Three-month base metals prices on the London Metal Exchange were slightly firmer during morning trading on Tuesday April 2, up by an average of 0.2% but still down from Monday's highs.Nickel once again led the way with a 0.5% rise, this after a 0.9% rise on Monday, with the metal's three-month price recently quoted at $13,180 per tonne, up from Monday's close at $13,115 per tonne.Copper, aluminium...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday April 2 that are worth another look.China's threshold for electric vehicles to receive subsidies in 2019 has been increased again while the value of subsidies has been cut sharply, which was expected by the majority of market participants who are now cautiously checking the resulting impact on the battery supply chain....Read More
Brazilian miner Vale's revenue from its cobalt business rose in 2018 despite reduced sales thanks to high cobalt prices, according to its production results released on Wednesday March 27. Vale's cobalt sales volumes totaled 4,974 tonnes in 2018, down from 5,013 tonnes a year before. But cobalt revenues were higher year on year at $313 million last year compared with $258 million in 2017. Cobalt p...Read More
The prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have increased over the past week, with levels of demand remaining low but consistent, Fastmarkets heard on Tuesday April 2.Demand among end-users has been weak, so buyers were unwilling to place orders for large tonnages, sources told Fastmarkets.UAEChina-origin hot-rolled coil (HRC) was on offer to the UAE...Read More
Export prices for Chinese cold-rolled coil (CRC) and hot-dipped galvanized coil (HDG) were largely stable again during the week to Tuesday April 2 amid thin trading due to low selling interest and weak overseas demand.In particular, buying interest from Southeast Asia was muted due to the recently concluded election in Thailand as well as the upcoming elections in Indonesia and the Philippines, Ch...Read More
A few Chinese hot-rolled coil exporters lowered their prices on Tuesday April 2 to stimulate trading activity despite gains in the domestic market.DomesticEastern China (Shanghai): 3,860-3,870 yuan ($575-577) per tonne, up 20-30 yuan per tonneNorthern China (Tianjin): 3,790-3,810 yuan per tonne, up 20 yuan per tonneMills raised their prices during the day in response to the gains in the futures ma...Read More
Prices for steel rebar and billet in the United Arab Emirates were again unchanged this week as a result of continuing moderate demand, sources told Fastmarkets on Tuesday April 2.Domestic rebarLocal rebar producers in the UAE kept their prices unchanged for May production, with demand expected to stay weak because Ramadan starts early in the month.The country's largest producer, Emirates Steel, h...Read More
China's domestic rebar prices picked up some strength on Tuesday April 2 on gains in the futures market and good demand, though export offers fell with mills attempting to secure more orders from abroad. Domestic Eastern China (Shanghai): 3,850-3,900 yuan ($574-581) per tonne, up 20 yuan per tonneNorthern China (Beijing): 3,860-3,900 yuan per tonne, up 20 yuan per tonneGains in the futures market...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transaction: rebar, wire rodRebar East China, domestic, grade III 16-25mm...Read More
Turkish deep-sea scrap import prices fell sharply after confirmation of transactions done late last week, sources said on Tuesday April 2.A steel producer in the Marmara region booked a European cargo, comprising 22,000-23,000 tonnes of HMS 1&2 (80:20) at $308 per tonne and 5,000 tonnes of bonus at $318 per tonne cfr on Thursday March 28.And a mill in the Izmir region booked a UK cargo, comprising...Read More
Physical iron ore prices continued to rise on Tuesday April 2, closing in on $90 per tonne with yet more seaborne supply disruptions reported.MB 62% Fe Iron Ore Index: $89.89 per tonne cfr Qingdao, up $1.20 per tonne. MB 62% Fe Pilbara Blend Fines Index: $89.01 per tonne cfr Qingdao, up $1.20 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $92.14 per tonne cfr Qingdao, up $1.91 per tonne. MB 58%...Read More
BHP has estimated an initial production reduction of 6 million-8 million tonnes of iron ore on a full-capacity basis due to damage caused by a cyclone that hit Western Australia last month.Isolated flooding at BHP's Western Australia Iron Ore (WAIO) site and along sections of the rail line leading into Port Hedland has limited train transportation and other operations at the port, the miner s...Read More
China's domestic rebar prices picked up some strength on Tuesday April 2 on gains in the futures market and good demand, though export offers fell with mills attempting to secure more orders from abroad. Domestic Eastern China (Shanghai): 3,850-3,900 yuan ($574-581) per tonne, up 20 yuan per tonneNorthern China (Beijing): 3,860-3,900 yuan per tonne, up 20 yuan per tonneGains in the futures market...Read More
Russian aluminium producer Rusal is again shipping fresh primary aluminium to the United States and Europe following the removal of sanctions against the company in January, according to chief executive Evgenii Nikitin, Rusal's press office told Fastmarkets on Tuesday April 2."The volume [of supplies to Europe and the US] has been fully restored on aluminium. It has not been resumed on alloys, tho...Read More
Nickel was the standout performer among base metals in trading on the London Metal Exchange on Tuesday April 2, with an increase of $35 per tonne making it the only base metal not to show a fall.Tin was one of the worst performers, with its price going down by $220 per tonne to $21,200 per tonne in Tuesday trading.The price of lead fell by $20.50 per tonne to $1,990.50 per tonne, making it one of...Read More
Fastmarkets has corrected its assessment of the premium for aluminium P1020, fca South Korea, duty-free, which was published incorrectly on Tuesday April 2 due to an error.The premium for P1020 in South Korea was incorrectly given as $110-130 per tonne. The correct figure was $115-135 per tonne, unchanged from the previous assessment on March 26. This was correctly displayed in the pricing rationa...Read More
The prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have increased over the past week, with levels of demand remaining low but consistent, Fastmarkets heard on Tuesday April 2.Demand among end-users has been weak, so buyers were unwilling to place orders for large tonnages, sources told Fastmarkets.UAEChina-origin hot-rolled coil (HRC) was on offer to the UAE...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday April 2 that are worth another look.China's threshold for electric vehicles to receive subsidies in 2019 has been increased again while the value of subsidies has been cut sharply, which was expected by the majority of market participants who are now cautiously checking the resulting impact on the battery supply chain....Read More
Hermes Belous Freire left his role as sales account manager for cobalt products at Norilsk Nickel on Monday April 1, Fastmarkets understands. Cobalt sales will be handled by Norilsk's nickel...Read More
The threshold for electric vehicles (EVs) to receive subsidies in 2019 has been increased again while the value of subsidies has been cut sharply, which was expected by the majority of market participants who are now cautiously checking the resulting impact on the battery supply chain.Subsidies for EVs with a driving range below 250km will be phased out after a transitional period between March 26...Read More