The reversal of the decision to shut down Hydro's Alunorte refinery means alumina prices will quickly break below the $500 per tonne level, traders said. Hydro's announcement last week that Alunorte would shut down 100% of its operations sparked market panic with the alumina fob Australia index climbing higher and business for Chinese cargo concluded at $600 per tonne. But news over the weekend th...Read More
Base metals' prices on the London Metal Exchange were mostly lower during morning trading on Wednesday October 10, pressured by broad strength in the US dollar index amid indications from the International Monetary Fund that ongoing trade tensions may stunt global economic growth. Holding the majority of gains made at Tuesday's close, the three-month nickel price continues to trade around the $13,...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday October 10*Copper -$108.48 (-752.42 yuan) Aluminium -$449.49 (-3,117.54 yuan) Zinc $46.59 (323.11 yuan) Nickel $581.56 (4,033.59 yuan) *Fastmarkets MB calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
Copper and zinc inventories at bonded warehouses in Shanghai dropped in September due to increased import activity after the arbitrage window opened, while nickel stocks fell on improved stainless steel demand and growing popularity for Norilsk full-plate cathodes, and aluminum stocks remained comparatively flat.Copper stocks decrease on profitable import arbitrage Shanghai-bonded copper stocks in...Read More
Trade safeguard measures applied by Turkey will have no effect on the country's traditional import volumes, delegates to the Eurometal steel net forum & international steel trade day in Hamburg, Germany, heard on Tuesday October 9.This was because the measures do not apply to imports of steel products acquired for processing and re-export, and also taking into account the sufficient volumes of the...Read More
Import volumes of both flat and long steel products into Brazil fell in September 2018, while local producers tried to impose several price increases for domestic materials.Brazil's imports of flat steel products dropped by 22.98% year-on-year during the month, to 114,196 tonnes, from 148,277 tonnes, according to figures released by the country's foreign trade ministry, MDIC, late last week.Import...Read More
The molybdenum oxide market has risen in Europe amid signs of higher offer prices in Asia, although overall European trading has been quiet due to a metals industry event in London, sources told Fastmarkets MB on Wednesday October 10. The oxide market has seen offer prices as high as $12.20 per lb in Busan, South Korea, which is expected to boost prices in Europe when European dealers return in fu...Read More
The following Fastmarkets minor metals prices changed on Wednesday October 10:Antimony MB free market regulus, $/tonne: $8,400-8,600 per tonne from $8,450-8,650 Antimony MMTA standard grade II, $/tonne: $8,400-8,600 per tonne from $8,450-8,650 Bismuth MB...Read More
The following Fastmarkets noble alloys and ores prices changed on Wednesday October 10:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $11.90-12.10 per lb from $11.80-12.00 Tungsten MB Chinese...Read More
Key data from the Wednesday October 10 pricing session in Europe. Key drivers The European ferro-titanium price range has narrowed, with a move down at the upper end of the range week on week. The market has seen illiquid trading conditions this week due to many industry dealers attending the International Titanium Association conference in the United States.Industry sources say a major consumer...Read More
Ferrous scrap prices in the US Midwest recovered during the October trade, with sellers optimistic that further upside is in store for the market before the year draws to a close. Midwest mills were in and out of the October market in less than 48 hours, willing to pay a $20-per-gross-ton increase to lock up No1 busheling and a $10-per-ton increase to secure secondary grades including shredded scr...Read More
Dock buying prices for ferrous scrap at one US East Coast export region could see a large price reduction this week, after exporters backpedaled on recent across-the-board price increases due to declining Turkish export rebar prices.There were no cargoes sold from either US coast over the past week, but export yards in Boston dropped prices in anticipation of the next bulk sale to Turkey - mu...Read More
Stainless steel scrap prices for processors and for consumers have continued to decline in the United States, with chrome prices falling while the nickel market has held mostly steady."It is difficult to be optimistic when all you hear is negative news surrounding the stainless steel scrap environment," one dealer source said, citing lower chrome values and a stalled nickel market, along with adeq...Read More
The steel sector in the United States still depends on scrap exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London last weekend.This dependence persists despite the changes in the international markets created by the US' imposition of its Section 232 tariffs on imports of steel products, Lee...Read More
The Turkish steel producers have extended their silence in the deep-sea scrap markets on Wednesday October 10, with firm offers from the suppliers but only weak demand for the mills' finished and semi-finished long steel products.Scrap suppliers, especially in the United States, kept their offers firm because of good demand in the US and also in the Southeast Asian markets, sources said."There are...Read More
Seaborne iron ore low alumina prices rose on spot trading activity on Wednesday October 10, while the benchmark 62% Fe iron ore index stayed flat.Metal Bulletin 62% Fe Iron Ore Index: $71.14 per tonne cfr Qingdao, unchanged.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $70.17 per tonne cfr Qingdao, unchanged.Metal Bulletin 62% Fe Iron Ore Index, Low Alumina: $76.35 per tonne cfr Qingdao, up by...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transactions: iron oreIron oreVale, Global Ore, 170,000 tonnes of 62% Fe Brazilian blend fines, sold at $76.35 per tonne cfr China, laycan...Read More
Trading was thin in the seaborne coking coal spot market on Wednesday October 10 amid a wide gap between bids and offers. A cargo of premium hard coking coal was offered at $232 per tonne fob Australia during the day, while a bid was made for it at $210 per tonne fob Australia."End users in China can take their time because there are 2.1 million tonnes of imported coking coal at the Port of Jingta...Read More
China's domestic rebar prices edged up further on Wednesday October 10 following gains in the billet and futures markets.Domestic Eastern China (Shanghai): 4,540-4,580 yuan ($656-661) per tonne, up 10 yuan per tonneNorthern China (Beijing): 4,340-4,370 yuan per tonne, narrowed upward by 10 yuan per tonneThe higher billet and futures prices during the day gave the spot rebar market a small boost, b...Read More
China's hot-rolled coil prices were stable on Wednesday October 10 on moderate trading activity, according to market sources.DomesticEastern China (Shanghai): 4,250-4,270 yuan ($614-616) per tonne, unchangedNorthern China (Tianjin): 4,150-4,160 yuan per tonne, unchangedPrices were stable across the country, with trading volume dipping slightly in comparison with Tuesday, sources said.But they are...Read More