures were virtually unchanged following final estimate of economic news at 8:30 AM EDT. Consensus for U.S. second quarter real GDP was unchanged from the previous estimate at 2.00%. Actual was unchanged at 2.00%. Consensus for Weekly Initial Jobless Claims was an increase to 212,000 from 208,...Read More
* GRAPHIC-2019 asset returns: (Recasts, updates with closing prices) By Eric Onstad LONDON, Sept 25 (Reuters) - Copper prices erased losses onWednesday after U.S. President Donald Trump held out theprospect of end to a trade war with top metals consumer China. Trump told reporters in New York that a deal to end a nearly15-month trade war with China could happen "sooner than youthink". Wi...Read More
A summary of base metals premiums from across the globe for the week to Tuesday September 24.Please click...Read More
Fastmarkets proposes to discontinue its assessment of the copper rod annual premium, cif Nhava Sheva, due to a lack of liquidity and excessively long premium negotiation periods.Annual premium negotiations between Indian buyers and international sellers can run for as long as seven months, making it very difficult for price reporters to capture deals and concentrate trade liquidity.Fastmarkets gen...Read More
The three-month zinc price on the London Metal Exchange was lower at the close of trading on Tuesday September 24, dipping below the $2,300-per-tonne support level despite falling exchange stocks, while aluminium futures closed at their lowest level since September 3. Zinc futures closed at $2,282 per tonne this afternoon, also settling at their lowest level since September 3 against a broad weake...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday September 24 that are worth another look.The long-lasting downtrend in the international scrap market, which has pushed prices to three-year lows this month, has led to the point where steelmakers which use electric-arc furnaces (EAFs) have a significant advantage over those equipped with blast furnaces (BFs), which use iron ore...Read More
Five private copper smelters in China have halted production because processing at market terms has become unfeasible due to a combination of weakening demand for end products, a tight copper concentrates market and the higher costs of complying with pollution standards.The smelters involved are Top-Eastern Copper in Liaoning, Jinshui Copper and Kaitong Group in Yunnan, Laizhou Fangtai in Shandong...Read More
Miners launch cheaper offer prices for manganese ore in response to declining demand from China. Ore markets knocked by cheap offers, languishing demandSilico-manganese spot prices weaken in ChinaIndian silico-manganese prices drop amid poor demand, oversupplyEuropean alloy markets flatline in consumer absenceUS high carbon ferro-manganese price falters Seaborne manganese ore prices dived on Frida...Read More
Ferrous scrap prices in Mexico have dropped for almost all grades and in almost all regions this week, with some of the country's main steelmakers applying price cuts.Last week, a large Mexican mill confirmed a price reduction of 400 pesos ($20.57) per tonne for all scrap grades, adding to previously announced price cuts of 200 pesos per week in September by two other large scrap consumers.But som...Read More
Turkish deep-sea scrap prices have shown a slight uptick with news of a fresh European cargo trade, but the market direction was still unclear, sources said on Tuesday September 24.A steel mill in the Iskenderun region booked a European cargo, comprising 15,000 tonnes of HMS 1&2 (75:25) at $220 per tonne and 10,000 tonnes of shredded at $230 per tonne cfr.News of the cargo raised the daily scrap i...Read More
Belgium-based battery-materials manufacturer Umicore has reached a multi-year supply agreement with South Korean battery maker LG Chem for nickel-cobalt-manganese (NCM) cathode materials, Umicore said on Monday September 23. Under the agreement, Umicore will supply LG Chem with a total of 125,000 tonnes of NCM cathode materials over several years, starting from 2020. The companies did not reveal t...Read More
The Association of South East Asian Nations (Asean) is expecting a large number of steelmaking projects dedicated to both flat and long steel production in the next decade, covering not only regional demand but also excess volumes that may be exported, according the South East Asia Iron and Steel institute (SEAISI). The Asean regional intergovernmental organization comprises the Philippines, Indon...Read More
The prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have fallen this week on continuing limited demand, sources told Fastmarkets on Tuesday September 24.Buyers did not want to book big tonnages before prices hit bottom, they said.UAEOffer prices for hot-rolled coil (HRC) from China were heard at $450-460 per tonne cfr this week, with offers of India- and Japa...Read More
Steel hot-rolled sheet prices in Russia's Central Federal District around Moscow have declined over the week to Monday September 23 due to the seasonal slowdown, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia was 43,000-44,000 roubles ($671-687) per tonne on September 23, including 20% VAT, narrowing downward from 43,000-44,90...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday September 24 that are worth another look.The long-lasting downtrend in the international scrap market, which has pushed prices to three-year lows this month, has led to the point where steelmakers which use electric-arc furnaces (EAFs) have a significant advantage over those equipped with blast furnaces (BFs), which use iron ore...Read More
The long-lasting downtrend in the international scrap market, which has pushed prices to three-year lows this month, has led to the point where steelmakers which use electric-arc furnaces (EAFs) have a significant advantage over those equipped with blast furnaces (BFs), which use iron ore as a feed.That was the conclusion made by the raw materials committee of the International Rebar Exporters & P...Read More
The Association of South East Asian Nations (Asean) is expecting a large number of steelmaking projects dedicated to both flat and long steel production in the next decade, covering not only regional demand but also excess volumes that may be exported, according the South East Asia Iron and Steel institute (SEAISI). The Asean regional intergovernmental organization comprises the Philippines, Indon...Read More
Ferrous scrap prices in Mexico have dropped for almost all grades and in almost all regions this week, with some of the country's main steelmakers applying price cuts.Last week, a large Mexican mill confirmed a price reduction of 400 pesos ($20.57) per tonne for all scrap grades, adding to previously announced price cuts of 200 pesos per week in September by two other large scrap consumers.But som...Read More
Turkish deep-sea scrap prices have shown a slight uptick with news of a fresh European cargo trade, but the market direction was still unclear, sources said on Tuesday September 24.A steel mill in the Iskenderun region booked a European cargo, comprising 15,000 tonnes of HMS 1&2 (75:25) at $220 per tonne and 10,000 tonnes of shredded at $230 per tonne cfr.News of the cargo raised the daily scrap i...Read More
Import prices for steel billet and rebar in the United Arab Emirates fell this week because of soft demand, and rebar prices were also expected to decline, sources said on Tuesday September 24.Market participants expected that new domestic rebar prices would be announced in the near future, Fastmarkets heard.Billet importsBillet was on offer from Oman at about $405-410 per tonne cpt, and $390 per...Read More