Base metal prices on the London Metal Exchange were predominantly lower during morning trading on Tuesday October 2, with prices shaken by weaker-than-expected US economic data on Monday while a steady uptick in the dollar index is capping any price rallies. Edging lower during the morning session, the three-month nickel price shed 0.8% and fell to an intraday low of $12,375 per tonne. "The fallin...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Tuesday October 2.Three-month base metals prices on the London Metal Exchange slumped during early trading on Tuesday, with the complex under pressure from a slew of disappointing data releases from the United States and China.Check Fastmarket MB's live futures report here.Cobalt prices stabil...Read More
Three-month base metals prices on the London Metal Exchange slumped during early trading on Tuesday October 2, with the complex under pressure from a slew of disappointing data releases from the United States and China. Weaker-than-expected US economic data releases on Monday have dented sentiment in the base metals markets, offsetting the renewed optimism stemming from the finalization of a trila...Read More
Metalshub, the digital platform for buyers and sellers of ferro-alloys and metals, has just closed a ?,?3 million ($3.5 million) financing round with the proceeds to be used to expand its software development team and further improve its platform. The commodity technology firm, launched by two former executives from Anglo American, is focused on providing a digital marketplace for the trade of fer...Read More
Brazilian foreign trade secretariat Secex has decided not to apply provisional anti-dumping duties on imports from China of rollers for steel rolling mills, Fastmarkets has learnt.The anti-dumping investigation was launched in March this year, and a final ruling is expected by January 2019.The investigation reached a preliminary conclusion that there was evidence of dumping in prices of the produc...Read More
Suppliers of hot-rolled (HR) and cold-rolled (CR) steel sheet to Russia's Central Federal District around Moscow have started to cut prices for traders due to low demand.Fastmarkets MB's weekly price assessment for Russia-origin 4mm HR sheet was at 43,000-44,600 roubles ($657-681) per tonne cpt Moscow on Monday October 1, including 18% VAT, falling from 44,600-47,600 roubles per tonne a week befor...Read More
Some flat steel import prices in the United Arab Emirates have fallen over the past week, with demand being weak because of high stocks, sources told Fastmarkets on Tuesday October 2.No major deals were heard during the week.UAEHot-rolled coil (HRC) was offered to the UAE at $600 per tonne cfr from Russia and at $580-590 per tonne cfr from India, while China offered the product at $590-600 per ton...Read More
Prices for rebar and billet in the United Arab Emirates were mostly stable in the week ended Tuesday October 2, although demand continued to be limited, sources told Fastmarkets.Demand may improve toward the end of October, when stock levels will be lower, sources said.Domestic rebarLocal producers have not officially changed their prices since late July, but they were giving discounts to buyers.T...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 $590-600 per tonne cfr, to Saudi Arabia.Russia, export, hot-rolled coil, offered...Read More
China's month-on-month new electric vehicles (NEV) sales rebounded in August after month-on-month declines in June and July. The drop in sales between May and June was the first drop since September 2016, but Fastmarkets MB had expected Chinese NEV sales to dip temporarily after the June subsidy changes came into effect because consumers and NEV manufacturers would have to adjust to the new subsid...Read More
Manganese ore production reached a fresh record high in August, up 13.5% year on year due to increased production from Africa, according to the International Manganese Institute (IMnI).World manganese ore supply reached 1.9 million tonnes in August, up 7.1% against July, the latest data from the IMnI shows. Between January and August, world manganese ore demand rose 10%, driven by demand from Chin...Read More
World silico-manganese production increased 13.1% year on year in August to 1.42 million tonnes, according to the International Manganese Institute (IMnI). Supply in August was also up 2.2% from the July total due to increased production from the Asia and Oceania and CIS regions, the latest IMnI data shows. In the first eight months of the year, world production rose 28.2% from a year earlier. Out...Read More
Manganese ore markets gained on higher offers from miners, while alloy prices dropped in China, capping ore market sentiment. Ore prices jump by up to 20 cents per dmtu Silico-manganese spot prices weaken in China Indian silica-manganese market weakens European alloy prices steady US manganese alloy prices largely stable in dormant spot marketManganese ore prices jumped in the week ended Friday Se...Read More
Chrome prices are rising in China on tighter alloy supply and lower estimates of chrome ore stocks. Ferro-chrome tender price hike by leading mill boosts ore, alloy spot prices in China Downward revision in chrome ore stock estimates further supports ore pricesAlloy prices flat in Japan, South Korea European alloy prices under pressure US ferro-chrome prices slide amid increased competitionChrome...Read More
September proved to be another strong month for the CME Group's US Midwest busheling contract, which is gaining interest among buyers.CME data show that 1,501 lots (30,020 gross tons) traded during September versus 1,980 lots in August. Each lot represents 20 tons. The highest trading month thus far this year was February, at 5,461 lots....Read More
US East Coast bulk ferrous scrap exporters are successfully making sales in markets that were historically open only to the West Coast, thanks to a wide price difference between those regions. A South Korean mill booked an East Coast cargo containing 45,000 tonnes of an 80:20 mix of No 1 and No 2 heavy melting scrap at $355 per tonne cfr on Tuesday October 2, sources told Fastmarkets AMM. This pri...Read More
The Chinese government's measures to control pollution during the winter and supply disruptions in the seaborne coking coal market are expected to underpin prices for the steelmaking raw material in the fourth quarter.Over the past two years, seaborne coking coal prices have registered gains during the October-December period as demonstrated by the movements of the daily premium hard coking coal i...Read More
Seaborne iron ore prices remained flat on Tuesday October 2 amid the absence of Chinese buyers due to a week-long holiday in China to mark its national day. Metal Bulletin 62% Fe Iron Ore Index: $69.24 per tonne cfr Qingdao, unchanged.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $68.27 per tonne cfr Qingdao, unchanged.Metal Bulletin 62% Fe Iron Ore Index Low Alumina: $74.50 per tonne cfr Qingd...Read More
The ex-China seaborne coking coal spot market remained firm on Tuesday October 2, with participants mulling over the length of time that operations at Peabody's North Goonyella mine in Australia will remain suspended.An Asian buyer source who regularly procures this brand of materials said that the miner had informed him that it would not be able to supply materials till the end of the year. He ad...Read More
Following a two-month consultation period, Fastmarkets MB will implement the proposed specification changes to Metal Bulletin 62% Fe Iron Ore Index (MBIOI-62) from October 1.On July 12, a proposal was made to refine the MBIOI-62 to provide a clearer reflection of the mid-grade market, removing direct influence from data pertaining to other grade brackets. The proposal was to narrow the MBIOI-62 sp...Read More