Domestic prices for heavy steel plate have been largely stable across Europe over the past week in the slow market, sources told Fastmarkets this week.Demand will decline further in August due to the traditional market slowdown over the summer period."The market is slow, which is normal at this time of the year," an Italian source said."Mills will try to increase offers [for plate] in Se...Read More
China's hot-rolled coil prices rebounded on Thursday July 25 in line with rising futures bolstered by expectations of stricter production curbs toward the end of the month.DomesticEastern China (Shanghai): 3,840-3,860 yuan ($558-561) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,840-3,850 yuan per tonne, up 10 yuan per tonnePrices rebounded amid an increase in trading activity in the...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
Seaborne iron ore prices pushed up on Thursday July 25, with firmer spot trades supporting the increases, sources told Fastmarkets. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $117 per tonne, up $2.03 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $116.92 per tonne, up $2.03 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr...Read More
Prices for seaborne cargoes of premium hard coking coal tumbled on Thursday July 25, with pervading pessimism taking hold of this segment of the market.An August-loading cargo of premium low-vol hard coking coal was traded at $185.50 per tonne cfr China during the day, sources said. This sent the Fastmarkets index for premium hard coking coal, cfr Jingtang to $184.16 per tonne, down $5.62 per tonn...Read More
Gains in the futures market failed to stimulate China's rebar prices on Thursday July 25, with sellers being under pressure to secure orders.Domestic Eastern China (Shanghai): 3,920-3,960 yuan ($570-576) per tonne, unchangedNorthern China (Beijing): 3,880-3,910 yuan per tonne, unchangedWeak demand attributed to bad weather over the past week resulted in rebar inventory levels at mills and the spot...Read More
There is some optimism in the markets because US-China trade talks are on the agenda again and expectations are running high for dovish talk from the European Central Bank (ECB) at its meeting later on Thursday July 25.Manufacturing purchasing managers' index (PMI) data out on Wednesday was generally negative, apart from a pick-up in Japan's figure.Asian equities are showing strength with China's...Read More
Key data from the Wednesday July 24 pricing session in Shanghai. Key driversThe price of cobalt metal in China is steady so far this week after narrowing upward on July 19 against a backdrop of aggressive speculative buying. But the number of spot trades fell despite active inquiries after investors took a more cautious stance following the increase in prices. Spot availability...Read More
Domestic stainless steel prices in China strengthened over the past week, though the past few days saw some of those gains being shed amid fluctuating nickel futures.Fastmarkets' price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 14,900-15,400 yuan ($2,166-2,239) per tonne including value-added tax for the week ended...Read More
With little changed in the big picture, markets continue to oscillate while they consolidate - US and European equity indices were lower on Thursday July 25 and most Asian equities were weaker this morning. London Metal Exchange lead price remains directional, other base metals are working sideways. US second-quarter GDP data out on Friday likely to set the tone.Base metalsVolume on the LME r...Read More
U.S. equity index futures moved higher this morning. S&P 500 futures were up 5 points in pre-opening trade.Index futures were virtually unchanged following release of U.S. second quarter real GDP at 8:30 AM EDT. Consensus is growth at a 2.0% rate versus growth at a 3.1% rate in the first quarter. Actual was growth at a 2.1% rate,Amazon dropped $21.32 to $1953.50 after reporting lower than cons...Read More
Base metals prices traded on the London Metal Exchange continued to capitalize on marginal gains made in the morning session on Wednesday July 24, with the pervading macro optimism and a weaker US dollar overshadowing modest turnover.Nickel rebounded 2.6% to close at $14,545 per tonne, retracing some the significant gains made last week when the three-month contract hit a $15,115-per-tonne high on...Read More
While Vedanta cheered over South Africa's recent court ruling against the Zambian government's liquidation of its majority-owned Konkola Copper Mines (KCM), Zambian officials rebuked the decision and denied the enforceability of the foreign ruling that determines the future of the country's largest copper smelting assets. The South Gauteng High Court on Tuesday July 23 granted Vedanta an urgent in...Read More
Ground preparation for a new copper smelter in Indonesia is in progress, with construction expected to begin in 2020, according to Freeport-McMoRan, one of the project's joint venture partners. The smelter is part of a package agreed by Freeport to extend the mining rights of its Indonesian unit PT-FI from 2031 to 2041. Under the terms of the agreement, PT-FI is committed to construct a new smelte...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday July 24 that are worth another look.While Vedanta cheered over South Africa's recent court ruling against the Zambian government's liquidation of its majority-owned Konkola Copper Mines, Zambian officials rebuked the decision and denied the enforceability of the foreign ruling that determines the future of the country's l...Read More
While Vedanta cheered over South Africa's recent court ruling against the Zambian government's liquidation of its majority-owned Konkola Copper Mines (KCM), Zambian officials rebuked the decision and denied the enforceability of the foreign ruling that determines the future of the country's largest copper smelting assets. The South Gauteng High Court on Tuesday July 23 granted Vedanta an urgent in...Read More
Ground preparation for a new copper smelter in Indonesia is in progress, with construction expected to begin in 2020, according to Freeport-McMoRan, one of the project's joint venture partners. The smelter is part of a package agreed by Freeport to extend the mining rights of its Indonesian unit PT-FI from 2031 to 2041. Under the terms of the agreement, PT-FI is committed to construct a new smelte...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Key data from Fastmarkets' Wednesday July 24 pricing session in Europe:Key drivers The ferro-titanium market has stabilized after a run of losses and while there was one sale around $4.50 per kg and below the current range, it was in isolation, with most sources expecting a stabilizing in the market. The ferro-titanium market is establishing a price floor, with producer supply cited to be in...Read More
Key data from Fastmarkets' Wednesday July 24 pricing session in Europe:Key drivers The ferro-titanium market has stabilized after a run of losses and while there was one sale around $4.50 per kg and below the current range, it was in isolation, with most sources expecting a stabilizing in the market. The ferro-titanium market is establishing a price floor, with producer supply cited to be in...Read More