A major Japanese steelmaker has settled its pulverized coal injection (PCI) price for April-June at $141 per tonne fob Australia with Australian producer Realm Resources for the low-vol PCI Foxleigh.This compares with the settlement at $142 per tonne that it paid for both the January-March quarter and the corresponding quarter last year. The Fastmarkets...Read More
Dovish comments from European Central Bank (ECB) president Mario Draghi combined with some positive US-China trade developments, in that US president Donald Trump said he will meet Chinese president Xi Jinping in late June, to prompt a recovery in equities and industrial metals prices on Tuesday June 18. Markets are now consolidating while they await direction from the conclusion of today's US Fed...Read More
Base metals prices were broadly steady to lower in morning trading on the London Metal Exchange on Wednesday June 19, with waning macroeconomic optimism weighing on commodities.Trading volumes across the complex were thin after bearishness resurfaced, reflecting weakening global economies and the unlikelihood of an imminent US-Sino trade deal.The LME three-month lead price held its ground, trading...Read More
Base metals prices on the Shanghai Futures Exchange were up across the board during morning trading on Wednesday June 19 amid renewed trade optimism and a more dovish tone from policymakers.The broad-based strength exhibited by the SHFE base metals follows comments from US president Donald Trump on social media overnight that he will meet with Chinese counterpart Xi Jinping at the Group of Twenty...Read More
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
An overview of the minor metals markets and the reasons for any price moves.Read More
Key data from the Fastmarkets' Wednesday June 19 pricing session in Europe.Key drivers The European ferro-titanium price fell for the fourth consecutive week after six weeks of stability. Demand has been quiet since an initial bout of short-covering in mid-April when major European producer FE Mottram stopped production after a fire damaged its UK plant.FE Mottram aims to restart product...Read More
The following Fastmarkets minor metals prices changed on Wednesday June 19:Minor metalsAntimony MB free market regulus, $/tonne: $6,300-6,550 per tonne from $6,350-6,600Antimony MMTA standard grade II, $/tonne: $6,150-6,400 per tonne from $6,200-6,450Bismuth MB free market, $/lb: $3.00-3.30 per lb from $3.10-3.40Cobalt MB free market alloy grade,...Read More
Largo Resources has appointed Paul Vollant as its director of sales and trading, the vanadium producer said on Wednesday June 19.Starting from September 2019, Vollant will lead the development of Largo's sales and trading business, the Toronto-based producer said.Vollant's experience includes the position of general manager of sales and marketing at TNG Limited, Shanghai, where his responsibilitie...Read More
Key data from the Wednesday June 19 pricing session in Shanghai. Key drivers - The cobalt sulfate price in China trended lower on continued weak demand, although the rate of descent slowed in June compared with May, which reflects producers' resistance to lower bids.- Changes to the Chinese subsidies policy on electric vehicles...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday June 19:Aluminium scrapCommercial pure cuttings: ?920-960 per tonne from ?930-970Commercial cast: ?730-760 per tonne from ?740-770Group 7 turnings: ?420-440 per tonne from ?430-450Aluminium...Read More
The European Commission (EC) imposed definitive safeguard measures on 28 imported steel products in February, replacing the provisional measures that had been in place since July 2018.The EC opened the safeguard case in an attempt to prevent steel shipments being redirected to the EU after the United States imposed import tariffs as part of its Section 232 investigation. Almost one year after the...Read More
More dovish central bank talk, this time from the US Federal Open Market Committee (FOMC), has pumped fuel into the price rebounds in equities, bonds and the metals this morning, Thursday June 20. The FOMC left the door open for a rate cut in July.Markets had started to rebound at the start of the week on the back of optimism that a US-China trade talks may start making progress again, but pr...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 28 points in pre-opening trade. Investors responded to expectations for lower interest rates by the Federal Reserve. Broadly based U.S. equity indices are testing their all-time highs.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Initial Jobless Claims wa...Read More
A summary of base metals premiums from across the globe for the week to Tuesday June 18.Please click...Read More
Base metals traded on the London Metal Exchange had all closed up by the afternoon kerb on June 18 after the potential US Federal Reserve interest rate cuts inspired a bullish sentiment. The optimism for the complex may be short lived however, because market consensus has already deemed this flurry of activity as a short-covering exercise before the US Fed and Federal Open Markets Committee (FOMC)...Read More
Fastmarkets' assessed nickel full plates cif Shanghai premium increased 69% week on week on Tuesday June 18 due to an open import arbitrage between London and Shanghai, hitting an historic high since Fastmarkets launched the premium in April 2016. Fastmarkets assessment of the low-high premium for 99.8% purity nickel, full plate, cif Shanghai surged to $350-410 per tonne on Tuesday June 18 from $2...Read More
Chilean state-owned copper producer Codelco is running its Chuquicamata division at half capacity, due to strike action by three unions at the site in northern Chile.The company is aiming to reach 60% throughput soon, Codelco said on Sunday June 16.The 3,200 employees who are members of the three unions walked out on Friday, but another 1,400 workers are continuing to run operations, Cod...Read More
An open arbitrage window for importing alumina into China failed to attract a flurry of inquiries last week as domestic prices continued to slide, sources told Fastmarkets on Tuesday June 18. "We've heard some inquiries since last week, but no concrete progress after that. Buyers are more reluctant to take imported cargoes now as they are concerned about future losses in a downward trending domest...Read More
Chrome ore and alloys prices fell further in China in the week ended Friday June 14 with sentiment remaining bearish. Chinese ore and alloy prices down European high- and low-carbon ferro-chrome prices drop Japan and South Korea alloy prices unchanged US alloys prices stableUG2 chrome ore prices in China weakened for the sixth consecutive week amid weak buying interest and bearish sentiment feedin...Read More