Sentiment in financial markets has weakened further after US president Donald Trump announced the United States will impose a 10% tariff on $300 billion of Chinese goods from September 1. This sent equities scurrying for cover with the Nikkei, Hang Seng and CSI 300 off by an average of 2.2% on the morning of Friday August 2. The Dow Jones Industrial Average closed down by 1.05%. Gold prices r...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 14 points in pre-opening trade.Index futures were moved lower following release of economic news at 8:30 AM EDT. Consensus for U.S. July Non-farm Payrolls was a drop to 165,000 from 224,000 in June. Actual was a slip to 164,000. Consensus for the July Unemployment Rate was a slip to 3.6% from 3.7% in June. Actual was...Read More
Zinc premiums dipped in Europe but were flat elsewhere, reflecting the onset of the summer slowdown, although US demand for lead and zinc is reportedly improving. SHG zinc premiums drop in Antwerp, backwardation in forward curve re-emerges Cash/three-month spread swings to $13 backwardation vs contango last week Some US lead buyers picking up tonnages at low numbersNorth European premiums down, ba...Read More
The three-month nickel price on the London Metal Exchange climbed by 1.4% at the close of trading on Wednesday July 31, shaking off downward momentum emanating from an expected US Federal Reserve interest rate cut and subsequent dollar incline. Nickel futures closed at $14,490 per tonne on Wednesday, climbing from an intraday low of $14,255 per tonne while just over 7,000 lots of metal traded over...Read More
The US nickel briquette premium narrowed in the week to Tuesday July 30 with the material no longer being offered or traded at lower premium levels, while the nickel premium markets in China and Europe were quiet on a lack of import incentive and summer slowdowns respectively. US briquette premium narrows with business concluded at higher levels despite seasonal lull Chinese premiums flat wh...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday July 31 that are worth another look.A fundamental industry that has always been a primary facilitator of global trade, shipping aims to be at the forefront of digital technology. This report explores initiatives at the Dutch Port of Rotterdam - Europe's largest port by cargo tonnage - and how those connect with global tra...Read More
Global integrated miner Nyrstar will be run as an independently operated company within the Trafigura group after a deal was concluded with its creditors and completed on Wednesday July 31.Trafigura now holds 98% of the outstanding shares in the new NN2 operating company, which will be run by its long-time assets head, Daniel Vanin.The Nyrstar 'ListCo" owns 2% of the new company and will continue...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
A fresh wave of stockpiling activities boosted the Chinese cobalt metal spot market price on Wednesday July 31. Fastmarkets assessed the price of cobalt 99.8% Co min, exw China at 222,000-232,000 yuan per tonne ($12.83-13.53 per lb, minus China VAT) on Wednesday, up 0.9% from 220,000-230,000 yuan per tonne on July 26. Renewed speculative buying this week was prompted by a combination of an ea...Read More
The Turkish steel mills have remained quiet in the deep-sea markets due to limited trading activity in te long steel and billet markets, sources said on Wednesday July 31.The mills in the country booked four deep-sea cargoes last week.Sources believed that the Turkish mills still needed scrap for August shipments but the weak rebar...Read More
A summary of Nornickel's production results for the first half of 2019In brief Nornickel increased production across all base metals, particularly copper, and platinum-group metals in the first half of 2019. Refined nickel output fell 4% in the second quarter of 2019 from the first quarter to 54,000 tonnes, which reflects scheduled maintenance at the...Read More
A summary of Glencore's production results for the half year ended on June 30, 2019, as well as its adjusted full-year production guidance.In brief Glencore's copper production totaled 663,000 tonnes in the first six months of 2019, marking a 5% decline against the same period of 2018. The company attributed the fall to the open-cut depletion at Alumbrera in Argentina and the sale of the Punitaqui...Read More
Asian equities were weaker in the morning of Wednesday July 31 on uncertainty on the progress in US/China trade negotiations, although base metals, which have focused more on brighter Chinese manufacturing purchasing managers' index (PMI) data, rose by an average of 0.4%. Chinese manufacturing PMI rises to 49.7 in July, from 49.4 in June. Busy day ahead for economic data. Market awaits U...Read More
A fresh wave of stockpiling activities boosted the Chinese cobalt metal spot market price on Wednesday July 31. Fastmarkets assessed the price of cobalt 99.8% Co min, exw China at 222,000-232,000 yuan per tonne ($12.83-13.53 per lb, minus China VAT) on Wednesday, up 0.9% from 220,000-230,000 yuan per tonne on July 26. Renewed speculative buying this week was prompted by a combination of an ea...Read More
Chinese subsidy reforms will cool down the electric vehicle (EV) market and weigh on battery demand in the second half of 2019, Umicore chief executive officer Mark Grynberg said in a conference call on Wednesday July 31.The Belgian battery raw materials producer maintained a forecast for stable or falling income in 2019 when it reported its results for the first half of the year on Wednesday. Pro...Read More
Chinese cobalt metal exports jumped up in June due to strong overseas traders' buying appetites on appealing arbitrage profits, Fastmarkets learned.A total of 279 tonnes of cobalt metal were shipped outside China in June, up by 6.4% from 170 tonnes in May, according to official, but unconfirmed, data seen by Fastmarkets. The spike in metal outflows in June also brought total exports of the blue me...Read More
Sales at Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) dropped by 12.1% in the second quarter from a year earlier because of weakness in markets both at home and abroad, it said.Its sales volumes totaled 1.16 million tonnes in April-June, down from 1.32 million tonnes in the second quarter of last year, it said in its earnings report on Tuesday July 30. The faltering Brazilian economy...Read More
Domestic prices for hot-rolled coil (HRC) in the EU have inched down over the past week due to slow trading, sources told Fastmarkets on Wednesday July 31.Demand was expected to be almost nil in August due to the seasonal slowdown, and although the market will recover in September, sources believed that generally activity will remain poor.Fastmarkets' weekly price assessment for steel HRC, domesti...Read More
Metinvest chief executive officer Yuriy Ryzhenkov discusses with Marina Shulga the challenges the company has overcome and the strategies for its future prosperity.Metinvest, the largest steel producer in Ukraine, has faced the seizing of its assets by rebels, military action right next to its plants, raw material supply interruptions and debt restructuring over the last five years. Over this peri...Read More
The price of domestic mesh-quality wire rod in Northern Europe narrowed this week, while Southern European prices were unchanged ahead of the summer slowdown, sources told Fastmarkets on July 31.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, narrowed downward this week by ?,?5 per tonne to ?,?495-500 ($552-557) per tonne.In...Read More