The queue to remove aluminium from London Metal Exchange-approved warehouses operated by Istim in Port Klang, Malaysia, doubled to 64 days at the end of August, according to the latest LME data. At the end of July the queue was down to just 33 days, but a series of large cancellations throughout August have extended the time taken for metal to be delivered out of warehouses once again. Around 86,0...Read More
The three-month copper price on the London Metal Exchange was slightly lower during morning trading on Tuesday September 10, falling below its nearby $5,800 per tonne support level amid broad complex weakness, while aluminium futures stayed above the $1,800 per tonne threshold. Volumes traded in copper over the morning have been moderate, topping the complex at around 4,400 lots exchanged as of 9:...Read More
Base metals prices on the Shanghai Futures Exchange exhibited mixed movements during morning trading on Tuesday September 10 while the complex reacts to global economic growth concerns and China relaxing its monetary policy. China's disappointing trade data for August, with exports unexpectedly down 1% year on year, weighed on market sentiment at a time when trade tensions between the world's top...Read More
Demand from the Asian energy sector and domestic buyers in Indonesia will continue to support steel plate prices in the final quarter of this year, a source close to a leading Japanese steelmaker told Fastmarkets this week."Crude oil prices have been hovering about $50-60 per barrel and this has led to more interest from the energy sector to increase steel procurement," the source said.This was mo...Read More
A top Japanese steelmaker is expecting a rebound in prices for hot-rolled coil (HRC) in Asia in the fourth quarter of the year, based on the bullish fundamentals which should be seen during that period, Fastmarkets has heard."Aggressive export offers from Indian mills - due to weak domestic demand during the monsoon season and short-selling by traders which held bearish oulooks on the spot market...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 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
A downturn in finished steel prices, a collapse in export deals and at least 21 mill outages planned through December have wrought havoc on the United States' ferrous scrap market, and October is expected to continue the negative momentum brought with this month's free fall.The weakened September demand landscape quickly magnified the market's downside, turning an initially expected $20-per-gross-...Read More
Prices for ferrous scrap grades in Mexico's steelmaking regions of Monterrey and Baj?-o were stable week on week, while market participants were under pressure after several mills announced price cuts for September.Fastmarkets' weekly assessment of the steel scrap No1 busheling, consumer buying price, delivered mill Monterrey, stood at 5,100 pesos per tonne on Tuesday September 10, while the steel...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. ...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
Seaborne coking coal prices were flat on Tuesday September 10, with Chinese market participants anticipating some strength in prices towards the end of the year but expecting downward pressure in the short term.Fastmarkets indicesPremium hard coking coal, fob DBCT: $150.76 per tonne, down $1.44 per tonne Premium hard coking coal, cfr Jingtang: $169.26 per tonne, up $0.19 per tonneHard co...Read More
Trading activity dropped in China's hot-rolled coil market on Tuesday September 10 after sellers tried raise prices in the morning.DomesticEastern China (Shanghai): 3,700-3,720 yuan ($519-522) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,620-3,630 yuan per tonne, unchangedWhile sellers in Shanghai were able to conclude some transactions at around 3,720 yuan per tonne in the morning,...Read More
China's domestic rebar prices moved in opposite directions on Tuesday September 10, with those in the eastern region rising on active trading while the northern market weakened on a pessimistic outlook for demand. Domestic Eastern China (Shanghai): 3,660-3,690 yuan ($514-518) per tonne, up 10 yuan per tonneNorthern China (Beijing): 3,620-3,660 yuan per tonne, down 20-30 yuan per tonneStockists in...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade. Index futures were virtually unchanged following released of the August Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.1% versus a gain of 0.2% in July. Actual was an increase of 0.1%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.1%...Read More
* GRAPHIC-2019 asset returns: (Adds closing prices) By Zandi Shabalala LONDON, Sept 10 (Reuters) - Copper was steady on Tuesday asdownbeat factory data from China, the biggest producer of themetal, highlighted the impact of Beijing's trade conflict withthe United States and reinforced concerns about demand for themetal. Benchmark copper on the London Metal Exchange (LME)ended 0.2% higher at $5,825...Read More
The three-month aluminium price on the London Metal Exchange had risen at the close of trading on Monday September 9, reaching its highest level since July 31, while a steady uptick in nickel futures over the afternoon saw the metal regain support above the $18,000 per tonne threshold.Aluminium futures closed at $1,799 per tonne, maintaining upward momentum over the afternoon and trading in positi...Read More
Key data from the Monday August 9 pricing session in London and Shanghai. Fastmarkets' benchmark alumina index, fob Australia fell to $296.08 per tonne on Monday, down from $298.91 per tonne on September 6. The index is at its lowest since August 16 when it hit $296.06 per tonne and is down 25% from the start of 2019 when it was at $396.24 per tonne on January 2. Key drivers: ...Read More
Low spot copper concentrate treatment and refining charges (TC/RCs) cif Asia Pacific will not lead to production cuts at Chinese copper smelters this year because many signed favorable long contracts at the end of 2018 and smelters remain cash positive, according to analysts attending a copper conference in Qiqihar, China, on Friday September 6. But expectations of a continued downtrend in TC/RCs...Read More