Spot buying appetite from Chinese copper smelters remained low in the week to Friday August 6, with standard tonnages being traded in the mid to high $50s per tonne range.Deals for blended cargoes of lower-grade copper concentrate were reported in the low $60s per tonne. Regional power restrictions in China have led to copper smelters bringing forward their maintenance plans which created reduced...Read More
Iron ore prices increased slightly on Friday August 6 after a slump on Thursday, although overall sentiment remains bearish, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $172.51 per tonne, up $0.96 per tonne62% Fe low-alumina fines, cfr Qingdao: $173.53 per tonne, up $0.77 per tonne58% Fe fines high-grade premium, cfr Qingdao: $139.23 per tonne, up $2.95 per ton...Read More
The US Dollar Index was at its highest since July 27 and was weighing on London Metal Exchange base-metal prices in the afternoon of Friday August 6, with all metals ending the week below where they were on Monday.The US index touched a week-and-a-half high of 92.84 on Friday afternoon, following the release of positive employment data in the country.There were 943,000 jobs added to the US economy...Read More
Major steelmakers in China and Japan lowered their domestic scrap buy prices on Friday August 6 amid reduced intake volumes, sources told Fastmarkets.Large Chinese steelmakers drop domestic scrap purchase pricesJapan's Tokyo Steel reduces buy prices for most grades at most factoriesSouth Korea closes deals at lower prices for Japanese scrap.ChinaTwo major mills in Jiangsu province lowered their do...Read More
Spot prices for imported containerized ferrous scrap in Taiwan continued on a downward trend in the week to Friday August 6 amid the current buyers' market caused by poor demand, market sources told Fastmarkets.Fastmarkets' daily price assessment for containerized steel scrap, heavy melting scrap (HMS) 1&2 (80:20), United States material import, cfr main port Taiwan was $430-432 per tonne on...Read More
The US Dollar Index was at its highest since July 27 and was weighing on London Metal Exchange base-metal prices in the afternoon of Friday August 6, with all metals ending the week below where they were on Monday.The US index touched a week-and-a-half high of 92.84 on Friday afternoon, following the release of positive employment data in the country.There were 943,000 jobs added to the US economy...Read More
The light iron scrap market in the United Kingdom dropped by ?5 ($7) per tonne over the week ending Friday August 6, with weaker European export markets into Turkey and the Indian subcontinent dragging down British dockside prices, which had a knock-on effect on the domestic market, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delive...Read More
Prices for hot-rolled coil in China's domestic market were largely unchanged on Friday August 6, with trading activity remaining quiet because of the seasonal lull.DomesticEastern China (Shanghai): daily assessment 5,790-5,800 yuan ($896-898) per tonne on August 6, narrowing by 20 yuan per tonne at both ends of the range.Northern China (Tangshan): weekly assessment: 5,700-5,710 yuan per tonne on A...Read More
Base metal prices were mixed on the London Metal Exchange during morning trading on Friday August 8, with copper and aluminium leading the complex and lead down by 0.7%."Concerns about the delta strain's impact on growth have been weighing on metals this week - about half of China's provinces are trying to limit the spread. In Australia, two-thirds of the population is back in lockdown," Anna Stab...Read More
The Cobalt sulfate 20.5% Co basis, exw China, yuan/tonne trade 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 Cobalt...Read More
Fastmarkets has identified a necessary clarification to the nickel sulfate specification with regard to delivery time.The delivery time for Fastmarkets' nickel sulfate ex-works China price assessment is seven days, which was not reflected in the specifications when the price was launched in July 2018.Fastmarkets confirms that the specifications read as follows, with the clarification in italics:MB...Read More
(Updates prices, recasts) Aug 6 (Reuters) - Copper prices fell on Friday as solid U.S.jobs data pushed the dollar sharply higher, making metals moreexpensive for buyers with other currencies.Copper had been trading higher after news that a union atthe world's biggest copper mine, Chile's Escondida, told workersto prepare for a strike that would reduce supply.But by 1605 GMT, benchmark copper on th...Read More
Egyptian rebar producers maintained their offers in the week to August 5 despite limited demand and lower scrap prices, sources told Fastmarkets.Rebar offers have held steady at E ?14,300-14,600 ($909-928) per tonne ex-works, including 14% value-added tax (VAT), since May 17.Fastmarkets' price assessment for steel reinforcing bar (rebar), domestic, exw Egypt was E ?14,300-14,600 per tonne on...Read More
Brazil has joined other major commodity producers in South America, such as Chile and Peru, in a debate about whether to increase mining royalties because of soaring prices - and it can be no surprise that the industry is fiercely against such a move.Amid discussions of personal and corporate tax reform in Brazil's lower house of Congress, there was a possibility of higher taxes being imposed on t...Read More
Here are five Fastmarkets stories you might have missed on Thursday August 5 that are worth another look.Brazil has joined other major commodity producers in South America, such as Chile and Peru, in a debate about whether to increase mining royalties because of soaring prices - and it can be...Read More
A summary of European copper producer Aurubis' third quarter financial and production results released on Thursday August 5In brief:?EUR?Europe's largest copper producer, Aurubis, reported a 62% increase in total revenue during the third quarter (April-June) of its 2020/21 fiscal year compared with the same period last year.?EUR?The company's earnings before tax (EBT) were also up by 98% duri...Read More
The prices of billet in the Turkish market have fallen in the past week because of the downturn in scrap values and soft demand, sources said on Thursday August 5.Turkish steel producers resumed their deep-sea scrap bookings on Tuesday August 3 after a short break, taking advantage of lower prices.Fastmarkets' index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculat...Read More
Iron ore prices decreased on Thursday August 5 with reduced market expectations of looser steel production restrictions in China, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $171.55 per tonne,down $12.14 per tonne62% Fe low-alumina fines, cfr Qingdao: $172.76 per tonne,down $11.63 per tonne58% Fe fines high-grade premium, cfr Qingdao: $136.28 per tonne,down $11.63 per tonn...Read More
The release of new regulations for anti-seismic management of construction projects in China, which is expected to stimulate demand for anti-seismic rebar, failed to shake domestic rebar prices on Thursday August 5.DomesticEastern China (Shanghai): 5,200-5,240 yuan ($804-811) per tonne, unchangedThe Chinese government published the regulations Wednesday and plans to implement them from September 1...Read More
Here are five Fastmarkets stories you might have missed on Thursday August 5 that are worth another look.Brazil has joined other major commodity producers in South America, such as Chile and Peru, in a debate about whether to increase mining royalties because of soaring prices - and it can be...Read More