While base metals prices began the first quarter of 2018 following the uptrend from the previous year, the advent of sanctions, global trade tensions and tariffs - notably Section 232 - swiftly became a focal point in what became a year of volatile price action.In addition, a broad trend of depleting LME stocks further exacerbated choppy price action, while strength in the US dollar index above th...Read More
Base metals on the London Metal Exchange were predominantly lower at the close of trading on Monday December 31, consolidating lower despite slight upticks in equity markets and a continued easing in the US dollar index. The worst affected of the day, the three-month lead price closed around 2% lower but remains supported above $2,000 per tonne amid a multi-year low in total LME inventory. &n...Read More
Comex copper prices dipped to start the week in the United States on a lack of trading volumes and continued market worries over a prolonged trade war.The copper price for March settlement on the Comex division of the New York Mercantile Exchange declined 2.50 cents to $2.6565 per lb."Broader risk-off sentiment continues...Read More
Buyers in the export market for flat steel products from the Commonwealth of Independent States (CIS) are waiting for lower prices in early 2019 due to oversupply, sources told Fastmarkets MB.Fastmarkets MB's weekly price assessment for CIS-origin HRC exports was $440-460 per tonne fob Black Sea on Friday December 28, down $10 per tonne week on week.The CIS-origin HRC price fell by $117.50 per ton...Read More
The fob Australia alumina index declined below $400 per tonne on December 31, hitting its lowest level since March 2018 following the last Nalco tender of the year concluding at $396.21 per tonne. Fastmarkets' benchmark daily fob Australia index was calculated at $396.84 per tonne on Monday, edging down from $405.83 per tonne on Friday December 28. Key driversThe index level is now 43% lower than...Read More
The latest news and price moves to start the Asian day on Tuesday January 1.Base metals on the London Metal Exchange were predominantly down at the close of trading on Monday December 31, consolidating lower despite slight upticks in equity markets and a continued easing in the US dollar index. Read more here in our live futures report.Here is how prices looked at the close of...Read More
Comex copper prices dipped to start the week in the United States on a lack of trading volumes and continued market worries over a prolonged trade war.The copper price for March settlement on the Comex division of the New York Mercantile Exchange declined 2.50 cents to $2.6565 per lb."Broader risk-off sentiment continues...Read More
The treatment charges (TCs) paid for zinc concentrates continued to climb in December, while the market closed out a highly volatile 2018 at multi-year highs.Fastmarkets assessed the spot TCs for zinc concentrates at $210-230 per tonne basis cif China on December 28, the highest recorded since pricing began in December 2014.Zinc TCs have skyrocketed from decade lows in April after smelters in Chin...Read More
The London Metal Exchange has recommended to its Special Committee that the conditional suspension on the warranting of UC Rusal metal be lifted, according to a notice to members on Monday December 31, after a period for market feedback provided no further concerns. The eight-day period of market feedback, introduced by the LME on December 20, sought market-wide opinion from members, clients and o...Read More
Export billet prices from the Commonwealth of Independent States continued to decrease in the last days of December amid lower deals, offer and bids reported in the market.Trading activity was limited due to the year-end holidays. Fastmarkets' daily CIS export billet index was $408 per tonne fob Black Sea on Monday December 31, down by $5 per tonne day on the day.Russia-origin billet was offered t...Read More
Turkey's imports of flat steel decreased by 52.69% year on year in November 2018, the Turkish Statistical Institute (TUIK) said on Monday December 31.The country imported 358,826 tonnes of flat steel, compared with 758,499 tonnes in November 2017, TUIK statistics showed. The decrease in imports was largely due to the negative sentiment prevalent in the domestic steel market since August this year,...Read More
Import prices for steel slab in Southeast Asia and East Asia were unchanged during the past week due to a lack of bookings as well as sparse bids and offers amid the year-end trading lull.Fastmarkets MB's weekly import price assessment for slab in Southeast Asia and East Asia was $430-440 per tonne cfr on Monday December 31, the same as a week earlier.No deals were reported, but industry sources i...Read More
Import prices for rebar in Singapore were unchanged this past week amid thin spot trading caused by the year-end holiday season.Fastmarkets MB's assessment of import prices for rebar in Southeast Asia - which mainly looks at cargoes sold into Singapore on a theoretical weight basis - was $475-485 per tonne cfr for the week to Monday December 31, unchanged from a week earlier.Spot trading was even...Read More
Import prices for re-rolling-grade hot-rolled coil into Vietnam were steady this past week due to a lack of trading activity amid the year-end holiday season.Fastmarkets MB's weekly import price assessment for HRC in Southeast Asia - which mainly looks at Chinese 2-3mm SAE1006 HRC and equivalent grades sold into Vietnam - was $470-480 per tonne cfr for the week ending Monday December 31, unchanged...Read More
Suppliers of hot-rolled (HR) and cold-rolled (CR) steel sheet to Russia's Central Federal District around Moscow kept prices unchanged for early 2019, despite an increase in the domestic value-added tax (VAT) rate.Effective 1 January 2019, VAT in Russia will increase to 20% from 18%.Fastmarkets' weekly price assessment for Russia-origin 4mm HR sheet remained at 39,200-40,000 roubles per...Read More
Base metals on the London Metal Exchange were mixed during morning trading on Monday December 31, with low volumes across the board limiting the complex to narrow trading ranges despite a marked slump in the US dollar index. Climbing furthest over the morning, both nickel and zinc futures appreciated 0.6% amid a continued drawdown in LME inventory, while a dominant warrant holding position holds 5...Read More
Base metals prices on the London Metal Exchange were all up during Asian morning trading on Monday December 31 amid renewed optimism in the market after US President Donald Trump reported "big progress" in trade talks with his Chinese counterpart, Xi Jinping. In a tweet on December 29, Trump said that trade negotiations were "moving along very well" toward a comprehensive deal, while Chinese state...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Monday December 31.Base metals prices on the London Metal Exchange were all up during Asian morning trading on Monday amid renewed optimism in the market after US President Donald Trump reported "big progress" in trade talks with his Chinese counterpart, Xi Jinping.Check Fastmarkets MB's live...Read More
Key data from the pricing session in Shanghai on Friday December 28. Key drivers- The fob China grade-553 silicon price was unchanged amid thin inquiries and trades. - Suppliers adopted a "wait-and-see" stance due to squeezed profit margins. - Following a round of stockpiling in the past couple of...Read More
Turkey produced 3.10 million tonnes of crude steel in November 2018, a 2.1% decrease compared with November 2017, according to the Turkish Steel Producers Association (T???oeD).In January-November 2018, crude steel production in the country was 34,429,000 tonnes, a 0.51% year-on-year rise compared with 34,256,000 tonnes produced in January-November 2017, T???oeD said last week.The country produced...Read More