Fastmarkets MB published one of its chrome ore and two ferro-chrome prices later than scheduled on October 5.As a result of a technical error, Fastmarkets' Chrome Ore South Africa UG2 concentrates index, ferro-chrome European benchmark indicator and ferro-chrome China import charge chrome index for October 5 were published on the Fastmarkets MB price book later than scheduled.Fastmarkets MB's pric...Read More
Codelco's Chuquicamata division will be running at reduced operating rates until mid-November following a technical fault at the Teniente copper converter last month, the company told Fastmarkets.The Teniente converter that is used in Chuquicamata for copper smelting has been closed for nearly three weeks already, a well-informed source said on Wednesday October 10. It will remain paralyzed until...Read More
The latest news and price moves to start the Asian day on Friday October 12.Base metal prices on the London Metal Exchange were mostly higher at the close of trading on Thursday October 11, although the complex remains under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin. Read more in our...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday October 11.Base metals prices on the Shanghai Futures Exchange were mostly lower during Asian morning trading on Thursday October 11 amid concerns over the global macro-economic environment and dollar strength.Check Fastmarket MB's live futures report here. The price of silicon...Read More
Movements in the prices of base metals on the London Metal Exchange were mixed at the close of trading on Thursday October 11, under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin.The three-month lead price rose by 4.4% over the afternoon to recover losses made earlier in the week, reaching an intraday high of $2,...Read More
The London Metal Exchange benefitted from 2018's "economic turbulence" and the exchange should be proud of its growth in volume, LME chief executive Matthew Chamberlain said. Speaking at the LME Week annual dinner on Tuesday October 9, Chamberlain said: "For the LME, 2018 should be remembered as the year that our volumes returned to growth, and our exchange returned to confidence." He accepted tha...Read More
Trading activity was limited in the spot market on Thursday October 11, while the benchmark 62% Fe iron index rose slightly.Metal Bulletin 62% Fe Iron Ore Index: $71.30 per tonne cfr Qingdao, up by $0.16 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $70.33 per tonne cfr Qingdao, up by $0.16 per tonne.Metal Bulletin 62% Fe Iron Ore Index, Low Alumina: $76.30 per tonne cfr Qingdao, down...Read More
Turkish steel producers resumed their deep-sea scrap purchasing activity on Thursday October 11, with prices going down, Fastmarkets heard.A steel mill in the Marmara region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shredded, 7,000 tonnes of HMS 1, 2,000 tonnes of busheling and 6,000 tonnes of cut rebar at an average price of...Read More
The London Metal Exchange benefitted from 2018's "economic turbulence" and the exchange should be proud of its growth in volume, LME chief executive Matthew Chamberlain said. Speaking at the LME Week annual dinner on Tuesday October 9, Chamberlain said: "For the LME, 2018 should be remembered as the year that our volumes returned to growth, and our exchange returned to confidence." He accepted tha...Read More
The Comex copper price recovered in morning trading on Thursday October 11 although the complex remains vulnerable due to heavy selloffs in the equities space.The copper price for December settlement on the Comex division of the New York Mercantile Exchange rebounded 1.35 cents or 0.5% to $2.7940 per lb.Yesterday, US equity markets plummeted, driven by trade uncertainties and the Federal Reserve p...Read More
German copper giant Aurubis' proposed sale of its rolled-copper product business to counterpart Wieland-Werke may not proceed with the current terms following a preliminary assessment by European Commission (EC), the company said on Wednesday October 10. The deal is unlikely to be settled with the proposed remedies, according to a statement. Meanwhile the EC has requested Wieland take further acti...Read More
A requirement that the world's largest copper producer hands over 10% of its sales to the Chilean military has a strong chance of being phased out, the chairman of Codelco said. Juan Benavides, who replaced Oscar Landerretche as chairman of the copper producer in May, told Fastmarkets MB that a proposal is currently being discussed in Chile's Congress that would see payments from Codelco taper ove...Read More
Base metals on the London Metal Exchange were collectively lower during morning trading on Thursday October 11, pressured by a sharp sell-off in global equity markets while investors remain broadly risk-averse toward commodity investment. The losses have stemmed from a statement issued by the International Monetary Fund (IMF) on Thursday indicating excessive stock markets valuations, while trade u...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday October 11*Copper -$76.68 (-532.65 yuan) Aluminium -$463.92 (-3,222.75 yuan) Zinc $66.45 (461.63 yuan) Nickel $352.45 (2,448.42 yuan) *Fastmarkets MB calculates the physical arbitrage for import into China daily by using SHFE front-month...Read More
The latest news and price moves to start the Asian day on Friday October 12.Base metal prices on the London Metal Exchange were mostly higher at the close of trading on Thursday October 11, although the complex remains under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin. Read more in our...Read More
Due to a technical error, Fastmarkets' CIS steel billet index for Thursday October 11 will be published in Fastmarkets' online Price Book later than scheduled. Fastmarkets is resolving the issue and the index will be restored to its standard format as soon as possible. Fastmarkets apologizes for any inconvenience caused by the late publication of the index. To provide feedback on the delayed publi...Read More
Turkish long steel export markets continued to struggle with poor demand and increasing production costs over the past week, sources said on Thursday October 11.Starting with the lira crisis in Turkey, the annual inflation rate rose to 24.52% in September, up from 17.9% in August, with energy prices in the country having increased by around 50% so far this year. In addition, the tight supply and s...Read More
The Turkish domestic rebar and wire rod markets have remained soft over the past week because of the low levels of demand, sources said on Thursday October 11.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,600-3,700 ($592-608) per tonne ex-works on Thursday, widening downward from last week's TRY3,650-3,700 per tonne, including 18% VAT.The country's domestic long steel...Read More
Turkish steel billet prices have gone down over the past week in line with the poor demand in the country's domestic and export markets, sources said on Thursday October 11.The suppliers in the Commonwealth of Independent States have lowered their offers to as low as $460 per tonne fob due to increases in supply. This would be equivalent to a price around $475 per tonne cfr Turkey."So many traders...Read More
Imported steel billet and rebar prices in Egypt decreased in the week to Thursday October 11, with demand in the country remaining weak.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $490-495 per tonne cfr on Thursday, falling from $495-500 per tonne cfr.CIS-origin...Read More