The steel scrap sector in the United States still depends on exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London.This dependence persists despite the changes in the international markets created by the US' imposition of its Section 232 tariffs on imports of steel products, metals analyst Le...Read More
Seaborne pig iron has become relatively competitive versus ferrous scrap over the past year in most regions, and China is no exception. As the first chart below illustrates, the gap between the MBR's proxy for imported pig iron price in China and the Metal Bulletin's Chinese domestic heavy melt scrap price assessment had shrunk by late 2017. The premium averaged $17 per tonne this year to date, co...Read More
Here are five Fastmarkets MB stories you might have missed on Friday June 14 that are worth another look.Chinese imports from the US of products including metals concentrates and non-ferrous and ferrous scrap are eligible for two rounds of applications for exclusion from Chinese tariffs, according to a new policy document seen by Fastmarkets. The document from the Customs Tariff Commission of the...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade. Equity markets are expected to be quieter than usual prior to news on interest rates from the Federal Reserve to be released on Wednesday.Array Biopharma jumped $17.87 to $47.46 after Pfizer offered to buy the company for $48.00 per share cash. Value of the deal is $11.4 billion.Walt Disn...Read More
Eastern China's Shagang has lowered the list prices for its rebar and wire rod booked and shipped in mid-June. The mill is selling its HRB400 16-25mm rebar at 4,070 yuan ($588) per tonne over the June 11-20 period, down 180 yuan per tonne from its last...Read More
China's finished steel exports fell in May on both a year-on-year basis as well as when compared with the preceding month. The country shipped 5.74 million tonnes of finished steel abroad last month, down 16.5% from a year earlier, according preliminary Chinese customs data released on Monday June 10.Last month's exports are also...Read More
Domestic rebar prices in Brazil fell during May as leading steelmakers battle with new participants for market share amid low domestic demand, retreating from announced price increases.Fastmarkets' domestic rebar price assessment was 2,450-2,600 Reais per tonne delivered on June 7, down from 2,600-2,720 Reais per tonne a month prior. The bottom of the price range is at its lowest for this year.Lon...Read More
South32's decision to review the future of its manganese alloy assets comes as little surprise to fellow manganese alloy producers because they are likely to be considering similar options. The review, which could result in the divestment of the assets, reflects a wider predicament affecting alloy producers struggling with historically high ore prices and a subdued market for their own product. So...Read More
The London Metal Exchange has decided on a dispute over when the load-in, load-out (LILO) rule should have been activated, ruling in favor of warehouse company Istim. People familiar with the situation said that the warehousing firm had been found to have acted vigorously and without delay in its dealings with Glencore at its warehouses in Port Klang, Malaysia, following large cancellations of alu...Read More
Primary aluminium foundry alloy premiums in Europe were steady on Friday June 14 in an illiquid market.Fastmarkets assessed the premium for silicon 7 aluminium wheel alloys over London Metal Exchange cash prices delivered to the Ruhr region with 30-day payment terms at $340-360 per tonne on Friday. It has been at that level since April.Bearish sentiment stemming from the European automotive sector...Read More
Nickel's three-month price on the London Metal Exchange was higher at the close of trading on Friday June 14, having reached an intraday high of $12,065 per tonne but failing to close above that mark, while the rest of the complex continued to trade in a downtrend.Volumes traded in nickel were moderately high over the day, with more than 9,000 lots exchanged by the close, second to copper's 11,700...Read More
With an international career that has spanned senior positions with some of the biggest companies and mines for non-ferrous metal production, Sonami president Diego Hernandez tells Andrea Hotter about the multiple roles that led him to the pinnacle of copper mining.Diego Hernandez was in his mid-20s when he learned a very important lesson about negotiating. The young mining executive, who would go...Read More
Fastmarkets' alumina index fob Australia fell below $340 per tonne on Friday June 14 due to pressure from high availability of unplaced cargoes and low aluminium prices. The daily fob Australia alumina index declined to $339.65 per tonne - its lowest since August 24, 2017 on Friday June 14, down from $341.52 per tonne day on day and down from $349.39 per tonne week on week.Key drivers:The most rec...Read More
Fastmarkets has amended its weekly publication day of five price assessments, including two nickel pig iron (NPI) price assessment, two laterite nickel ore price assessment and one nickel sulfate price assessment effective from today on June 14. Fastmarkets has amended the publication day for the following price assessments after an initial one-month consultation period that concluded it was best...Read More
The European charge and high-carbon ferro-chrome benchmark settlement for the third quarter of 2019 has dropped 16 cents to a three-year low of $1.04 per lb. The price is announced every quarter by Merafe Resources, which operates a chrome joint venture with trader-miner Glencore in South Africa.The benchmark is a forward-looking price for the coming quarter and the latest settlement reflects incr...Read More
Primary aluminium foundry alloy premiums in Europe were steady on Friday June 14 in an illiquid market.Fastmarkets assessed the premium for silicon 7 aluminium wheel alloys over London Metal Exchange cash prices delivered to the Ruhr region with 30-day payment terms at $340-360 per tonne on Friday. It has been at that level since April.Bearish sentiment stemming from the European automotive sector...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Primary aluminium foundry alloy premiums in Europe were steady on Friday June 14 in an illiquid market.Fastmarkets assessed the premium for silicon 7 aluminium wheel alloys over London Metal Exchange cash prices delivered to the Ruhr region with 30-day payment terms at $340-360 per tonne on Friday. It has been at that level since April.Bearish sentiment stemming from the European automotive sector...Read More
Global ferrous scrap prices were mostly on a downward trend in the week ended Friday June 14 due to ample supply from key exporters and limited demand from buyers.While there were numerous bookings into the key Turkish market, the transactions were made at falling prices. This led to buyers in Asia shying away from purchasing cargoes because they expected the price downtrend to continue. Turkey bu...Read More
German steelmakers have settled their monthly scrap contracts for June at prices that are either unchanged or with a decrease of ?,?5 ($6) per tonne month-on-month, sources told Fastmarkets.Fastmarkets' monthly price assessment for domestic grade-E3 scrap in Germany was ?,?260-270 ($293-305) per tonne delivered on Friday June 14, compared with ?,?260-275 per tonne delivered in mid-May.Mills in the...Read More