Indonesian steelmakers are facing increased headwinds with political tensions in the country rising ahead of the presidential election result, due to be announced on May 22, and adding to the bearish sentiment in the Southeast Asian billet market.Presidential candidate and former military general Prabowo Subianto has threatened to rally his supporters to conduct protests after alleging that voting...Read More
The swing back into contango in the nearby aluminium forward curve on the London Metal Exchange moving triggered the cancelation of more than 90,000 tonnes of aluminium in LME-bonded warehouses this week.Almost 45,000 tonnes of material were freshly canceled on Friday May 17, predominantly out of registered warehouses in Johor and Singapore. More than 30,000 tonnes were canceled across the same lo...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Friday May 17, with broad strength in the US dollar index pressuring commodity prices while trade tensions continue to deter investment.Trading volumes were thin over the day, with copper volumes leading the complex at just over 10,000 lots exchanged. Low liquidity conditions continue to typify the ba...Read More
Lead stocks held in Shanghai Futures Exchange-approved warehouses leapt by approximately 15% week on week on Friday May 17 due to weak demand. SHFE lead stocks totaled 36,993 tonnes on May 17, up 4,799 tonnes from 32,194 tonnes on May 17, reflecting a weak domestic market while the import window was closed, according to market participants. The largest inflow this week was registered at Zhejiang T...Read More
Offer prices for hot-rolled coil (HRC) in India have dropped by at least $10 per tonne after South Korea-origin HRC was offered to Indian importers this week at $545-550 per tonne cfr Mumbai, Fastmarkets heard on Friday May 17.Indian importers had last booked Japanese or South Korean HRC about two weeks ago, at $555-560 per tonne cfr Mumbai for shipment in June.Importers said, however, that the...Read More
Export prices for Brazil-origin slab went down for a second consecutive week in the period ended Friday May 17, with buyers in the United States heard to be declining offers on fears that their country's annual quota for semi-finished steel imports will be almost completely taken up by July or early August.Fastmarkets' weekly assessment of the price for Brazil export slab dropped to $510-520 per t...Read More
Representatives of Chilean state-owned copper producer Codelco will make their final wage and bonus offer to three workers' trade unions for the Chuquicamata mine division by May 24, the unions said on Friday May 17.The unions will have up to five days to schedule a vote on the proposal, the unions added.Workers are demanding active participation in the company's transformation plans; better healt...Read More
Copper concentrates treatment and refining charges (TC/RCs) continued to edge down in the second week of May due to traders snapping up tender tonnages at low numbers, while smelters became hesitant in spot purchases. Fastmarkets' Asia-Pacific TC/RC index dipped to $59.10 per tonne/5.91 cents per lb on Friday May 17, compared with $59.60 per tonne/5.96 cents per lb a week ago. The benchmark c...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Friday May 17, with broad strength in the US dollar index pressuring commodity prices while trade tensions continue to deter investment.Trading volumes were thin over the day, with copper volumes leading the complex at just over 10,000 lots exchanged. Low liquidity conditions continue to typify the ba...Read More
An overview of the battery raw materials markets and their latest price moves.Read More
Lead stocks held in Shanghai Futures Exchange-approved warehouses leapt by approximately 15% week on week on Friday May 17 due to weak demand. SHFE lead stocks totaled 36,993 tonnes on May 17, up 4,799 tonnes from 32,194 tonnes on May 17, reflecting a weak domestic market while the import window was closed, according to market participants. The largest inflow this week was registered at Zhejiang T...Read More
Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama rose 1.4% month on month in April, data released by major Japanese trading house Marubeni Corp on Friday May 17 showed. Aluminium stocks at the three ports totaled 300,000 tonnes at the end of April, compared with 295,900 tonnes at the end of March, reversing the plunge in March when stocks fell by 7...Read More
The London Metal Exchange nickel cash/three-month spread has flipped to its widest backwardation since January 2015 while nickel stocks hit a seven-year low on Friday May 17. The cash/three-month spread recently reached a $20 per tonne backwardation while the June/July LME spread recently moved out to a $39 per tonne backwardation, further indicating nearby tightness after a sustained period...Read More
The European Commission (EC) has initiated a review of its steel import safeguard measures, it said in a notice published in the Official Journal of the European Union on Friday May 17.The review covers all product categories, with the exception of product category 26, which covers "other welded pipes."The EC "has observed that some of the country specific tariff-rate quota for certain product cat...Read More
The price of some steel coil products in Turkey increased over the week to Friday May 17, while some producers stopped accepting new orders after the United States announced a duty reduction, sources told Fastmarkets.The US has lowered its tariffs on steel imports from Turkey to 25%, down from 50% previously, effective from Friday May 17.Demand was weak in the local market, but exports were strong...Read More
The UK's light iron market has dropped over the week ending May 17, losing another ?5 ($6.41) per tonne following a ?10 loss due to weaker European export markets into Turkey since late April, sources told Fastmarkets.The move follows a ?15-per-tonne drop in monthly delivery settlements for May that were settled between British suppliers and steelmakers this week.Fastmarkets' weekly price asses...Read More
Trading activity in the CIS export billet market slowed down at the end of this week when market participants took a wait-and-see position on whether the reduction in US import duty on Turkey-origin steel products would have a positive effect on prices.The United States lowered its tariff on steel imports from Turkey to 25%, from the previous 50%, with effect from Friday May 17."The Turkey import...Read More
The pig iron market in the United States was stable this week, with the scrap market said to be around the bottom while the cost of iron ore continued to increase, Fastmarkets heard on Friday May 17.Fastmarkets' import price assessment for pig iron in the US was $355 per tonne cfr on May 17, narrowing downward from $355-360 per tonne cfr last week.One pig iron cargo was booked from Russia at $355...Read More
Pig iron export prices from the south of Brazil have gone down slightly this week on lower sales to Asia, Fastmarkets heard on Friday May 17.Fastmarkets' weekly price assessment for pig iron exports from the southeastern Minas Gerais region of the country was $320-322 per tonne fob on May 17, down from $325 per tonne a week before.One cargo of 40,000 tonnes of pig iron was booked by a trader for t...Read More
European and UK austenitic and chrome steel alloy scrap prices decreased over the past week because of declining demand and lower ferrous scrap costs, sources told Fastmarkets on Friday May 17.Fastmarkets' assessment of the price for 18/8 stainless steel scrap solids in the UK domestic market was ?800-900 ($1,025-1,154) per tonne delivered on Friday, down by ?50 per tonne week on week.The corres...Read More