The London Metal Exchange has reintroduced its reciprocal membership arrangement (RMA) with Hong Kong Exchanges & Clearing (HKEX), waiving both annual subscriptions and processing fees for new applicants that already hold a membership in either of the exchanges.The scheme was first introduced in November 2014, intended to encourage participation across both exchanges. The RMA period initially last...Read More
Key data from the August 1 pricing session in London and Shanghai. Fastmarkets' benchmark alumina index, fob Australia, was little changed at $301.61 per tonne on Thursday August 1 from $301.69 the previous day. It is down 6% from the start of July 2019 when it was at $321.08 per tonne.Fastmarkets' alumina metallurgical grade, ddp China at 2,400-2,490 yuan ($348.50-361.50) per tonne on T...Read More
Canadian mineral exploration and development company Turquoise Hill Resources (THR) has announced its 2019 second-quarter financial results, reporting a $600 million impairment at its Oyu Tolgoi copper-gold-silver project in Southern Mongolia amid company losses amounting to $736.7 million. Oyu Tolgoi, the company's principal mining project located in the Gobi Desert, is 66% owned by THR and 34% b...Read More
Multi-year lows in smelting income have sharply reduced China's production of intermediate copper products, which are primary smelting products and feed to produce copper cathodes, forcing dozens of domestic refineries to search for these materials overseas. "I have got inquiries for blister copper from eight refineries in just a week. I haven't seen anything like that before. It's such a shame th...Read More
Global steelmaker ArcelorMittal showed a 68.65% year-on-year decrease in earnings by its European unit in the second quarter of 2019, the company said on Thursday August 1.ArcelorMittal Europe's quarterly earnings before interest, taxes, depreciation and amortization (Ebitda) dropped to $359 million in April-June 2019, down from $1.15 billion in the corresponding period of 2018.The decrease was ma...Read More
Turkish billet prices have been stable over the past week while demand for material in the domestic, import and export markets has been poor, sources said on Thursday August 1.Buyers of steel billet originating from the Commonwealth of Independent States (CIS) were pessimistic have been over the past few days because of a lack of activity in the finished steel markets...Read More
Turkey exported 355,753 tonnes of flat steel products in June 2019, according to the Turkish Statistical Institute (TUIK).This volume was down by 35.59% year-on-year from the 552,308 tonnes exported in June 2018, the institute said.The country exported 3,037,796 tonnes of flat steel in January-June 2019. This was 17.64% more than the 2,582,199 tonnes exported in the first six months of 2018.The re...Read More
Turkish domestic rebar and wire rod prices have gone down on the strengthening of the country's lira, although demand was very poor in the summer holiday period, sources said on Thursday August 1.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was TRY2,980-3,020 ($536-544) per tonne on Thursday, down from last week's TRY3,080-3,100 per tonne.The price...Read More
Russia's largest steelmaker, Novolipetsk Steel (NLMK), has switched completely to the use of merchant steel slab supplies at its assets in the United States, rather than continue to import its own slab, because of the volatility in the market.The admission was made by Grigory Fedorishin, the company's president and chairman of the management board, during a conference call with media on Wednesday...Read More
Brazilian miner Vale is operating at capacity for 340-345 million tonnes per year of iron ore production following the restart of its Brucutu mine and partial resumption at Vargem Grande, ferrous director Marcelo Spinelli told analysts and investors during a conference call on Thursday August 1.Meanwhile, the company is working with Brazilian mining agency ANM to further increase output through dr...Read More
Brazilian miner Vale reported adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) down by 20.05% year-on-year in the second quarter of 2019, in a statement late on Wednesday July 31.The fall in earnings was because of provisions made to pay reparations for a tailings dam disaster, although these were partially compensated by higher iron ore prices.Vale's adjusted Ebitd...Read More
Low-price transactions amid "panic selling" drove down market levels for premium hard coking coal on Thursday August 1. Deals were concluded at $169-170 per tonne cfr China for premium mid-vol brands late on July 31, while another trade involving similar materials took place at $167 per tonne cfr on Thursday, according to sources. Those compared with a trading level of $180 per tonne cfr heard for...Read More
Seaborne iron ore prices fell on Thursday August 1, tracking a downtrend in the futures market.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $115.68 per tonne, down $1.47 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $114.18 per tonne, down $1.47 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $115.88 per tonne, d...Read More
Fastmarkets is extending until August 31 the consultation period for its proposal to launch a daily containerized steel scrap cfr Vietnam assessment.Fastmarkets made this decision because responses to the original consultation so far could not definitively define the liquidity of a daily spot market and its suitability for a daily price assessment.The proposed specification is as follows:Assessmen...Read More
The iron ore market continued to trend upward in July, with prices for 62% Fe materials rising to $120-per-tonne levels, which have not been seen since February 2014. Steady demand for steel products sustained prices for iron ore, and even production curbs in China's steelmaking hub of Tangshan implemented last month to improve air quality did not reverse the direction of the market, several sourc...Read More
Stainless steel prices in East Asia declined over the past week with demand remaining sluggish after producers raised their offers in response to a strengthening nickel market.For instance, Yieh United Steel Corp (Yusco) and Tang Eng Iron Works - two major mills in Taiwan - announced at the end of July that they would increase their offers for grade 304 stainless hot-rolled and cold-rolled product...Read More
China's hot-rolled coil exporters lowered their offers on Thursday August 1 amid a declining domestic market.DomesticEastern China (Shanghai): 3,810-3,820 yuan ($553-555) per tonne, down 20 yuan per tonneNorthern China (Tangshan): 3,810 yuan per tonne, down 10 yuan per tonneSpot prices dropped even though mills kept their official ex-works prices steady, with trading activity reported as being thi...Read More
Weakening demand coupled with declining futures weighed on China's rebar prices on Thursday August 1. Domestic Eastern China (Shanghai): 3,880-3,920 yuan ($562-568) per tonne, down 20-40 yuan per tonneNorthern China (Beijing): 3,820-3,850 yuan per tonne, widened downward by 10 yuan per tonneRebar demand in the construction sector continued to drop due to bad weather. Rain has been forecast over la...Read More
Three-month base metals prices on the London Metal Exchange were predominantly lower during morning trading on Thursday August 1, with zinc futures topping losses with a 2% price drop. The US Federal Reserve's decision to cut interest rates by 25 basis points for the first time in a decade on Wednesday led investors to reduce risk-exposure, with commodity prices selling off as a result. Zinc's thr...Read More
Key data from the Wednesday July 31 pricing session in Shanghai and London. Key drivers Cobalt hydroxide payables recover slightly in the second half of July alongside a slight recovery in cobalt sulfate prices in the last week of the month. Greater optimism in China comes from falling standard grade cobalt prices, which eases production margins. Inquiries and business both...Read More