Fastmarkets MB proposes to launch two new manganese ore China port indices on a free-on-truck (fot) basis.The two new indices will be based on ores with manganese ore content of 37% and of 44%. China is the world's biggest consumer of manganese ores, accounting for 60-70% of all seaborne trades. Demand for manganese ores has been steadily growing over recent years due to anticipated new projects i...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Wednesday December 5. Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Wednesday, with risk sentiment deteriorating amid confusion over whether much progress was made during US-China trade talks this past weekend.Check Fastmarkets MB's live...Read More
China Molybdenum Co will take direct control of metals trader IXM in a $495-million buyout of a fund it set up to originally purchase the firm from Louis Dreyfus, according to a notice issued on the Hong Kong Stock Exchange on Tuesday December 4.The deal exceeds the $466 million paid by the China Molybdenum-backed NCCL Natural Resources Investment Fund in May after initial agreements were signed l...Read More
The US ferrous scrap export market has plummeted on all fronts, with no export activity on the East Coast, a sharply discounted West Coast sale and chatter that an East Coast dock intends to drop prices by a whopping $30 per gross ton in the next seven days.One East Coast dock, which has lowered prices by $10 per gross ton since the end of November, now plans to drop another $30 per ton by ne...Read More
Stainless steel scrap prices continue to falter in the United States due to lower demand and a weakening in commodities pricing. "All signs point to a very depressing end to 2018. Even news of a postponement of additional tariffs could not help stainless steel prices move in a more positive direction," one dealer said. "Yep, we are in the home stretch here and also hearing that the market will be...Read More
Turkish steel producers resumed their deep-sea scrap bookings as soon as they received lower prices from a European supplier, sources said on Wednesday December 5.Mills in Turkey were looking for prices at around $300-305 per tonne cfr for HMS 1&2 (80:20) while the offers for the material were firm at $310-320 per tonne cfr from suppliers in the United States and the Baltic Sea.But a steel mill in...Read More
Brazil-based miner Vale already benefits from high-grade price indices and from demand for high-quality iron ore, but it expects the premiums paid for purer and less-contaminated ore to rise in the next few years, ferrous minerals and coal director Peter Poppinga said during the company's annual investor presentation in New York on Tuesday December 4.The Brazilian miner believes that the full-year...Read More
Seaborne iron ore prices rose on Wednesday December 5 on an uptick in the iron ore futures contract.MB 62% Fe Iron Ore Index: $67.38 per tonne cfr Qingdao, up by $0.22 per tonne.MB 62% Fe Pilbara Blend Fines Index: $66.65 per tonne cfr Qingdao, up by $0.22 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $71.21 per tonne cfr Qingdao, down by $0.19 per tonne.MB 58% Fe Premium Index: $61.85 per tonne...Read More
The seaborne coking coal spot market gained some traction on Wednesday December 5 with expectations growing for the ban on customs clearance for imports of the steelmaking raw material in China to be lifted in January.A cargo of a top Australian brand was also sold to an end user in eastern China at the December average of a cfr China index for premium hard coking coal at a 4% premium, sources tol...Read More
The tin premium in Europe has continued on its uptrend amid Indonesian supply tightness, while the supply concern is yet to affect premiums in the United States and China. Europe premiums have rallied on difficulty stemming from sourcing supply from Indonesia US tin premiums flat despite volatility on London Metal Exchange tin price The closed import window keeps Chinese premiums unchangedIndonesi...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Wednesday December 5, with downward pressure emerging from a stronger US dollar index and trading worries. "Financial markets were quick to disavow any more positive rhetoric from the weekend G20 meet with the devil not only in the detail but rising concerns about slowing global economic growth," Marex Spec...Read More
Trading activity in China's domestic hot-rolled coil market picked up on Wednesday December 5 on concerns among buyers that prices would increase further in the days to come, sources told Fastmarkets MB.DomesticEastern China (Shanghai): 3,730-3,770 yuan ($545-551) per tonne, up 40-70 yuan per tonneNorthern China (Tianjin): 3,630-3,650 yuan per tonne, up 50 yuan per tonneWhile prices in Shanghai we...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Cobalt trade log including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per lb on an in-warehouse basis. Delivered prices are netted back. Fastmarkets prices Click here for Fastmarkets' price assessment for low-grade cobalt, in-warehouse, $ per lbClick here for Fastmarkets' price assessment for high-grade cobalt, in-warehouse, $ per lb In light of feed...Read More
The latest metal markets news and price moves to start the North American day on Wednesday December 5Base metals prices on the London Metal Exchange were mostly lower during morning trading, with downward pressure emerging from a stronger dollar index and trading worries.Here's how base metals prices looked at 12:08pm London time:Read our live futures report here. "Copper prices have been the hard...Read More
An uptick in the usage of tellurium in key downstream industry, such as thin-film solar photovoltaic and infrared detection, will continue to lend support to the international and domestic Chinese tellurium markets, speakers told delegates at the 2018 Chinese Minor Metals Forum in Kunming.Global production of solar photovoltaics is estimated at 98 gigawatts in 2017, of which 2.3 gigawatts came fro...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday December 5:Aluminium scrapCommercial pure cuttings: ?1,020-1,050 per tonne from ?1,030-1,050Clean HE9 extrusions: ?1,340-1,390 per tonne from...Read More
Three-month base metals prices on the London Metal Exchange were weaker on the morning of Thursday December 6, with the complex down by an average of 0.9%. Continued weakness in equities, bond yields and increased trade tensions between the United States and China seem to be weighing on sentiment. Three-month zinc and nickel prices led the declines with drops of 1.3% and 1.2% respectively, wh...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 39 points in pre-opening trade. Index futures are responding to the arrest in Canada of Huawei's Chief Financial Officer in response to a request by U.S. officials. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for the U.S. October trade deficit was $55 billion. Ac...Read More
Positive developments in the US-China trade dispute kept London Metal Exchange base metals prices mostly elevated at the close on Tuesday December 4, although broad strength in the dollar is capping price rallies. Climbing more than 2%, the three-month lead price was the strongest performer over the afternoon, closing above $2,000 per tonne for the first time since November 21. Meanwhile, the thre...Read More