Barring those for nickel and tin, base metals prices on the Shanghai Futures Exchange were all down during morning trading on Friday August 2 after a surprise tariff announcement from the United States escalated trade tensions with China.US president Donald Trump announced via social media platform Twitter on Thursday that the US will impose a 10% tariff on another $300 billion of Chinese goods fr...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Cobalt trade log including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per lb on an in-warehouse (in-whs) basis. Delivered prices are netted back. Fastmarkets prices - Click here for Fastmarkets' price assessment for standard-grade cobalt, in-whs Rotterdam, $/lb - Click here for Fastmarkets' price assessment for alloy-grade cobalt, in-whs Rotterdam, $...Read More
The following Fastmarkets minor metals prices changed on Friday August 2:Minor metalsBismuth 99.99% Bi min, in-whs China, yuan/tonne: 42,000-43,000 yuan per tonne from 41,500-42,500 yuanCobalt alloy grade, in-whs Rotterdam, $/lb: $12.40-13.00 per lb from $12.35-12.90Cobalt standard grade, in-whs Rotterdam, $/lb: $12.20-13.00 per lb from...Read More
An overview of the China minor metals markets and the reasons for any price moves.Read More
Participants in the Southeast Asian ferrous scrap market expected spot prices to continue to rise throughout August in the face of higher domestic settlements in the United States, as well as bullish sentiment in Japan for the next Kanto Tetsugen auction.Buyers in the key import markets of Vietnam and Taiwan have accepted higher prices, Fastmarkets heard on Friday August 2, with only South Korea s...Read More
Zinc was lower at the close of trading on the London Metal Exchange on Thursday August 1, falling by some 1.3%, although nickel eked out some gains above $14,500 per tonne. Zinc and lead futures were the day's underperformers, closing at $2,404 per tonne while and below resistance at $2,000 per tonne respectively. The zinc-lead price differential, or switch, continues to narrow from earlier this y...Read More
Shanghai-bonded copper stocks hit an eight-month low at the end of July due to a fall in refined copper imports so far this year, while nickel and aluminium inventory rose due to arbitrage losses that are discouraging traders from delivering materials out of the bonded zone. Copper stocks hit their lowest level since mid-November Zinc stocks declined amid long-contract clearance, transshipme...Read More
A 10% month-on-month drop in Shanghai-bonded copper stocks in July has been more than offset by climbing exchange stocks, which have dampened any supportive effect on copper prices in China. Shanghai-bonded copper stocks fell to an eight-month low in July, reflecting much less refined copper imports so far this year. Nonetheless, increasing copper stocks in London Metal Exchange and Shanghai Futur...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
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
China's imports of manganese ore from Ghana in the first half of 2019 overtook imports of Australian ore, Chinese customs figures show. China imported 2.58 million tonnes of ore from Ghana in the January-June this year compared with 2.39 million tonnes of Australian ore. In the same period of 2018, China imported 1.26 million tonnes of manganese ore from Ghana and 2.27...Read More
Steel mills in Turkey continued to stay out of the deep-sea scrap markets because of limited trading activity in the finished long steel and billet markets, sources said on Thursday August 1.Despite offers for Baltic Sea- and US-origin HMS 1&2 (80:20) at around $290-295 per tonne cfr levels, mills have been unwilling to pay those prices before selling some of their own products. "There are Baltic...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
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
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
Equities sold off after the US Federal Open Market Committee (FOMC) suggested that its rate cut was simply a mid-cycle adjustment rather than the start of monetary easing.Metals followed them lower but better Chinese manufacturing purchasing managers' index (PMI) data may provide support.The US Dow Jones Industrial Average closed down by 1.23%China's Caixin PMI climbed to 49.9 in July from 49.4 in...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
A summary of ArcelorMittal's financial results for the second quarter of 2019.In briefSecond-quarter earnings dropped due to combination of declining steel prices and higher raw material costs, the world's largest steelmaker said on Thursday August 1.Fastmarkets' price assessment of steel HRC, domestic, exw Northern Europe averaged ?,?492.69 ($548.34) per tonne in the second quarter of 2019...Read More
The energy sector will play a major role in bolstering steel plate prices in the remaining months of 2019, a source close to a leading Japanese steelmaker told Fastmarkets this week. "There has been a surge in demand from end users in the energy sector, including major oil and gas companies," the source said. The demand for steel plates is coming from oil and gas projects in the Sea of Mexico, Aus...Read More