The Turkish deep-sea scrap import markets remained quiet on Thursday February 14, but market participants expected prices to soften due to limited demand and weak finished steel markets in the country, sources said.There was talk in the market about a Baltic Sea cargo sold at $326 per tonne cfr for HMS 1&2 (80:20), but there was no confirmation of this transaction at the time of publication.Market...Read More
UK ferrous scrap prices for deliveries in February have jumped in general by about ?20 ($26) per tonne, depending on grade, due to persistent weakness in export prices to the key destination of Turkey, trade sources told Fastmarkets on Wednesday February 13.The move followed a uniform price drop of ?15-20 per tonne in January settlements, after an earlier drop of ?20 per tonne in December. The...Read More
Seaborne iron ore prices nudged up on Thursday February 14 with traders heard taking cargoes, although buying from Chinese mills remained limited.MB 62% Fe Iron Ore Index: $88.32 per tonne cfr Qingdao, up $1.10 per tonne. MB 62% Fe Pilbara Blend Fines Index: $87.71 per tonne cfr Qingdao, down $0.35 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $89.61 per tonne cfr Qingdao, down $0.03 per tonne....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 oreRio Tinto, Beijing Iron Ore Trading Center (Corex), 170,000...Read More
Seaborne coking coal prices were steady on Thursday February 14, with port restrictions in China and concern over supply from Queensland, Australia continuing to cloud market participants' outlook.A prompt cargo of premium hard coking coal changed hands at $203.50 per tonne cfr China, market sources told Fastmarkets during the day.A bid was made for a cargo of the same type of materials at $207 pe...Read More
China's hot-rolled coil producers raised their export offers further on Thursday February 14 although domestic prices weakened further.DomesticEastern China (Shanghai): 3,730-3,740 yuan ($551-553) per tonne, down 60 yuan per tonneNorthern China (Tianjin): 3,740-3,750 yuan per tonne, down 20 yuan per tonnePrices weakened during the day with market participants only willing to buy at lower prices, t...Read More
China's domestic rebar prices continued to drop on Thursday February 14 amid a weakening of the billet and futures markets.Domestic Eastern China (Shanghai): 3,750-3,780 yuan ($554-559) per tonne, down 50-60 yuan per tonneNorthern China (Beijing): 3,800-3,830 yuan per tonne, narrowed downward by 10 yuan per tonneThe release of data that showed an increase in inventory levels resulted in bearish se...Read More
Key data from the Wednesday February 13 pricing session in Shanghai. Key drivers The cobalt sulfate price, Co 20.5% min, China ex-works price dropped midweek amid few spot activities after the Chinese New Year holiday on February 4-10. Weak spot demand is likely to last until late February or early March because some consumers will not resume business until after the Lantern Festival on...Read More
The suspension of cobalt production at Chambishi could provide some respite to falling cobalt prices but it should not be confused with the eventual departure of Chambishi broken cathodes from the market, according to sources spoken to by Fastmarkets. ERG has temporarily halted production at Chambishi in Zambia due to a lack of feedstock, which it sources from Boss Mining and Frontier Mine in...Read More
Production of copper and cobalt has been suspended at the Chambishi refinery in Zambia due to constrained supply of imported feedstock. The suspension follows the introduction of a new 5% duty on cobalt and copper concentrates imported into Zambia that came into effect this year. The Chambishi refinery processes feed from ERG's Boss Mining and Frontier Mine in the Democratic Republic of Congo. "In...Read More
Trade log for cobalt sulfate in China including transactions, bids and offers reported to Fastmarkets MB. Unless otherwise stated, all prices are yuan per tonne on an ex-works basis.The cobalt sulfate, Co 20.5% min, China ex-works, adjustment to the low-grade cobalt low-end price at Co 20.5% basis is on a $ per lb basis.Fastmarkets MB prices Click here for Fastmarket MB's price assessment for coba...Read More
Key data from the Wednesday February 13 pricing session in Europe. Key drivers The European ferro-titanium spot price range has widened, with prices moving down on the low end, marking the first move in the price in five weeks. Still, trading activity was reported as being low key, a trend that has persisted for much of the year.Some industry sources reckon there may be renewed demand in the near...Read More
Import prices for stainless steel in East Asia continued to rise during the past week with mills increasing their offers again amid costlier nickel, although spot trading activity remained sluggish amid the Lunar New Year lull.Fastmarkets MB's weekly import price assessment for 304 stainless 2mm trimmed cold-rolled coil in East Asia was $1,980-2,080 per tonne cif on Wednesday February 13, up $40-5...Read More
China's domestic stainless steel prices moved up in the first three days of this week although demand remained soft.Fastmarkets MB's domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,600-15,000 yuan ($2,159-2,218) per tonne including value-added tax for the week ended Wednesday February 13, up 200-400 yuan per tonne from the week ended Januar...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday February 13 that are worth another look.The London Metal Exchange has extended the consultation period regarding its proposals on pre-trade transparency to March 1, it said in a note to members on Wednesday February 13.The process to exclude steel and aluminium from the Section 232 import tariffs applied by the United Sta...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade. Index futures were virtually unchanged following release of the February Empire State Manufacturing Survey. Consensus was an increase to 7.00 from 3.90 in December. Actual was.8.8.Nvidia added $12.47 to $167.00 after reporting higher than consensus fourth quarter sales and earnings. Note...Read More
The process to exclude steel and aluminium from the Section 232 import tariffs applied by the United States is having some interesting consequences.One of these is that, in the event of a national security issue -which Section 232 was designed to address - the US would theoretically rely on Japan for its imports of steel and Saudi Arabia for its imports of aluminium.That is because those countries...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Wednesday February 13, with a late-afternoon appreciation in the US dollar index contributing to dampened buying sentiment while LME volumes remain low. Copper futures continued to trade in positive territory throughout the afternoon, despite falling over 3% from last week's high of $6,289.50 per tonne on...Read More
Well-stocked US tin customers ordered little material in the week ended Tuesday February 12, while in Europe available tin did not necessarily meet customers' specifications and most Chinese market participants were still away for the Lunar New Year public holiday, all factors keeping global premiums flat. US solder-makers said to be facing weak demand, buying less tin Europe still grapples...Read More
Low prices for copper in the international markets could reduce the availability of copper scrap, European producer Aurubis said in a results statement for the October-December 2018 quarter, published on Wednesday February 13.The multi-metal company expected the copper scrap market to be fundamentally stable, it said. But the current low metal prices could lead to reduced copper scrap supplies and...Read More