The chairs of seven committees in the House of Representatives requested that the US Treasury Department delay the termination of sanctions against UC Rusal.In a letter written to Secretary of the Treasury Steven Mnuchin on Tuesday January 8, the Chairs said there are a number of additional questions to be answered surrounding the sanctions being removed and requested a meeting to discuss the issu...Read More
China's hot-rolled coil market was largely stable on Wednesday January 9 amid robust downstream demand, with some companies starting to restock ahead of the Chinese New Year in early February.DomesticEastern China (Shanghai): 3,660-3,670 yuan ($534-535) per tonne, narrowing downward by 10 yuan per tonneNorthern China (Tianjin): 3,620-3,630 yuan per tonne, narrowing downward by 20 yuan per tonnePri...Read More
China's domestic rebar prices dropped slightly on Wednesday January 9 on softening winter demand.Domestic Eastern China (Shanghai): 3,720-3,760 yuan ($543-548) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,640-3,680 yuan per tonne, widened down 10 yuan per tonneRebar traders cut prices slightly amid continued weakness in demand even though both billet and futures prices tick...Read More
Key data from the Wednesday January 9 pricing session in Europe.Key driversThe market has been quiet during the first week of the calendar year, with only a small drop in ferro-titanium prices, while the price of scrap was stable. Liquidity is expected to increase throughout January.Around 110 tonnes was reported traded between $4.30 per kg and...Read More
The following Fastmarkets minor metals prices changed on Wednesday January 9:Minor metalsCobalt MB free market alloy grade, $/lb: $24.50-26.25 per lb from $25.50-27.25Cobalt MB free market standard grade, $/lb: $24.75-26.25 per lb from $25.75-27.25Cobalt MB China domestic, yuan/tonne: 335,000-355,000 yuan per tonne...Read More
Fastmarkets will launch two new manganese ore China port indices on a free-on-truck (fot) basis on Friday January 11.The new indices will be based on ores with manganese ore content of 37% and 44%, respectively.Based on market feedback after a one-month consultation period, Fastmarkets will launch the new indices to better reflect conditions in the Chinese market. China is the world's biggest buye...Read More
Three-month base metals prices on the London Metal Exchange were stronger across the board by an average of 0.6% this morning, Wednesday January 9.Tin led the way with a 1% gain and is back over $20,000 per tonne and has an impressive double bottom in place on the chart, with lows in August and November. Lead, zinc and aluminium were all up by around 0.8%, copper was up by 0.4% at $5,959 per tonne...Read More
Asian steel markets are in for another tumultuous year judging by the rate at which new developments are expected to spring up in 2019.China remains the center of interest, and rightly so, because its economic and governmental policies have cascading effects on the international steel market.While its progressive economic policies have served it well in sustaining its domestic steel sector in the...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday January 9:Aluminium scrapGroup 1 pure 99% &...Read More
The Shanghai copper premium rose from its lowest in more than a year because of a narrowing negative import arbitrage for bringing units into China that made buying more attractive.The nearby LME forward curve switched to a solid contango as well, firming up sellers' positions globally. Shanghai cif premium rises by $3 per tonne from last Monday; bonded warehouse premium up by $5 LME cash/three-mo...Read More
Three-month base metals prices on the London Metal Exchange were for the most part little changed this morning, Thursday January 10. The exceptions were nickel that was up by 0.4% and lead that was up by 0.6%. The three-month copper price was up by 0.1% at $5,972 per tonne, with the high so far on Thursday being $5,985.50 per tonne. Volume across the complex has been average with 5,342 lots traded...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points in pre-opening trade. Index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EST. Consensus was a drop 225,000 from an upwardly revised 233,000 last week. Actual was 216,000. Twitter gained $1.06 to $33.31 after Bank of America/Merrill upgraded the stock to Buy...Read More
A summary of base metals premiums from across the globe for the week to Tuesday January 8.Please click...Read More
Base metals prices on the London Metal Exchange were mixed at the close of trading on Tuesday January 8, with prices generally pushing higher amid positive risk sentiment against US-China trade talks, stronger global equity markets and a softer US dollar index. Climbing furthest over the afternoon, the three-month tin price climbed to its highest level since July 31, closing just short of $20,000...Read More
India's Supreme Court has upheld its earlier order to reopen Sterlite Copper's Tuticorin smelter, which was closed for environmental reasons, according to a statement from its parent company Vedanta on Tuesday January 8.The ruling from the highest court of appeal in India has cleared the legal barriers for the 400,000-tonne-per-year smelter to resume operations. Plans to double the smelter's capac...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday January 8 that are worth another look.The penetration of nickel-cobalt-manganese type-811 batteries into the Chinese electric vehicle industry will be quite limited in 2019, market participants have told Fastmarkets. A new duty on imported copper raw materials in Zambia has already led to consequences, with produc...Read More
A summary of base metals premiums from across the globe for the week to Tuesday January 8.Please click...Read More
European vanadium prices began to bounce back in the week ended Friday January 4 amid renewed supply tightness and increased buying interest, while Chinese export prices stalled on a lack of trading activity. Chinese export prices stall on thin tradingEU FeV market rebounds on renewed buying interestEU V2O5 prices edge upward on FeV strengthUS FeV prices continue downward correction, lag behind gl...Read More
Comex copper prices sustained a modest recovery Tuesday morning in the United States, with the market awaiting further clarity on the current trade unrest.The copper price for March settlement on the Comex division of the New York Mercantile Exchange inched up 0.60 cents to $2.6430 per lb.While market optimism around US-China trade talks has resulted in a fairly upbeat performance in US...Read More
Three-month base metals prices on the London Metal Exchange were for the most part weaker this morning, Tuesday January 8. Tin was unchanged, while the rest were down between 0.1% for copper and lead and 0.7% for aluminium, with zinc and nickel off by 0.6% and 0.5% respectively. The three-month copper price was recently quoted at $5,909 per tonne.Volume across the complex has been average with 5,0...Read More