Fastmarkets rounds up some of the key news and price moves across the global metals markets this week.Base metalsA massive backwardation on copper forward price spreads on the London Metal Exchange has collapsed after market tightness eased thanks to delivery of 44,950 tonnes of metal into exchange-listed warehouses.Brazilian multi-metals producer Nexa Resources has maintained its production and s...Read More
Comex copper prices surged back up to a mid-October high during a volatile week that saw the red metal unable to establish a clear price direction amid competing macroeconomic factors.The copper price for December settlement on the Comex division of the New York Mercantile Exchange jumped by 8.60 cents to $2.8075 per lb. Earlier today in trading, the contract touched a high of $2.8090, the highest...Read More
The latest metal markets news and price moves to start the North American day on Friday November 2. Base metals prices on the London Metal Exchange were all higher during morning trading on Friday November 2, after the largest single-day inflow in LME copper stocks since February 2004.The three-month copper price climbed more than 1.5% to more than $6,200 per tonne after around 47,700 to...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Friday November 02*Copper -$139.78 (-966.73 yuan) Aluminium -$447.88 (-3,097.64 yuan) Zinc -$44.6 (-308.47 yuan) Nickel $570.06 (3,942.62 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month prices at 3pm Shanghai...Read More
Base metals prices on the London Metal Exchange were all higher during morning trading on Friday November 2 after the largest single-day inflow in LME copper stocks since February 2004.The three-month copper price climbed more than 1.5% to above $6,200 per tonne after around 47,700 tonnes of the metal were delivered to LME-listed warehouses, predominantly in Asian locations, with Korean warehouses...Read More
A massive backwardation on copper forward price spreads on the London Metal Exchange has collapsed after market tightness was eased by a delivery of 44,950 tonnes of metal into exchange sheds, Fastmarkets heard on Friday November 2.On-warrant LME warehouse stocks were up by 78% on Friday to 102,600 tonnes. Thursday's 57,000 tonnes was the lowest inventory level since August 2005.The delivery was t...Read More
Metal Bulletin reviews the major stories that have affected the steel market during the week ended November 2.Raw Materials Xcoal Energy & Resources has exported the first cargo of Baralaba low-vol pulverized coal injection from the Baralaba North mine in Queensland, Australia.BHP is counting on India and China to drive demand for steelmaking raw materials in the year ahead, and expects the struct...Read More
Cold-rolled coil prices in the United States have held steady week on week, but coated base prices were offered as low as $46-47 per cwt, market participants said.One producer and seller of coated steel targeted $47.50 per hundredweight after mills announced a $2-per-cwt price increase in mid-October, but little could be sold at that price in recent weeks, that seller said. Now $46.50 per cwt...Read More
Steel mills in India have reduced their domestic price for hot-rolled coil (HRC) by about 500 rupees ($7) per tonne for November sales by providing incentives to distributors."We rolled back prices by about 500 rupees per tonne, with some conditions linked to targets to be achieved by our distributors," an official from an Indian steel mill said.But these measures were unlikely to help mills remai...Read More
Slab export prices in Brazil remained unchanged this week, with steelmakers still working out their offers for January shipments.Fastmarkets MB's weekly export price assessment for slab in Brazil was $505-515 per tonne fob on Friday November 2, the same as a week earlier.The past week has...Read More
Import prices for hot-rolled coil, cold-rolled coil and plate in South America fell this week on lower offers and worsening sentiment among buyers.Fastmarkets MB's weekly import price assessment for HRC in South America was $560-570 per tonne cfr on Friday October 2, down $30 per tonne from $590-600 per tonne cfr a week earlier.The Fastmarkets import price assessment for CRC was $610-635 per tonne...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products.Latest transactions: HRC, CRC, HDG, PPGIHot-rolled coilTurkey, domestic, hot-rolled coil, offered at $540-545 per tonne ex-works, December production.Russia, export, hot-rolled coil, offered at...Read More
The following Metal Bulletin noble alloys, bulk alloys and ores prices changed on Friday November 2:Noble alloysFerro-vanadium basis 78% min, free delivered duty paid, $/kg: $117.00-120.00 per kg from $115.00-119.00Ferro-vanadium US 70-80% V, $/Ib: $54.00-55.50 per Ib from $53.50-55.50Vanadium pentoxide min 98%, in-warehouse Rotterdam, $/lb: $26.50-27.50 per Ib from $26.00-26.50Bulk alloysFerro-ch...Read More
China's domestic spot battery-grade lithium carbonate prices stabilized this week, after last week's producer hikes brought an end to a year-long downturn. Some small orders were concluded at higher levels, but major buyers completed their purchasing earlier in October at cheaper prices, sources said. Lithium hydroxide prices remained stable on slow buying. ?EUR? Battery-grade lithium ca...Read More
Trade log for battery-grade lithium carbonate in China including trades, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per tonne on an ex-works China basis. Delivered prices are netted back. Fastmarkets prices Click here for Fastmarkets price assessment for lithium carbonate min 99.5% Li2CO3 battery grade, spot price range, ex-works China, yuan per tonne. Fa...Read More
Good morning from Fastmarkets MB's offices in Asia, bringing the latest news and pricing stories on Friday November 2. Base metals prices on the Shanghai Futures Exchange were largely supported by positive sentiment during Asian morning trading, after the Chinese authorities pledged preemptive and prompt actions on...Read More
Ferrous scrap prices in most parts of the world were firm in the week ending on Friday November 2, with healthy demand in the key import market of Turkey supporting global prices.But prices in Asia weakened because steel mills in Vietnam and Taiwan held back from purchasing ferrous scrap due to fierce price competition in the downstream billet and long steel markets.Turkey importsTurkish steel mil...Read More
Prices for light iron scrap in the United Kingdom moved up by ?5 per tonne this week, due to material tightness and an increase in Turkish scrap prices, sources told Fastmarkets MB on Friday November 2.Fastmarkets' weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis moved up by ?5 per tonne to ?90-120 ($116-155) per tonne on Friday November 2, from ?85-115 per tonn...Read More
The price of shredded ferrous scrap imported into India was stable this week, with traders waiting until after the Diwali religious festival to resume transactions, sources told Fastmarkets on Friday November 2.Fastmarkets' weekly index for containerized imports of shredded scrap into India was $355.52 per tonne cfr Nhava Sheva on November 2, down only slightly from $355.67 per tonne cfr Nhava She...Read More
Turkish steel mills resumed their deep-sea scrap purchases on Friday November 2 after a short break, with prices remaining firm.A Baltic Sea supplier was offering 30,000-35,000 tonnes of HMS 1&2 (95:5) at $345 per tonne on November 1; a steel mill in the Iskenderun region booked the cargo at $342 per tonne...Read More