London Metal Exchange base metals prices failed to rally during the afternoon session on Tuesday May 7, with the furor surrounding fresh trade tension between the United States and China serving only to exacerbate bearish market sentiment. None fared worse than the LME three-month nickel price, which dipped to a low of $11,990 per tonne low on May 7, the first time the price has dropped below $12,...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday May 7 that are worth another look.The temporary truce on tariffs between China and the United States could be over, injecting a new round of uncertainty into the global financial markets and suspending hopes that a resolution to the countries' trade impasse was likely. US President Donald Trump has threatened to raise the t...Read More
The United States copper price suffered another bout of selling pressure on Tuesday May 7 morning, with market participants increasingly pessimistic ahead of the Chinese and American trade talks.The copper price for July settlement on the Comex division of the New York Mercantile Exchange dipped 3 cents to $2.7995 per lb. "The intensified selling pressure in the copper market since the start...Read More
Gay Huey Evans will be the first female chairperson of the London Metal Exchange, replacing Brian Bender when he retires at end of the year, Fastmarkets understands. Huey Evans has spent over 30 years working within the financial services industry. She is currently a non-executive director of Itau BBA International Ltd, deputy chairperson of The Financial Reporting Council and board member...Read More
Base metals prices on the London Metal Exchange were predominantly lower during morning trading on Tuesday May 7, with investors broadly risk-averse amid renewed trade tensions between the United States and China. The three-month copper price fell notably over the morning, dipping more than 1% and now trading below $6,200 per tonne while volumes traded were strong, reaching close to 12,000 lots tr...Read More
Copper premiums in Shanghai have become less volatile due to there being less financing demand in the market after one of China's largest copper importers, Tewoo Group, began experiencing liquidity troubles in late March.Tewoo was a hot topic of discussion among delegates attending LME Asia Week in Hong Kong this week, with participants noting the possibility of a more favorable arbitrage developi...Read More
The global long steel market was mostly unstable despite a balance between supply and demand, the International Rebar Producers & Exporters Association (Irepas) said in its most recent short-range outlook document for the long steel sector.This was a change of sentiment from the positive outlook Irepas offered in March.Although the balance of supply and demand has been maintained in the global lon...Read More
Brazilian vehicle production increased by 0.50% year on year in April 2019 with a heated domestic market offsetting significantly lower export volumes, mainly to Argentina.Automotive output totaled 267,546 units last month, up from 266,140 units a year before, manufacturers' association Anfavea said on Tuesday May 7. Despite the slight increase, production totaled 965,393 units in the first four m...Read More
Domestic rebar producers in the UAE maintained their prices this week despite the cost of rebar and billet imports falling due to weak demand, sources told Fastmarkets on Tuesday May 7.Domestic rebar Local rebar producers in the UAE kept their prices unchanged for May production material, with demand remaining poor due to the Islamic holy month of Ramadan that started this week.The observance of R...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have remained stable over the past week due to demand being limited by the start of the Islamic holy month of Ramadan, sources told Fastmarkets on Tuesday May 7.End-user demand has been poor recently, with buyers unwilling to book material because the market was not expected to improve any time soon.And Ramadan...Read More
EU long steel market participants are preparing for a deluge of Turkey-origin material to hit European shores in July when buyers race to fill up new quotas, sources told Fastmarkets. That means the European Commission's year-long quotas for Turkish rebar and wire rod - which begin on July 1 - are likely to be filled up within the same month, the Fastmarkets MB research team believes. Turkey-...Read More
The market for flat steel products in Russia's Central Federal District around Moscow was under pressure from low-priced imports in the week to Tuesday May 7, Fastmarkets understands.Fastmarkets' weekly price assessment for Russia-origin 4mm hot-rolled (HR) sheet was was unchanged for the second week in a row on May 7 at 43,000-44,500 roubles ($660-683) per tonne cpt Moscow, in...Read More
Turkish steel producers have continued to book deep-sea scrap with prices going down further, sources said on Tuesday 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 bonus at $310 per tonne...Read More
Turkish domestic ship scrap prices went down in line with the weakening of the country's lira during the week ended May 6, while auto bundle scrap prices remained largely stable, sources said on Tuesday May 7.Three steel mills lowered their buy prices for ship scrap to $305 per tonne delivered, while a fourth mill kept its buy price flat at $310 per tonne delivered.As a result, Fastmarkets' weekly...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials.Latest transaction: iron oreIron oreRio Tinto, tender, 170,000 tonnes of 61% Fe Pilbara Blend fines, traded at $93.30 per...Read More
Iron ore prices jumped above $95 per tonne cfr again on Tuesday May 7 after further disruption at Vale's Brucutu mine in Brazil.MB 62% Fe Iron Ore Index: $96.15 per tonne cfr Qingdao, up $1.81 per tonne. MB 62% Fe Pilbara Blend Fines Index: $94.83 per tonne cfr Qingdao, up $1.46 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $98.86 per tonne cfr Qingdao, up $1.89 per tonne. MB 58% Fe Premium Ind...Read More
The seaborne coking coal market picked up some strength on Tuesday May 7, with the gap between bids and offers narrowing on the Global Coal trading platform.A cargo of branded materials, scheduled for loading in June, was first made at $216 per tonne fob Australia earlier in the day before being revised downward to $213 per tonne fob.Meanwhile, a bid for the same cargo went from $205 per tonne fob...Read More
Brazil's Vale is expecting its 2019 iron ore and pellets sales to fall between the bottom and the middle of its targeted 307-332 million tonnes, after a court decided to stop its 30-million-tonne-per-year Brucutu mine once again.The Minas Gerais Court of Justice has "monocratically decided" to suspend the effects of the ruling by the Lower Public Treasury Court of Belo Horizonte in March that auth...Read More
China's domestic hot-rolled coil prices edged up further on Tuesday May 7 on tight supply, which lent strength to the export market.DomesticEastern China (Shanghai): 4,070-4,090 yuan ($602-605) per tonne, up 10-20 yuan per tonneNorthern China (Tianjin): 3,940-3,950 yuan per tonne, up 10 yuan per tonneTrading was described as moderate during the day amid stable demand, several sources told Fastmark...Read More
Cobalt trade log including business, bids and offers reported to Fastmarkets. Cobalt trade log including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per lb on an in-warehouse basis. Delivered prices are netted back. Fastmarkets prices Click here for Fastmarkets' price assessment for standard-grade cobalt, in-warehouse, $ per lb Click here fo...Read More