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
The publication of Fastmarkets' alloy grade and standard grade cobalt price assessments for August 7 were delayed because of extenuating circumstances - namely, an unusually high level of market activity related to industry developments.Glencore's decision on Wednesday 7 to shut its Mutanda copper-cobalt mine by the end of 2019 in the Democratic Republic of the Congo (DRC) triggered an unusually h...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
Australia-listed miner Centaurus Metals Ltd has reached an agreement with Vale to acquire the latter's Jaguar nickel sulfide project in the Caraj??s mineral province, northern Brazil, it said on Tuesday August 6. The agreement, requiring an upfront cash payment of $250,000, also included an asset swap between the two companies. Centaurus will transfer the Salobo West copper-gold project, also in t...Read More
Eastern China's Delong Nickel Industry plans to commence construction of the second phase of its stainless steel mill project in October. This phase would involve the setting up of nickel pig iron and crude stainless steel facilities, according to...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
A 3.3% year-on-year rise in China’s exports in US dollar terms, which was above expectations, has provide some relief to markets, with Asian equities, base metals and precious metals up across the board.How long the more cheerful mood lasts is a moot point when generally the economic data is weak, there seems no let-up in trade disputes and judging by the strength of gold and the yen, and the...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.Index futures were virtually unchanged following release of the Weekly Initial Jobless Claim report at 8:30 AM EDT. Consensus was an increase to 217,000 from 215,000 last week. Actual was 209,000.Walt Disney added $1.42 to $136.28 after Credit Suisse upgraded the stock to Buy and raised it...Read More
Aluminium premiums were largely stable in the global markets in the week ended Tuesday August 6, except in the US Midwest, where a lack of demand pushed the premium downward. US Midwest premium falls to lowest since March MJP premium stable but some lower deals heard due to financial year-end stock clearing European market flat with activity expected to resume later this month.US Midwest premium s...Read More
A summary of base metals premiums from across the globe for the week to Tuesday August 6. Please click...Read More
UC Rusal has suspended operations at Russia's biggest alumina plant in Achinsk due to a series of blasts at a Russian military base nearby, sources close to the matter told Fastmarkets on Tuesday August 6.Market participants said that a fire broke out at a nearby military base and an explosion was heard, which led Rusal - the largest aluminium producer outside China - to suspend its operations at...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday August 6 that are worth another look.Lithium producer Orocobre and joint-venture partner Toyota Tsusho Corp have started construction on what will be the first lithium hydroxide plant in Japan. UC Rusal has suspended operations at Russia's biggest alumina plant in Achinsk due to a series of blasts at a Russian military base...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday August 6 that are worth another look.Lithium producer Orocobre and joint-venture partner Toyota Tsusho Corp have started construction on what will be the first lithium hydroxide plant in Japan. UC Rusal has suspended operations at Russia's biggest alumina plant in Achinsk due to a series of blasts at a Russian military base...Read More
Switzerland-based commodities trader Werco Trade has hired metal concentrates trader Theresa Nepote as part of a push to expand the company's commercial capabilities, it said on Tuesday August 6.Nepote will join Werco as a senior trader, enabling the company to diversify into additional markets, the company said. She most recently traded zinc, lead and copper concentrates at Bluequest Resources an...Read More
UC Rusal has suspended operations at Russia's biggest alumina plant in Achinsk due to a series of blasts at a Russian military base nearby, sources close to the matter told Fastmarkets on Tuesday August 6.Market participants said that a fire broke out at a nearby military base and an explosion was heard, which led Rusal - the largest aluminium producer outside China - to suspend its operations at...Read More
Prices of ferrous scrap in the Mexican steelmaking hubs of Monterrey and Baj?-o remained stable during the week ended Friday August 2, despite talks of price increases in these regions.In Monterrey, key ferrous scrap prices were stable week-on-week, several sources told Fastmarkets.Fastmarkets' assessment for steel scrap No1 busheling, consumer buying price, delivered mill Monterrey, was stable at...Read More
The Turkish steel mills continued to stay away from the deep-sea scrap markets due to the persistent weak demand for finished long steel products, sources said on Tuesday August 6.Since the mills in the country booked a number of deep-sea cargoes in the week ended July 26, they have made no further purchases.Turkish steel producers want to sell some rebar before making any further deep-sea...Read More
Lithium producer Orocobre and joint venture partner Toyota Tsusho Corp have started construction at what will be the first lithium hydroxide plant in Japan. The Naraha lithium hydroxide plant will be built with a production capacity of 10,000 tonnes per year of lithium hydroxide and is the first of its kind in Japan, using lithium carbonate as feedstock. The companies plan to use lithium carbonate...Read More
The export markets for CIS-origin hot-rolled coil and cold-rolled coil (HRC, CRC) have weakened on soft customers' markets and price competition with other exporters, sources told Fastmarkets on Monday August 5.Fastmarkets' price assessment for steel HRC, export, fob Black Sea, CIS, was $470-485 per tonne on Monday, down from $485-500 per tonne week on week."The local market is weakening here [in...Read More
Prices for flat steel imports into the United Arab Emirates and Saudi Arabia were stable in the week ended Tuesday August 6, with demand weak because of the upcoming Eid al Adha religious holiday next week.The market was expected to improve in the second half of August, when the eid, and the Hajj pilgrimage and holiday seasons, will almost be over.Some deals were placed last week, so buyers did no...Read More