China's cobalt tetroxide prices drifted lower in the week to Wednesday September 1, due to weak demand from battery producers, while cobalt sulfate prices remained rangebound, with producers rejecting lower bids.Fastmarkets' price assessment for cobalt tetroxide 72.6% Co min, delivered China fell to 275,000-285,000 yuan ($42,562-44,110) per tonne on September 1, down from 282,000-292,000 yuan per...Read More
The anticipated agreement between the European Union and the United States on Section 232 tariffs would boost flat-steel export sales to the US and, consequently, reduce domestic EU availability, triggering a price rise in Europe, European buyers told Fastmarkets.The US and EU will reach an agreement on the exemption from Section 232 of European imports of steel and aluminium by November 1. The US...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 2 that are worth another look.The anticipated agreement between the European Union and the United States on Section 232 tariffs would boost flat-steel export sales to the US and, consequently, reduce domestic EU availability, triggering a price rise in Europe, European...Read More
Copper scrap prices in the United States were steady on Wednesday September 1 amid solid demand and whipsawing Comex copper prices."Demand has held up well overseas, domestically it's fair," one trader source said. "Consumers have found a comfort level with their suppliers and everybody is making decent money at these spreads, so there've been no drastic...Read More
China's domestic rebar prices recovered slightly on Thursday September 2, with demand stronger than in recent days following a rise in the futures market.DomesticEastern China (Shanghai): 5,210-5,250 yuan ($807-813) per tonne, up by 20 yuan per tonneThe most-traded January rebar futures contract rose to 5,348 yuan per tonne on Thursday morning, up by 106 yuan per tonne from Wednesday's closing pri...Read More
LME aluminium rose to a year-to-date high on Thursday September 2, while the other base metals also edged up following a bout of profit-taking activity at the end of trading on Wednesday. Aluminium's three-month price on the LME reached a new 2021 peak of $2,734.50 per tonne on Thursday morning, up 1.65% from Wednesday's closing price of $2,690 per tonne. Rising coal prices due to supply worries i...Read More
Speculation as to whether China will lift its anti-dumping (AD) duty on Indonesian stainless steel arose during the week to September 2. Some market participants believe this move would reduce China's crude stainless steel production and thereby help lower carbon emissions.China has imposed AD duty on imports of stainless steel billet, slab, hot-rolled plate and coil produced in the European...Read More
Domestic hot-rolled coil prices in China inched higher on Thursday September 2, after two consecutive days of moderate losses, with market sentiment improved by positive production and inventory data.DomesticEastern China (Shanghai): 5,670-5,690 yuan ($878-881) per tonne, up by 20 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange jumped to an intraday high of 5,618 yuan p...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 2 that are worth another look.The anticipated agreement between the European Union and the United States on Section 232 tariffs would boost flat-steel export sales to the US and, consequently, reduce domestic EU availability, triggering a price rise in Europe, European...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade, in-whs Rotterdam, $/lb...Read More
United States-based aluminium producer Novelis has concluded a $175 million capacity expansion project in Brazil and was already studying further increases to meet growing demand in the country for aluminium cans, its local vice-president for procurement, Alfredo Veiga, told Fastmarkets on Wednesday September 1.The company disclosed in November 2018 its plans to raise rolling capacity by 100,000 t...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed on the morning of Friday September 3, but overall the picture is one of consolidation ahead of today's employment report from the United States.* China’s Caixin services PMI dropped to 46.7 in August, from 54.9 in July, switching from expansion to contraction* The US Dollar Index continues to retreatBase...Read More
On-the-water African copper cargoes are now preferred by Chinese consumers to forward cargoes because some shippers have lost hope of finding logistics space in the next few months, Fastmarkets heard on Wednesday September 1."You could 'win the game' if you could take these copper [cargoes] on-board. Then you could secure a profit," a trader source said.African countries such asZambia and Democrat...Read More
The London Metal Exchange trading ring will reopen on Monday September 6, for the first time in 18 months, and chief executive officer Matthew Chamberlain admits that there have been a lot of tough conversations with members about its future.Ring trading will look very different after the restart. Closing prices will be traded electronically, via LMESelect, and only official prices will move back...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade. Equity index futures moved lower following release of the August employment report at 8:30 AM EDT. Consensus for August Non-farm Payrolls was 725,000 versus 943,000 in July. Actual was 235,000. Consensus for the August Unemployment Rate was 5.2% versus 5.4% in August. Actual was 5.2%. Con...Read More
Chile's state-owned mining entity Codelco announced on September 2 that it had reached an agreement with two of the three labour unions that are striking at its Andina mine."The workers associated with the SIIL and SUT Unions will resume their work on a date to be defined with the administration," Codelco said in a statement. The new wage agreement between the company and the Industrial Union of L...Read More
Almost all London Metal Exchange base-metals prices fell under pressure at the end of the day on Wednesday September 1, to start the new month on the back foot following a small pickup in prices in the last week of August.The base-metals complex came under pressure on Wednesday morning after the release of the Chinese Caixin manufacturing purchasing managers' index (PMI). This dropped to 49.2 in A...Read More
Following a one-month consultation, Fastmarkets is updating the wording of its Metals & Mining assessment methodologies to provide greater clarity around how its prices are determined. The wording refinements do not materially alter the way Fastmarkets Metals & Mining assesses prices and as such are not anticipated to result in any noticeable changes in Fastmarkets' assessment price levels or beha...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 1 that are worth another look.Russia's Ministry of Industry and Trade does not see any grounds for the extension of export duties for steel and non-ferrous metals into 2022, according to the deputy minister Viktor Evtukhov.Chile's...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday September 1.Please click...Read More