Copper premiums in Shanghai rose in the week ended Tuesday May 28, with a more favorable import arbitrage between London and Shanghai and limited availability of solvent extraction-electrowinning (SX-EW) cathode providing support.Elsewhere, soft demand and ample availability in Germany caused premiums there to weaken, while quiet conditions kept the US copper market flat. Premiums in Shanghai move...Read More
Key data from the Wednesday May 29 pricing session in Europe.Key drivers - The European ferro-titanium price moved down week on week, dropping on profit-taking after six weeks of stability.- Some sources reckon supply worries on production cuts should support prices at the $5-per-kg level in the near term, although others reported prices below that point for third-quarter deliveries. One dealer re...Read More
The South African Transport and Allied Workers' Union (SATAWU) will 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 on Wednesday it is too early to assess the potential impact of the strike on the market, adding that the situation should be m...Read More
The following Fastmarkets minor metals prices changed on Wednesday May 29:Minor metalsAntimony MB free market regulus, $/tonne: $6,600-6,850 per tonne from $6,700-6,950Antimony MMTA standard grade II, $/tonne: $6,500-6,700 per tonne from $6,500-6,750Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 38,000-39,000 yuan per tonne from 39,000-40,000 yuanBismuth MB free market,...Read More
Switzerland-headquartered miner-trader Glencore has reached a long-term revolving agreement to supply Belgian battery-materials manufacturer Umicore AS with cobalt hydroxide, Glencore said on Wednesday May 29. Glencore will supply materials from its Katanga and Mutanda mining assets located in the Democratic Republic of Congo (DRC) to Umicore's cobalt refineries globally, including the Kokkola ref...Read More
Markets remain jittery while US-China trade war rhetoric escalates with the latter raising the possibility of including rare earth minerals in their trade negotiations. Equity markets have sold off and bond yields have fallen as investors move into havens.Trade war rhetoric escalatesEquites sell off on Tuesday, while Treasury yields fall furtherMarket now indicating increased likelihood of two US...Read More
Import prices for stainless steel in East Asia narrowed over the week to Wednesday May 29 after some producers raised their asking prices following the uptick in the London Metal Exchange nickel price although demand in the region remained weak.304 stainless 2mm trimmed cold-rolled coilFastmarkets MB's weekly import price assessment for benchmark 304 stainless 2mm trimmed CRC in East Asia narrowed...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday May 29:Titanium scrapTurnings, unprocessed type 90/6/4, 0.5% Sn max:...Read More
The price of rebar produced and delivered in Northern Europe fell by ?,?10-20 per tonne week on week after domestic mills lowered offers amid weak demand and import competition, market participants told Fastmarkets on Wednesday May 29. Fastmarkets' weekly price assessment for domestic rebar in Northern Europe was ?,?505-535 ($565-598) per tonne delivered on May 29, down from ?,?525-545 per to...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade. Equity index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for revised estimated U.S. first quarter real GDP is 3.0% versus the previous estimate at 3.2%. Actual was 3.1%. Consensus for Weekly Jobless Claims was 215,000 versus 211,000 last w...Read More
The London Metal Exchange three-month nickel price continued its decline to fall 1.9% since the close on Friday May 24 to end the afternoon kerb at $12,120 per tonne on Tuesday May 28.The LME three-month nickel price surged by 4% to a kerb close of $12,355 per tonne on May 24 with a spate of short covering in anticipation of the UK and US bank holidays on May 27 driving the price up to a $12,450-p...Read More
European lead and zinc smelter Recylex has again been granted a reprieve from debtors regarding repayments of loans its German subgroup took out to finance asset investment, but will also be on the hook for a ?,?26.7 million ($29.9 million) fine from the European Union, the company said on May 24.A group of German banks loaned Recylex's German subgroup, which includes zinc-oxide manufacturers Norz...Read More
Fastmarkets proposes to move the weekly publication day of five price assessments - two nickel pig iron (NPI) prices, two laterite nickel ore prices and one nickel sulfate price - from Tuesday to Friday.The proposed specifications are listed in full below:Assessment: Laterite nickel ore 1.8% cif China $/tonne Quality: Loose mud. 1.8% Ni, 15-20% Fe, Water content 30-35%, Si:Mg ratio <2Quantity:...Read More
Manganese ore prices have been sliding for seven consecutive weeks and fell to 18-month lows over the past week amid buyer caution in China. 37% and 44% ore hit lowest levels since late 2017Alloy prices flatline across Asia and EuropeFurther price cuts predicted in ores and alloysUS alloy markets dormant Manganese ore prices continued their seven-week slide on Friday May 24 amid increasingly caut...Read More
European lead and zinc smelter Recylex has again been granted a reprieve from debtors regarding repayments of loans its German subgroup took out to finance asset investment, but will also be on the hook for a ?,?26.7 million ($29.9 million) fine from the European Union, the company said on May 24.A group of German banks loaned Recylex's German subgroup, which includes zinc-oxide manufacturers Norz...Read More
Fastmarkets proposes to move the weekly publication day of five price assessments - two nickel pig iron (NPI) prices, two laterite nickel ore prices and one nickel sulfate price - from Tuesday to Friday.The proposed specifications are listed in full below:Assessment: Laterite nickel ore 1.8% cif China $/tonne Quality: Loose mud. 1.8% Ni, 15-20% Fe, Water content 30-35%, Si:Mg ratio <2Quantity:...Read More
Benchmark cobalt prices edged lower again at the end of last week after some sellers cut their offers to secure larger tonnage inquiries after an early start to the quieter summer period. Fastmarkets MB assessed the standard-grade cobalt price at $16-16.55 per lb, in-warehouse, on Friday May 24, down from $16.20-16.75 per lb on May 22. Buying from consumers has tailed off in the past few weeks, an...Read More
The Turkish steel mills have continued to book deep-sea scrap for June now that the United States has removed the extra import tariff for the country, sources said on Tuesday May 28.Three steel mills booked a total of 80,500 tonnes of deep-sea cargoes at the end of last week and the beginning of this week.A steel mill in the Izmir region booked a UK cargo, comprising 22,500 tonnes of HMS 1&2 (80:2...Read More
Turkish domestic ship scrap prices have inched up over the past week, while auto bundle scrap prices have remained largely stable, sources said on Tuesday May 28.Only one steel mill in the Izmir region raised its buy price for ship scrap last week, by $3 per tonne to $295 per tonne, in line with the increasing imported scrap values.So Fastmarkets' weekly price...Read More
European lead and zinc smelter Recylex has again been granted a reprieve from debtors regarding repayments of loans its German subgroup took out to finance asset investment, but will also be on the hook for a ?,?26.7 million ($29.9 million) fine from the European Union, the company said on May 24.A group of German banks loaned Recylex's German subgroup, which includes zinc-oxide manufacturers Norz...Read More