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
Global refined zinc usage dropped slightly in the month of June while mine production rose by 1.9% in the first half of 2019. According to the latest International Lead & Zinc Study Group (ILZSG) report dated Wednesday August 21, refined zinc consumption totaled 1.1207 million tonnes in June this year compared with 1.1465 million tonnes in May and 1.1939 million tonnes in April. The ILZSG did not...Read More
The Qingdao Intermediate People's Court has put up for sale a significant quantity of aluminium ingots and copper cathodes impounded in 2014 during a government crackdown over the misuse of collateral for financing metals in Qingdao. A total 87,100 tonnes of aluminium ingots, 63,585 tonnes of alumina and 12,368 tonnes of copper cathodes have been listed to be auctioned this month, according to a n...Read More
A summary of South32's earnings and production results for its 2019 financial year ended June 30. In brief: South32's underlying adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) declined by 13% to $2.2 billion in its 2019 financial year. Underlying earnings decreased by 25% to $992 million. Lower aluminium and thermal coal prices more than offset stronger prices for...Read More
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
News of a fresh cargo traded out of Europe has broken the silence in the Turkish deep-sea scrap market and confirmed the latest assessments of price levels, sources said on Thursday August 22.A steel mill in Turkey booked a European cargo, comprising 16,000 tonnes of HMS 1&2 (80:20) at $275 per tonne and 4,000 tonnes of bonus at $285 per tonne cfr.This compared with the previous European cargo sol...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
European flat steel producers have increased their official offer prices for hot-rolled coil (HRC), but buyers doubt that transaction prices will increase, sources told Fastmarkets on Thursday August 22.Market activity has been slow this week due to the seasonal slowdown. Although market activity traditionally starts to recover in late August-early September, buyers doubt that the rebound in deman...Read More
Chinese steel mills are banking on infrastructure projects to beat the 2019 bear market, although the remaining months of the year are not expected to be as rosy as January-June due to the country's slowing growth rate. "Some sectors have been growing fast enough to bolster demand for some steel producers in the first half of 2019, especially those which supply steel to the infrastructure and heav...Read More