Trade negotiations between the United States and China following a meeting between the countries' leaders on the sidelines of the Group of 20 (G20) summit in Japan at the end of last month have not progressed as well as investors had hoped. Instead, relations between the world's two largest economies remain frosty following a report that China will sanction US firms that sell weapons to Taiwan. In...Read More
Import prices for stainless steel in East Asia rose over the week ended Wednesday July 17 after producers adjusted their asking prices upward in response to a rally in the price of nickel on the London Metal Exchange.Following seven consecutive days of gains after July 5, the price of nickel, 3 months, LME Daily Official, ended the official trading session on July 16 at a 2019 high of $13,960-13,9...Read More
Germany's Wieland Group has completed its previously announced acquisition of Global Brass & Copper (GBC), the company said in a statement on Tuesday July 16.Wieland, a supplier of semi-finished copper and copper alloy products, had announced in April this year it would acquire Schaumburg, Illinois-based GBC's outstanding shares for $44 apiece.GBC shares ceased trading on the New York Stock Exchan...Read More
Misplaced optimism seems to be driving gains in the London Metal Exchange’s three-month nickel price, especially amidst weak global economic growth and ongoing trade tensions between the United States and China; granted there is growing concern over nickel supply from Indonesia but this remains a long-term play.Fresh global economic jitters and escalating US-China trade tensions have negative...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were down unchanged in pre-opening trade. Index futures were virtually unchanged following release of economic news released at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to 215,000 from downwardly revised 208,000 last week. Actual was 216,000. Consensus for the July Philly Fed Index was an increase to 5.0...Read More
A summary of base metals premiums from across the globe for the week to Tuesday July 16.Please click...Read More
The London Metal Exchange three-month nickel price rose 2.9% on Tuesday July 16 to close above the $14,000-per-tonne resistance level.The LME three-month nickel contract closed at $14,065 per tonne, up $400 per tonne from the $13,665-per-tonne close on Monday.This is the first time nickel futures have surpassed the $14,000 mark since August 2018, with approximately 15,000 lots traded by 5pm o...Read More
First Cobalt Corp has agreed on a term sheet with Glencore AG, outlining the framework for a phased approach to recommission a cobalt refinery in Ontario, Canada, in less than a year with an expansion to 55 tonnes per day in 2021. The framework remains subject to a number of conditions and outline the key milestones to a long-term strategic relationship that could bring a reliable source of domest...Read More
Recylex' listing on Euronext Paris resumed at the opening of the stock exchange on Tuesday July 16 after the lead and zinc recycler announced its projected cash requirements for 2019, 2020 and 2021. Trading in European zinc and lead producer Recylex' shares was suspended on Monday July 8 at the company's own request following an unexplained 40% increase in the share price during the prior two days...Read More
The global market for refined zinc metal was in a deficit of 123,000 tonnes over the first five months of 2019, marking a 19.41% annual increase from 103,000 tonnes a year ago, the International Lead & Zinc Study Group (ILZSG) said. Refined zinc metal production contracted by 1% to 5.39 million tonnes in the first five months of the year compared with the same period of 2018. ILZSG reported produc...Read More
Ore and alloy prices were stable in most global spot markets in the week ended Friday July 12, with excess supply continuing to put pressure on producers. UG2 ore price, cif China, ticks up; Turkish lumpy ore stable Charge chrome market in China unchanged High-carbon ferro-chrome range ddp Europe widens Ferro-chrome price in Japan narrows downward.Falls in the market for chrome ore stalled last we...Read More
First Cobalt Corp has agreed on a term sheet with Glencore AG, outlining the framework for a phased approach to recommission a cobalt refinery in Ontario, Canada, in less than a year with an expansion to 55 tonnes per day in 2021. The framework remains subject to a number of conditions and outline the key milestones to a long-term strategic relationship that could bring a reliable source of domest...Read More
Turkish steel producers remained quiet in the deep-sea scrap markets, awaiting some signs of recovery in the finished steel sector, sources said on Tuesday July 16.The last verified scrap deal was on July 9 when a steel mill in the Iskenderun region booked a UK cargo at $288 per tonne cfr for HMS 1&2 (80:20).Since then, Turkish steel mills have stayed away from the deep-sea markets...Read More
The Turkish domestic scrap markets remained mostly quiet last week due to the subdued finished steel markets and the seasonal summer slowdown, sources said on Tuesday July 16.Steel mills have kept their buy prices for auto bundle scrap flat, but ship scrap prices increased slightly due to expectations of a rebound in the price...Read More
First Cobalt Corp has agreed on a term sheet with Glencore AG, outlining the framework for a phased approach to recommission a cobalt refinery in Ontario, Canada, in less than a year with an expansion to 55 tonnes per day in 2021. The framework remains subject to a number of conditions and outline the key milestones to a long-term strategic relationship that could bring a reliable source of domest...Read More
Chinese flake graphite export prices will face headwinds in the near term due to a slowdown in its traditional downstream supply chain and a surge of imported materials, delegates said on the sidelines of an industry conference in Qiandaohu, China, on July 11-12. In the fourth quarter of 2018 and the first quarter of 2019, Chinese flake graphite producers in production hubs, such as Shandong and H...Read More
Czech steelmaker Liberty Ostrava is increasing its steel prices by ?,?20 ($23) per tonne to partially offset an increase in production costs, the company told Fastmarkets on Tuesday July 16. "Recent increases in raw materials and energy costs and the prevailing steel prices in Europe necessitate an immediate response to avoid further margin squeezes for our steel business," the company said.O...Read More
Prices for flat steel imports to the United Arab Emirates and Saudi Arabia fell this week, with demand remaining weak because of the seasonal summer lull.UAE Offers for hot-rolled coil imports from China to the UAE came in at $510-520 per tonne cfr, while buyers were bidding $500 per tonne cfr.No major deal was heard.Working hours in the UAE are limited from June 15 until September because of...Read More
Reduced availability of materials for August shipments of hot-rolled coil and cold-rolled coil (HRC, CRC) from the Commonwealth of Independent States (CIS) was supporting the prices for the commodities, sources told Fastmarkets on Monday July 15.Fastmarkets' weekly price assessment for steel HRC, export, fob Black Sea, CIS, was $485-500 per tonne on July 15, up by $5 per tonne week on week.Ukraini...Read More
Turkish suppliers had already used up 70.43% of the annual EU steel import quota for Turkey-origin rebar by Monday July 15, just two weeks after the annual quota period began on July 1.Only 89,178 tonnes of the annual quota volume of 301,538 tonnes for Turkish rebar remains to be allocated. The current quota period will run until June 30, 2020.As of July 15, no further tonnes were awaiting allocat...Read More