The three-month zinc price on the London Metal Exchange fell by more than 3% at the close of trading on Tuesday April 16, settling just above $2,800 per tonne while fresh inflows did little to narrow a wide backwardation in the metal's nearby spreads. Zinc's nearby cash/three-month spread was most recently in a backwardation of $89 per tonne, with inflows of more than 14,000 tonnes into European w...Read More
Copper concentrate treatment and refining charges (TC/RCs) for Asia Pacific fell to their lowest in at least six years, squeezed by the smelter consumption ramp-ups and against a backdrop of tightening supply.Fastmarkets' cif Asia-Pacific spot copper concentrate TC/RC index was calculated at $62.10 per tonne/6.21 cents per lb on April 15, down from $66.70 per tonne/6.67 cents per lb in late M...Read More
Fastmarkets' alumina index fob Australia fell to its lowest in over two months on April 16 due to continued extra cargoes in the market and positive news surrounding Alunorte's restart.The daily fob Australia alumina index fell to $354.85 per tonne today, down 3.9% from the previous day and 11.3% lower week on week from when the index was at $411.29 per tonne.Key driversIndex pushes lower after a...Read More
The UG2 chrome ore price fell again on Friday April 12 after activity lessened due to market participants waiting for Chinese mills' next ferro-chrome tender releases; meanwhile falling demand pushed down the high-carbon ferro-chrome assessment in Europe. UG2 and Turkish lumpy ore prices in China drop Domestic alloy price in China weakens Alloy markets in Japan, South Korea, Europe fa...Read More
Turkish steel producers resumed their deep-sea scrap purchases on Tuesday April 16 at slightly higher prices, but it was still unclear in which direction the market was moving, sources said.A steel mill in the Iskenderun region booked a European cargo late on April 15, comprising 17,500 tonnes of HMS 1&2 (75:25) and 7,500 tonnes of bonus at an average price of $308 per tonne cfr.The cargo was sche...Read More
Chinese steel mills are ignoring low bids from overseas buyers on expectations of continued strength in China's domestic market over the remainder of April, sources told Fastmarkets MB this week.Expectations of a supply drop have also improved sentiment in the spot market.Steel prices in China have been on an upward climb since the end of the Lunar New Year. Domestic hot-rolled coil prices in east...Read More
Trading across most of the metals is relatively quiet in early morning on Tuesday April 16 and the market seems to be waiting for fresh direction, which we think means the market is waiting for a US/China trade deal. Before that, today's ZEW and US industrial production data may provide direction, as too will tomorrow's Chinese GDP data. Asian equities are stronger this morning, suggests a ri...Read More
Dutch trade union FNV is preparing to take legal action to fight Tata Steel Europe against the sale of the Segal hot-dipped galvanizing (HDG) line in Belgium, which was proposed as part of Tata's move to form a joint venture with ThyssenKrupp, the union told Fastmarkets on Tuesday April 16."We have an agreement with Tata Steel authorized by Tata Steel [Group] that all assets of Tata Steel Netherla...Read More
The market for hot-rolled coil (HRC) exports from the Commonwealth of Independent States (CIS) remained soft during the week ended Monday April 15 on low bids in the key outlets, while cold-rolled coil (CRC) was almost unchanged on lower availability.Fastmarkets' weekly price assessment for CIS-origin exports of HRC was $485-495 per tonne fob Black Sea on April 15, down from $500-515 per...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have remained stable over the past week, with levels of demand low but consistent, Fastmarkets heard on Tuesday April 16.Demand among end-users has been weak, so buyers were unwilling to place orders for large tonnages, sources told Fastmarkets.Stock levels were low in both countries so, if prices were to start...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday April 16 that are worth another look.Increasing demand for graphite cathode for new energy vehicles (EV) and its cheaper price compared with synthetic graphite is turning the attention of the market to the price of flake graphite, delegates at Fastmarkets' Battery Materials Conference in Shanghai heard last week. Engelhart Commo...Read More
Chinese steel mills are ignoring low bids from overseas buyers on expectations of continued strength in China's domestic market over the remainder of April, sources told Fastmarkets MB this week.Expectations of a supply drop have also improved sentiment in the spot market.Steel prices in China have been on an upward climb since the end of the Lunar New Year. Domestic hot-rolled coil prices in east...Read More
China's domestic rebar market participants had mixed reactions toward futures losses on Tuesday April 16. Domestic Eastern China (Shanghai): 4,050-4,130 yuan ($604-616) per tonne, widened by 10-20 yuan per tonne on both endsNorthern China (Beijing): 4,040-4,060 yuan per tonne, up 30-40 yuan per tonneRebar futures fell during the day, market participants responded to it differently. Some of them co...Read More
The state court of Minas Gerais (TJMG), in Brazil's southeastern region, partially suspended on Tuesday April 16 a previous injunction that was keeping Vale's Brucutu iron ore mine halted.The decision came after a request from the municipality of S??o Gon??alo do Rio Baixo, where the mine is located.The Brazilian miner shouldn't be prohibited from running the operations, as that could "severely hu...Read More
Turkish steel producers resumed their deep-sea scrap purchases on Tuesday April 16 at slightly higher prices, but it was still unclear in which direction the market was moving, sources said.A steel mill in the Iskenderun region booked a European cargo late on April 15, comprising 17,500 tonnes of HMS 1&2 (75:25) and 7,500 tonnes of bonus at an average price of $308 per tonne cfr.The cargo was sche...Read More
Seaborne iron ore prices continued to follow the downward trend on Tuesday April 16, while the seaborne spot market remained thin. MB 62% Fe Iron Ore Index: $94.78 per tonne cfr Qingdao, down $0.64 per tonne. MB 62% Fe Pilbara Blend Fines Index: $93.56 per tonne cfr Qingdao, down $0.64 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $96.70 per tonne cfr Qingdao, down $1.87 per tonne. MB 58% Fe Pr...Read More
The Commonwealth of Independent States export slab price slid by mid-April on pressure from the weakening finished flat-steel market in both the CIS and the global market due to subdued buying activity, Fastmarkets learned.Recent slab offers from CIS to Turkey were heard at $500 per tonne cfr, equivalent to $485 per tonne fob Black Sea, while the latest sales to Europe were all finalized at the sa...Read More
China's domestic rebar market participants had mixed reactions toward futures losses on Tuesday April 16. Domestic Eastern China (Shanghai): 4,050-4,130 yuan ($604-616) per tonne, widened by 10-20 yuan per tonne on both endsNorthern China (Beijing): 4,040-4,060 yuan per tonne, up 30-40 yuan per tonneRebar futures fell during the day, market participants responded to it differently. Some of them co...Read More
The UG2 chrome ore price fell again on Friday April 12 after activity lessened due to market participants waiting for Chinese mills' next ferro-chrome tender releases; meanwhile falling demand pushed down the high-carbon ferro-chrome assessment in Europe. UG2 and Turkish lumpy ore prices in China drop Domestic alloy price in China weakens Alloy markets in Japan, South Korea, Europe fa...Read More
The state court of Minas Gerais (TJMG), in Brazil's southeastern region, partially suspended on Tuesday April 16 a previous injunction that was keeping Vale's Brucutu iron ore mine halted.The decision came after a request from the municipality of S??o Gon??alo do Rio Baixo, where the mine is located.The Brazilian miner shouldn't be prohibited from running the operations, as that could "severely hu...Read More