Here are five Fastmarkets MB stories you might have missed on Wednesday May 8 that are worth another look.Jiangxi Copper has become the first Chinese company to receive the green light to set up a large-scale copper scrap processing facility in Malaysia after China's clamp down on copper scrap imports led to mass scrap diversion to Southeast Asia, two company officials directly involved in the mat...Read More
While spent lead-acid battery and cable lead prices in the United States slipped amid a decline in London Metal Exchange prices and softening demand, market participants shared mixed outlooks, with some anticipating steadiness and others wary of further price declines.Fastmarkets AMM's price assessments of whole lead-acid batteries and cable lead delivered to smelters both fell...Read More
Copper output by Chilean state-owned producer Codelco recovered in March 2019 but remained depressed when compared with last year's figures, national copper commission Cochilco said on Wednesday May 8.The company produced 128,600 tonnes of contained copper during March, down by 18.30% from 157,400 tonnes in the corresponding month in 2018.But this decline was less pronounced than the 19.30% year-o...Read More
Zinc premiums in Europe dropped while the backwardation remained wide this week, while lower lead prices increased spot interest in India and Southeast Asian countries, driving lead premiums higher. The zinc premium for Rotterdam is at its lowest level since August 2009, while the Antwerp level is at its lowest since the price assessment launched in 2017. The backwardation in the London Metal Exch...Read More
Major talking points among copper market participants attending the annual LME Asia Week in Hong Kong this week are whether Chinese copper demand for April and May is weaker compared with previous years and when high domestic copper stocks in China will decrease. Sustained high copper stocks in the Shanghai-bonded zone have fueled market worries that copper demand in China is foundering and that t...Read More
Import volumes of flat and long steel products into Brazil moved in opposite directions in April, according to figures released recently by the country's economy ministry.Imports of flat steel products fell by 25.70% year-on-year in April, to 97,534 tonnes, compared with 131,265 tonnes in April 2018.The decrease was mainly due to reduced imports of heavy plate, partially offset by higher volumes o...Read More
The price for rebar produced and delivered in Southern Europe remained unchanged this week amid quiet market activity, participants told Fastmarkets on Wednesday May 8.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe was ?,?500-510 ($560-571) per tonne delivered on Wednesday, unchanged from May 1.There was an expectation among participants that the market would be flooded...Read More
Fastmarkets published its CIS export billet index later than scheduled on Wednesday May 8 but it is now appearing as normal.Fastmarkets' CIS export billet index, fob Black Sea, was published in the price book later...Read More
Iranian export prices for steel slab and billet have decreased over the past week with deals agreed at lower values, sources told Fastmarkets on Wednesday May 8.Recent bookings for Iran-origin steel billet were heard done in Asia at $380-385 per tonne fob. The total volume of these exports was more than 40,000 tonnes.Fastmarkets' weekly price assessment for Iranian...Read More
Brazilian steelmaker Gerdau saw its sales volumes go down by 22.90% year on year during the first quarter of 2019 after divesting operations in Chile, India and the United States throughout 2018, the company said in an earnings report published on Wednesday May 8.The reported showed sales volumes of 2.99 million tonnes for January-March, compared with 3.87 million tonnes in the first quarter of 20...Read More
The stainless steel scrap market in the United States remains depressed, with prices taking another step downward in the week to Tuesday May 7 while market participants indicated very little optimism for the near future.The general market sentiment has been one of caution and concern, due to scrap prices - both for dealers and for brokers/processors - moving down considerably this week. Consumer d...Read More
Ferrous scrap dock buying prices rose modestly in Boston and New York while East Coast exporters worked to fill four cargoes booked in the past two weeks, although dock prices in Philadelphia held steady on Wednesday May 8.In Boston and New York, the prices for No1 heavy melting scrap (HMS) increased by $5 per gross ton to $245 per ton and $255 per ton, respectively, while Philadelphia HMS re...Read More
Brazilian miner Vale's output of iron ore dropped by 11.10% year-on-year in the first quarter of 2019, while sales fell by 22.20% in the same comparison, due to the tailings dam disaster at Brumadinho and unusual weather conditions.The company produced 72.87 million tonnes of iron ore from January to March, down from 81.95 million tonnes in the first quarter of 2018, Vale said on Wednesday May 8.F...Read More
The Turkish steel mills went quiet in the deep-sea scrap markets on Wednesday May 8 due to low demand for finished steel and the country's worsening political situation, sources told Fastmarkets.The most recent cargo booking in the deep-sea trade was on May 7. A steel mill in the Iskenderun region booked a US cargo, comprising 23,000 tonnes of HMS 1&2 (80:20) at $300 per tonne and 5,000 tonnes of...Read More
Seaborne iron ore prices fell back on Wednesday May 8, following a downturn in both the futures and steel markets.MB 62% Fe Iron Ore Index: $95.57 per tonne cfr Qingdao, down $0.58 per tonne. MB 62% Fe Pilbara Blend Fines Index: $94.25 per tonne cfr Qingdao, down $0.58 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $98.29 per tonne cfr Qingdao, down $0.57 per tonne. MB 58% Fe Premium Index: $86....Read More
The seaborne coking coal spot market strengthened further on Wednesday May 8 with a transaction for a cargo of premium materials being concluded above its prevailing price. A top Australian brand, scheduled for loading in the second half of May, was sold at $212 per tonne cfr China to a major mill in Hebei province, various sources told Fastmarkets. The same shipment had changed hands around two w...Read More
United States-origin bulk ferrous scrap is undercutting Japanese H2 heavy scrap in the Asian spot markets despite stable demand from buyers in recent weeks.Significant price drops in the US domestic market have led to a fall in export offers from the US West Coast, leading to lower bids from buyers in Asia. VietnamHeavy melting scrap 1&2 (80:20) was being offered at...Read More
The Comex copper price dipped in US morning trading on Wednesday May 8 with lingering fears over the global trade war pressuring metal prices downward.The copper price for July settlement on the Comex division of the New York Mercantile Exchange inched down 0.80 cents to $2.7775 per lb. The red metal has seen heavy selling pressure over the past few weeks with a stronger dollar and uncertain trade...Read More
Import prices for stainless steel in East Asia fell over the week ending on May 7 amid a downturn in the London Metal Exchange nickel price and limited buying interest.The LME three-month nickel contract ended the official trading session at $12,040-12,050 per tonne on May 7, down by $400 per tonne from the close on May 1. The LME nickel price hit a 2019 peak of $13,650-13,660 per tonne on March 6...Read More
Hong Kong Exchanges and Clearing (HKEX), owner of the London Metal Exchange, has reported higher revenues and earnings in its first-quarter results this week, on lower LME volumes and higher operating expenses.The group's consolidated results for the three months to 31 March 2019 showcase an overall revenue increase of 3% compared with the first quarter of 2018, while earnings before interest...Read More