Comex copper prices rallied for the third straight session on Thursday February 7 with the market growing more optimistic on the red metal's prospects through the first quarter. The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.05 cents to $2.8470 per lb. Market activity remains stunted with Chinese participants sidelined due to the Lunar New...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 Friday February 8:Minor metalsCadmium MB free market min 99.95%, cents/lb: 133-143 cents per lb from 127-132Cadmium MB free market min 99.99%, cents/lb: 133-143 cents...Read More
European stainless steel producers expect the definitive EU safeguarding measures to reduce the volume of imports arriving in the EU, while distributors were less convinced that these measures will be any more effective than the provisional ones that preceded them.The definitive measures, which came into effect on February 2, 2019 and will run until June 30, 2021, differ from the provisional measu...Read More
The following Fastmarkets non-ferrous European free market scrap prices changed on Friday February 8:Aluminium scrapFloated Frag: ?,?1,060-1,105 per tonne from ?,?1,055-1,105Cast:...Read More
Asian ferrous scrap prices are poised to spring upward immediately after the Lunar New Year holidays in the region, market participants have told Fastmarkets MB."In the current market sentiment, the bullish price trend will continue because sellers of ferrous scrap will continue to hold back their cargoes even more," a trader in Southeast Asia said.This was due to widespread expectations that stee...Read More
Base metals prices on the London Metal Exchange were collectively lower at the close of trading on Thursday February 7, with low volumes and limited buying interest due to the Lunar New Year public holiday in China, while the strength of the US dollar deterred investment.Aluminium futures continued to trade against positive fundamentals in the day's trading, falling below the support level of $1,9...Read More
Comex copper prices rallied for the third straight session on Thursday February 7 with the market growing more optimistic on the red metal's prospects through the first quarter. The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.05 cents to $2.8470 per lb. Market activity remains stunted with Chinese participants sidelined due to the Lunar New...Read More
Fastmarkets is proposing to amend its weekly London Metal Exchange warrant premiums coverage across the entire base metals asset class. As part of the proposal, Fastmarkets intends to move the publication date for its LME warrant premiums to Wednesday 3-4pm London time from Tuesdays 3-4pm currently. In addition, Fastmarkets proposes to publish a new LME warrant premiums table separate from the mai...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 7 that are worth another look.A group of lawmakers in the United States introduced legislation that would require the US Department of Defense to justify the national security basis for new tariffs under Section 232 and increase congressional oversight of that process. Producer Norsk Hydro's underlying operat...Read More
Producer Norsk Hydro's underlying operating profit dropped almost 85% in the fourth quarter due to the effects of its production curtailment at its Brazilian alumina refinery, Alunorte. In its biggest quarterly loss since 2015, the company's underlying earnings before financial items and tax (Ebit) decreased to NOK 534 million ($62.32 million) in the fourth quarter, down from NOK 3,555 million ($4...Read More
The daily indices of prices for Turkish deep-sea scrap imports went down by $1 per tonne on Thursday February 7 after another cargo was booked from the United States, sources have told Fastmarkets.The recent trend remains positive, however, after a $9 per tonne jump earlier in the week, boosted by strong sales of billet and rebar in Turkey.In the latest deal, a steel mill in the Samsun region book...Read More
Comex copper prices rallied for the third straight session on Thursday February 7 with the market growing more optimistic on the red metal's prospects through the first quarter. The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.05 cents to $2.8470 per lb. Market activity remains stunted with Chinese participants sidelined due to the Lunar New...Read More
ArcelorMittal Europe's fourth-quarter earnings declined by 13% year on year in 2018 on "lower steel shipment volumes," the company said on Thursday February 7.Earnings before interest, taxes, depreciation and amortization (Ebitda) at ArcelorMittal Europe dropped to $749 million in the October-December quarter, down from an Ebitda of $861 million in the corresponding period in 2017. The compan...Read More
Domestic prices for hot-rolled coil (HRC) in Europe should increase on the back of support from rising import prices as well as buyers' restocking, sources told Fastmarkets.European steelmakers have already increased official offers, starting with ArcelorMittal pushing offers up by ?,?30 ($34) per tonne at the end of last week."The buyers are in 'wait-and-see' mode until Chinese mills return from...Read More
Apparent steel consumption in Brazil is expected to grow by 3.50-4.50% during 2019, ArcelorMittal said in its earnings report for the fourth quarter of 2018, published on Thursday February 7. This rate compared with a 7.30% increase reported in 2018.The company, which is the largest steelmaker in the world, believes that the country's automotive and machinery industries will show slower growth dur...Read More
Turkish export rebar and wire rod prices have soared in the first week of February following the surge in import scrap costs in the country.The price for imported scrap increased on tight supply, low stocks and high collection costs because of the winter weather.The Fastmarkets MB daily ferrous scrap HMS 1&2 (80:20) index for material in North...Read More
Steel billet import prices in Egypt increased this week with deals being agreed at higher levels, sources told Fastmarkets on Thursday February 7.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $460-470 per tonne cfr on Thursday, rising from $450-455 per tonne cfr last week.Billet producers in the CIS were offering material to Egypt at $470-480 per tonne cfr. This com...Read More
The daily indices of prices for Turkish deep-sea scrap imports went down by $1 per tonne on Thursday February 7 after another cargo was booked from the United States, sources have told Fastmarkets.The recent trend remains positive, however, after a $9 per tonne jump earlier in the week, boosted by strong sales of billet and rebar in Turkey.In the latest deal, a steel mill in the Samsun region book...Read More
Seaborne iron ore prices remained flat on Thursday February 7 on continued muted trading amid a week-long public holiday in China. MB 62% Fe Iron Ore Index: $85.53 per tonne cfr Qingdao, unchanged. MB 62% Fe Pilbara Blend Fines Index: $86.37 per tonne cfr Qingdao, unchanged. MB 62% Fe Iron Ore Index-Low Alumina: $87.32 per tonne cfr Qingdao, unchanged. MB 58% Fe Premium Index: $78.74 per tonne cfr...Read More