The latest metal markets news and price moves to start the North American day on Wednesday December 19.Base metals prices on the London Metal Exchange were mixed during morning trading, with moderate volumes facilitating a broadly upward trend while commodity investors continued to be cautious ahead of expected interest rate rises in the United States.Trading above $6,000 per tonne, the three-mont...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Wednesday December 19. Base metals traded on the Shanghai Futures Exchange were mostly down during Asian morning trading on Wednesday following Chinese President Xi Jinping's speech on Tuesday, which lacked concrete steps to improve the economy and diffuse trade tensions with the United States...Read More
Years ago, the idea that machines would replace humans on the trading floor seemed far-fetched and the suggestion that algorithms might replace humans entirely ridiculous.But both have happened in some shape or form, making the advent of blockchain - now being vaunted as the next game-changer in technology - a lot more realistic than naysayers might initially think.Dozens of trials and projec...Read More
A requirement for a higher energy density for new EV battery projects has been removed from the official regulations on automobile industry investment published by the country's National Development and Reform Commission (NDRC) on its website. The energy density threshold was removed from the final version of the regulations on Tuesday December 18 owing to the fact that current technology is not d...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Wednesday December 19, reflecting a continued retreat in the dollar index The three-month copper price climbed 0.7%, ending back above $6,000 per tonne. In a quiet trading day, 16,200 lots of copper changed hands. In supply-side news, judges earlier this week ordered the reopening of Sterlite Copper's Tut...Read More
Comex copper prices rebounded on Wednesday morning in the US ahead of the Federal Reserve's decision on whether to raise or maintain interest rates.The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 2.40 cents to $2.6885 per lb. Earlier, the contract hit a low of $2.6930 per lb, its weakest since November 14.While the...Read More
Seaborne iron ore prices remained below $70 per tonne cfr China on Wednesday December 19, with market participants cautious over the more stringent implementation of steelmaking restrictions in China.MB 62% Fe Iron Ore Index: $69.15 per tonne cfr Qingdao, up $0.12 per tonne. MB 62% Fe Pilbara Blend Fines Index: $68.95 per tonne cfr Qingdao, up $0.12 per tonne. MB 62% Fe Iron Ore Index-Low Alumina:...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Wednesday December 19, reflecting a continued retreat in the dollar index The three-month copper price climbed 0.7%, ending back above $6,000 per tonne. In a quiet trading day, 16,200 lots of copper changed hands. In supply-side news, judges earlier this week ordered the reopening of Sterlite Copper's Tut...Read More
The knock-on effect of Section 232 tariffs imposed by the United States in March this year on imports of steel and aluminium has been swift and dramatic.In retaliation, the European Union, Canada and Turkey swiftly imposed their own safeguard measures; the Eurasian economic zone is set to do so soon.But this trade war poses in particular a threat to the Middle East-North Africa region, which is cu...Read More
Aluminium market participants in the United States and Europe expect further downward pressure on premiums and London Metal Exchange prices following the US Treasury Department's announcement that sanctions against UC Rusal will be removed.Sanctions were imposed against Rusal in April, followed by several extensions of general licenses that allowed companies additional time to wind down their...Read More
The tin premium in Europe held firm on Tuesday December 18, but remains elevated amid continued Indonesian export delays, while quiet market conditions and a closed import window kept US and Chinese premiums flat week on week. Europe awaits Indonesian export resolution Reduced output caps domestic US market Chinese premiums steady amid seasonal lull European premiums remain elevated d...Read More
Comex copper prices rebounded on Wednesday morning in the US ahead of the Federal Reserve's decision on whether to raise or maintain interest rates.The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 2.40 cents to $2.6885 per lb. Earlier, the contract hit a low of $2.6930 per lb, its weakest since November 14.While the...Read More
Delivery of close to 20,000 tonnes of zinc onto the London Metal Exchange has eased the tightness in the cash/three-month spread, boosting Southeast Asian premiums in the week ended Tuesday December 18 while European and Chinese premiums continued to stay under pressure; lead premiums were flat across various markets on little spot interest. China's zinc premium fell with deals for 2019 long-term...Read More
Alcoa will start to curtail half of the one operating potline at its Aluminierie de Becancour Inc (ABI) smelter in Quebec, Canada, it said on Wednesday December 19. The smelter has a nameplate capacity of 413,000 tonnes per year across its three potlines. Alcoa owns 74.95% of the Becancour smelter while Rio Tinto owns the remaining...Read More
Domestic prices for heavy steel plate in Europe have been largely stable due to the seasonal market slowdown ahead of Christmas, sources told Fastmarkets on Wednesday December 19.Yet, prices are expected to move down in January after market participants return to the market after holidays. "Demand was not good in December and it is unlikely to significantly recover in January, apart from some seas...Read More
European prices for mesh-quality wire rod stayed flat across the Northern and Southern parts of the continent on Wednesday December 19, with questions over the future of the region's import quotas continuing.Fastmarkets MB's weekly domestic price assessment for mesh-quality wire rod in both Southern and Northern Europe was at ?,?540-560 ($614-636) per tonne delivered on Wednesday, unchanged from l...Read More
The price for rebar produced and delivered in Southern Europe fell slightly on the low end on Wednesday December 19, with some low offers from Spain carrying into the year-end period.Fastmarkets MB's weekly price assessment for domestic rebar in Southern Europe slipped to ?,?520-540 ($591-614) per tonne delivered on Wednesday, but there is very little activity predicted ahead of the New Year and t...Read More
The price for rebar produced and delivered in Northern Europe stayed flat on Wednesday December 19, with the year-end and uncertainty over import quotas keeping the market quiet. Fastmarkets MB's weekly price assessment for domestic rebar in Northern Europe remained at ?,?540-560 ($614-636) per tonne delivered on Wednesday, with very little activity in the week while the market winds down for the...Read More
Domestic prices for steel beams in Europe were flat week on week due to the market winding down for Christmas holidays, sources said on Wednesday December 19.Fastmarkets MB's weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe was at ?,?620-645 ($705-733) per tonne on December 19, flat week on week."Prices are stable as expected, everybody is closed now...Read More
Hollow steel sections prices in Europe were unchanged this week, which reflects doubts about the ability of mills to push through proposed price increases, market participants told Fastmarkets MB on Wednesday December 19.Fastmarkets MB's domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?635-650 ($721-738) per to...Read More