The three-month nickel price on the London Metal Exchange fell by 0.7% below its traditional support level of $12,000 per tonne during morning trading on Monday May 20, although thin trading volumes have capped further downside movement. The metal's futures price was recently traded at $11,910 per tonne. Despite total LME stocks remaining at a seven-year low at just 164,100 tonnes, commodity trade...Read More
Here are five Fastmarkets MB stories you might have missed on Monday May 20 that are worth another look.Massive amounts of scrap metal are being held at Malaysian ports for unprecedented inspections and multiple copper cargoes still at sea are being diverted to other Asian countries at big discounts, sources told Fastmarkets. The German federal government is planning to invest "billions of eu...Read More
Prices for slab exported from the Commonwealth of Independent States have continued to decline in the second half of May while producers have had to make concessions in new bookings with customers in Europe and Asia amid unfavorable conditions in their finished flat-steel outlets.Fastmarkets' weekly CIS export slab price assessment narrowed down to $450-455 per tonne fob Black Sea on Monday May 20...Read More
The mood in the CIS export billet market turned positive at the start of the week that began on Monday May 20, with most producers having almost filled their June order books in recent weeks.Import scrap prices in Turkey rebounded at the end of last week, supported by a reduction in the duty imposed on imports of Turkish steel into the United States to 25% from 50%.Although CIS...Read More
European distributors of flat steel products reported a 4.5% year-on-year drop in shipment volumes in the first quarter of 2019, Eurometal said on Monday May 20."Shipments continued their negative trend of late last year and this was accompanied by rising stocks," the regional federation for steel, tube and metals distribution and trade said.European steelmakers such as Germany's ThyssenKrupp have...Read More
CIS export rebar and wire rod markets were quiet in the week ended Monday May 20 with most buyers and sellers taking a wait-and-see approach seeking more clarity from Turkey, which finally achieved a reduction to the US import duty to 25% last week. Recent offers of rebar from Ukraine were heard within the range of $460-475 per tonne fob Black Sea, depending on destination. No bookings were report...Read More
The United Arab Emirates' biggest steel producer, Emirates Steel, has been giving discounts on its rebar price of as much as 126 dirhams ($34) per tonne ex-works on June orders, Fastmarkets learnt on Monday May 20.The conpany was accepting orders at 1,881 dirhams ($512) per tonne ex-works, but its list price was 2,007 dirhams per tonne ex-works, unchanged since early February. Fastmarkets'...Read More
Brazilian miner Vale has taken preventive measures on fears of a possible rupture at its Sul Superior dam, which include the building of a containment structure and emergency training with nearby residents.The company told local authorities last week that displacement of a slope at the Gongo Soco mine pit could lead to a rupture of its Sul Superior dam, in the country's southeastern Minas Gerais s...Read More
Seaborne iron ore pellet and concentrate prices picked up moderately in the week to Friday May 17 as the iron ore market generally strengthened.PelletsThe weekly Fastmarkets MB 65% Fe Blast Furnace Pellet Index was at $129.93 per tonne cfr China last Friday May 17, up by $1.35 per tonne from a week earlier.Deals for Indian 64% Fe Rashmi pellet were heard at $121.50-123 per tonne cfr, although...Read More
Ferrous scrap trader Hoffman Iron & Steel is looking to Southeast Asia as a key area of growth for its business in the coming years, chief executive officer Philip Hoffman said in an interview with Fastmarkets MB.Increasing focus on Southeast Asia"There's a lot going on in Southeast Asia, such as expanding electric-arc furnace (EAF) and Induction Furnace (IF) capacities in Vietnam and other IF cap...Read More
Renewed selling interest on Friday May 17 has capped the upside from the slight rebound mid-last week and the metal markets generally look shaky in the early morning of Monday May 20. Our assessment of global risk sentiment remains fairly weak and highly dominated by negative macro events. The simmering US-China trade altercation continues to undermine appetite for risk assets. US President D...Read More
Base metals prices on the Shanghai Futures Exchange were mixed during morning trading on Monday May 20, with nickel leading the falls and only copper and lead showing positive performances.Nickel was one of the big underperformers, with the most-traded July contract declining to 97,540 yuan ($14,156) per tonne as at 9.59am Shanghai time, down by 340 yuan per tonne, or 0.3%, from Friday's close of...Read More
Demand for stainless steel in China's domestic market was steady over the past week, but trade tensions between the country and the United States are starting to show signs of weighing on prices.The Fastmarkets MB domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,000-14,100 yuan ($2,036-2,094) per tonne including value-added tax for the week...Read More
Volker Pawlitzki has left Canadian minor metals and specialty chemicals producer 5N Plus, sources from the company have confirmed to Fastmarkets Pawlitzki joined 5N Plus in September 2017 as vice president for...Read More
Key data from the pricing sessions in Asia and Europe for the week ended Friday May 17. China The Chinese domestic antimony price tumbled for the second consecutive week after some domestic producers cut their offer prices further in an attempt to generate cash to pay bank loans. Yet some domestic antimony suppliers were resistant in surrendering much on the prices further, and some we...Read More
Key data from the Friday May 17 pricing session in London. Key drivers - Cobalt prices show slight weakness over the course of the week while consumers and traders refrain from buying. Sellers lower their offers while consumers have their immediate requirements covered, so most market participants expect a moderate decline in prices over the summer. -...Read More
Key data from the pricing sessions in Asia and Europe for the week ended Friday May 17. China The Chinese silicon export price moved down due to a weaker yuan, which offset price support from tight upstream material supply in northern China. According to exchange rate website Oanda.com, $1 was worth 6.91 yuan on Friday May 17 compared with 6.82 yuan a week earlier. Weak demand ab...Read More
Ferro-vanadium prices continued to fall globally last week amid weakening demand, with vanadium pentoxide (V2O5) prices in Europe and China following the move downward. Chinese ferro-vanadium export price drops more than 18% amid weakening domestic market. European ferro-vanadium, V2O5 prices fall again on weak demand; hit lowest level since October 2017. US market edges down under pres...Read More
European secondary aluminium prices fell to their lowest levels in 10 years on Friday May 17, attributed to softening in the European automotive sector which has continued to exert downward pressure on the market. Outright prices for European aluminium scrap grades and 226 ingot typically track the automotive sector since they are primarily consumed for automotive production. Aluminium scrap grade...Read More
Broader tensions masking still-constructive fundamentals With the US-China trade dispute escalating again and now geopolitical tensions between the US Iran rising, there is less and less appetite for risk in financial markets. Base metals continue to feel the fallout, despite plenty of signs of tightness in the fundamentals. Aluminium: Base-building amid cross currents There are many cross-current...Read More