Seaborne iron ore prices dipped on Thursday May 30 following losses in the futures and steel markets, and amid concerns over narrower profit margins at Chinese steelmakers.MB 62% Fe Iron Ore Index: $103.87 per tonne cfr Qingdao, down by $2.31 per tonne.MB 62% Fe Pilbara Blend Fines Index: $102.35 per tonne cfr Qingdao, down by $2.31 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $107.66 per tonne...Read More
The seaborne coking coal spot market softened further on Thursday May 30, with offers falling even lower.A cargo of premium low-vol hard coking coal was offered at $205 per tonne cfr China during the day, down $3 per tonne from a day earlier, sources told Fastmarkets. Sellers were still indicating offers for top Australian brands at around $210-212 per tonne cfr China, which Chinese market partici...Read More
Surging iron ore prices have narrowed steelmaking margins in China, though the country's long steel producers are unlikely to lower their prices anytime soon to stimulate sales, sources told Fastmarkets MB this week.Market participants estimated at the start of this week that rebar producers' gross profits had fallen below 500 yuan ($72) per tonne, compared with 700-800 yuan per tonne in early May...Read More
China's domestic prices for hot-rolled coil softened further on Thursday May 30 amid limited trading activity, with high inventory levels leaving market sources expecting further drops.DomesticEastern China (Shanghai): 3,960-3,970 yuan ($573-574) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,870-3,890 yuan per tonne, down 10 yuan per tonneLosses in the futures market put pressure on...Read More
China's rebar prices were unchanged on Thursday May 30 despite declining futures, with the stability cutting mills' need to look to the export market.Domestic Eastern China (Shanghai): 3,990-4,030 yuan ($577-583) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,920-3,960 yuan per tonne, narrowed down 10 yuan per tonneBuyers procured at steady rates in the morning before rebar future...Read More
Antimony prices in both Chinese and European markets have dropped significantly so far this year due to weak demand and bearish sentiment caused by factors led by rising trade tension between China and the United States, the world's two largest economies. Fastmarkets' European and Chinese antimony prices have fallen by more than 15% and 21% respectively in the year to date. Fastmarkets presents th...Read More
Cobalt prices fell in the first half of the week after slow consumer demand and strong discounts on long-term contracts incited aggressive offers from sellers. Fastmarkets price assessment for standard-grade cobalt in-warehouse Rotterdam was $15.35-16.10 per lb on Wednesday May 29, down from $16-16.55 per lb at the end of last week. Alloy-grade prices settle...Read More
Key data from the Wednesday May 29 pricing session in Shanghai. Key drivers The Chinese cobalt salts market, which includes cobalt sulfate and tetroxide, continued to soften on sluggish demand, which is partially due to the fact that battery cathode materials manufacturers have broadly fed on tolled products. Meanwhile, excessive stocks consumers had built up in early April when the co...Read More
China imported 7,938 tonnes of antimony ore and concentrate in April, marking year-on-year and month-on-month increases of 96% and 134% respectively, according to official, but unconfirmed, data seen by Fastmarkets MB.Last month's total compares with 3,399 tonnes in March and 4,044 tonnes in April 2018Russia was the top supplier of China's imported antimony ore and concentrate last month, shipping...Read More
Opportunities to lock in long-term sales of cobalt hydroxide - and diversify a customer base outside of China in the process - are too appealing to pass by in a market still feeling the effects of a ramp-up in intermediates supply. Earlier this week, Umicore and Glencore announced a long-term revolving agreement for the latter to supply cobalt hydroxide to the former's global operations. This foll...Read More
European molybdenum prices rose this week, with price gains in molybdenum oxide pulling up the alloy market, although the rally may be limited in the near term given muted demand in the stainless steel sector, trading sources said. Around 270 tonnes of oxide was reported traded in first half of the week to Wednesday May 29, with nearly half that volume done in Europe and the rest in Busan, South K...Read More
Domestic stainless steel prices in China widened over the past week amid a mixed outlook among market participants. The Fastmarkets MB domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 13,950-14,400 yuan ($2,018-2,083) per tonne including value-added tax for the week ended Wednesday May 29, compared with 14,000-14,300 yuan per tonne a week earli...Read More
Cambodia's Sihanoukville Special Economic Zone is over a thousand miles from China, but you would not know it to be there.Cut into a landscape of thick jungle and paddy fields, the area - which touts itself as a landmark Belt and Road project - is a mass of freshly built white factory buildings emblazoned with names such as Fangyuan Factory, Qingdao Baoli Textile and Jinchenyuan.There runs Kinnric...Read More
U.S. equity index futures are lower this morning. S&P 500 futures were down 29 points in pre-opening trade. Index futures responded to news that the U.S. has proposed a 5% tariff on Mexican imports on June 10th unless Mexico takes action to reduce illegal immigration. U.S. automaker stocks with Mexican production facilities quickly responded to Mexican tariff news. General Motors dropped $1.79...Read More
The three-month tin price on the London Metal Exchange decreased by more than 2% at the close of trading on Wednesday May 29, with volumes traded reaching their highest level since 2017 while spread tightness in the metal's forward curve began to ease.Some 850 lots of tin were exchanged by the close on Wednesday afternoon, with tin's three-month price dipping 2.6% from an intraday high of $19,215...Read More
The Chinese government has started inspections ahead of issuing ferrous and non-ferrous metal scrap import licenses for the second half of 2019 to avoid a potential month-long disruption of all scrap imports, the country's Ministry of Ecology and Environment (MEE) said on Wednesday May 29. The environmental ministry aims to issue the first batch of licenses in late June - right before the launch o...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 29.Please click...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday May 29 that are worth another look.The South African Transport and Allied Workers' Union was due to start a country-wide port strike at 17.30 local time on Wednesday May 29. Although the union claimed the action will bring South Africa's economy "to a standstill," manganese and chrome market sources said it was too early...Read More
An overview of the noble alloys markets and the reasons for any price moves.Read More
An overview of the minor metals markets and the reasons for any price moves.Read More