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
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transactions: billetBilletCIS, export,...Read More
Import prices for steel billet in Southeast Asia edged down on Thursday October 11 from the previous day, pressured by the region's sustained weakness in buying interest.Fastmarkets' daily assessment of the import price for billet in Southeast Asia was $510-515 per tonne cfr Manila on Thursday, narrowing down by $5 per tonne from $510-520 per tonne cfr on Wednesday.The assessment range had fallen...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
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 oreRio Tinto, Global Ore, 70,000 tonnes of 62.5% Fe...Read More
Seaborne coking coal prices spiked on Thursday October 11, with market participants citing a possible disruption at a coal mine in Mozambique behind the move. A cargo of premium hard coking coal traded at $216 per tonne, fob Australia, on the online trading platform Global Coal, according to various sources. A similar product changed hands $4-per-tonne lower a week earlier."We heard about some iss...Read More
Market participants have hailed Singapore Exchange's (SGX) decision to launch a high-grade iron ore derivative, basis Fastmarkets' daily 65% Fe iron ore price, saying it will serve the burgeoning need for better price risk management tools.The contract is targeted for launch in December, subject to regulatory approval, the exchange announced on Thursday October 11."The SGX's introduction of 65% fu...Read More
The Singapore Exchange (SGX) will launch a high-grade iron ore derivative product to be settled against the daily MB 65% Fe iron ore index published by Fastmarkets, the exchange said on Thursday October 11.The product is targeted for launch in December, subject to due regulatory process, the exchange added."The seaborne iron ore market has continued to 'financialize' and evolve since we cleared th...Read More