Seaborne iron ore prices retreated on Monday August 19 amid lingering pessimism reflected by futures losses.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $88.40 per tonne, down by $1.17 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $88.78 per tonne, down by $1.17 per tonne. Fastmarkets' index for iron ore 62% Fe low-alumina fines, cfr Qingdao: $88...Read More
The seaborne coking coal market had a muted start to the week on Monday August 19 amid this month's steady price decline.A cargo of premium low-vol hard coking coal was heard to have been traded at around $162 per tonne cfr China. But not enough details of the trade could be confirmed at the time of writing.Prices for premium hard coking coal on a cfr China basis are down by about 7% from...Read More
Some discounts on index-linked seaborne iron ore concentrate cargoes began to shrink last week, sources told Fastmarkets, while activity in the spot pellet market remained limited.ConcentrateFastmarkets' weekly index for iron ore 66% Fe concentrate, cfr Qingdao, stood at $96.28 per tonne on Friday August 16, down $7.49 per tonne from a week earlier.The movement was based on visible market activity...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
China's domestic rebar prices increased on Monday August 19 amid rising futures stimulated by plans unveiled by the central Chinese government to lower borrowing costs for companies.Domestic Eastern China (Shanghai): 3,700-3,730 yuan ($525-530) per tonne, up 30 yuan per tonneNorthern China (Beijing): 3,620-3,640 yuan per tonne, up 10 yuan per tonneChina will implement "market-oriented reform measu...Read More
The United States has restated its opposition to an EU proposal to classify titanium dioxide and cobalt as possible carcinogens, asking the European Commission (EC) to consult with the World Trade Organization (WTO) before taking further action.In a statement in July 2019 to the WTO's Committee on Technical Barriers to Trade, the US said that it was "disappointed" that the EC was making the move w...Read More
Key data from the pricing sessions in London and Shanghai in the week ended Friday August 16. Europe Key drivers The European 5-5-3 silicon price dropped after two weeks of stability with one significant purchase reported at around ?,?1,500 ($1,664) per tonne. The silicon grade 4-4-1 quotation was unchanged due to reduced activity with no spot deals reported. In general, demand f...Read More
The price of antimony softened in both the European and Chinese markets in the week ended Friday August 16, while the markets reacted to the news that the last of the antimony materials held by the defunct Fanya Metal Exchange will be auctioned later this month.EuropeIn Europe, Fastmarkets assessed the price of antimony, MMTA standard grade II, in-whs Rotterdam, at $5,750-6,000 per tonne on Friday...Read More
Caution prevails Base metal prices have been undermined by an overall risk-off environment on growing recession fears following the inversion of the US yield curve last week, despite a slight de-escalation of US-China trade tensions. Aluminium: Modest rebound, but hard to be bullish Given the current macro backdrop and aluminium’s own micro-dynamics, we remain cautiously bearish in the very s...Read More
Fund managers maintaining bearish stance The challenging macro-economic backdrop constituting ongoing trade wars, weak economic data points and the uncertain demand outlook for the aluminium market easily justifies why its price action remains weak, which corresponds with the bearish net speculative funds positioning. LME fund managers have maintained their bearish stance for the third consecutive...Read More
Aluminium Buyers had a chance to push the LME three-month aluminium price higher on Monday August 19, but sellers were able to defend near the 100 DMA at $1,815 per tonne. Although the price has worked itself higher since the August low at $1,745 per tonne, the 100 DMA will not be the easiest overhead resistance to crack and we have seen such an attempt one too many times this year. More ofte...Read More
Market recap Copper has traded sideways recently, undermined by a poor risk sentiment despite the recent slight de-escalation of US-China trade tensions, evident in several events which took place last week including (1) the tariff delay on some consumer goods by the US, (2) an extension of “the temporary general license” granted to Huawei Technologies in the US, (3) a positive phone cal...Read More
Port Pirie smelter to be out for another 12 weeks Nyrstar announced that production at Port Pirie will be halted for 12 weeks. The smelter produced 160,000 tonnes of lead in 2018, on a pro-rata basis that suggests 36,000 tonnes could be lost, on top of the 30,000 tonnes lost in June and July when production was first suspended. With the loss of refined lead coming just before the so-called battery...Read More
Stock rise compounds price correction pressure Nickel prices are consolidating around $16,000 per tonne after peaking at $16,690 per tonne earlier this month. The rumors that the export ban for nickel ore in Indonesia is likely to be brought forward and announced this year or in January 2020, has provided strong support to the market, but is this fully priced in now? But the tighter spreads that h...Read More
Tin prices pressured by a massive LME inflow The 3-month LME tin price tumbled to its lowest since June 2016 at $16,255 per tonne on Monday August 19, after a 1.6% sell-off last week. The resurgence of fresh shorting (reflected in the rise in open interest) was triggered by a massive net inflow of 1,580 tonnes (+33%) on August 15, the largest since December 2008. The metal was delivered into Port...Read More
Rebounds capped by macro factors Zinc prices are consolidating at the start of this week after stalling above $2,300 per tonne last week when economic data raised fresh concerns that the global economy was heading for recession, particularly in export-dominant economies such as China and Germany, while the US Treasury yield curve inverted once again. More demand woes Chinese authorities announced...Read More
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Click here to download the Selected Demand IndicatorsACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the lat...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
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade. Home Depot gained $4.15 to $212.10 after reporting higher than consensus second quarter earnings. McCormick dropped $1.62 to $166.94 after JP Morgan downgraded the stock to Underweight from Neutral.Baidu jumped $8.78 to $113.00 after reporting higher than consensus quarterly sales and ear...Read More