China's domestic stainless steel prices have remained flat for a fourth week amid an inactive market.Fastmarkets MB's domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,200-14,800 yuan ($2,090-2,178) per tonne including value-added tax for the week ended Wednesday January 23, unchanged from a week earlier.More market participants have...Read More
Fastmarkets proposes to update the normalization coefficients of the Turkey and Rotterdam ferrous scrap indices at a rate of once per month instead of once per quarter at present.The indices to which this proposed change relates are the HMS 1&2 (80:20), Northern Europe-origin material, cfr Turkey index; the HMS 1&2 (80:20), USA-origin material, cfr Turkey index; and the HMS 1&2 (80:20), Northern E...Read More
Three-month base metals prices on the London Metal Exchange were up across the board by an average of 0.4% this morning, Friday January 25 - this despite Thursday’s generally weak flash manufacturing purchasing managers' index (PMI) data in Asia and Europe, although the United States showed a stronger number. Copper led the way with a 0.9% gain to $5,967 per tonne, followed by a 0.6% gai...Read More
Equity index futures are higher this morning. S&P 500 futures were up 21 points in pre-opening trade.Starbucks gained $2.20 to $66.94 after reporting higher than consensus fiscal first quarter sales and earnings. Intel dropped $3.52 to $46.24 after reporting lower than consensus fourth quarter revenues. The company also lowered guidance. JP Morgan, Stifel Nicolaus and Susquehanna lowered their...Read More
Delays began to form at the London Metal Exchange's warrant depository this week after large amounts of warrants were being cancelled, sources told Fastmarkets MB.There were delays of up to five hours at the depository on Tuesday January 22, market sources said. As a result, the LME closed the depository early due to a backlog and stopped accepting further cancellations, a second source said.The L...Read More
Zinc futures on the London Metal Exchange led gains at the close of trading on Wednesday January 23 with its three-month price continuing to trade above $2,600 per tonne, while the rest of the complex trends higher against a softer dollar index. After a fresh cancelation of more than 22,000 tonnes resulted in most of European LME zinc's stock - principally held in LME-listed warehouses in Rotterda...Read More
Tin premiums in Europe, the United States and China remained flat in the week beginning Monday January 21, amid continued uncertainty about delays to exports from Indonesia, while a lack of spot market activity, higher prices and a wide backwardation continued to deter investment in the tin sector. European tin participants' concerns mountUS markets beginning to feel supply pinchChina quiet ahead...Read More
China's imported volumes of copper scrap in 2018 went down by almost one-third from the year before, following the implementation of various scrap import barriers and a tariff on material from major supplier the United States.More copper concentrate was shipped to the country in 2018 compared with 2017, however.The quantity of Chinese copper scrap imports fell by 32.2% year-on-year to 2.4 million...Read More
Former BHP Billiton director John Crofts has joined Ocean Partners in Australia to help develop new opportunities in the base and precious metals concentrate market, Fastmarkets learned on Wednesday January 23.Crofts, who will be based in Melbourne, will focus on the regions of Australia and Southeast Asia.He worked at BHP Billiton for 23 years until June 2010, when he joined copper and gold...Read More
Vitol has wound down its alumina trading operations following the departure of head trader Philip Blanchard, it said.Blanchard, who was based in London, became head trader for the Switzerland-based energy and commodities firm's alumina book in 2016 following the departure of Roger Pillai.Blanchard has not been replaced at Vitol; the company said it will focus on energy and related products an...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Deep-sea scrap import prices into Turkey remained firm on Wednesday January 23, with suppliers trying to raise their offers to mills which are trying to replenish their depleted stocks, sources told Fastmarkets.A deep-sea cargo from late last week came to light on Wednesday, indicating a minimum price of $290 per tonne cfr for United States-origin HMS 1&2 (80:20).A steel mill in the Iskenderun reg...Read More
The Comex copper price failed to rebound on Wednesday January 23 with technical selling continuing to weigh on the red metal. The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped 0.05 cents to $2.6590 per lb. Persistent worries over the unresolved trade war between the United States and China are keeping...Read More
Three-month base metals prices on the London Metal Exchange had dipped in recent days on the back of global growth concerns and after follow-through buying from last week waned, but the complex is broadly up again with average gains of 0.3% this morning, Wednesday January 23.Tin, that has been a star performer this year, was bucking the trend with a 0.3% dip to $20,390 per tonne. The rest were up...Read More
Tsingshan Group, Taiyuan Iron & Steel (Tisco) and Baosteel - China's leading stainless steel mills - will maintain their high-carbon ferro-chrome tender prices unchanged month on month for February amid comparatively stable domestic stainless steel prices over the past few weeks. Tisco released its February tender price for high-carbon ferro-chrome at 6,650 yuan ($977) per tonne on Tuesday January...Read More
China's hot-rolled coil prices were largely stable on Wednesday January 23 with both demand and supply declining ahead of the Chinese New Year.DomesticEastern China (Shanghai): 3,700-3,720 yuan ($543-546) per tonne, unchangedNorthern China (Tianjin): 3,650-3,670 yuan per tonne, down 10 yuan per tonneA Hangzhou-based trader told Fastmarkets MB that demand had been dropping with more and more end us...Read More
The coking coal and coke contracts led the uptrend in the Chinese ferrous futures market during the morning trading session on Wednesday January 23.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,638 yuan ($534) per tonne, up 1 yuan per tonneMay hot-rolled coil: 3,560 yuan per tonne, up 5 yuan per tonneDalian Commodity Exchange May iron ore: 528 yuan per tonne, up 0...Read More
Prices for hollow steel sections in Northern Europe moved downward on Wednesday January 23 due to falling costs for feedstock materials, market participants have told Fastmarkets.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe fell by ?,?5 per tonne to ?,?630-640 ($716-727) per tonne delivered on January 23, from ?,?635-645 ($726...Read More
The price for rebar produced and delivered in Northern Europe stayed flat on Wednesday January 23, after the previous week's price reductions failed to spark an increase in activity.Fastmarkets MB's weekly price assessment for domestic rebar in Northern Europe stayed at $530-550 ($602-625) per tonne delivered on Wednesday. The contract dipped from $540-560 per tonne a week ago.Few deals were repor...Read More
European prices for mesh-quality wire rod stayed flat across the continent on Wednesday January 23, with buyers still unwilling to commit to purchases while they see the potential for lower prices in future after the implementation of the European Commission's new import quotas.Fastmarkets MB's weekly domestic price assessment for mesh-quality wire rod in Northern Europe stayed at ?,?530-550 ($602...Read More