The Turkish steel producers have continued to hold back from the deep-sea scrap markets, after booking enough material for stocks, and have started to watch the finished steel markets, sources said on Wednesday February 13.The mills in the country have booked around 2.5 million tonnes of scrap since the beginning of the year to replenish earlier low stock levels, and were now focusing on finished...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 62% Fe Brazilian Blend fines, sold at $89.60 per tonne cfr China,...Read More
Iron ore prices largely continued to soften on Wednesday February 13 with no further supply disruptions from Brazil confirmed, but two cargoes of Brazilian Blend fines (BRBF) traded at stronger levels.MB 62% Fe Iron Ore Index: $87.22 per tonne cfr Qingdao, down $0.43 per tonne. MB 62% Fe Pilbara Blend Fines Index: $88.06 per tonne cfr Qingdao, down $0.43 per tonne. MB 62% Fe Iron Ore Index-Low Alu...Read More
Stronger demand from Asian steel mills is pushing bulk ferrous scrap prices higher. Prices were also supported by higher bids seen at February's Kanto Tetsugen export tender in Japan.There was a deal done at $330 per tonne cfr Vietnam on Monday February 11 for an 18,000-tonne cargo of Japanese H2 scrap."Market negotiation levels were at $327-330 per tonne cfr Vietnam for Japanese H2 scrap as of Tu...Read More
China's steel futures fell during morning trading on Wednesday February 13, while those of steelmaking raw materials moved sideways.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,731 yuan ($550.30) per tonne, down 18 yuan per tonneMay hot-rolled coil: 3,636 yuan per tonne, down 11 yuan per tonneDalian Commodity Exchange May iron ore: 623 yuan per ton...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday February 12 that are worth another look.Heavy highland rains in South America's Andean region prompted mining companies to temporarily halt some copper operations in northern Chile and southern Peru from Friday February 8, before resuming full capacity by February 12. Turkish miner Eti Elektrometalurji has moved into t...Read More
A lack of fresh drivers kept US copper futures steady in Wednesday morning trading. The copper price for March settlement on the Comex division of the New York Mercantile Exchange was flat at $2.7720 per lb.The focus of market participants - and the main driver of direction - remains the US-Chinese trade talks."We expect further upside in copper prices over the next month due to a stronger macro s...Read More
Primary aluminium stocks at the three main Japanese ports (MJP) fell 0.73% (by 2,300 tonnes) month on month in January 2019, but increased by 13.50% compared with January 2018, according to data from major Japanese trading house Marubeni on Wednesday February 13. Total MJP aluminium stocks amounted to 314,500 tonnes at the end of January, down from 316,800 tonnes in December. Nagoya regi...Read More
Base metals prices on the London Metal Exchange were predominantly lower during morning trading on Wednesday February 13, with broad strength in the dollar index capping gains, while developments in the US-China trade rift are doing little to lift prices. Three-month aluminium, nickel, zinc and lead prices consolidated lower after a poor performance at Tuesday's close. A downtrend in LME stocks re...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday February 13* Copper -$164.52 (-1,113.67 yuan) Aluminium -$348.25 (-2,357.34 yuan) Zinc -$99.29 (-672.12 yuan) Nickel -$244.65 (-1.656.05 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
China's rebar prices dropped on Wednesday February 13 in both the domestic and export markets on pessimistic sentiment amid futures and billet losses. Domestic Eastern China (Shanghai): 3,800-3,840 yuan ($560-566) per tonne, down 30-40 yuan per tonneNorthern China (Beijing): 3,800-3,840 yuan per tonne, down 20 yuan per tonneTangshan billet prices decreased due to weakening demand and lower&nb...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Fastmarkets minor metals prices changed on Wednesday February 13:Minor metals Cadmium MB free market min 99.99%, cents/lb: 136-143 per lb from 133-143Cobalt MB free market alloy grade, $/lb: $16.60-18.85 per lb from $17.30-19.50Cobalt MB free market standard grade, $/lb: $17.30-19.45 per...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
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Index futures moved lower following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 225,000 versus 234,000 last week. Actual was 239,000. Consensus for the January Producer Price Index was an increase of 0.1% versus a decline of 0.2% in December. Actual was a...Read More
Aluminium premiums in Rotterdam continued to have support over the past week from wide contango spreads on the London Metal Exchange, while premiums in Asia, the United States and South America were generally stable amid a lack of buying interest in the spot markets. Rotterdam premiums ticks higher on LME contango Premiums in Japan, South Korea lower on mounting supply China premium steady on lack...Read More
A summary of base metals premiums from across the globe for the week to Tuesday February 12.Please click...Read More
Copper's three-month price on the London Metal Exchange continued to trend lower at the close of trading on Tuesday February 12, with nickel futures also moving downward amid an increasingly negative appetite for risk across the commodity markets.Copper futures topped the complex for total volumes traded, with 13,960 lots changing hands by the close, but continue to trend lower after trading for a...Read More
The European ferro-vanadium market largely held steady in the week ended Friday February 8, with spot market activity subdued once again.Spot prices for European ferro-vanadium narrowed to $77-79 per kg on February 8, from $76.70-79.10 per kg during the mid-week assessment on Wednesday, according to Fastmarkets' calculations.Prices have been fairly stable over the past two weeks while the market a...Read More
Tshipi will issue more than $80 million in dividends in the second half of its financial year thanks to high manganese ore prices that have enabled the South African manganese miner to generate significantly higher cashflow than expected.For the second half of 2019, it declared a dividend of 1.1 billion rand ($80.2 million), its owner - Jupiter Mines - announced. The latest declaration will take&n...Read More