Prices in Southeast Asia's steel billet market declined on Friday August 23 after Indian producers reduced their offer prices, although buying interest remained weak."Buyers in the Philippines are expecting prices to fall further and have [so far] resisted the lower offers because [off poor demand and low prices in] the domestic long steel market," a trader in the Philippines said."However, market...Read More
Export sales of pig iron from the south of Brazil have resumed but activity was still limited by uncertainty about which direction prices will move in the near future, sources told Fastmarkets on Friday August 23.Fastmarkets' weekly price assessment for pig iron, export, fob Vitorio/Rio, Brazil was $325-327 per tonne on Friday, widening upward slightly from $325 per tonne a week before..One sale o...Read More
European alloy steel scrap prices widened downward this week to reflect lower nickel costs, sources told Fastmarkets on Friday August 23.This week, nickel prices retreated slightly from the four-and-a-half-year high reached on August 16. Given the rapid increases seen previously, traders were cautious and only some transactions reflected these losses in the prices of alloy steel scrap.The price...Read More
The inter-merchant spot market for UK light iron scrap remained steady in the week to Friday August 23 - for the ninth week in row - due to stable summer market conditions, sources told Fastmarkets.Fastmarkets' price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was flat week on week at ?80-100 ($97-121) per tonne on Friday August 23. Market sources...Read More
The price of shredded ferrous scrap imported into India has fallen for a sixth consecutive week to a new year-to-date low, although a potential recovery could be in sight, sources told Fastmarkets on Friday August 23.Fastmarkets' weekly price assessment for steel scrap, shredded, index, import, cfr Nhava Sheva, India, was $292.71 per tonne on Friday, down from $300.67 per tonne on August 16.There...Read More
The Turkish steel mills have continued to make bookings for September delivery at fairly stable prices, sources said on Friday August 23.A steel mill in Izmir booked a European cargo, comprising HMS 1&2 (80:20) at $274 per tonne and bonus at $284 per tonne cfr late on Thursday. The cargo was 25,000 tonnes in total but the composition was not clear...Read More
Seaborne iron ore prices rebounded for a second day on Friday August 23 amid derivatives gains, but market confidence is yet to recover. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $87.81 per tonne, up $3.39 per tonne. 62% Fe Pilbara Blend Fines, cfr Qingdao: $88.19 per tonne, up $3.39 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $86.57 per tonne, up $3.44 per tonne. 58%...Read More
Seaborne coking coal prices were flat on Friday August 23, leaving segments of the market wondering if they have bottomed out.Fastmarkets indicesPremium hard coking coal, fob DBCT: $153.67 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $166.12 per tonne, unchangedHard coking coal, fob DBCT: $138.76 per tonne, unchangedHard coking coal, cfr Jingtang: $153 per tonne, unchangedLow-vol PC...Read More
While most base metals traded on the London Metal Exchange rose during the morning session on Friday 23 due to a marginal 0.19% increase in the United States' Dow Jones Industrial Average index, the LME three-month tin price hit its lowest since February 2016.The LME three-month tin price continues to buckle under the weight of continual stock inflows and is now trading around $15,885 per tonne, d...Read More
China's domestic rebar prices were stable on Friday August 23, with some restocking being done ahead of the weekend keeping the market supported.Domestic Eastern China (Shanghai): 3,660-3,690 yuan ($516-521) per tonne, unchangedNorthern China (Beijing): 3,600-3,630 yuan per tonne, unchangedTraders kept their prices flat despite gains in the figures market in an effort to secure more sales before t...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.Thursday's flash manufacturing purchasing managers' indices (PMI) showed US manufacturing moving into contraction for the first time since 2009, while Japan and Europe remained i...Read More
Base metals prices on the Shanghai Futures Exchange were in consolidation mode again on Friday August 23, with the complex broadly down - led by a 1% decline in zinc.Losses in the other SHFE base metals were largely limited: October copper (-0.1%), October aluminium (-0.3%), October lead (-0.1%), September tin (-0.8%), while nickel bucked the trend with a gain of 0.1%.The weakness across the base...Read More
Key data from the August 23 pricing session in London.Key drivers:- Cobalt prices consolidated their recent gains, with traders continuing to restock in anticipation of tightness resulting from the closure of the Mutanda mine in the Democratic Republic of Congo at the end of the year.- Modest consumer buying took place at similar price levels, but characterized by smaller volume deals. End-users.....Read More
An overview of the minor metals markets and their latest price moves.Read More
The following Fastmarkets minor metals prices changed on Friday August 23:Minor metalsAntimony max 100ppm Bi, in-whs Rotterdam $/tonne: $5,850-6,050 per tonne from $5,900-6,100Antimony MMTA standard grade II, in-whs Rotterdam, $/tonne: $5,700-5,950 per tonne from $5,700-6,000Bismuth 99.99% Bi min, in-whs Rotterdam, $/lb: $2.70-2.90 per lb from $2.75-2.95Bismuth 99.99% Bi min, in-whs China, yuan/to...Read More
An overview of the Chinese minor metals markets and their latest price moves.Read More
The Tenke Fungurume copper-cobalt mine in the Democratic Republic of Congo (DRC) has seemingly become a financial headache for Chinese miner China Molybdenum, which holds an 80% stake in the mine.China Molybdenum said that the mine was now in a "deficit zone" because falling metal prices, higher taxes and royalties and rising production costs were "squeezing the business profitability" of min...Read More
Stainless steel prices in the European domestic market increased this week after a key mill announced that monthly alloy surcharges will rise sharply in September, sources told Fastmarkets on Friday August 23. Finland-based Outokumpu said its September surcharge for grade-304 stainless steel flat products will increase to ?,?1,557 ($1,726) per tonne, a gain of ?,?175 per tonne from the August valu...Read More
The London Metal Exchange three-month zinc price was lower at the close of trading on Thursday August 22, a day in which trading ranged $2,230-2,290 per tonne, while the backwardation in the nickel forward spread widened to its highest since 2015. The galvanizing metal closed trading at $2,245 per tonne, falling some 1.8% from an intraday high of $2,287 per tonne and from $2,285 per tonne at Wedne...Read More
Switzerland-based AfriMet Resources has launched the world's newest tin book, targeting tin trading and project investment with the support of steel specialist Vanomet Holding AG. Trading house AfriMet plans to target long-term tin projects in Africa, which has long been a large tin resource. A recent drive of production in the region, such as Alphamin Resources' Bisie tin mine in the Democratic R...Read More