The dream of building a new world-class copper-gold mine in Pakistan in an area bordering Afghanistan and Iran has been dashed, for now at least. The saga of Tethyan Copper Co's (TCC) efforts to develop the Reko Diq mine found resolution last week with an International Centre for Settlement of Investment Disputes (ICSID) ruling in favor of TCC following a dispute that has rumbled on for years.TCC,...Read More
Currency exchange rates can make or break a steel trade, and with forex volatility in emerging markets expected to continue for the rest of the year, the Asian ferrous markets are likely to see more price fluctuations before the end of 2019.These five currency pairs should be on your watch-list for the significant influences they could bring to bear on key global steel and ferrous scrap trade flow...Read More
The three-month nickel price on the London Metal Exchange was higher at the close of trading on Wednesday August 28, breaching the $16,000 per tonne resistance level in a bout of short covering, while tightness in the metal's forward curve meant that it continued to trade at record levels.Some 8,000 lots of nickel changed hands by the close of trading on Wednesday, while the metal's price fluctuat...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday August 28.Please click...Read More
Prices for seaborne cargoes of premium hard coking coal in the fob Australia segment took a tumble on Wednesday August 28 in contrast with strengthening cfr China ones, underlining the robust demand for top-quality materials in China compared with the rest of the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $149 per tonne, down $5.28 per tonnePremium hard coking coal, cfr Jingtang...Read More
The increasing consumption of scrap and a potential shift toward the electric-arc furnace (EAF) steelmaking route from the basic oxygen furnace (BOF) route in China are medium- to long-term threats to demand for steelmaking raw materials, while in the near team coking coal import volumes will continue to be affected by iron ore procurement strategies.This was the basis of Fastmarkets research team...Read More
An overview of the minor metals markets and their latest price moves.Read More
The CIS export price for steel billet slipped on Wednesday August 28, following the sharp drop in ferrous scrap prices earlier this week as well as the lack of trading activity in the semi-finished steel market.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $390 per tonne on August 28, down by $5 day on day.Most mills were offering material at around $400 per tonne fob Blac...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday August 28 that are worth another look.Australian lithium spodumene producer Galaxy Resources has bought Alita Resources' debt for $31.1 million, including interest, fees and costs.Chinese aluminium producers are ramping up production on improved aluminium prices, with output at one smelter - Shanxi Meixin Industry - now runnin...Read More
While certain lead and zinc scrap prices in the United Stated moved slightly lower in the two weeks to Tuesday August 27 due to seasonal slowdowns, many sources remained optimistic about the market outlook for the months ahead despite some export competition."It seems like we've fallen into a groove here. Compared to everything else, it's not so bad. We've seen some activity as of late, but I thin...Read More
The London Metal Exchange tin price has fallen to a four-year low, and the sell-off has prompted somewhat different regional reactions in the week to Tuesday August 27. Europe sees little buying despite low tin prices. Low LME price prompts some US buyers to return Limited arbitrage opportunities keep cif Shanghai tin at $230-250 per tonne European premiums static despite 12% price slump In...Read More
Global nickel premiums were flat in the week to Tuesday August 27, with subdued spot consumption reported across the board, precipitated by seasonal illiquidity in Europe and the United States and increased arbitrage losses in China. Chinese premiums traded flat with consumers deterred from purchasing by a negative arbitrage of 6,400 yuan per tonne, which has increased from 6,000 yuan per tonne o...Read More
The Shanghai copper cathode premium was higher in the week to Tuesday August 27, marking the fifth uptick this month largely due to emerging tightness in SX-EW availability, while broadly stagnant demand over the summer period has limited spot business in Europe and the United States. SX-EW cathode brand price gap emerges End-use demand a missing factor for European premiums Subdued s...Read More
Quieter market conditions in the United States ahead of Labor Day in early September caused the US zinc premium to fall on the top end of the range on Tuesday August 27, while increased demand for secondary lead due to the smelter shutdown at Port Pirie supported the secondary lead premium in Taiwan. US zinc premium slightly down amid thin spot trades ahead of Labor Day holiday. European, A...Read More
The price of mesh-quality steel wire rod in the European domestic market was unchanged this week, although soft demand could put pressure on prices in the coming weeks, Fastmarkets heard on Wednesday August 28.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, was ?,?485-510 ($538-566) per tonne on Wednesday, unchanged week on week.Meanwhil...Read More
The price of steel rebar in the domestic market of Southern Europe was unchanged this week with trading yet to emerge from the traditional August slump, sources told Fastmarkets on Wednesday August 28.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe, was unchanged week on week at ?,?470-485 ($522-538) per tonne on Wednesday.While...Read More
The price of steel rebar in the Northern European domestic market was stable this week despite activity beginning to pick up following the traditional August slowdown, Fastmarkets heard on Wednesday August 28.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was ?,?500-520 ($555-577) per tonne on Wednesday, unchanged week on week.Some trad...Read More
Iranian export prices for steel billet and slab slipped in the week ended Wednesday August 28 amid a general downtrend in the global steel market as well as pressure from customers, with bids placed at lower levels on the lack of trading activity for finished steel.Iranian billet was available to foreign customers for around $375-380 per tonne fob, down from $385-387 per tonne fob a week earlier.I...Read More
Rebar prices in Russia's major steel-consuming region, the Central Federal District, went down over the week ended Tuesday August 27 because of high supply volumes combined with falling demand.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, including 20% VAT, was 37,000-38,000 roubles ($557-572) per tonne on Tuesday, down from 39,000 roubles pe...Read More
Turkish steel mills took a break from deep-sea scrap purchasing on Wednesday August 28, after booking a number of cargoes for September delivery over the past week, sources told Fastmarkets.Most recent bookings involved US and UK cargoes sold at $270 per tonne cfr for HMS 1&2 (80:20), dragging the daily indices down by almost $12 per tonne on Tuesday, August 27.But market participants were expecti...Read More