Further weakness in China’s Caixin manufacturing purchasing managers’ index (PMI), that fell to 48.3 in January from 49.7 in the prior month, was enough to dent confidence in the base metals market this morning, Friday February 1, with prices for the most part weaker as a result. Three-month base metals prices on the London Metal Exchange were down by an average of 0.3% this morning, wit...Read More
More technical evidence that the U.S. Home Building Industry has bottomed: Nice breakout by ITB above $33.67 extending a double bottom pattern. StockTwits Released Yesterday @EquityClockTechnical action by S&P 500 stocks to 10:15: Bullish. Intermediate breakouts: $LEN $SBUX $WYNN $MDLZ $ALGN $MA $CHTR. Breakdowns: $CLX $HSYAfter 10:00 AM EST, breakouts included MA, CHTR, DXC, FAST, TGT, E...Read More
Nickel closed higher on the London Metal Exchange on Wednesday January 30 after peaking at an intraday high of $12,455 per tonne, its highest since October. Low stocks and robust demand from stainless steel and nickel pig iron (NPI) production, predominantly in China and Indonesia, are underpinning the upward trend in the three-month price, which is now more 15% higher than its 2018 low of $10,500...Read More
Nickel premiums in all regions assessed by Fastmarkets were stable week on week on Tuesday January 29 in quiet trading conditions relating to macroeconomic uncertainty as well as market participants retreating for Lunar New Year. All European premiums remain unchanged in an illiquid market US cut-cathodes outperform briquettes amid slow trade Shanghai sees no change for six weeks, pre...Read More
The European tin premium dropped by $35 on the midpoint in the week ended Tuesday January 29 following a 1,000 tonne delivery to London Metal Exchange sheds, while other regional premiums were unchanged week on week in quiet markets. Premium for standard grade tin ingot, in-warehouse Rotterdam, falls 7.4% Adequate supply keeps US premiums unchanged Shanghai premium flat in quiet, pre-...Read More
The disaster caused by Vale's dam rupturing in the Brazilian state of Minas Gerais has no connection to the issue surrounding Norsk Hydro's alumina refinery Alunorte and will probably not stall its return to 100% capacity, market observers told Fastmarkets during the week.Norwegian aluminium group Hydro is waiting for approval from the federal justice in Brazil to increase output at Alunorte. Two...Read More
Fresh reports are emerging of traders taking positions in the manganese ore market, sparking reminders of speculation-led rallies that occurred in previous years. Position trading refers to buying up larger than normal cargoes of manganese ore on expectations of making profit from a resultant price rise. It is a tactic that has not been seen for some time because opportunities have been limited du...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Turkish deep-sea scrap import prices went up on Wednesday January 30 following another burst of fresh bookings completed at higher prices, sources told Fastmarkets.There were two cargoes booked from the United States.A steel mill in the Iskenderun region booked a US cargo comprising 30,000 tonnes of HMS 1&2 (80:20) at $310 per tonne cfr for February shipment.A second US cargo was booked by a mill...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
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
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
Australian lithium miner Neometals produced 15.33% less lithium spodumene year-on-year in the October-December quarter of 2018, the company reported on Wednesday January 30.The quarter's output from the flagship Mount Marion asset in Western Australia was 94,000 tonnes of lithium spodumene, compared with 111,023 tonnes produced in the July-September quarter.Output of higher-grade lithium spodumene...Read More
China's hot-rolled coil prices spiked on Wednesday January 30 despite sellers winding down ahead of the Chinese New Year break, with developments in the iron ore market providing some upward momentum.DomesticEastern China (Shanghai): 3,780-3,800 yuan ($561-564) per tonne, up 40-50 yuan per tonneNorthern China (Tianjin): 3,720-3,740 yuan per tonne, up 30 yuan per tonnePrices rose during the day wit...Read More
China's steel futures surged during morning trading on Wednesday January 30, while the iron ore contract hit its upper limit of 6% compared with the previous day's settlement price on news that Vale's output of the steelmaking raw material could fall by a tenth following a tailings dam breach last week.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,754 yuan ($557)...Read More
A lack of new business kept the prices of hollow steel sections in Europe unchanged on Wednesday January 30 although market sentiment has been mixed, participants told Fastmarkets MB.Fastmarkets MB's domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?630-640 ($720-731) per tonne delivered on Wednesday.This week m...Read More
European prices for mesh-quality wire rod stayed flat across the continent on Wednesday January 30, with market activity almost at a standstill ahead of the imposition by the European Commission (EC) of new import quotas next month.Fastmarkets' weekly domestic price assessment for mesh-quality wire rod in Northern Europe stayed at ?,?530-550 ($606-629) per tonne delivered on Wednesday, with prices...Read More
The price for rebar produced and delivered in Southern Europe remained stable on Wednesday January 30, with no new deals reported while market participants waited for a final proposal from the European Commission (EC) on its 2019 safeguarding import quotas.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe stayed at ?,?510-520 ($583-594) per tonne delivered on Wednesday, bu...Read More
Turkish deep-sea scrap import prices went up on Wednesday January 30 following another burst of fresh bookings completed at higher prices, sources told Fastmarkets.There were two cargoes booked from the United States.A steel mill in the Iskenderun region booked a US cargo comprising 30,000 tonnes of HMS 1&2 (80:20) at $310 per tonne cfr for February shipment.A second US cargo was booked by a mill...Read More