Ferrous scrap sellers in the United States who were hoping for the traditional New Year price increase instead got a rude awakening, with the market suffering a major correction for the first time in January since 2006.After the market settled, shredded scrap, No1 busheling and cut grades fell by $30 per gross ton throughout the Midwest. With so much scrap unplaced and expectations by so...Read More
Consumer stainless scrap buying prices in the United States tumbled further this month, reflecting a depressed market with mills increasing discounts on nickel in the face of high inventories and softening demand."Nickel discounts are worsening every month," one major domestic processor said, referring to the nickel discounts established by mills in their monthly scrap purchases. Th...Read More
Iron ore prices were mixed on Thursday January 10 following news of the Chinese yuan's appreciation against the US dollar and reports of a port fire in Australia.MB 62% Fe Iron Ore Index: $73.36 per tonne cfr Qingdao, down $0.54 per tonne. MB 62% Fe Pilbara Blend Fines Index: $73.50 per tonne cfr Qingdao, down $0.54 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $75.17 per tonne cfr Qingdao, dow...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 transaction: iron oreIron oreVale, Beijing Iron Ore Trading Center (Corex), 170,000 tonnes of 62% Fe Brazilian Blend fines, traded at the February...Read More
The downward momentum in the seaborne coking coal market weakened on Thursday January 10, with sellers standing firm by their offers.Cargoes of premium hard coking coal were heard offered at around $200-202 per tonne cfr China during the day, unchanged from those at the beginning of this week, according to various market sources.Various buyers in China have also submitted bids for premium mid-vol...Read More
China's coking coal and coke futures fell during morning trading on Thursday January 10, while other ferrous contracts were little changed.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,528 yuan ($516.50) per tonne, down 3 yuan per tonneMay hot-rolled coil: 3,433 yuan per tonne, up 1 yuan per tonneDalian Commodity Exchange May iron ore: 508 yuan per tonne, down 1 y...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday January 10 that are worth another look.Chinese central government regulators will begin a new round of environmental protection inspections in the country's metals and mining industry this year, which will take about four years to complete. The volatility in manganese ore prices should rise in 2019 while increases in...Read More
The US copper price slipped into negative territory on Thursday morning amid a rebounding dollar and few details about the China-United States trade talks. The United States copper price slipped into negative territory on Thursday morning amid a rebounding dollar and few details about the US-China trade talks. The copper price for the March settlement on the Comex division of the New York Mer...Read More
Market participants have largely played down the impact of the suspension of gallium production at Zunyi Alumina Ltd Co in southwestern China's Guizhou province as of January 4.A spokesperson at Aluminum Corporation of China (Chalco), China's largest gallium metal supplier and the largest shareholder in Zunyi, confirmed on Thursday January 10 that the suspension of loss-making operations is likely...Read More
The Chinese domestic cobalt sulfate price has moved up due to tightened supply amid active restocking activities ahead of the Lunar New Year holiday from February 4-10.Fastmarkets MB's China cobalt sulfate, basis 20.5% Co, ex-works price rose to 66,000-68,000 yuan ($9,669-9,962) per tonne on Wednesday January 9, from 65,000-68,000 yuan per tonne previously. Meanwhile, the accelerated downtrend in...Read More
Trading activity in the East Asian stainless steel import market has started to regain momentum, although price movements were mixed over the past week and some participants remained pessimistic.Fastmarkets MB's import price assessment for 304 stainless 2mm trimmed cold-rolled coil in East Asia was $1,880-1,960 per tonne cif for the week ended Wednesday January 9, widening from $1,890-1,950 per to...Read More
China's domestic stainless steel prices held steady for a second week amid low inventory levels and soft demand ahead of the Chinese New Year. Fastmarkets MB's price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,200-14,800 yuan ($2,079-2,167) per tonne including value-added tax for the week ended Wednesday January 9, unchanged from a week earlier.There...Read More
Fastmarkets looks at five key things to watch out for in China's nickel and stainless steel markets this year against a backdrop of nickel pig iron (NPI) project ramp-ups and a country-wide clampdown on new crude stainless steel capacity.NPI deficit to persist despite project ramp-upsWhile the ramp-ups of a number of NPI projects were announced in 2018 and this is expected to narrow the deficit of...Read More
Import prices for steel billet in Southeast Asia held steady on Thursday January 10 with few transactions concluded, although more offers and bids were heard in the region this week.Fastmarkets' daily import price assessment for billet in Southeast Asia was $445-455 per tonne cfr Manila on Thursday, unchanged from Wednesday.Iranian billet was heard booked at $415 per tonne cfr to either Indonesia...Read More
Base metals on the London Metal Exchange were firmer this morning, Friday January 11, with three-month prices up by an average of 0.9%. Zinc and nickel led the way with gains of 1.3% and 1.2% respectively, while copper was up by 0.9% at $5,972 per tonne as at 6.45am London time – the same price it held at a similar time on Thursday. Volume across the complex has been above average with 8...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade. Index futures drifted lower following release of the U.S. December Consumer Price Index at 8:30 AM EST. Consensus was a drop of 0.1% versus no change in November. Actual was a drop of 0.1%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.2% in November. Ac...Read More
The opening of the import window in China's zinc market kept premiums stable in the country while the rest of Asia was experiencing a wide backwardation. Meanwhile, lead premiums in India went up amid a reduction in supply from Iran. Chinese zinc import window remains open. Italian zinc premiums and Indian lead premiums move up. US market quiet after holidays.Chinese zinc import window opens to lo...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Wednesday January 9, with a continued uptrend in copper, nickel and tin futures topping gains while a softer US dollar index continues to support commodity investment. Climbing furthest over the afternoon, the three-month copper price appreciated just shy of 1% during afternoon trading, closing at its hig...Read More
The US copper price increased during midweek trading this morning in the US, amid a softer dollar and positive trade talks between the United States and China.The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.30 cents to $2.6690 per lb. Trade talks between the world's economic powers continued for a third consecutive day earlier this morn...Read More
Fastmarkets MB launched an assessment of chrome ore inventories at the main Chinese ports of Tianjin, Qinzhou, Lianyungang and Shanghai on Monday January 7. After a one-month consultation period following the initial proposal, Fastmarkets MB has decided to launch this assessment to reflect the chrome ore inventory changes at major ports in China. The first assessment was published on January 7. Fa...Read More