A decade ago, the Shanghai Futures Exchange launched its steel rebar futures contract. In the years that followed it has become the gold standard for steel derivatives, achieving a success that other exchanges aspire to emulate. And they are definitely trying, with a total of 11 steel derivatives contracts launched by the main trading exchanges since. SHFE, which launched a wire rod futures contra...Read More
Taiwanese and South Korean hot-rolled coil (HRC) producers, as well as major international trading companies, will likely to be hit by new US duties imposed this week on cold-rolled steel imports from Vietnam, market sources told Fastmarkets MB today.Vietnamese corrosion-resistant steel and cold-rolled coils (CRC) produced from South Korean and Taiwanese HRC substrate will face new cash...Read More
Tin's three-month price on the London Metal Exchange climbed by more than 3% at the close of trading on Wednesday July 3, settling above the nearby $18,000-per-tonne resistance level after sliding by more than 6% at Tuesday's close. More than 600 lots of tin were traded by the close, around half of Tuesday's total volumes traded but higher than the June average of around 300 lots. Recovering...Read More
Market participants avoided sending aluminium to the United States in June despite a widening arbitrage between Southeast Asian warehouses and the US Midwest, with uncertainty about tariffs continuing to limit risk appetite.US President Donald Trump removed on May 17 this year the 10% tariff on aluminium imports for Canada and Mexico that he had initially implemented in March 2018. Market particip...Read More
Tin premiums in Europe, North America and Asia were stable over the week to July 3, with demand reportedly slowing before the summer period, while a recent slump in LME tin's three-month price to a four-year low has prompted further questions about the LME tin price's current instability. European participants ponder demand impulses Excess supply caps US premiums Closed import arbitrage window lim...Read More
Open Mineral Exchange beat hopefuls to be named one of 56 Technology Pioneers of 2019 by the World Economic Forum (WEF) in Zug, Switzerland, on July 1 for its trading platform.The Swiss trading platform wants to bring transparency to the metal concentrate markets, which enables buyers and sellers to swap assays, payment terms and trade via its online business-to-business platform.The platform is.....Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday July 3 that are worth another look.China will allow nine companies to import ferrous scrap in 2019, according to a notice seen by Fastmarkets MB this week. Turkish authorities are considering whether to launch a trade defense case against imports of hot-rolled coil from the European Union, market sources&nb...Read More
Market participants avoided sending aluminium to the United States in June despite a widening arbitrage between Southeast Asian warehouses and the US Midwest, with uncertainty about tariffs continuing to limit risk appetite.US President Donald Trump removed on May 17 this year the 10% tariff on aluminium imports for Canada and Mexico that he had initially implemented in March 2018. Market particip...Read More
Tin premiums in Europe, North America and Asia were stable over the week to July 3, with demand reportedly slowing before the summer period, while a recent slump in LME tin's three-month price to a four-year low has prompted further questions about the LME tin price's current instability. European participants ponder demand impulses Excess supply caps US premiums Closed import arbitrage window lim...Read More
Shanghai copper premiums fell in the week ending Tuesday July 2 after import arbitrage losses widened, while copper premiums in Italy and the United States were flat amid stagnant demand. Cif Shanghai premium narrows after import arbitrage loss between London and Shanghai widensNarrowing contango in London Metal Exchange forward spreads and tighter credit weaken trader confidence in holding onto t...Read More
Turkish authorities are considering whether to launch a trade defense case against imports of hot-rolled coil (HRC) from the EU, market sources have told Fastmarkets.European mills have increased their HRC export volumes recently, particularly to Turkey, due to the weak demand in their home markets."The start of an anti-dumping case against EU-origin HRC will entirely depend on the attitude of the...Read More
Domestic prices for hollow steel sections in Northern and Southern Europe remained flat this week on a lack of trading, resulting from uncertainty about the region's new import quotas, sources told Fastmarkets on Wednesday July 3.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was ?,?630-640 per tonne ($711-722) per tonne deliver...Read More
The price of mesh-quality wire rod in Europe was unchanged week on week, with market participants expecting price stability to continue into the summer holiday period, sources told Fastmarkets on Wednesday July 3.Fastmarkets' weekly domestic price assessment for mesh-quality wire rod in Northern Europe was ?,?500-510 ($564-575) per tonne delivered on Wednesday, unchanged from June 26."We expect th...Read More
Steel H-beam prices in Northern Europe fell back this week after a short-lived increase last week, despite mills being keen to push prices upward, sources told Fastmarkets on Wednesday July 3.Fastmarkets' price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe was ?,?570-605 ($644-683) per tonne delivered on July 3, down from ?,?575-610 per tonne one week earlier....Read More
Prices for rebar produced and delivered in Southern Europe widened downwards this week as domestic mills aimed to maintain current price levels, sources told Fastmarkets on Wednesday July 3.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe was ?,?485-500 ($548-565) per tonne delivered on Wednesday, down ?,?5 per tonne week on week on the lower end from ?,?490-500 per...Read More
The weekly price assessment for rebar produced and delivered in Northern Europe softened this week amid reluctant buying activity, sources told Fastmarkets on Wednesday July 3.Market participants held back from buying while they waited to see the effects on pricing of an influx of imports, following the start of the new annual quota period for the EU steel import safeguards on July 1.Fastmarkets'...Read More
The steel mills in Turkey have continued to book deep-sea scrap cargoes for August shipments to replenish their stocks, sources said on Wednesday July 3.A steel mill in the Marmara region booked a US cargo, comprising 30,000 tonnes of HMS 1&2 (80:20) at $299 per tonne, 5,000 tonnes of shredded at $304 per tonne and 5,000 tonnes of bonus at $309 per tonne cfr.This compared with the...Read More
Seaborne iron ore prices were down on Wednesday July 3, even as futures on the Dalian Commodity Exchange closed higher after hitting a five-year peak a day earlier. MB 62% Fe Iron Ore Index: $124.75 per tonne cfr China, down $1.02 per tonneMB 62% Fe Iron Ore Index-Low Alumina: $125.83 per tonne cfr China, down $0.41 per tonneMB 58% Fe Premium Index: $114.86 per tonne cfr China, down $0.18 per tonn...Read More
The seaborne coking coal market continued to weaken on Wednesday July 3 with fob Australia offers falling further while Chinese participants took a step back in anticipation of the outcome of a couple of tenders.A cargo of unbranded materials was offered at $185 per tonne fob Australia on the Global Coal trading platform during the day, down $1 per tonne from a day earlier. A shipment of branded m...Read More