Fastmarkets' Shanghai-London physical arbitrage calculation for copper was published incorrectly on Tuesday October 16 due to an error in inputting the data.The copper import arbitrage, which tracks the physical import arbitrage into the Shanghai market, was initially published as -$122.48 per tonne/-850.23 yuan per tonne.It has now been corrected -$118.42 per tonne/-822.04 yuan per tonne.Fastmark...Read More
The London Metal Exchange has suspended delivery of Sterlite Copper's STERLITE T copper cathode brands for delivery from January 16, 2019, it said today on October 16.The suspension, which can be indefinite but is not a de-listing, is attributed to Sterlite's Tuticorin 400,000 tonnes-per-year refined cathode...Read More
The price of copper on the Comex exchange in the United States was slightly lower on the morning of Tuesday October 16, with the market unable to sustain the momentum it gained after LME Week in London earlier this month.The copper price for December settlement on the Comex division of the New York Mercantile Exchange dipped by 0.50 cents to $2.7880 per lb.Despite disruptions at key producing faci...Read More
The world's largest mining company, BHP, has increased its stake in Ecuador-focused copper junior miner SolGold to 11.2% from 6%, it said in a notice late on Monday October 15.BHP entered into a share subscription agreement whereby SolGold will issue 100 million shares to the company at 45 pence sterling ($0.59) per share, a 32% premium on the past 20-day average. The increase will give BHP the op...Read More
The government of Mexico will request an exemption from a 25% duty that Canada plans to impose on imports of steel products."The Mexican government will take all actions necessary to protect Mexican exporters in the near term," the country's economy secretariat said late in the week ended Friday October 12."It will also use all the available resources...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, HDGHot-rolled coilChina, export, hot-rolled coil, offered at $560-590 per tonne cfr, to Saudi Arabia. China, export, hot-rolled coil, offered at $590-595 per ton...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transaction: rebarRebarOman, export, rebar, traded at $525 per tonne cfr, theoretical weight,...Read More
Trading activity in the CIS export billet market remained quiet early in the week that began on Monday October 15 amid a mismatch between suppliers' offers and customers' bids.Some market participants expected that conditions in the regional steel market would improve because of the better diplomatic relations between Turkey and the United States, which could have a positive effect on CIS-origin s...Read More
Prices for rebar and billet in the United Arab Emirates were mostly stable in the week ended Tuesday October 16, and demand was moderate, sources told Fastmarkets.Local rebar producers rolled over their prices, and market activity now is better than in the previous week, when buying was very scarce.Domestic rebarLocal producers were offering rebar at 2,016-2,018 dirhams ($549) per tonne ex-works.A...Read More
Chinese export prices soared last week, supported by strength in the domestic market, while markets in Europe and the United States were slowed by subdued activity levels. Chinese export price rises on domestic strength upon emergence from holidays.European ferro-vanadium market steady at 13-year high, awaiting further demand.Vanadium pentoxide price sets new 13-year high in Europe, following Chin...Read More
Higher October tender prices for ferro-chrome in China have boosted prices for imported ore and alloy. Chinese mills' tender prices boost spot prices for imported ore, alloyDomestic spot prices stable in China Alloy prices steady in Japan, South Korea European alloy prices continue to slide Alloy prices stabilize in the United StatesChrome ore and ferro-chrome import spot markets strengthened agai...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 transaction: iron oreIron oreVale, Global Ore, 170,000 tonnes of 62% Fe...Read More
Seaborne iron ore prices were rangebound on Tuesday October 16, while premiums for Pilbara Blend fines were up slightly. MB 62% Fe Iron Ore Index: $71.50 per tonne cfr Qingdao, down by $0.16 per tonne.MB 62% Fe Pilbara Blend Fines Index: $70.53 per tonne cfr Qingdao, down by $0.16 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $76.70 per tonne cfr Qingdao, up by $0.36 per tonne.MB 58% Fe Premium...Read More
Spot prices for seaborne coking coal held steady on Tuesday October 16 amid few active offers, and even fewer bids."Sellers will try to hold on to their cargoes in anticipation of a new round of restocking in mid-November," a southern Chinese mill source said."Expectations of domestic coking coal prices rising further by another 50-100 yuan ($7.20- $14.40) per tonne in the next month to come will...Read More
China's ferrous futures trended upward during morning trading on Tuesday October 16, recovering from a drop during the Monday night session.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,157 yuan ($601) per tonne, up 31 yuan per tonneJanuary hot rolled coil: 3,975 yuan per tonne, up 49 yuan per tonneDalian Commodity Exchange January iron ore: 510.50 yuan per to...Read More
The latest metal markets news and price moves to start the North American day on Tuesday October 16.London Metal Exchange base metal prices were lower across the board during this morning trading, with aluminium's three-month price largely unaffected by a 70,000-tonne delivery.Following the largest inflow since April this morning, total LME aluminium stocks are now sitting just below 1 million ton...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Tuesday October 16*Copper -$118.42 (-822.04 yuan)Aluminium -$450.55 (-3,127.64 yuan) Zinc $32.91 (228.49 yuan) Nickel $442.07 (3,068.75 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month prices at 3pm Shanghai time, taking account...Read More
Here are eight key things Fastmarkets MB learned at the aluminium trade show in Dusseldorf on October 9-11 and during LME Week in London. Market cautious on spreads, Rusal Market participants are watching the developments in the aluminium market in the coming months with caution, due to uncertainty about spreads and the future of sanctions against UC Rusal. Should the United States remove sanction...Read More
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For the most part, gold has held on to the recent gains which occurred on Thursday of last week and continued into trading yesterday. Currently, gold futures basis the most active December Comex contract is trading down $2.30 and is fixed at $1,228 per ounce. Gold traded to an intraday high today of $1235.90, which is just below yesterday's high. However, gold could not hold onto its modest gains...Read More