The Comex copper price was lower in the US morning on Thursday February 28 after soft Chinese manufacturing data dampened sentiment for the metal. The copper price for March settlement on the Comex division of the New York Mercantile Exchange inched down 0.45 cents to $2.9580 per lb. Overnight, China's manufacturing and non-manufacturing PMIs for February both disappointed at 49.2 and 54.3 respect...Read More
A drop in China's manufacturing purchasing managers' index (PMI) to 49.2 in February, from 49.5 in January, has set a weaker tone across markets with base metals traded on the London Metal Exchange mostly lower and down by an average of 0.3% in the morning of Thursday February 28. Copper and zinc prices led on the downside with losses of 0.7%, with copper recently quoted at $6,473 per tonne after...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 28 that are worth another look.Hong Kong Exchanges and Clearing, owner of the London Metal Exchange, filed its 2018 earnings this week, reporting record LME volumes amid a 26% climb in profit after tax, while its forward-looking strategy earmarks asset diversification in its aim to become a global market leader.Th...Read More
Chinese battery materials producers, who are the largest consumers of cobalt sulfate and cobalt tetroxide, have hesitated in purchasing any cobalt salts this week amid rapid falling international cobalt metal prices.The resulting thin buying appetites have forced suppliers to lower their spot offer prices to facilitate sales. Fastmarkets assessed the Chinese cobalt sulfate, basis 20.5% Co market p...Read More
China's hot-rolled coil exporters kept their prices steady on Thursday February 28 although trading has been thinner this week, amid slight movements in the domestic market.DomesticEastern China (Shanghai): 3,810-3,840 yuan ($570-574) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,740-3,760 yuan per tonne, widening downward by 10 yuan per tonneIn Shanghai, HRC was sold around 3,810-3,8...Read More
Rebar and wire rod prices in Turkey's domestic markets have continued to weaken because of sluggish demand, especially from the construction sector, sources said on Thursday February 28.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY2,950-3,050 ($556-575) per tonne ex-works on Thursday, down from the TRY3,100-3,150 per tonne of last week.The domestic rebar price in the...Read More
Turkish long steel export prices have continued to slip over the past week due to limited demand, sources said on Thursday February 28.Fastmarkets' weekly price assessment for rebar exports out of Turkey on Thursday was $470-480 per tonne fob on an actual weight basis, down from last week's $490-500 per tonne fob.The Turkish producers lowered their offers to...Read More
Steel billet import prices in Egypt have fallen again over the past seven days with demand remaining weak, sources told Fastmarkets on Thursday February 28.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $465-470 per tonne cfr on Thursday, down from $480-490 per tonne cfr last week.Billet producers in the CIS region...Read More
Turkish deep-sea scrap prices showed a very slight decrease with the news of a fresh US cargo heard on Thursday February 28.A steel mill in the Izmir region booked a US cargo, comprising 10,000 tonnes of HMS 1&2 (80:20) at $313 per tonne, 10,000 tonnes of shredded at $318 per tonne...Read More
Physical iron ore prices rose on Thursday February 28 after being soft for a week, in line with gains in the futures and swaps markets.Fastmarkets MB 62% Fe Iron Ore Index: $85.29 per tonne cfr Qingdao, up by $1.75 per tonne.Fastmarkets MB 62% Fe Pilbara Blend Fines Index: $84.69 per tonne cfr Qingdao, up by $1.75 per tonne.Fastmarkets MB 62% Fe Iron Ore Index-Low Alumina: $86.97 per tonne cfr Qin...Read More
Turkish steel billet prices have gone down over the past week in line with the downturn in rebar and scrap values and the limited demand for material, sources said on Thursday February 28.Suppliers in the CIS region have lowered their offers into Turkey to $465-475 per tonne cfr, from last week's $470-475 per tonne levels.But customers in Turkey were not interested at those prices because more aff...Read More
Steel billet import prices in Egypt have fallen again over the past seven days with demand remaining weak, sources told Fastmarkets on Thursday February 28.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $465-470 per tonne cfr on Thursday, down from $480-490 per tonne cfr last week.Billet producers in the CIS region...Read More
Export prices for steel billet from Iran narrowed downward over the week ended Wednesday February 27 amid negative sentiment in the global billet market, after declines in the prices for scrap and iron ore raw materials.Iranian billet offers slipped to $400 per tonne fob in the last week of February, compared with the price of $410-420 per tonne fob sought by suppliers in previous weeks.A 40,000-t...Read More
Monthly European alloy surcharges for stainless steel products will increase sharply for March, largely because of resurgent nickel prices. This week's announcements by European stainless mills will mark the first time surcharges have not decreased for seven months. Alloy surcharges are designed to account for the non-ferrous component of various stainless steel grades, with the pri...Read More
Any impact to Chinese nickel pig iron (NPI) production from an expected power shortage in Inner Mongolia during April and May is likely to be limited, according to market participants.The city of Ulanqab in China's autonomous region of Inner Mongolia is expected to experience a severe power shortage in April and May, market sources told Fastmarkets, citing an unconfirmed announcement issued by cit...Read More
Turkish steel billet prices have gone down over the past week in line with the downturn in rebar and scrap values and the limited demand for material, sources said on Thursday February 28.Suppliers in the CIS region have lowered their offers into Turkey to $465-475 per tonne cfr, from last week's $470-475 per tonne levels.But customers in Turkey were not interested at those prices because more aff...Read More
Base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday February 28, with low volumes and narrow trading ranges coming amid a slight uptick in the US dollar index, while continued US-China trade optimism came up against slower than expected US economic growth. Climbing furthest over the afternoon, zinc's three-month price climbed more than 1% during afternoon...Read More
Turkish deep-sea scrap prices showed a very slight decrease with the news of a fresh US cargo heard on Thursday February 28.A steel mill in the Izmir region booked a US cargo, comprising 10,000 tonnes of HMS 1&2 (80:20) at $313 per tonne, 10,000 tonnes of shredded at $318 per tonne...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 28 that are worth another look.Hong Kong Exchanges and Clearing, owner of the London Metal Exchange, filed its 2018 earnings this week, reporting record LME volumes amid a 26% climb in profit after tax, while its forward-looking strategy earmarks asset diversification in its aim to become a global market leader.Th...Read More
Base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday February 28, with low volumes and narrow trading ranges coming amid a slight uptick in the US dollar index, while continued US-China trade optimism came up against slower than expected US economic growth. Climbing furthest over the afternoon, zinc's three-month price climbed more than 1% during afternoon...Read More