Here are five Fastmarkets MB stories you might have missed on Tuesday July 30 that are worth another look.Charge chrome prices have held at a 25-month low throughout July, highlighting the challenges South African producers are facing with rising production costs. A slump in global automotive sales in the first half of the year continues to put pressure on tungsten prices, with ammonium parat...Read More
A summary of base metals premiums from across the globe for the week to Tuesday July 30.Please click...Read More
The accelerated ramp-up of the new Cobre Panama copper mine in the central American country has brought the start of its commercial production forward by several months to before the end of the third quarter, according to owner First Quantum Minerals.The company had previously expected to begin commercial production at the mine in Panama, which is the industry's only major greenfield project and w...Read More
The London Metal Exchange three-month zinc price increased during morning trading on Tuesday July 30, making a steady approach toward $2,500 per tonne amid broadly low turnover and continued US dollar strength. Volumes traded in the galvanizing metal were moderate as of 8:55am, but led a broadly lackluster complex with 2,200 lots exchanged. Reaching an intra-morning high of $2,488 per tonne,...Read More
In the absence of fresh economic news on Monday July 29, the early weakness in metals prices ran into dip-buying. While the base metals have not followed equities to fresh highs, far from it, the underlying supply fundamentals do seem to be providing support. While wider markets may be waiting for Wednesday's US interest rate decision, the metals are likely to wait for news on US-China trade talks...Read More
Barring those for tin, base metals prices on the Shanghai Futures Exchange were all up during the morning trading session on Tuesday July 30, with the complex benefiting from rising hope amid continuing US-China trade talks. Although it is unlikely that a deal will be struck in the near term, the fact that China and the United States are looking to prevent tensions from escalating further by retur...Read More
The United States Department of Commerce has calculated average dumping margins for imports of Mexico-origin steel reinforcing bar (rebar) at 3.65%, while leaving Deacero out of the final results, the US Federal Register showed on Wednesday July 24.The announcement followed a preliminary result published on December 11, 2018, after Commerce carried out a probe that was begun on January 11 that yea...Read More
Prices paid for flat steel imports into the United Arab Emirates and Saudi Arabia decreased in the week ended Tuesday July 30, with demand improving in the latest deals heard.Buying was strong this week in the UAE, with several new orders being placed.UAEOffers of hot-rolled coil (HRC) imports from China to the UAE came in at $500-505 per tonne cfr, but no major deals were heard.Ukraine offered si...Read More
Buyers of CIS-origin steel billet were in pessimistic mood in the last week of July because of the lack of activity in the finished steel sector during the mid-summer lull.Customers' bids fell to less than $410 per tonne fob on Tuesday July 30, varying within the range of $405-408 per tonne fob Black Sea, market sources told Fastmarkets.But mills continued to offer material within the range of $42...Read More
China's hot-rolled coil prices dropped on Tuesday July 30 after authorities in Tangshan, the steelmaking hub in the northern region, drafted a plan to ease steelmaking curbs in August.DomesticEastern China (Shanghai): 3,810-3,820 yuan ($554-555) per tonne, down 20 yuan per tonneNorthern China (Tangshan): 3,810 yuan per tonne, down 10 yuan per tonneSpot prices dropped after several domestic media o...Read More
Tangshan, China's steelmaking hub in the northern region, is reportedly loosening up restrictions on the steel sector in August, which resulted in sentiment deteriorating in the market on Tuesday July 30.Domestic Eastern China (Shanghai): 3,920-3,940 yuan ($569-572) per tonne, narrowing downward by 10 yuan per tonneNorthern China (Beijing): 3,830-3,850 yuan per tonne, down 10-20 yuan per tonneChin...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
Turkish steel producers have left the deep-sea scrap market silent for a second day this week due to slow trading conditions in the summer lull, sources said on Tuesday July 30.The mills booked four deep-sea cargoes last week but stepped away from the market at the end of the week.Some sources said that steel producers in Turkey still needed material for August shipments, however. But they will ke...Read More
Seaborne hard coking coal prices were resilient on Tuesday July 30, underlined by the spot transactions involving premium category cargoes heard during the day. A premium low-vol hard coking coal cargo, to be loaded in the first half of September, traded at $183 per tonne cfr China, according to sources. A premium mid-vol shipment with the same loading window changed hands at $180 per tonne cfr, t...Read More
Seaborne iron ore prices rose on Tuesday July 30 on news that production restrictions on steelmakers in northern China over August are likely to be relaxed. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $119.61 per tonne, up $1.62 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $119.53 per tonne, up $1.62 per tonne. Fastmarkets' index for iron ore 6...Read More
Intense buying from Chinese speculators and foreign traders over the past two weeks is unlikely to cause China's cobalt metal market to slip into a significant supply deficit in the near term, market participants told Fastmarkets.Steady production of cobalt metal in China amid weak downstream consumption during the slower summer months and extensive importing have limited the effect that recent st...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%. China's manufacturing PMI increased to 49.7 in July, from 49.4 in June. It is a busy day ahead for other economic data whi...Read More
U.S. equity index futures moved higher this morning. S&P 500 futures were up 6 points in pre-opening trade.Investors are waiting for an update on monetary policy by the Federal Reserve to be released at 2:00 PM EDT. Consensus is that the Fed Fund rate will drop by 0.25% to 2.25%.Index futures were virtually unchanged following release of the July ADP Private Employment report. Consensus was an...Read More
Norsk Hydro learned some important lessons from its experiences following heavy rainfall at its Alunorte refinery in Brazil, particularly the need to improve community relations, chief executive officer Hilde Merete Aasheim said. Alunorte has been a "very difficult situation" for Hydro for the past 18 months, she told Fastmarkets during an interview in New YorkHeavy rainfall in Par?? in February l...Read More
The uncertainty created by trade tensions, including the potential for US tariffs on the automotive sector, is deterring investment decisions in the industry and leading to reduced forecasts for growth, according to Norsk Hydro's chief executive officer. One of the key reasons why the Norwegian aluminium producer lowered its demand growth expectations for the metal in 2019 was the insecurity...Read More