The price trend in the CIS export billet market reversed at the beginning of this week, going downward with buying activity in the major outlets turning sluggish, Fastmarkets heard on Tuesday February 19.This was partially due to the massive volumes of bookings done in recent weeks. Another reason, howover, was the weakening of the import scrap market in Turkey as well as lower billet prices in Ch...Read More
The price for steel rebar imported into the United Arab Emirates decreased this week in the latest deals, despite demand being stronger than in previous weeks, sources told Fastmarkets on Tuesday February 19.The reason for the fall in the rebar import price was that producers in Oman, currently the main exporter of rebar to the UAE, could not raise their prices for rebar as much as they had for bi...Read More
The Turkish scrap import market continued to be quiet on Tuesday February 19 because of the slow rebar and billet sales in the country, sources told Fastmarkets.The mills in the country were still struggling to sell rebar and billet in both the domestic and export markets, so they were delaying their raw material purchases, Fastmarkets heard."Turkish producers were expecting to sell some rebar to...Read More
Hot metal remains the principal method of choice for Chinese steelmakers despite the recent surges in the price of iron ore, according to data from Fastmarkets research this week.The use of hot metal allows Chinese steelmakers to continue to enjoy cost savings in comparison with the use of ferrous scrap, even though production costs have increased following the rises in iron ore prices.The price r...Read More
Iron ore prices in China were up by 7% in a monthly comparison in January on restocking ahead of the Lunar New Year and the Vale dam failure that boosted seaborne prices.Read More
Seaborne iron ore prices were mixed on Tuesday February 19, with the MB 65% Fe Iron Ore Index dipping slightly while the MB 62% Fe Iron Ore Index saw an uptick after a trade was heard done at a higher price.MB 62% Fe Iron Ore Index: $89.21 per tonne cfr Qingdao, up $0.89 per tonne. MB 62% Fe Pilbara Blend Fines Index: $88.61 per tonne cfr Qingdao, up $0.90 per tonne. MB 62% Fe Iron Ore Index-Low A...Read More
Trading activity in the second-tier segment of the coking coal market appears to be gaining traction following the emergence of more offers and bids.At least four cargoes of second-tier hard coking coal with laycan of February or March were offered in the market, sources said on Tuesday February 19.Two cargoes of a higher-ranked brand of hard coking coal were sold at $180 per tonne fob Australia t...Read More
BHP expects iron ore demand in 2019 to remain at levels similar to last year despite uncertainties over short-term supply, it said on Tuesday February 19."Firm pig iron production" and unexpected iron ore supply disruptions had resulted in prices for the steelmaking raw material "performing strongly" during the six months to December, the miner noted in its half-year report.The Fastmarkets MB 62%...Read More
Ferrous futures in China registered mild movements during Asian morning trading on Tuesday February 19, ending the session slightly below their opening prices amid a cloudy outlook due to supply disruptions upstream.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,673 yuan ($543) per tonne, down 12 yuan per tonne May hot-rolled coil: 3,664 yuan per tonne, down 5 yuan...Read More
Aluminium's three-month price on the London Metal Exchange was little changed during morning trading on Tuesday February 19, with continued volatility in stock flows across LME-listed Malaysian warehouses doing little to jolt the metal's stagnant price action.Three-month aluminium has failed to trade above $2,000 per tonne since October 2018 and has consolidated in thin ranges around $1,850 per to...Read More
China's hot-rolled coil exporters stuck with their high prices on Tuesday February 19 amid optimism for the domestic market on an expected recovery in demand.DomesticEastern China (Shanghai): 3,750-3,780 yuan ($554-558) per tonne, up 20-30 yuan per tonneNorthern China (Tianjin): 3,710-3,720 yuan per tonne, up 10 yuan per tonnePrices continued to rebound during the day with demand in Shanghai stren...Read More
Buoyant manganese ore prices and strong demand have enabled Africa-focused Jupiter Mines to announce a 24% dividend yield on its shares in its first year of being listed on the Australian Stock Exchange (ASX).For its financial year ending February 28, 2019, Jupiter Mines will pay a dividend of A$0.025 ($0.017) per share on May 21, the company announced on Tuesday February 19, days after revea...Read More
The three-month base metals prices traded on the London Metal Exchange were mixed and little changed on the morning of Tuesday February 19.Zinc led the decline with a 0.3% drop to $2,635 per tonne from $2,643.50 per tonne at Monday's close, followed by nickel that was down by 0.2% at $12,440 per tonne from $12,465 per tonne, while aluminium was up by 0.2% at $1,858 per tonne from $1,854 per tonne....Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were down 2 points in pre-opening trade. Devon Energy added $1.99 to $30.30 after announcing an additional $5 billion share buyback program The company also increased its dividend.Wal-Mart (WMT $102.20) is expected to open higher after KeyBanc Capital raised its target price to $120 from $112.Garmin gained $5.94 to $76.91 after...Read More
Copper's three-month price on the London Metal Exchange ended higher on Monday February 18 thanks to the downtrend in stocks and the potential for a thawing of US-Chinese trade relations.According to LME data, there are now two dominant warrant holding positions across 50-79% of LME stock and tom/next positions respectively."We are constructive on our outlook for copper prices in the next three mo...Read More
Copper concentrate treatment charges fell further in mid-February on expectations of tighter supply later this year, which could be reversed now that an Indian court's ruling to restart Sterlite Copper's 400,000 tonnes per year smelter has been overturned.Fastmarkets's copper concentrates treatment charges and refining charges (TCs/RCs) index declined to $74.20 per tonne/ 7.42 cents per lb for the...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Monday February 18, with the three-month copper and tin prices rising while continued uncertainty over US-Chinese trade relations dampens investor sentiment. Climbing just short of 1% over the morning, the three-month copper price is trading back above the nearby $6,200 per tonne threshold, while total volu...Read More
Low grade ore prices rose strongly over the week ended Friday February 15 when some consumers accepted offer prices for March delivery that were increased over the Chinese New Year break. Low-grade ore prices rise strongly High-grade ore price increase Ferro-manganese prices in China and US increase Alloys in Europe fall Silico-manganese prices in China, US and India drop...Read More
Fastmarkets' UG2 chrome ore price strengthened in China on Friday February 15 ahead of stainless steel production restarts after Lunar New Year, while alloy prices in Europe and the United States fell. UG2 records modest gainFerro-chrome prices hold in ChinaAlloy prices tick up in Japan, South KoreaAlloy prices weaken in Europe UG2 chrome ore prices edged up in China on Friday on anticipation of...Read More
Copper concentrate treatment charges fell further in mid-February on expectations of tighter supply later this year, which could be reversed now that an Indian court's ruling to restart Sterlite Copper's 400,000 tonnes per year smelter has been overturned.Fastmarkets's copper concentrates treatment charges and refining charges (TCs/RCs) index declined to $74.20 per tonne/ 7.42 cents per lb for the...Read More