A major copper industry group in Chile has presented an alternative tax reform plan to the government, amid an ongoing legislative process to tap into revenues and retain mining-related capital from the Latin American country's inland given the red metal's price recent rally. On August 31, the Chilean Center for Copper and Mining Studies (Cesco), delivered its own proposal to the Chilean Sena...Read More
CIS steel billet export prices remained firm on Thursday September 9, supported by surging demand in China, sources told Fastmarkets.Chinese interest in imported billet increased over the past week, along with indications of workable prices from customers, on the expectation that further domestic production cuts will be imposed in China at the start of next year.And CIS billet producers were looki...Read More
Base metals prices were higher on both the LME and the SHFE this morning, Friday September 10, with the broader markets also up. Additionally, metals that were previously looking vulnerable now look less vulnerable, suggesting traders are still comfortable being exposed to the metals.* United States president Joe Biden and China's leader Xi Jinping are meeting in an effort to improve relations* Th...Read More
Base metals prices were higher on the London Metal Exchange but mixed on the Shanghai Futures Exchange this morning, Thursday September 9, but equity markets in Asia-Pacific were weaker with participants once again nervous about possible central bank tapering. Market participants focused on whether the European Central Bank (ECB) will signal it is ready to start tapering - the ECB meets today Bet...Read More
Chinese stainless steel prices in both the domestic and export markets increased sharply in the week ended Wednesday September 8 from the prior week, with tighter supply due to production cuts at domestic mills providing support.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 19,500-20,000 ($3,017-3,094) per tonne, up by 1,000-1,200 yuan per tonne from a week earlierA major...Read More
Demand for steel billet and rebar was low in Egypt because buyers expected prices to decrease, sources told Fastmarkets on Thursday September 9.Rebar prices have decreased recently in many global markets, in line with falling scrap prices.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was $660-670 per tonne on September 9, compared with $665-6...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade. Equity index futures were virtually unchanged following release of the U.S. August Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.6% versus a gain of 1.0% in July. Actual was an increase of 0.7% Excluding food and energy, consensus was an increase of 0.5% versus a ga...Read More
Aluminium prices on the London Metal Exchange rose to a new year-to-date high of $2,848 per tonne at the start of the day on Thursday September 9 while nickel strengthened to $20,255 per tonne during an early across-the-board uptrend.Nickel's three-month price is 2.7% higher on Thursday morning than its closing price of $19,713 per tonne on Wednesday. The stainless steel additive's previous year-t...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 9 that are worth another look.Truck transportation has ceased at the Brazilian S??o Francisco do Sul port and at least five ships have failed to be unloaded since Tuesday September 7, when demonstrations broke out across the country, a spokesperson for...Read More
Turkish steelmakers remained silent in the deep-sea scrap import market, due to only achieving limited finished long steel sales, sources told Fastmarkets on Thursday September 9.The most recent trades were heard on Tuesday, when three steel producers booked four deep-sea cargoes from various locations at between $435 and $445 per tonne cfr on HMS 1&2 (80:20) basis.However, the mills went quiet on...Read More
Spot prices for hot-rolled coil (HRC) in China's domestic market crept higher on Thursday September 9, as expectations of tougher production curbs in the country's second-biggest steelmaking province drove futures to the highest in about one month.DomesticEastern China (Shanghai): 5,800-5,890 yuan ($897-911) per tonne, up by 50-70 yuan per tonne.The most-traded HRC contract on the Shanghai Futures...Read More
Base metals prices on the London Metal Exchange were up across the board on Thursday September 9, supported by the lower dollar index.The three-month aluminium contract continued its surge during Thursday's trading, closing above $2,800 per tonne for the first time since 2008. The three-month price finished the session up by 1.6% at $2,839.50 per tonne after reaching an intraday high of $2,848 per...Read More
Base metals prices were mixed on the London Metal Exchange during morning trading on Wednesday September 8, with nickel leading the complex, up by 1.7%.The three-month nickel price rose to $19,380 per tonne at 9am on Wednesday, up from $19,506 per tonne at Tuesday's 5pm close. Some 1,650 tonnes of nickel were removed from LME warehouses overnight - mostly from warehouses in Kaohsing in Taiwan, Joh...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 8 that are worth another look.The Ukrainian Intergovernmental Committee for International Trade has initiated an anti-dumping investigation into imports of steel seamless cold-drawn and cold-rolled pipe originating from China.A second lithium trade has been brokered against the CME...Read More
Brazilian automotive production fell by 21.90% in August 2021 compared with the corresponding month last year due to partial or complete stoppages across the country because of the global semiconductor chip shortage, national manufacturers' association Anfavea said on Wednesday September 8.Output amounted to 164,027 units during August, down from 210,009 units a year before and the worst August nu...Read More
The latest analysis from recent activity on the CME Group's cobalt metal futures contract, cash-settled against Fastmarkets' price assessment for cobalt, standard grade, in-whs Rotterdam.Key tradesJuly 22, 2021: 5 tonnes for August 2021 at $25 per lbJuly 23: 5 tonnes for September 2021 at $25.20 per lbJuly 28: 176 tonnes (88 tonnes for August at $25.04 per lb; 88 tonnes for December at $25.40 per...Read More
Turkish steelmakers went quiet in the deep-sea ferrous scrap markets once again after booking a number of cargoes for October shipment earlier this week, market participants said on Wednesday September 8.Three steel producers did book four deep-sea cargoes from various locations on Tuesday September 7. But weak demand for Turkish long steel products in the export markets has been keeping Turk...Read More
Seaborne iron ore prices decreased on Wednesday September 8 due to limited liquidity in the physical market, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $132.19 per tonne, down by $5.78 per tonne62% Fe low-alumina fines, cfr Qingdao: $133.29 per tonne, down by $4.81 per tonne58% Fe fines high-grade premium, cfr Qingdao: $106.66 per tonne, down by $4.03 per tonne...Read More
The three-month aluminium price on the London Metal Exchange continued its uptrend during Wednesday's trading, rising by 1.3% to $2,794 per tonne from $2,757 per tonne at Tuesday's 5pm close after 16,900 lots were traded.Prior to closing at 5pm, the aluminium three-month contract reached an intraday high of $2,810 per tonne, exceeding the previous 2011 high of $2,803 per tonne."Once it [the alumin...Read More
Base metals prices were higher on the London Metal Exchange but mixed on the Shanghai Futures Exchange this morning, Thursday September 9, but equity markets in Asia-Pacific were weaker with participants once again nervous about possible central bank tapering.* Market participants focused on whether the European Central Bank (ECB) will signal it is ready to start tapering – the ECB meets toda...Read More