The latest metal markets news and price moves to start the North American day on Thursday November 8.The latest metal markets news and price moves to start the North American day on Thursday November 8.Base metals on the London Metal Exchange were mostly lower during morning trading, with a stronger US dollar and resurfacing US-China trade tensions adding downward pressure to the complex.Here's...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Thursday November 8.Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Thursday November 8, as the market took stock of the United States' mid-term election results and what it would mean for world economy going forward. Check Fastmarket MB's live fu...Read More
Global recycling industry association the Bureau of International Recycling (BIR) has appointed Gregory Schnitzer as the new president of its Ferrous Division.Schnitzer is currently vice president of ferrous sales at Schnitzer Steel Industries (SSI), based in Oregon, United States. SSI is a long-standing BIR member, with Schnitzer himself...Read More
Chris Walton, director of physical base metal trading at ICBC Standard Bank, has left the company after 16 and a half years, Fastmarkets has learned. ICBC Standard Bank is a South African investment bank, which was bought by Industrial and Commercial Bank of China Limited (ICBC) in...Read More
Asian stainless steel participants are increasingly looking to Taiwan and Indonesia as the region's new price-setters, while Chinese exporters struggle to catch up in the heated price war, participants told Fastmarkets MB.Competition among suppliers in the region has intensified in recent months amid lackluster demand, growing pessimism and the increased availability of cheap substrate triggered b...Read More
Base metals on the London Metal Exchange were mostly higher at the close of trading on Thursday November 8, with both zinc and lead futures pushing higher on low LME inventories, while nickel failed to follow the uptrend.Climbing 3.9% over the afternoon, the three-month lead price reached an intraday high of $2,008.50 per tonne, which is 5% higher than its weekly low of $1,905 per tonne on Novembe...Read More
The London Metal Exchange's total average daily volumes (ADV) rose by 15% year on year in October, with aluminium and aluminium alloy sales growing by 40% and 89% respectively. In September, total ADV declined by 3.4% annually. Aluminium ADV showed 40.6% growth with 264,293 lots traded and net stocks reaching 59,525 tonnes. The three-month aluminium price on the LME peaked at $2,267 per tonne on O...Read More
Comex copper prices fell to a one-week low on Thursday morning in the US amid a stronger dollar and a lack of fresh catalysts.The copper price for December settlement on the Comex division of the New York Mercantile Exchange declined 2.75 cents to $2.7270 per lb. Earlier in intraday trading, the contract touched a low of $2.7030 per lb, the weakest...Read More
Turkish steel producers continued to book deep-sea scrap for December deliveries with slightly lower prices on Thursday November 8.A steel mill in the Marmara region booked a US cargo, comprising 33,000 tonnes of HMS 1&2 (80:20) at $338 per tonne, 5,000 tonnes of shredded at $343 per tonne and 2,000 tonnes of bonus at $348 per tonne cfr, late on November 7.On Thursday, another...Read More
Steel billet import prices in Egypt increased in the week to Thursday November 8, but demand for rebar was still weak in the country.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $480-490 per tonne cfr on Thursday, compared with $477-480 per tonne cfr last week.Billet producers in the Commonwealth of Independent States (CIS) increased their prices because of the hig...Read More
The latest news and price moves to start the Asian day on Friday November 9.London Metal Exchange prices for tin. lead and zinc stepped higher at the close of trading on Thursday November 8, with tin the most significant gainer. Read more in our live futures report.Here is how prices looked at the close of trading:Hydro's Alunorte alumina refinery in Brazil will continue to run at 50% capacity fol...Read More
The London Metal Exchange has adjusted its fee structure after feedback was received from a market-wide consultation begun in August, issuing amendments to existing product fees in addition to its new services, it said in a note to members on Monday November 5.Following the decision indefinitely to maintain discounted short-dated and medium-dated carry fees, the LME has introduced new fees for exi...Read More
Comex copper prices fell to a one-week low on Thursday morning in the US amid a stronger dollar and a lack of fresh catalysts.The copper price for December settlement on the Comex division of the New York Mercantile Exchange declined 2.75 cents to $2.7270 per lb. Earlier in intraday trading, the contract touched a low of $2.7030 per lb, the weakest...Read More
Global mining and metals deal appetite could be poised for a rebound in the next 12 months, according to a report by consultancy group EY. The 19th EY Global Capital Confidence Barometer (CCB) found that 58% of global mining executive respondents intend to pursue mergers and acquisitions (M&A) in the next 12 months, compared with an average of 46% across all sectors. The focus in 2018 is shifting...Read More
The latest metal markets news and price moves to start the North American day on Thursday November 8.The latest metal markets news and price moves to start the North American day on Thursday November 8.Base metals on the London Metal Exchange were mostly lower during morning trading, with a stronger US dollar and resurfacing US-China trade tensions adding downward pressure to...Read More
While US rebar prices remain stable, rising raw material costs and a tightening supply outlook in the colder months could provoke a price increase before the end of the year, according to market participants.Fastmarkets AMM's price assessment for domestic rebar held at $35-36 per hundredweight ($700-720 per short ton) fob Midwest mill on Wednesday November 7, unchanged since mid-April. Meanwh...Read More
Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) maintained its third-quarter sales level after selling its rolling mill in the United States, its Wednesday November 7 earnings report said.Total sales for the country's third-largest flat steelmaker by volume fell from July to September to 1.29 million tonnes from 1.30 million in the same quarter of 2017, a drop of 0.8%. But whi...Read More
Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) sees no likelihood of discounts on steel prices to the domestic market in the near term, commercial director Luis Martinez told analysts on Thursday November 8.Chinese prices were a beacon to other markets and still had upside potential, he believed.CSN has increased its prices by an average of 27.00% so far in 2018, Martinez said during a...Read More
Output of steel slab by Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) went down during the July-September quarter of 2018 because of a short outage for maintenance work, according to an earnings report published on Wednesday November 7.The company produced 937,000 tonnes of slabs in the quarter, down by 12.30% from 1.07 million tonnes in the corresponding months of 2017. There were on...Read More
Turkish billet prices have increased over the past week, amid rising imported scrap values, but demand has remained limited due to high prices, sources said on Thursday November 8.Suppliers in the CIS region were offering billet into Turkey at around $485-490 per tonne cfr, but customers in Turkey were not bidding any higher than $475 per tonne.Fastmarkets' weekly price assessment for billet impor...Read More