An arbitrage between two of the world's main copper contracts has had the market chasing shadows over the week ended Wednesday July 28.On July 26, the Comex active (September) contract traded at more than $300 per tonne above London Metal Exchange price levels for the month to date, in what was a record spread between the two contracts.The massive premium came at the end of a month in which the Ch...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday July 28.Please click...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 28 that are worth another look.German steelmaker Salzgitter has delivered green strip steel to automotive producer Mercedes-Benz, the company recently announced.The main workers union at Escondida, the world's largest copper mine, has called on its members...Read More
Summer maintenance work at steel mills was continuing across Japan but reduced generation volumes and strong prices paid by South Korea were continuing to support export scrap prices, sources told Fastmarkets on Wednesday July 28.On the lower-grade H2 material, reduced supply has been balanced by continued poor demand from Taiwan and Vietnam, sources said."I feel that the market is not so strong,...Read More
Steelmakers in India have welcomed a newly approved Production Linked Incentive (PLI) program for the specialty steel sector to encourage domestic production, new investment and reduce imports. The South Asian country's Union Cabinet, chaired by the Prime Minister Narendra Modi, on July approved the PLI program for specialty steel in a push for a self-reliant India, a policy known as "Atmanirbhar...Read More
Prices for steel hollow sections in Europe remained unchanged on Wednesday July 28 while the market heads into a slower seasonal period, sources told Fastmarkets.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe was ?,?1,400-1,430 ($1,653-1,688) per tonne on July 28, unchanged week on week."The holidays are starting in the coming days, many are holding...Read More
Brazilian steel and iron ore producer Companhia Sider??rgica Nacional's (CSN) adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) soared by 324.62% year on year due to higher steel and iron ore prices and sales volumes in the second quarter.In brief Sales of iron ore from CSN's mining division, CSN Minera????o, rose by 17.65% year on year during the quarter, to 9.11 mi...Read More
Base metals prices remained mixed on the London Metal Exchange at the 5pm close of trading on Wednesday July 28, with the month-end approaching and the market still waiting for signals of fresh direction from the US Federal Reserve bank."While we are very positive on the fundamentals [for copper] in the long term, we remain cautious in the short term due to the presence of macro headwinds," Fastma...Read More
Prices for steel billets imported to the Philippines have jumped in the week to July 28 after Chinese buying activity inflated offer prices for mills in Southeast Asia, sources told Fastmarkets.Trading activity into the Philippines had been quiet the previous week in the face of huge Chinese demand, with just one deal for Vietnamese induction furnace (IF) billet heard done at $688 per tonne cfr Ma...Read More
The export billet trade from Iran has dried up in recent weeks amid severe production cuts at mills enforced by the shortage of electricity supply in the country, Fastmarkets heard on Wednesday July 28.Extreme heat and drought conditions have reduced water levels to the point that generation of sufficient hydro-electric power has become impossible."Mills are allowed to use electricity at nighttime...Read More
Turkish deep-sea scrap import prices fell sharply with the United States cargo deal announced on Wednesday July 28, sources told Fastmarkets.A steel mill in the Marmara region booked a US cargo, comprising 10,000 tonnes of HMS 1&2 (80:20) at $475 per tonne, 25,000 tonnes of shredded and 15,000 tonnes of bonus at $495 per tonne cfr on July 23.This compares with the previous deep-sea trade recorded...Read More
Copper premiums in China continue their uptrend with an rise in buying and an improved arbitrage, while premiums elsewhere in the world were stable in the week to July 27.European premiums were stable due to approaching holiday season Premiums in the United States were stable despite Comex copper prices hikeLondon Metal Exchange stocks were at 230,225 tonnes on Wednesday, their highest since...Read More
An arbitrage between two of the world's main copper contracts has had the market chasing shadows over the week ended Wednesday July 28.On July 26, the Comex active (September) contract traded at more than $300 per tonne above London Metal Exchange price levels for the month to date, in what was a record spread between the two contracts.The massive premium came at the end of a month in which the Ch...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.Read More
China's domestic rebar prices continued to drop on Wednesday July 28 due to early-hour weak futures, but demand increased after typhoon In-fa weakened, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,270-5,300 yuan ($810-815) per tonne, down by 10 yuan per tonneThe most-traded October rebar futures contract on the Shanghai Futures Exchange was lower than Tuesday's settlement price of...Read More
Plentiful supply of ferrous scrap on the United States East Coast continued to weigh heavily on deep-sea export prices to Turkey, with a Turkish mill securing a cargo at a discount of $4-9 per tonne compared to the last-reported US sale.An East Coast exporter sold a cargo of unspecified tonnage comprising an 80:20 mix of No1 and No2 heavy melting scrap priced at $471 per tonne cfr and shredded scr...Read More
Prices in the coking coal market in China held firm on Wednesday July 28 but climbed in the fob Australia market on increased buying interest, market sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $215.55 per tonne, up by $1.25 per tonnePremium hard coking coal, cfr Jingtang: $315.76 per tonne, unchangedHard coking coal, fob DBCT: $182.41 per tonne, up by 0.50 per tonneHard co...Read More
China's domestic sellers for hot-rolled coil kept prices stable on Wednesday July 28 due to stronger demand and exporters insisted on high offers ahead of the month end, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,880-5,900 yuan ($904-907) per tonne, unchangedThe weather was clear in Zhejiang and Shanghai, so demand and logistics resumed, supporting HRC prices.Demand in parts of J...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were up 3 points in pre-opening trade.U.S. equity index futures were quiet prior to release of U.S. economic reports at 8:30 AM EDT. Consensus for second quarter annualized real GDP is an increase of 8.6% versus a gain of 6.4% in the first quarter. Consensus for June Personal Income is a drop of 0.3% versus a decline of 2.0% in...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves.Janie Davies, Fleur...Read More