When the London Metal Exchange amended its policies related to its physical delivery network a few years ago, it overlooked one key thing. The issue centers on LME's linked load-in/load-out (LILO) rule, which operates by linking the amount of metal a warehouse loads in to the amount it is obligated to load out for warehouses that have queues of over 50 days.The rule changes were part of package of...Read More
Ahead of Fastmarkets' Battery Materials 2019 conference in Shanghai, Fastmarkets looks at use of lithium in next-generation vehicles and other battery uses, as well as soaring prices, which have spurred interest in lithium and boosted its importance in recent years as a battery material. In June 2016, the spot price in China peaked at $27 per kg, more than three times the global contract price, ac...Read More
In contrast to the clear skies outside, a cloud hung over discussions among Indian scrap traders attending the opening session of the annual conference of the Material Recycling Association of India (MRAI) earlier this month in Kochi, southern India.Secretary-general Amar Singh praised the superior air quality in the host city, compared with the metropolises of New Delhi and Mumbai. But delegates...Read More
Aluminium billet premiums in Europe and the United States moved lower on Friday March 15 due to continued weak demand, and the market remained quiet elsewhere. Italian premium drops 4.5%. Long term contracts dominate Brazilian market. US spot market remains quiet. Asia yet to see Russian units. Aluminium billet in Germany continues slide; premiums down throughout EuropePoor fundamentals and b...Read More
Copper continues to capitalize on the narrowing $0.75 per tonne cash-to-March spread contango, while the three-month contract rises to $6,430 per tonne, up $26 per tonne from the $6,404-per-tonne close on March 14.The three-month copper price seems to be ignoring the significant influx of material into Asian LME warehouses on March 15, with 18,905 lots of material traded during the day's session.N...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
Nyrstar NV shares were down by 12% on the morning of Friday March 15 after the company indicated that its continuing capital restructure will involve a debt-for-equity swap to bondholders."The economic effect for the shareholders of Nyrstar NV of the restructuring transaction would be a very substantial dilution," the world's second-largest zinc producer said in a note on the Euronext exchange thi...Read More
Key data from the March 15 pricing session in London: Key drivers: Prices edge lower again in the second half of the week although the midweek drop to low the $14s deters some consumers from buying again, in anticipation of weaker prices. One so-far isolated sale at $13.20 per lb...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Global scrap prices mostly trended upward during the working week from Monday March 11 to Friday March 15, with the exception of prices in Turkey, where lackluster sales of finished steel products limited buying activity during the week. Lackluster finished steel sales in Turkey limit scrap buying US export prices up on bulk sale to Turkey Northern Vietnam mills still hungry for scrap Mixed sentim...Read More
UK prices for alloy steel scrap moved up slightly over the past week despite higher costs for nickel, sources told Fastmarkets on Friday March 15.Fastmarkets' weekly price assessment for domestic UK 18/8 stainless steel scrap solids was ?840-880 ($1,113-1,266) per tonne delivered on March 15. This was up from ?830-870 per tonne delivered a week earlier, reflecting transactions heard in the...Read More
The Turkish steel mills continued to book deep-sea scrap at steady prices at the end of the current week but prices are likely to fall in the next bookings, sources said on Friday March 15.A steel mill in the Izmir region booked a European cargo, comprising 13,000 tonnes of HMS 1&2 (75:25) at $318 per tonne, 6,000 tonnes of bonus at $331 per tonne and 6,000 tonnes of busheling at $334 per tonne cf...Read More
The copper market in the United States bounced back in trading on the morning of Friday March 15, with a softer dollar and positive data boosting the marketplace.The copper price for May settlement on the Comex division of the New York Mercantile Exchange rose by 1.95 cents to $2.9110 per lb."While we acknowledge that copper is at present facing macro/fundamentals headwinds, we think copper will s...Read More
Three-month base metals prices on the London Metal Exchange were mixed this morning, Friday March 15, with copper, aluminium and nickel up by an average of 0.6%, while zinc, lead and tin were down by an average of 0.6%. Three-month copper was recently quoted at $6,449 per tonne, up by 1% compared with Thursday's close at $6,385 per tonne. Volume was significantly above average, with 19,661 lots tr...Read More
Key data from the March 15 pricing session in London: Key drivers: Prices edge lower again in the second half of the week although the midweek drop to low the $14s deters some consumers from buying again, in anticipation of weaker prices. One so-far isolated sale at $13.20 per lb...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
Prices for coated steel products in Turkey decreased in the seven days to Friday March 15, with demand weak in both the domestic and export markets.Sources told Fastmarkets that demand is unlikely to improve in March because of market uncertainty ahead of the mayoral elections being held across the country on the last day of the month.The export market was also poor because of weak deman...Read More
Some steel coil prices in Turkey decreased again in the week ended Friday March 15, with buying activity remaining subdued.The market was unlikely to improve in March because of the uncertainty in the build-up to Turkey's mayoral elections to be held across the country on the last day of the month, sources told Fastmarkets. Market participants want to wait and see if end-user demand revives after...Read More
China's domestic hot-rolled coil prices moved down on Friday March 15 due to inactivity and declining futures following the announcement of cuts to the country's value-added tax. DomesticEastern China (Shanghai): 3,790-3,810 yuan ($564-567) per tonne, down 40 yuan per tonneNorthern China (Tianjin): 3,750-3,770 yuan per tonne, down 10 yuan per tonneTrading activity was lower than that on Thursday w...Read More
Fastmarkets has discontinued its weekly assessments of the Latin America rebar export price, which was reported on a dollar per tonne fob main port basis, with effect from Friday March 15.After a consultation period lasting two months, Fastmarkets has discontinued its weekly assessments after receiving feedback that there was now limited spot liquidity in the market for this material, with most vo...Read More