Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Wednesday January 2, under pressure from upward momentum in the United States dollar index although a marginal downturn in US equity markets hindered buying sentiment.In afternoon trading, the three-month price of lead fell by more than 3% to reach an intraday low of $1,942 per tonne. It had spent most of...Read More
China's manganese market was little moved in the last week of December with many market participants away for the Christmas and New Year holidays. Fastmarkets' 37% manganese ore index, fob Port Elizabeth, inched up by 6 cents to $5.62 per dry metric tonne unit (dmtu) on December 28. Fastmarkets' 37% manganese ore index, cif Tianjin, rose by 4 cents to $6.29 per dmtu, while the 44% manganese ore in...Read More
Fastmarkets has corrected its titanium scrap unprocessed turnings (over 0.5% max 2.0% Sn) price, which was published incorrectly on January 2, 2019 due to a reporter error. The price was originally published incorrectly at $0.85-9 per lb cif major European ports and has been corrected to $0.85-0.9 per lb cif major European ports.Fastmarkets' price book and database have been updated to reflect thi...Read More
Fastmarkets has changed the names of its benchmark in-warehouse Rotterdam cobalt price assessments on January 2, 2019. The name 'standard-grade' has replaced the name 'low-grade'. The name 'alloy-grade' has replaced the name 'high-grade'. These changes follow a market consultation on Fastmarkets MB's international cobalt price specifications completed in April 2018. All historical data relating to...Read More
The Turkish scrap import market was quiet on Wednesday January 2 with most market participants still on holiday, while demand for finished steel products was sluggish.After news broke of a Baltic Sea cargo being sold at $283 per tonne cfr for HMS 1&2 (80:20) on December 29, the daily scrap indices went down by around $6 per tonne...Read More
There will be a massive influx of copper scrap to China in the first half of this year, with market participants hurrying to secure material before the country steps up its clampdown on scrap imports in the latter half, a BMO Capital Markets analyst said. China will restrict the importing of copper scrap classified under HS code 7404000090, including category 6 copper scrap which does not require...Read More
Fastmarkets has corrected its ferrous shredded scrap Rotterdam export price, which was published incorrectly on December 21 and December 28 due to a reporter error.The price was originally published incorrectly at $376-378 per tonne fob Rotterdam and has been corrected to $276-278 per tonne fob Rotterdam. Fastmarkets price book and database have been updated to reflect this change.To provide feedb...Read More
Comex copper futures softened in the first trading day of the new year in the United States amid disappointing Chinese manufacturing results and persistent weakness in US stocks.The copper price for March settlement on the Comex division of the New York Mercantile Exchange declined 2.90 cents to $2.6020 per lb.Weaker than expected manufacturing data from China prompted the Asian markets to open tr...Read More
With the exception of lead and tin, three-month base metals prices on the London Metal Exchange were for the most part under downward pressure over the final trading days of 2018.Weak manufacturing purchasing managers' index (PMI) readings showed the Chinese economy has slipped into contraction mode, which is further evidence that the trade dispute between the Asian nation and the United States is...Read More
Fastmarkets has changed the names of its benchmark in-warehouse Rotterdam cobalt price assessments on January 2, 2019. The name 'standard-grade' has replaced the name 'low-grade'. The name 'alloy-grade' has replaced the name 'high-grade'. These changes follow a market consultation on Fastmarkets MB's international cobalt price specifications completed in April 2018. All historical data relating to...Read More
Some flat steel import prices in Saudi Arabia and the United Arab Emirates have gone down over the past week on lower offers, sources said on Wednesday January 2.Demand was subdued because stock levels in the UAE were already high and the market wanted to see how the steel market would move early in 2019, sources told Fastmarkets.UAEChinese offers of hot-rolled coil (HRC) into the UAE were priced...Read More
China's hot-rolled coil prices fell on Wednesday January 2, the first working day of the year, following the release of statistics pointing to a contraction in manufacturing activity last month.DomesticEastern China (Shanghai): 3,650-3,660 yuan ($531-532) per tonne, down 30-40 yuan per tonneNorthern China (Tianjin): 3,560-3,570 yuan per tonne, down 70-80 yuan per tonneTrading was thin in the entir...Read More
China's ferrous futures dropped across the board on Wednesday January 2, the first day of work after the New Year holiday following the release of data pointing to a contraction in the country's manufacturing activity last month.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,377 yuan ($491) per tonne, down 24 yuan per tonneMay hot-rolled coil: 3,288 yuan per tonne,...Read More
Prices for mesh-quality wire rod were unchanged across Europe on Wednesday January 2, with market activity subdued by the year-end and the possible expiration of the European Commission's import quota scheme. Fastmarkets' weekly domestic price assessments for mesh-quality wire rod in both Southern Europe and Northern Europe stayed at ?,?540-560 ($619-642) per tonne delivered on Wednesday.The...Read More
The price for rebar produced and delivered in Southern Europe stayed flat on Wednesday January 2, with no new deals reported over the first two days of 2019. Fastmarkets MB's weekly price assessment for domestic rebar in Southern Europe remained at ?,?520-540 ($596-619) per tonne delivered on Wednesday, with very little activity over the New Year break and ahead of the February renewal of the...Read More
The price for rebar produced and delivered in Northern Europe was unchanged on Wednesday January 2 due to a lack of new business, while the European Commission's import quota continued to run down over the year-end break. Fastmarkets MB's weekly price assessment for domestic rebar in Northern Europe remained at $540-560 ($619-642) per tonne delivered on Wednesday, with many people still out&n...Read More
The Turkish scrap import market was quiet on Wednesday January 2 with most market participants still on holiday, while demand for finished steel products was sluggish.After news broke of a Baltic Sea cargo being sold at $283 per tonne cfr for HMS 1&2 (80:20) on December 29, the daily scrap indices went down by around $6 per tonne...Read More
Physical iron ore prices were largely rangebound on Wednesday January 2 amid mixed signals after the New Year long weekend in China.MB 62% Fe Iron Ore Index: $72.07 per tonne cfr Qingdao, down $0.66 per tonne. MB 62% Fe Pilbara Blend Fines Index: $71.90 per tonne cfr Qingdao, down $0.66 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $74 per tonne cfr Qingdao, down $0.12 per tonne. MB 58% Fe Prem...Read More
Erus Metals USA LLC has withdrawn from London Metal Exchange warehouse services, the exchange said on Tuesday January 1.Erus Metals USA is a subsidiary of Erus Metals Limited, the USA branch only had one warehouse left, in Panama City, Florida, which will now be delisted from the LME. According to exchange data in November, it held no LME stock.In...Read More
Import and domestic prices for rebar and billet in the United Arab Emirates were stable this week, with demand remaining poor, sources told Fastmarkets on Wednesday January 2.Domestic rebarLocal rebar producers had announced on December 20 that there would be reduced prices for material to be shipped in January. These prices came into effect at the time of the announcement.The country's largest pr...Read More