The seaborne coking coal market strengthened further on Wednesday January 30 amid an emergence of higher bids.Bids for branded materials on trading platform Global Coal rose to $203 per tonne fob Australia during the day, compared with $189 per tonne fob a few days ago.Meanwhile, a top Australian brand was traded at around $208 per tonne cfr China via a miner's tender, according to various sources...Read More
Asian ferrous scrap prices are climbing due to steel mills looking to secure more steelmaking raw materials.This is on the back of possible iron ore supply cuts by key Brazilian miner Vale, which said it was expecting a production loss of 40 million tonnes while decommissioning all its upstream dams over the next three years."Steel mills in Asia are looking to purchase more ferrous scrap in case p...Read More
The US copper price built on previous momentum with optimism growing ahead of America and Chinese trade talks. The copper price for March settlement on the Comex division of the New York Mercantile Exchange jumped by 4.15 cents to $2.7665 per lb. Scheduled trade talks between the United States and China could be one reason for this, while US Federal Reserve policymakers are expected to hold intere...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday January 30 *Copper -$111.10 (-747.68 yuan) Aluminium -$354.98 (-2,388.97 yuan) Zinc -$89.45 (-601.97 yuan) Nickel -$494.85 (-3,330.23 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
Nickel's three-month price on the London Metal Exchange continued its strong performance during morning trading on Wednesday January 30, moving past $12,300 per tonne for the first time since October 2018 amid a continued drawdown in LME supply. The metal's three-month price is up more than 15% from its 2018 low of $10,500 per tonne on December 31, while total LME inventory remains at its lowest l...Read More
Three-month base metals prices on the London Metal Exchange were for the most part still consolidating the gains seen at the end of last week, following weakness on Monday January 28, an up day on Tuesday, and now awaiting further direction.Three-month LME prices were up by an average of 0.2% on Wednesday morning, with the majority up between 0.1% and 0.3%, but with nickel up by 0.9% and aluminium...Read More
The following Fastmarkets minor metals prices changed on Wednesday January 30:Bismuth MB free market, $/lb: $3.70-4.10 per lb from $3.50-4.00Cobalt MB free market alloy grade, $/lb: $18.50-20.50 per...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday January 30:Aluminium ingotLM24 pressure diecasting ingot: ?1,415-1,465 per...Read More
The US copper premium remained at a multi-year high this week, with a significant stock cancelation at the LME's New Orleans warehouses failing to nudge it even higher; the Chinese cathode market was quiet before the Lunar New Year holiday and due to a negative import arbitrage. A total of 25,000 tonnes of copper was freshly canceled in New Orleans on Tuesday and Wednesday but US premiums were un...Read More
Prices for steel billet in Asia are likely to come under greater pressure in 2019 with demand for it as well as downstream long steel products expected to stay subdued amid an impending surge in new supply, sources told Fastmarkets MB."Regional demand is weak, so there is not enough room for everyone," a Vietnam-based trader said, referring to a string of new billet production capacity set to come...Read More
A dovish US Federal Reserve stance, a weaker dollar and a firmer Chinese yuan, which may indicate confidence in US-China trade talks, are all helping to underpin the three-month base metals prices on the London Metal Exchange this morning, Thursday January 31. Lead and zinc prices led on the upside with gains of 0.6% and 0.5% respectively, followed by rises of 0.4% in tin, 0.3% in aluminium,...Read More
Fastmarkets MB Research has a very good track record of producing accurate price forecasts for the base metals. In Fastmarkets’ Apex survey, which ranks the forecasting accuracy of more than 20 commodity bank analysts and trading desks, we regularly feature in the top-five leader boards. Bronze for Fastmarkets In the latest results, published last week, we took the number three...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Index futures were virtually unchanged following release of weekly Initial Jobless Claims at 8:30 AM EST. Consensus was 211,000 versus 200,000 last week. Actual was 253,000. The Canadian Dollar was virtually unchanged following release of November Canadian real GDP. Consensus was a year-over...Read More
A summary of base metals premiums from across the globe for the week to Tuesday January 29. Please click on the thumbnail...Read More
Nickel's three-month price on the London Metal Exchange soared more than 2% at the close of trading on Tuesday January 29, with the metal's futures price now trading firmly above $12,000 per tonne against a backdrop of dwindling LME stocks.LME nickel's price action has followed an uptrend over January, and is trading over 13% higher after hitting its lowest level since December 2017 at $10,500 per...Read More
Comex copper prices bounced back in US morning trading on Tuesday January 29 amid a softening dollar and anticipation for the start of US and Chinese trade talks. The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 3.35 cents to $2.7135 per lb. "The main focus on the markets will be on the US/Chinese trade talks which get under way tomorrow,"...Read More
Higher sales prices brought slight price increases to European high-carbon ferro-chrome and imported charge chrome in China in the week ended Friday January 25 amid low activity prior to the Chinese New Year holiday. Imported charge chrome in China increases by 1.3% Domestic spot ferro-chrome prices in China stable Imported ferro-chrome into Japan, South Korea and US steady Europea...Read More
Low-grade manganese ore prices showed signs of recovery in the week ended Friday January 25 while high-grade flattened amid increased liquidity ahead of Chinese New Year in early February. Low-grade manganese ore prices ticked up in China, high-grade holdsPhysical silico-manganese prices hold in China, India, EuropeFerro-manganese holds globallyUS silico-manganese prices edge up Low grade mangane...Read More
Fastmarkets looks at key factors that are likely to influence minor metals prices in 2019. China's slowdown dampens sentiment For minor metals production, China leads the way globally, contributing an estimated minimum of 70% of world output of indium, bismuth, gallium and germanium. Last week, the world's biggest producer and consumer of minor metals said its economic growth dropped to its slowes...Read More
The auction of some Fanya Metal Exchange indium stocks on Tuesday January 29 has failed to attract any bidders, market sources told Fastmarkets. Fanya announced earlier this month its intention to auction a total of 34.64 tonnes of indium stocks it holds in its warehouses. The opening bid was 1,200 yuan ($177) per kg, not including VAT and storage fees. But both Chinese and overseas market pa...Read More