Manganese ore production in China could not play a role in replacing seaborne ore due to factors such as quality and production costs, according to panelists at Fastmarkets' Asian Ferro-alloys conference in Hong Kong on Monday March 11.The domestic manganese ore supply in China cannot play a substantial role in the ferro-alloys or steel sector because of two major issues, Lei Fei, China Minmetals...Read More
The three-month base metals prices on the London Metal Exchange were up across the board by an average of 0.5% this morning, Tuesday March 12.Nickel once again led the way with a 1.4% gain to $13,090 per tonne, compared with Monday's close at $12,915 per tonne, while copper was up by 0.6% at $6,459 per tonne, having closed on Monday at $6,421.50 per tonne. Copper and nickel are in the driving seat...Read More
The price of silicon in China's export market was steady in the week ended Friday March 8, with increased spot activity and an upcoming cut to the rate of value-added tax (VAT) paid by Chinese manufacturers of metals and minerals said to have bolstered market sentiment. Sentiment improves in China's export market, prices steady European grade 553 silicon price ticks up, grade 441 equivalent flat U...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for January Durable Goods Orders was a drop of 0.6% versus an increase of revised 1.3% in December. Actual was an increase of 0.4%. Excluding Transportation, consensus for January Durable Go...Read More
Copper and zinc bucked the complex's downtrend to finish up 0.2% and 0.9% respectively at close of trade on Monday March 11. All other base metals traded on the London Metal Exchange consolidated down, failing to be buoyed by positive US retail data, choosing instead to follow the downward trajectory of weakening EU economies.Zinc or swim Zinc edges ever closer to the psychological $2,800 per tonn...Read More
The Comex copper price saw a modest increase in morning trading on Monday March 11 with the market remaining mainly rangebound until further news on the US-China trade talks is revealed. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 0.70 cents to $2.9005 per lb. "While the rally in copper prices since the start of the year is driven by stronge...Read More
The London Metal Exchange (LME) and Fastmarkets have today launched three new cash-settled derivative contracts to provide effective risk management tools for the aluminium, alumina and cobalt markets.The LME will offer these hedging mechanisms settled against the following Fastmarkets MB prices:Cobalt standard-grade, in-warehouse, free market $ per lb in warehouse Alumina Index Fob Australia $ pe...Read More
Here are five Fastmarkets MB stories you might have missed on Monday March 11 that are worth another look.The London Metal Exchange and Fastmarkets launched three new cash-settled derivative contracts on Monday March 11 to provide effective risk management tools for the aluminium, alumina and cobalt markets. The LME is at the heart of yet another warehousing conundrum, with pressure mounting...Read More
Chrome prices were rising in China in the week ended Friday March 8 due to expectations of higher alloy tender prices for April and lingering concerns about power supplies. UG2 price jumps by $11 per tonne Turkish lumpy chrome ore price stirs Imported and domestic ferro-chrome prices rise in China Alloy prices rise in Japan, South Korea and Europe Alloy prices weaken in US.Chrome ore and ferro-chr...Read More
Shrinking demand from the downstream steel sector and the looming expansion of ferro-niobium capacity are likely to be headwinds to Chinese vanadium consumption, Morgan Wu, managing director of Chinese vanadium supplier Hangten Asia, said.A reduction in infrastructure spending in China in 2019 is likely to cause the vanadium market to slow, Wu said during a panel discussion at Fastmarkets' Asian F...Read More
The Chinese domestic ferro-silicon price rebounded last week on short covering due to market worries about a fall in supply the week before, while the European price fell by ?,?10 ($11) per tonne after a recent tender for second-quarter delivery was settled below the spot market price. China market jumps more than 5%Supply worries grip the marketEurope price drops after Q2 settlementUS market drop...Read More
Fastmarkets will host a free web seminar on Monday April 8 at 9.30am London time to introduce the new Fastmarkets-settled London Metal Exchange cash-settled cobalt contract. Learn how Fastmarkets assesses the cobalt market and how you can manage your risk with the new LME cash-settled contract. Click here to register for the webinar. Date Monday April 8, 2019 Time 9.30am London time Join us and th...Read More
The Turkish steel mills have continued to book deep-sea scrap this week, with prices remaining little changed, sources said on Monday March 11.A steel mill in the Izmir region booked a UK cargo on Monday, comprising 25,000 tonnes of HMS 1&2 (80:20) at $320 per tonne cfr.As a result of...Read More
Scrap prices in Turkey's domestic market have shown mixed dynamics over the past week, sources told Fastmarkets on Monday March 11.Fastmarkets' weekly price assessment for domestic auto bundle (DKP-grade) scrap in Turkey was TRY1,700-1,820 ($312-334) per tonne delivered on Monday, narrowing upward from the TRY1,650-1,820 per tonne of last week.The slight change in the assessment came after a numbe...Read More
The global copper supply chain could be underestimating the market impact of Chinese scrap cuts amid the country's growing consumption, established industry expert Jonathan Barnes told Fastmarkets. "China has been absorbing around 50% of the world's copper scrap," Barnes said. "The effect of the tightening legislation is big. People have been underestimating the impact of Chinese copper scrap cons...Read More
The Comex copper price saw a modest increase in morning trading on Monday March 11 with the market remaining mainly rangebound until further news on the US-China trade talks is revealed. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 0.70 cents to $2.9005 per lb. "While the rally in copper prices since the start of the year is driven by stronge...Read More
Despite further poor economic data at the end of last week, the three-month base metals prices on the London Metal Exchange were for the most part higher this morning, Monday March 11.With the exception of tin that was down by 0.2%, the rest of the complex were up between 0.3% for copper and 1.3% for zinc. Copper was recently quoted at $6,414 per tonne, compared with $6,395.50 per tonne at Friday'...Read More
Fastmarkets will host a free web seminar on Monday April 8 at 9.30am London time to introduce the new Fastmarkets-settled London Metal Exchange cash-settled cobalt contract. Learn how Fastmarkets assesses the cobalt market and how you can manage your risk with the new LME cash-settled contract. Click here to register for the webinar. Date Monday April 8, 2019 Time 9.30am London time Join us and th...Read More
The London Metal Exchange launched a new cash-settled cobalt contract, settled against Fastmarkets' benchmark standard-grade cobalt price, on Monday March 11.Physical cobalt prices have seen dramatic swings in recent years, coinciding with mounting interest in the minor metal, arising from the boom in the use of battery and electric vehicles, and leading to stronger calls for a new way to hedge co...Read More
The export market for flat steel exports from the Commonwealth of Independent States (CIS) has softened on lower bids from the key outlets, sources told Fastmarkets on Monday March 11.Fastmarkets' weekly price assessment for CIS-origin exports of hot-rolled coil (HRC) was $500-525 per tonne fob Black Sea on March 11, decreasing from $520-530 per tonne fob a week before."Turkish buyers are facing p...Read More