Here are five Fastmarkets MB stories you might have missed on Tuesday January 15 that are worth another look.The London Metal Exchange will launch a discussion paper proposing changes to current warehouse rules, including relaxing queue-based rent capping to 80 days, chief executive officer Matthew Chamberlain said. Liberty Steel USA, a subsidiary of GFG Alliance, is considering exp...Read More
A summary of base metals premiums from across the globe for the week to Tuesday January 15.Please click...Read More
Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Tuesday January 15, with a continued uptrend in nickel and tin futures topping gains while zinc and lead prices edged lower. Supporting commodity investment, strong performances in both the Dow Jones Industrial Average and the S&P 500 Index over the afternoon fueled positive risk sentiment despite...Read More
The London Metal Exchange will launch a discussion paper proposing changes to current warehouse rules, including relaxing queue-based rent capping (QBRC) to 80 days, chief executive officer Matthew Chamberlain said. Speaking to Fastmarkets MB, Chamberlain said the proposals for change have been driven by the warehouses and the paper will be reviewed by the LME warehousing committee before it goes...Read More
Comex copper prices bounced-back on Tuesday morning in the US amid news of another round of Chinese monetary stimulus arriving soon.The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained $1.75 cents to $2.6525 per lb. "We are seeing very quiet conditions across the markets today; base metals are mostly higher on account of news of fresh Chinese...Read More
Flat steel import prices in the United Arab Emirates have been stable over the past week, with demand still weak, but in Saudi Arabia import prices for hot-rolled coil (HRC) fell, sources said on Tuesday January 15.Demand was subdued because stock levels in the UAE were already high and buyers have not started to place bookings in 2019, sources told Fastmarkets.UAEChina-origin HRC was on offer to...Read More
Base metals prices on the London Metal Exchange mostly consolidated higher during morning trading on Tuesday January 15, bolstered by increased consumer demand and a weakened US dollar.Zinc was the only metal to buck the uptrend this morning, ignoring market fundamentals to trade at $2,470 per tonne, 0.5% below its support level at $2,500 per tonne. This comes despite low zinc stocks, a weak US do...Read More
India aluminium producer Vedanta is set to increase its primary foundry alloy and aluminium silicon t-ingot production from 30,000 to 300,000 tonnes by the end of 2019.Vedanta is increasing its output after it expanded its billet production between 2016 and 2018 from 100,000 tonnes to 450,000 tonnes in the time period.The expansion is part of an effort to grow production across the company's vario...Read More
The arbitrage for copper, aluminium, zinc and nickel imported into China on Tuesday January 15*Copper -$50.87 (344.40 yuan) Aluminium -$311.41 (-2,108.47 yuan) Zinc $160.96 (1,089.82 yuan) Nickel -$215.74 (1,460.72 yuan) *Metal Bulletin calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
Three-month base metals prices on the London Metal Exchange were firmer across the board this morning, Tuesday January 15, with prices up by an average of 0.3%. Bargain hunting stepped in to take advantage of Monday's price weakness and markets received a confidence boost after China cut some taxes.The three-month copper price on the LME was up by 0.4% at $5,934 per tonne, nickel and lead prices w...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday January 15 that are worth another look.The London Metal Exchange will launch a discussion paper proposing changes to current warehouse rules, including relaxing queue-based rent capping to 80 days, chief executive officer Matthew Chamberlain said. Liberty Steel USA, a subsidiary of GFG Alliance, is considering exp...Read More
The import price for billet in the United Arab Emirates fell this week, with demand remaining poor, sources told Fastmarkets on Tuesday January 15.Domestic rebarLocal rebar producers in the UAE announced reduced prices on December 20 for material due to be shipped in January. The country's largest producer, Emirates Steel, was offering rebar at 1,899 dirhams ($517) per tonne, while Conares Steel w...Read More
CIS export prices for steel slab inched downward in the week ended Monday January 15, with lower offers and bids being heard in the market.There were few slabs offers in the Black Sea basin because February-rolling material from Ukraine was not available, Fastmarkets learned.One slab offer from a Russian supplier in the Black Sea basin was reported at $410 per tonne fob.At the same...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transactions: billetBilletOman, export, billet, offered...Read More
Definitive measures proposed by the European Commission (EC) in the region's safeguard case against steel product imports are unlikely to have any major effect on Europe's imports of flat steel, market sources have told Fastmarkets.The only exception would be in the hot-dipped galvanized coil (HDG) sector, where the EC decided to split its originally proposed product category into two sub-groups,...Read More
The negative sentiment in the global long steel market has forced rebar and wire rod producers in the Commonwealth of Independent States (CIS) to cut prices to attract foreign customers.The ongoing weakening in the Turkish domestic and export long steel prices - particularly in rebar - amid soft domestic demand in Turkey, as well as in the United States and Europe, formed some of the driving force...Read More
The export market for hot rolled coil (HRC) from the Commonwealth of Independent States (CIS) has stabilized as prices approach levels workable for buyers, sources told Fastmarkets on Monday January 14. Fastmarkets' weekly price assessment for CIS-origin exports of hot-rolled coil (HRC) was stable at $440-460 per tonne fob Black Sea on January 14. "The market looks more stable now. Buyer...Read More
Prices for 62% Fe iron ore were largely rangebound on Tuesday January 15, while those for lower grades rose further.MB 62% Fe Iron Ore Index: $73.78 per tonne cfr Qingdao, down $0.02 per tonne. MB 62% Fe Pilbara Blend Fines Index: $73.92 per tonne cfr Qingdao, down $0.02 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $75.50 per tonne cfr Qingdao, unchanged. MB 58% Fe Premium Index: $65.59 per to...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transactions: iron oreIron oreVale, Global Ore, 170,000 tonnes of 65% Fe Iron Ore Carajas, traded at $88.10 per tonne cfr China, bill...Read More
Prices in the seaborne hard coking coal market continued to descend on Tuesday January 15, with participants on the fence about whether they have bottomed out.Two cargoes of premium hard coking coal with laycan set for February and March respectively were traded around $189-190 per tonne cfr China, various sources told Fastmarkets."At this level, it is difficult for prices to go up or down further...Read More