Glencore's decision to shut its Mutanda copper-cobalt mine and reduce the production guidance for its Katanga cobalt asset, both in Democratic Republic of Congo, spurred producers and consumers to look for higher spot prices toward the end of Fastmarkets' pricing session on Wednesday August 7.Fastmarkets' benchmark price for cobalt, standard grade, in whs Rotterdam, rose by 4% to $12.25-13.95 per...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
We have long held the view that there is a race against time between the trade disputes tipping the global economy toward recession and a trade deal spurring growth while businesses restock as their confidence recovers. For now, the slip toward recession seems to be winning. Equities in Asia were mixed on Wednesday August 7 after a mixed performance in western markets on Tuesday, but more central...Read More
Cobalt market participants expect a further uptick in cobalt hydroxide payables, following the news that Glencore intends to temporarily shut down its Mutanda project in Democratic Republic of Congo (DRC), Fastmarkets learned at Antaike's Battery Materials Conference in Guiyang, southwest China, being held August 7-8.But the slow response of the downstream battery sector may hinder any immediate s...Read More
Cobalt prices in the Chinese market, including cobalt metal and sulfate, rose quickly on Wednesday August 7, with sentiment strengthening after concerns of near-term supply surplus eased to a large extent.Earlier in the day on August 7, Glencore announced it will shut its Mutanda copper-cobalt mine in the Democratic Republic of the Congo (DRC) by the end of 2019 for care and maintenance, mainly as...Read More
Glencore will shut its Mutanda copper-cobalt mine in the Democratic Republic of the Congo (DRC) by the end of 2019 due to slumping cobalt prices, the trader-miner announced on Wednesday August 7.The asset will be placed on care and maintenance in a decision the company said "reflects its reduced viability in the current market environment, primarily in response to low cobalt prices." Glencore...Read More
Domestic market activity for hot-rolled coil (HRC) in the EU has remained slow over the past week, with no change in prices, sources told Fastmarkets on Wednesday August 7.Demand was expected to be almost nil in August due to the seasonal slowdown.Fastmarkets' weekly price assessment for steel HRC, domestic, exw Northern Europe, was stable at...Read More
A slight increase in trading activity in northern China led to prices for hot-rolled coil edging up on Wednesday August 7, while those in the eastern region were supported by a trading spurt in the latter half of the day.DomesticEastern China (Shanghai): 3,690-3,700 yuan ($524-525) per tonne, unchangedNorthern China (Tangshan): 3,740 yuan per tonne, up 10 yuan per tonneA Shanghai-based trader said...Read More
Export prices for Chinese plate dipped in the past week on thin end-user demand and a depreciating yuan.Fastmarkets' price assessment for September/October shipments of steel heavy plate export, fob China main port was $505-510 per tonne fob for the week ended Tuesday August 6, down $10 per tonne from a week earlier.Market sources said demand was very thin in the wake of an escalating of tensions...Read More
Domestic prices for hollow steel sections in both Northern and Southern Europe were flat this week with market activity paused for the summer, sources told Fastmarkets on Wednesday August 7.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?615-630 ($689-706) per tonne on Wednesday, flat week on week.Market participants reported very low levels o...Read More
The price of rebar produced and delivered in Northern Europe has remained stable over the past seven days because of limited summertime demand, sources said on Wednesday August 7.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was ?,?500-520 ($560-583) per tonne on Wednesday, unchanged since July 10.The market was very slow because of ho...Read More
The prices for domestic mesh-quality wire rod in both Northern Europe and Southern Europe were unchanged over the past week due to the summer slowdown, sources told Fastmarkets on Wednesday August 7.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, was ?,?495-500 ($555-560) per tonne on Wednesday, unchanged week on week.Many market partici...Read More
Two former employees of Gerald Group have filed a lawsuit in the United States alleging wrongdoing and misconduct by the commodity trading company's senior management - accusations that Gerald denies.Guoliang Zhao and Fabio Calia allege in the lawsuit that a share-dilution scheme was created that allowed senior management to misappropriate almost $300 million in shareholder value from Metals Tradi...Read More
Cargill has closed its base metals risk management business with the departure of staff across the United States, including Minneapolis-based Federico Stiegwardt, global head of the unit. Other departures include Cesar Canali and Justin King in New York, Cart Bechtel in Chicago, and associated support teams, people familiar with the matter told Fastmarkets. David Arteaga had already indicated to C...Read More
Seaborne iron ore prices continued to fall on Wednesday August 7 amid very limited buying interest among steel mills.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $93.31 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $91.81 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $9...Read More
The price paid for steel billet exported from Iran weakened in the first week of August following the drop in the global iron ore market.Iranian producers were offering billet scheduled for October shipment at $400-405 per tonne fob Iranian ports, sources told Fastmarkets, but this price was rejected by customers in the major sales outlets in Asia and the Middle East."The slump in iron ore prices...Read More
Pessimism continued to dominate the CIS export market for steel billet in the first week of August amid the weakening of the finished long steel markets both in the CIS and in customers' domestic territories.Another reason for the dullness of sentiment was the recent sharp drop in global iron ore prices, following the lack of demand from China, which is the largest global iron ore importer. This p...Read More
China's domestic rebar prices were unchanged on Wednesday August 7 amid a fluctuating futures market clouded by a lot of pessimism generated by trade tensions between the country and the United States.Domestic Eastern China (Shanghai): 3,770-3,800 yuan ($536-540) per tonne, unchangedNorthern China (Beijing): 3,730-3,760 yuan per tonne, unchangedEarly gains in the futures market led some buyers to...Read More
Key data from Fastmarkets' Wednesday August 7 pricing session in Europe:Key drivers Ferro-titanium suppliers increase offer prices, with the range moving slightly higher at the top end, although overall business conditions are quiet given the time of year. At present there is tight availability on a spot basis and an increase in buying inquiries for August and September, although consumer demand i...Read More
Ferro-chrome market conditions will remain challenging in the near term due to oversupply and macroeconomic factors, Glencore warned on Wednesday August 7.The trader-miner noted an average charge chrome price of 81 cents per lb in the first half of 2019, referencing Fastmarkets' ferro-chrome index 50% Cr import, cif Shanghai, $/Ib contained Cr, down by around 16% year on year.The index has held at...Read More