Base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday February 21, with strong afternoon performances in the prices of three-month aluminium, tin and lead amid a slowdown in copper and nickel activity.The three-month aluminium price climbed by 2% over the afternoon to reach its highest point since February 7, while a fresh cancelation of more than 17,000 to...Read More
Copper price moves on the United States' Comex trading system reversed in morning trading on Thursday February 21 after recent trade talks between the US and China gave no boost to metal prices.The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped on Thursday by 2.30 cents per lb to $2.8970 per lb.Senior officials from the US and China are engaged i...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Thursday February 21, with positive steps in US-China trade talks doing little to support slumping prices although both copper and nickel futures held ground. Copper's three-month price consolidated lower over the morning but remains well supported above $6,300 per tonne by LME inventory which is at a decad...Read More
The Turkish scrap import market was quiet on Thursday February 21 because of the sluggish markets for finished and semi-finished long steel and the subsequent downturn in prices.This week's only transaction so far was a UK cargo sold at $316 per tonne cfr for HMS 1&2 (80:20) on Wednesday. After this, the market prices went down by around $8-9 per tonne.The mills were showing almost no buying inter...Read More
Finnish multi-metal producer Terrafame plans to increase focus on nickel production this year, emboldened by a 31% year-on-year increase in the metal's output in only its third full year of production in 2018. Production of nickel, Terrafame's main product, increased to 27,377 tonnes in 2018 from 20,864 tonnes the year before, the company said on Thursday February 21. The company also achieved a q...Read More
Copper price moves on the United States' Comex trading system reversed in morning trading on Thursday February 21 after recent trade talks between the US and China gave no boost to metal prices.The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped on Thursday by 2.30 cents per lb to $2.8970 per lb.Senior officials from the US and China are engaged i...Read More
Key data from the Wednesday February 20 pricing session in Asia.Key driversSeasonal weakness pressured the ADC12 export price while buyers were reluctant to take in more inventory on a downtrend. The approach of Japan's fiscal year-end kept consumers from purchasing, therefore...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Thursday February 21, with positive steps in US-China trade talks doing little to support slumping prices although both copper and nickel futures held ground. Copper's three-month price consolidated lower over the morning but remains well supported above $6,300 per tonne by LME inventory which is at a decad...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday February 21*Copper -$172.14 (-1,156.99 yuan)Aluminium -$322.39 (-2,166.89 yuan) Zinc -$117.03 (-786.58 yuan) Nickel -$282.94 (-1,901.74 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month prices...Read More
A correction is underway in the three-month base metals prices traded on the London Metal Exchange with prices off by an average of 0.5% on the morning of Thursday February 21, compared with Wednesday's closing levels.This morning's price pullbacks follow a day of strength on Wednesday when the complex closed up with gains averaging 1.2%, which saw copper pushed up through the top of resistance on...Read More
Base metals prices on the Shanghai Futures Exchange were on divergent paths during Asian morning trading on Thursday February 21, with copper, tin and nickel edging higher, while the others were little changed to slightly weaker.The mixed movements follow the overnight release of the minutes from the US Federal Open Market Committee's (FOMC) January meeting, in which the central bank left open the...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 21 that are worth another look.Canada has established surtax-free quotas for imports of energy tubular products and wire rod originating from Mexico effective from February 2, an official from Canada's Ministry of Finance said.French mining and metallurgy company Eramet generated lower operating income f...Read More
Brazilian steel and iron ore producer Companhia Sider??rgica Nacional (CSN) is planning a 10-15% price increase for flat steel products by March 25 due to increased costs and a positive trend in international prices."Much more than the market trend, we are affected by higher costs," CSN commercial executive director Luis Fernando Martinez said during a call for analysts on Thursday February 21.The...Read More
Steelmaker Gerdau will halt operations for 60 days at blast furnace No1 at its Ouro Branco mill in the south-eastern Brazilian state of Minas Gerais, starting in early June 2019, the company said on Thursday February 21.The company does not expect the stoppage to affect sales volumes because it is already building up the inventory necessary to continue regular supplies to customers, chief executiv...Read More
Brazilian steel and iron ore producer Companhia Sider??rgica Nacional (CSN) has signed a deal to supply iron ore to international trading company Glencore.CSN's mining unit will receive a pre-payment of $500 million, and in turn will supply around 22 million tonnes of iron ore over a period of five years, CSN said late on Wednesday February 20."The transaction is part of CSN's deleveraging plan, a...Read More
Domestic prices for cold-rolled coil (CRC) in Europe have been largely stable over the past seven days with only minor increases reported, sources told Fastmarkets this week.European mills have been looking to increase prices to offset rising costs, with ArcelorMittal adding a further ?,?30 ($34) per tonne to its European coil steel offer prices on Tuesday - its second price in...Read More
Steel billet prices in the Turkish markets have been weakening over the past seven days because of softening demand and the latest downturn in scrap prices, sources said on Thursday February 21.Fastmarkets' weekly price assessment for billet imports into Turkey was $450-473 per tonne cfr on February 21, down from last week's $475-480 per tonne.Only one cargo from the CIS region to Turkey was heard...Read More
Turkish domestic rebar and wire rod prices have continued to weaken due to the sluggish demand in the country, sources said on Thursday February 21.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,100-3,150 ($584-594) per tonne ex-works on February 21, down from last week's TRY3,180-3,250 per tonne.Domestic rebar prices in the Izmir and Karab? 1/4 k regions were TRY3,100-...Read More
Iron ore prices continued to retreat on Thursday February 21, with Chinese steelmakers cautious abouthigh costs.MB 62% Fe Iron Ore Index: $86.68 per tonne cfr Qingdao, down $1.32 per tonne. MB 62% Fe Pilbara Blend Fines Index: $86.08 per tonne cfr Qingdao, down $1.32 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $88.36 per tonne cfr Qingdao, down $0.74 per tonne. MB 58% Fe Premium Index: $77.23...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreVale, Beijing Iron Ore Trading Center (Corex), 170,000 tonnes of 65% Fe Iron Ore Carajas, traded at $99.80 per tonne cfr China, bill of lading...Read More