Fastmarkets has identified a necessary clarification to the nickel sulfate specification with regard to timing of loading.The timing of loading for Fastmarkets' nickel sulfate ex-works China price assessment is within seven days, which was not reflected in the specifications when the price assessment was launched in July 2018.Fastmarkets confirms that the specifications are as follows, with the cl...Read More
Chinese aluminium production in July of 3.26 million tonnes was down by 0.9% from June, according to National Bureau of Statistics data published on Monday August 16.Although domestic aluminium production in July was still up by 7.4% year on year, it was down for the third consecutive month following June's production of 3.29 million tonnes and May's 3.32 million tonnes.China produced 22.89 millio...Read More
A lack of available containers for shipments out of the main Peruvian port of Callao, and shipping costs that have tripled since the start of this year, were hampering exports of copper, zinc and lead from the South American country, even as mine production was recovering from shutdowns in 2020 that were forced by the Covid-19 pandemic.Peru was the world's third-largest producer of zinc in 2020 an...Read More
Most iron ore prices increased on Monday August 16 despite limited trading activity in the physical market, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $163.52 per tonne, up $1.45 per tonne62% Fe low-alumina fines, cfr Qingdao: $164.03 per tonne, up $1.29 per tonne58% Fe fines high-grade premium, cfr Qingdao: $131.47 per tonne, up $0.81 per tonne65% Fe Brazil-o...Read More
China's Covid-19 measures are causing chokepoints in the country's ferrous supply chain, raising logistical costs for both traders and steel mills.China's National Health Commission reported 51 new cases of Covid-19 on Monday August 16 - 38 imported cases and 13 locally transmitted ones. Six of the locally transmitted cases were in Jiangsu province, while six were detected in Henan. While the numb...Read More
Key data from Friday August 13 pricing session in Shanghai.Key drivers Sellers reduced their offers in the hope of facilitating sales. Regular participants held their offers at 530-550 yuan ($82-85) per kg but offers below 520 yuan per kg were also...Read More
International cobalt metal prices softened on Monday August 16 with competitive offers emerging; some sellers are willing to drop their offers to take profits in a quiet market, sources said.Lower offers started to emerge last week and gradually brought downward pressure to the market amid thin liquidity, which is typical during the peak summer holiday period.Fastmarkets' assessment of the price o...Read More
China's Covid-19 measures are causing chokepoints in the country's ferrous supply chain, raising logistical costs for both traders and steel mills.China's National Health Commission reported 51 new cases of Covid-19 on Monday August 16 - 38 imported cases and 13 locally transmitted ones. Six of the locally transmitted cases were in Jiangsu province, while six were detected in Henan. While the numb...Read More
Key participants in India's steel and scrap sectors welcomed the launch of the National Automobile Scrappage Policy at an investor summit held by Prime Minister Narendra Modi, with private companies signing Memoranda of Understanding (MoUs) to set up vehicle scrapping facilities, Fastmarkets has heard.The investor summit was held in Gujarat on August 13, and was addressed by Modi via video confere...Read More
Most prices on the London Metal Exchange started the week on lower ground than last Friday on Monday August 16, following worse-than-expected Chinese economic data published over the weekend.Nickel's three-month price, for example, was down to $19,530 per tonne on Monday at 9am, from Friday's closing price of $19,656 per tonne after rising 5.6% from last Monday's $18,620 per tonne.Similarly, coppe...Read More
China's domestic coking coal prices continued higher in the week to August 16 due to a supply shortage, which buoyed seaborne coking coal prices in the cfr China market on Monday August 16.The fob Australia market held largely steady on the first working day of the weekFastmarkets indicesPremium hard coking coal, cfr Jingtang: $350.66 per tonne, up $5.66 per tonneHard coking coal, cfr Jingtang: $3...Read More
Key data from the Friday August 13 pricing session in Shanghai.Key drivers China's domestic magnesium prices surged due to spot supply shortage from producers.Some producer sources said they had signed forward contracts with buyers, because they did not have spot material available for the...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed...Read More
A lack of available containers for shipments out of the main Peruvian port of Callao, and shipping costs that have tripled since the start of this year, were hampering exports of copper, zinc and lead from the South American country, even as mine production was recovering from shutdowns in 2020 that were forced by the Covid-19 pandemic.Peru was the world's third-largest producer of zinc in 2020 an...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points in pre-opening news.Index futures were virtually unchanged following release of the August Empire State Manufacturing Index at 8:30 AM EDT. Consensus was a drop to 30.00 from 43.00 in July. Actual was a drop to 18.3.Chipotle dropped $10.31 to $1,877.50 after Raymond James downgraded the stock from Strong Buy...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
Global ferrous scrap prices have continued to fall in the week to August 13 due to high freight rates, Covid-19 outbreaks in importing countries and poor downstream steel demand.Turkish scrap prices fell amid weak downstream demandUnited States scrap exports were poor due to high freight costsWeak demand for imports in Vietnam due to Covid-19China abstains from purchasing due to large bid-offer sp...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
Spot prices for imported hot-rolled coil in Vietnam were stable in the week to Friday August 13 amid poor spot liquidity while major Vietnamese domestic producer Formosa Ha Tinh Steel Corporation (FHS) reduced its prices, sources said.South Korean traders continued to offer low prices for Russian HRC from Magnitogorsk Iron and Steel Works (MMK), including the remaining quantities of 15,000-20,000...Read More