Global aluminium premiums were supported across the globe by insufficient supply, strong demand and rising freight rates, although market illiquidity kept Asian and Brazilian markets static during the week to Tuesday August 10.US Midwest market sets another record high on tight supplyRotterdam premiums hold at all-time high amid strong fundamentalsJapanese, South Korean premiums unchanged due to s...Read More
China's customs will no longer accept port transfer applications during inspections of imported recycled steel raw materials, according to an official statement on Monday August 9.The recently implemented "Regulations for the Inspection of Imported Recycled Steel Raw Materials" details the inspection requirements for imported recycled steel raw materials.It specifies the place of inspection for th...Read More
Vietnamese steelmakers are planning to return to importing deep sea cargoes after limited recent buying activity in the country, sources told Fastmarkets on Tuesday August 10. Vietnamese buyers are looking closely at deep-sea cargoesMajor Chinese steel mills lower domestic scrap purchase prices for the second time in five daysTaiwan secures containerized scrap at lower pricesVietnamBuyers are seek...Read More
Ferrous scrap prices in Mexico were stable or down in the week ended Friday August 6, with some buyers succeeding in applying price cuts for obsolete grades.In Mexico's central Baj?-o region, at least two buyers were announcing a price reduction of 200 pesos ($10) on all grades.While price decreases were possible for obsolete grades, market participants did not see one for No1 busheling."The...Read More
Seaborne coking coal prices in China rose on Tuesday August 10, reflecting the strength in domestic coking coal prices where supply remains tight.The fob coking coal market stayed largely stable on the same day because major buyers adopted a wait-and-see approach in light of high offers, market sources said.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $333.75 per tonne, up by $4.16 p...Read More
Iron ore prices fell significantly on Tuesday August 10 due to continuing weak demand, with production cuts and pollution-control measures in China's Tangshan city, in preparation for February's 2022 Winter Olympics, further depressing market sentiment.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $162.44 per tonne, down $10.07 per tonne62% Fe low-alumina fines, cfr Qingdao: $162.75 per...Read More
Rebar futures on the Shanghai Futures Exchange increased on Tuesday August 10 and spot prices quickly followed suit, with production cuts widely expected for the rest of 2021, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,200-5,230 yuan ($802-807) per tonne, up by 10-20 yuan per tonneAccording to a report by a local information provider on Monday, Hebei province plans to cut 21.71 m...Read More
Turkish steel mills booked no new cargoes on Tuesday August 10, keeping prices stable, but older cargoes have been reported, sources told Fastmarkets.Despite a lack of new bookings on Tuesday, cargoes booked the previous week were reported by the market.A United Kingdom booking comprised of 25,000 tonnes of HMS 1&2 (80:20) at $460 per tonne cfr was traded late in the week to August 6....Read More
Prices for domestic steel rebar in Russia's Central Federal District have continued to decline, losing another 3000-5000 roubles ($41-68) per tonne in the seven days to Monday August 9.Market participants expect the downward trend to prevail until the busy construction season ends in early November.Considering the high prices on offer from traditional suppliers in the Moscow area, stockists have b...Read More
Import prices for steel scrap in Turkey dipped on Monday August 9 after recent bookings made by steel mills in the country came to light at the start of this week, sources told Fastmarkets.A steel mill in the Iskenderun region bought a United States-origin cargo for September shipment comprising 30,000 tonnes of HMS 1&2 (80:20) at $461 per tonne, and 5,000 tonnes of shredded and 5,000 tonnes of bo...Read More
Europe's biggest copper producer, Aurubis, is planning to offload part of its downstream business to focus on primary copper smelting and recycling, it said on Monday August 9.The Germany-based company will sell a portion of its flat-rolled copper product operations to Intek Group, which fully controls KME, a leading player in the European copper and copper alloy semifinished-product industry. Ope...Read More
The trade union representing workers at the Caserones copper mine in Chile will go on strike on Tuesday August 10 after failing to reach a deal through government-mediated negotiations with owner Minera Lumina Copper Chile.The company did not change its most recent offer during the extended talks, leading union members to officially vote to go on strike, the union said on Monday August 9.Workers a...Read More
Here are five Fastmarkets stories you might have missed on Monday August 9 that are worth another look.On August 9, there was a blast at Novolipetsk Steel's (NLMK) oxygen plant in Lipetsk, Russia, but it will only have a minor impact on production, the company told Fastmarkets.The trade...Read More
Key data from the Friday August 6 pricing session in London and ChinaKey driversCobalt hydroxide payables fell in the second half of the week to Friday August 6 after a rise on August 4, with a deal reported at a higher level. Most buyers were still reluctant to accept a higher level in the second half of the week considering...Read More
Stronger-than-expected United States employment figures on Friday August 6 turned the dollar higher, which weighed on prices, with most base metals weaker this morning, Monday August 9, but gold and silver underwent a 'flash crash' at the start of trading in Asia.Signs of a stronger US recovery weighed heavily on gold and silver on Friday, which led to a chaotic start to trading this morning. US 1...Read More
Shipbreaking steel scrap prices in Turkey dropped during the week to Monday August 9, in line with prices for imported scrap, market participants told Fastmarkets.Turkish steel mills booked at least five deep-sea cargoes, with prices dropping through the week.Fastmarkets' assessment for steel scrap, heavy melting scrap 1&2 (80:20 mix) United States origin, cfr Turkey was calculated at $463.90...Read More
Here are five Fastmarkets stories you might have missed on Monday August 9 that are worth another look.On August 9, there was a blast at Novolipetsk Steel's (NLMK) oxygen plant in Lipetsk, Russia, but it will only have a minor impact on production, the company told Fastmarkets.The trade...Read More
The trade union representing workers at the Caserones copper mine in Chile will go on strike on Tuesday August 10 after failing to reach a deal through government-mediated negotiations with owner Minera Lumina Copper Chile.The company did not change its most recent offer during the extended talks, leading union members to officially vote to go on strike, the union said on Monday August 9.Workers a...Read More
China's January-to-July copper import volumes dropped by more than a tenth compared with the first seven months of 2020, the latest Chinese customs data shows. The biggest copper buyer in the world bought 3.219 million tonnes of unwrought copper and copper products in the first seven months this year, down 10.6% compared with the same period in 2020 which was a record year for imports.The average...Read More
Eight of the nine Category 1 members of the London Metal Exchange have indicated their support for continuing to trade official lunchtime prices in the open-outcry ring.Does this mean that one company does not support ring trading? And could one of the exchange's members be preparing to leave the trading floor?The exchange revealed on Monday August 9 that it had majority support for the ring, in a...Read More