Recent large-scale production suspensions by antimony producers in central China's Hunan province have partly offset the negative effects of the recent announcement of an auction for the entire antimony stock held in the defunct Fanya Metal Exchange, market sources told Fastmarkets. Fastmarkets assessed the price for antimony, MMTA standard-grade II, ddp China at 36,500-37,500 yuan ($5,168-5,...Read More
Cobalt metal prices in China softened this week amid lackluster demand, but tight availability of certain domestic brands of the blue metal has limited the downward move.Fastmarkets assessed the price of cobalt 99.8% Co min, exw China at 260,000-280,000 yuan per tonne ($14.78-15.91 per lb, minus China value-added tax) on Wednesday August 21, widening downward by 10,000 yuan per tonne from 270,000-...Read More
With little changed in the depressed markets, focus will now turn to what ideas central bankers come up with when they meet at the Economic Policy Symposium at Jackson Hole, in the US state of Wyoming, on Friday August 23. In particular, all eyes will be on US Federal Reserve chair Jerome Powell. Thursday’s flash manufacturing purchasing managers’ indices (PMI) showed US manufa...Read More
U.S. equity index futures moved higher this morning. S&P 500 futures were down 17 points in pre-opening trade. Index futures moved lower following news that China plans to impose new tariffs on September 1st on an additional goods valued at $75 billion.U.S. Investors are waiting for comments on monetary policy to be released at the Jackson Hole symposium this morning at 10:00 AM EDT. The Canad...Read More
The three-month zinc price on the London Metal Exchange was higher at the close of trading on Wednesday August 21, gaining by 2.3% on low turnover, while a steady decline in tin futures continued to prompt market concerns.Zinc futures began the day trading at around $2,230 per tonne before a strong bout of buying saw the metal close at $2,288.50 per tonne, its highest price since August 13.Volumes...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday August 21.Please click...Read More
Nickel premiums in China fell due to a widened arbitrage loss in the week to August 20 while European and United States premiums held during the quiet summer period despite a tightening forward curve and London Metal Exchange price volatility. Chinese premiums decline with traders not prepared to purchase material at a negative arbitrage, which widened to a loss of 6,000 yuan per tonne on Tuesday...Read More
An overview of the noble alloys markets and their latest price moves.Read More
The offtake agreement that sees Glencore market the vanadium pentoxide (V2O5) produced by Largo Resources in Brazil will not be renewed when it expires on April 30, 2020, the latter said late on Tuesday August 20. "Our current offtake agreement was instrumental in securing the initial financing for the construction of the Marac??s Menchen mine," Largo Resources' chief executive officer Mark Smith...Read More
The consistent wide contango in London Metal Exchange price spreads pushed aluminium premiums in Rotterdam higher in the week ended Tuesday August 20, while premiums in South Korea declined because of poor demand. Rotterdam duty-unpaid premium at highest since June 2018 MJP premium flat due to lack of activity Midwest US premium remains untested.European aluminium premiums high on contangoPremiums...Read More
Trading was quiet in the Turkish deep-sea scrap import markets, with most mills not showing any eagerness to buy material, and a few still bidding below the current offer prices, sources said on Wednesday August 21.A number of steel mills were staying out of the scrap import markets because of the weak demand for finished long steel products and billet, so the pressure on scrap prices was increasi...Read More
The drone sound from the markets has not changed - no progress on United States-China trade talks, continued economic headwinds and various simmering geopolitical concerns.The fact there is more central bank and government talk about monetary easing and the need for stimulus highlights the far from bullish situation the global economy is in and that is reflected in market sentimentAsian equity mar...Read More
China's hot-rolled coil prices continued to fall on Wednesday August 21 due to thin trading despite gains in the futures market later in the day.DomesticEastern China (Shanghai): 3,690-3,710 yuan ($523-526) per tonne, down 20-30 yuan per tonneNorthern China (Tangshan): 3,700 yuan per tonne, down 20-30 yuan per tonneSpot prices dropped after mills lowered their offers by 30-50 yuan per tonne in res...Read More
Fastmarkets is proposing a discontinuance of its weekly price assessments for long and flat steel products in southern China. Southern China is not a major steel production base, and steel products produced in the region tend to differ in quality compared with those from eastern and northern China, which result in their prices not being used as key benchmarks for the domestic market. Furthermore,...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday August 21 that are worth another look.Swiss trading house Trafigura has begun blending copper concentrates in Malaysia, with small batches of output being offered to the market, Fastmarkets has learned.Zinc premiums in the United States widened upward in the week to Tuesday August 20 despite dampened consumption from stee...Read More
Industrial quality low-carbon wire rod prices in the United States have hit a 19-month low to stand at pre-Section 232 levels, with the cost of imported wire rod also down amid fresh offers for material originating from Mexico, Europe and Asia.Fastmarkets' assessment for steel wire rod (low carbon) industrial quality, fob mill US, fell to $31.50-32.50 per hundredweight ($630-650 per short ton) on...Read More
The price of steel mesh-quality wire rod in the European domestic market was unchanged this week, with trading still heavily subdued because of the seasonal summer slowdown, participants told Fastmarkets on Wednesday August 21.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, was ?,?485-510 ($538-565) per tonne on Wednesday, unchanged week...Read More
Trading was quiet in the Turkish deep-sea scrap import markets, with most mills not showing any eagerness to buy material, and a few still bidding below the current offer prices, sources said on Wednesday August 21.A number of steel mills were staying out of the scrap import markets because of the weak demand for finished long steel products and billet, so the pressure on scrap prices was increasi...Read More
Seaborne iron ore prices dived further on Wednesday August 21, falling to a level last seen just after Vale's tailings dam accident in Brazil late in January.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $82.38 per tonne, down by $5.56 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $82.76 per tonne, down by $5.56 per tonne. Fastmarkets' index for i...Read More
China's rebar prices retreated in both the domestic and export markets on Wednesday August 21 on weaker demand. Domestic Eastern China (Shanghai): 3,650-3,680 yuan ($517-521) per tonne, down 50 yuan per tonneNorthern China (Beijing): 3,600-3,630 yuan per tonne, down 10-20 yuan per tonneBuyers cut their procurement rates further during the day amid an early round of decreases in the futures market,...Read More