A summary of base metals premiums from across the globe for the week to Tuesday August 20. Please click...Read More
The three-month nickel price on the London Metal Exchange continued to fall on Tuesday August 20, ending the day down by 0.3% at the afternoon kerb to $15,860 per tonne, compared with Monday's close at $15,920 per tonne.The LME's nickel inventory volumes stayed flat during the day's trading. The September/three-month spread was in a backwardation of $40 per tonne and the cash/three-month spread in...Read More
Namibia-based tin mining company Afritin Mining has begun mining in the Erongo district of Namibia, producing its first batch of tin concentrates from its Uis project, while the company also signed a 12-month offtake agreement with Thailand Smelting and Refining Co Ltd (Thaisarco). The Uis tin mine is situated in the Cape Cross-Uis tin pegmatite belt, an expansive mineralisation zone located in Na...Read More
The development of the Kamoa-Kakula copper mine in the Democratic Republic of the Congo (DRC) will receive a financial boost following a second major strategic equity investment by China's Citic Metal in Canadian mining company Ivanhoe Mines.The mine is jointly owned by Ivanhoe Mines, Citic Metal and China's Zijin Mining.The Canadian $612-million ($459-million) investment brings Citic Metal's inve...Read More
Cobalt prices have risen by more than 25% since Glencore announced it would close its Mutanda mine and in doing so bring forward expectations of a shortfall in cobalt supply. But with other projects ramping up or in the pipeline, stockpiles to be worked through, and a short-term approach to raw materials procurement, Chinese battery-related buyers are skeptical they will be affected by tightness i...Read More
Ahead of Fastmarkets' Battery Materials Europe conference in Amsterdam, find out what our industry experts think are the key drivers in the market and what's on the horizon. Fastmarkets will host a free web seminar on Wednesday September 18 at 3pm London time to discuss recent market moves in the battery raw materials sector. Click here to register for the webinar. Date Wednesday September 18, 201...Read More
Demand for deep-sea scrap in Turkey remained sluggish because of the weak markets for finished long steel and billet, sources said on Tuesday August 20.There were only a few mills in the market looking to book scrap this week, while many other mills were quiet, and had halted or cut production, the sources said."I heard that three steel mills were looking for deep-sea material today," a Turkish mi...Read More
Concerns about weak economic data, geopolitical headwinds and the risk of a slow slide toward global recession are dominating market sentiment; short-term relief may come from more concerted central bank stimulus, but the real cure will only likely come from a new trade deal.Equities and bond markets will no doubt react positively to easier monetary policy, but the metals are unlikely to be hoodwi...Read More
Cobalt prices have risen by more than 25% since Glencore announced it would close its Mutanda mine and in doing so bring forward expectations of a shortfall in cobalt supply. But with other projects ramping up or in the pipeline, stockpiles to be worked through, and a short-term approach to raw materials procurement, Chinese battery-related buyers are skeptical they will be affected by tightness i...Read More
Ahead of Fastmarkets' Battery Materials Europe conference in Amsterdam, find out what our industry experts think are the key drivers in the market and what's on the horizon. Fastmarkets will host a free web seminar on Wednesday September 18 at 3pm London time to discuss recent market moves in the battery raw materials sector. Click here to register for the webinar. Date Wednesday September 18, 201...Read More
Prices for most flat steel products imported into the United Arab Emirates and Saudi Arabia decreased on lower offers heard in the week ended Tuesday August 20, with demand yet to recover after the Eid al-Adha religious holiday last week.The market was expected to improve later in the month, when the holiday season comes to an end.UAEOffers on imports of hot-rolled coil (HRC) from China and Japan...Read More
The principal flat steel suppliers to Russia's Central Federal District around Moscow kept their prices unchanged this week despite a slowdown in demand, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia, was unchanged at 45,100-45,500 roubles ($676-681) per tonne on Monday August 19, including 20% VAT. "Mills are citing pla...Read More
The European Commission (EC) proposed some adjustments to the existing safeguard measures for steel product imports in Europe to the World Trade Organization (WTO) on August 14, Fastmarkets has learned.The definitive safeguard mechanism already in place increases the level of tariff-free quotas for each product category by 5% annually. The first liberalization took place on July 1, 2019, which was...Read More
Prices for steel rebar and billet in the United Arab Emirates have remained stable over the past week, with demand poor after the Eid al-Adha religious holiday last week, sources said on Tuesday August 20.Market participants believed that demand would improve after the UAE's biggest producer, Emirates Steel, announced its new rebar price, which it usually does on the 20th day of each month.Domesti...Read More
The European Commission (EC) proposed some adjustments to the existing safeguard measures for steel product imports in Europe to the World Trade Organization (WTO) on August 14, Fastmarkets has learned.The definitive safeguard mechanism already in place increases the level of tariff-free quotas for each product category by 5% annually. The first liberalization took place on July 1, 2019, which was...Read More
China's domestic rebar prices stopped rising on Tuesday August 20 amid a weakening of steel futures and soft demand. Domestic Eastern China (Shanghai): 3,700-3,730 yuan ($524-528) per tonne, unchangedNorthern China (Beijing): 3,620-3,640 yuan per tonne, unchangedBuyers, having done some restocking on Monday, cut their procurement rates, which kept rebar prices from rising further, sources said. De...Read More
Demand for deep-sea scrap in Turkey remained sluggish because of the weak markets for finished long steel and billet, sources said on Tuesday August 20.There were only a few mills in the market looking to book scrap this week, while many other mills were quiet, and had halted or cut production, the sources said."I heard that three steel mills were looking for deep-sea material today," a Turkish mi...Read More
Seaborne iron ore prices continued to dip on Tuesday August 20 amid limited buying activity.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $87.94 per tonne, down by $0.46 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $88.32 per tonne, down by $0.46 per tonne. Fastmarkets' index for iron ore 62% Fe low-alumina fines, cfr Qingdao: $87.79 per tonne, d...Read More
The CIS export billet market has remained quiet since the end of a religious holiday in the Middle East, Africa and Asia, with the lack of activity being blamed on a growing gap between bids and offers.CIS producers continued to insist on $410-415 per tonne fob Black Sea for September-rolling material in the week ended Tuesday August 20, while bids were heard at $400 per tonne fob and lower.One Ru...Read More
Prices for steel rebar and billet in the United Arab Emirates have remained stable over the past week, with demand poor after the Eid al-Adha religious holiday last week, sources said on Tuesday August 20.Market participants believed that demand would improve after the UAE's biggest producer, Emirates Steel, announced its new rebar price, which it usually does on the 20th day of each month.Domesti...Read More