China's domestic rebar prices dropped on Wednesday September 11 after selling interest picked up ahead of a three-day weekend.Domestic Eastern China (Shanghai): 3,650-3,680 yuan ($513-517) per tonne, down 10 yuan per tonneNorthern China (Beijing): 3,620-3,650 yuan per tonne, narrowed downward by 10 yuan per tonneTraders lowered prices to move more cargoes ahead of a public holiday on Friday to mar...Read More
The London Metal Exchange three-month nickel price climbed 0.8% in the morning session on Wednesday September 11, trading up around $18,150 per tonne from the previous day's $17,950 per tonne close. The three-month nickel contract is ignoring a 1,428-tonne fresh inflow of material into the LME warehouse network. A narrowing cash/three-month nickel spread, trading around $83 per tonne today, is att...Read More
As they have done throughout most of this week, base metals prices on the Shanghai Futures Exchange gave mixed performances during morning trading on Wednesday September 11.Risk appetite was buoyed slightly this morning by reports that China will buy more US agricultural products to facilitate a better trade deal ahead of scheduled talks between top US and Chinese negotiators in Washington early n...Read More
The following Fastmarkets minor metals prices changed on Wednesday September 11:Antimony max 100ppm Bi, in-whs Rotterdam $/tonne: $5,800-6,100 per tonne from $5,700-5,900Antimony MMTA standard grade II, in-whs Rotterdam, $/tonne: $5,700-6,000 per tonne from $5,700-5,900Antimony MMTA standard grade II, ddp China, yuan/tonne: 37,500-38,000...Read More
Stainless steel prices in East Asia have shown an uptick over the past week on continued strength in the price of nickel on the London Metal Exchange, although limited demand prevented a sharper increase, market sources said on Wednesday September 11.The LME nickel price rallied by 23% last month after Indonesia announced that it would bring forward a ban on nickel ore exports, which will now begi...Read More
Fastmarkets MB has corrected its aluminium scrap United Kingdom baled old rolled cuttings price which was published incorrectly on Wednesday September 11 due to an error. The UK baled old rolled cuttings price, delivered consumer works assessment was incorrectly published at ?675-700 per tonne instead of ?720-740 per tonne, unchanged from the previous week. This was correctly displayed in t...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade. Index futures moved higher on news that the European Central Bank lowered its Deposit Facility Rate to -0.50%.Gold jumped $21.30 to $1524.50 following release of the ECB report.U.S. equity index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus...Read More
A summary of base metals premiums from across the globe for the week to Tuesday September 10.Please click...Read More
The three-month aluminium and copper prices on the London Metals Exchange defied a stronger dollar index to trade significant volumes by the end of the day's trading on Tuesday September 10. "Flow [of trading] this past week has been systematic short-covering and trading volumes are coming back under pressure suggesting prices will struggle to move aggressively," Marex Spectron said in a morning n...Read More
Chinese spot copper premiums hit nine-month highs during a recent copper conference in the Chinese city of Qiqihar (September 5-6), but delegates were less optimistic for the annual benchmark contract negotiations for 2020. Fastmarkets looks at the key topics dominating the Chinese copper industry into the fourth quarter. Spot copper premiums basis cif Shanghai and in-warehouse Shanghai hit n...Read More
Chilean copper production rose by 0.9% year-on-year in July 2019 with growth at the Esperanza, Collahuasi and Spence mines offsetting lower output from Codelco, Escondida and Anglo American.The country produced 486,500 tonnes of copper content during the month, compared with 482,000 tonnes a year earlier, Chilean copper commission Cochilco said on Monday September 9. Volumes had not grown on the s...Read More
Turkish deep-sea scrap import prices fell again on Tuesday September 10, after a Baltic Sea supplier agreed to accept a lower bid from a Turkish steel mill.Late on Monday, a steel mill in the Izmir region booked a Baltic Sea cargo of 25,000 tonnes of HMS 1&2 (80:20) at $240 per tonne cfr.And other Baltic Sea scrap suppliers were offering HMS 1&2 (80:20) at $245 per tonne cfr.As a result....Read More
Chinese cold-rolled coil export prices remained unchanged over the past week despite an anti-dumping investigation being instigated in Vietnam.Vietnam's Ministry of Industry & Trade launched the probe after requests from several Vietnamese producers. The investigation encompasses non-alloy cold-rolled steel sheet and coil in widths of less than 1,600mm and in thi...Read More
The downturn in global steel prices and the current weak demand have begun to affect the prices for flat steel imports into the United Arab Emirates (UAE), sources said on Tuesday September 10.Import prices in Saudi Arabia have yet not been affected, but they were expected to change by next week, sources said.UAEOffer prices for hot-rolled coil (HRC) from China have fallen as low as $470 per tonne...Read More
Steel hot-rolled sheet prices in Russia's Central Federal District around Moscow have softened first time since mid-April on the seasonal slowdown, sources told Fastmarkets on Monday September 9.Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia, was 43,000-44,900 roubles ($655-684) per tonne on September 9, including 20% VAT. This was down from 45,100-45...Read More
Import prices for steel billet in the United Arab Emirates have gone down because of the global fall in steel prices and poor demand, and rebar prices were expected to start a similar downtrend soon, sources said on Tuesday September 10.Market participants were expecting new prices to be announced in the near future, Fastmarkets was told.Domestic rebarEmirates Steel is the UAE's largest producer,...Read More
The Supreme Administrative Court of Egypt has again postponed its decision on the possible re-imposition of safeguard duties on billet and rebar imports and will not discuss the matter until October 5, Fastmarkets understands.The move prolongs the uncertainty in the market, which has led to a significant reduction in buying activity, sources told Fastmarkets on Tuesday September 10....Read More
Rebar prices in Russia's major steel-consuming region - the Central Federal District around Moscow - continued to fall over the past week due to a combination of high availability and the seasonal slowdown.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, including 20% VAT, was 36,000-37,000 rubles ($547-562) per tonne on Monday September 9, down...Read More
Turkish deep-sea scrap import prices fell again on Tuesday September 10, after a Baltic Sea supplier agreed to accept a lower bid from a Turkish steel mill.Late on Monday, a steel mill in the Izmir region booked a Baltic Sea cargo of 25,000 tonnes of HMS 1&2 (80:20) at $240 per tonne cfr.And other Baltic Sea scrap suppliers were offering HMS 1&2 (80:20) at $245 per tonne cfr.As a result....Read More
Activity in the seaborne iron ore market picked up on Tuesday September 10 and prices continued to strengthen. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $93.22 per tonne, up $0.25 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $93.61 per tonne, up $0.25 per tonne.62% Fe low-alumina fines, cfr Qingdao: $91.03 per tonne, up $0.73 per tonne.58% Fe fines premium index,...Read More