A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday July 28.Please click...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
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
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
The nickel briquette premium in the United States has essentially doubled since a strike began at Vale Canada at the start of June, reaching a new high.Fastmarkets assessed the nickel briquette premium, delivered Midwest US at 34-37 cents per lb on Tuesday July 27, up by 97.22% from 16-20 cents per lb on June 1.The current briquette premium range overtook the previous week's re...Read More
The Southern European domestic steel rebar market was quiet with largely stable prices, although a slight uptick in Italian demand pushed prices up, Fastmarkets heard on Wednesday July 28.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe was ?,?760-815 ($897-962) per tonne on Wednesday, compared with ?,?760-810 per tonne one week previously...Read More
Domestic prices for heavy steel plate in Italy moved down in the week ended Wednesday July 28 due to lower slab costs and competitive imports, sources have told Fastmarkets.Fastmarkets' price assessment for steel domestic plate, 8-40mm, exw Southern Europe, was ?,?950-970 ($1,122-1,145) per tonne on July 28, down by ?,?15-20 per tonne from ?,?970-985 per tonne on July 21.The assessment was based o...Read More
(Updates prices) July 28 (Reuters) - Copper prices sat near six-week highs onWednesday as investors waited for details from a Federal Reservemeeting that could shift expectations for U.S. monetary policy.Wider markets, meanwhile, calmed after days of turmoilemanating from China, with global stock markets, the dollar andthe yuan steadying. Benchmark copper on the London Metal Exchange (LME)was down...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 27 that are worth another look.More than three-quarters of the effort to reduce carbon emissions to net-zero by 2050 will have to be made by the power sector and through faster adoption of wind...Read More
All base metals prices on the London Metal Exchange fell on Tuesday July 27 at the close of trading, after an exuberant afternoon on Monday, with nickel's price most badly affected and down by 1.8%.Nickel's price fell to $19,357 per tonne at 5pm on Tuesday, after closing at $19,717 per tonne on Monday. This was its highest 5pm price since February, and close to its year-to-date high of $20,110 per...Read More
Nickel producers are putting an increased focus on sustainability credentials in a bid to lock in consumer demand from the automotive industry, sources told Fastmarkets.Increased scrutiny from end consumers and government policy on lower carbon emissions throughout the supply chains have nickel producers looking to highlight sustainability to secure long-term deals. Most recently, internation...Read More
An overview of the chrome ore and alloy markets in Asia, Europe and the United States on Tuesday July 27 and their latest price moves.China Stainless steel mills in Tsingshan set their August-delivery tender price for ferro-chrome at 10,795 yuan ($1,664) per tonne, an increase of 2,400 yuan per tonne (29%) from the previous month. The tender price rise led to a sharp rise in spot prices, with dome...Read More
Teck Resources has updated its zinc concentrates production guidance for 2021, following "a strong second quarter operating performance" in its zinc business unit, the Canadian miner said in its second quarter results. At CAD 1.956 billion ($1.555 billion), net profits were up by 79% in the first half of the year.At a glance copper: Overall copper production was up by 10.8% in the first half...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 27 that are worth another look.More than three-quarters of the effort to reduce carbon emissions to net-zero by 2050 will have to be made by the power sector and through faster adoption of wind...Read More
Australia-listed Jervois Mining has agreed to purchase the Freeport Cobalt refinery in Finland for $160 million from Koboltti Chemicals Holdings, it said on Tuesday July 27.The deal, Jervois said, could lead to the company growing into the world's second-largest producer of refined cobalt outside of China. Koboltti is a holding company owned by Freeport McMoRan and Lundin Mining. The...Read More
Ferrous scrap prices increased in the main Mexican markets in the week to Tuesday July 27, with some market participants expecting them to stabilize at the current levels.Prices for prime scrap showed small gains, with the generation of such grades still limited by low output in the automotive sector, and demand remaining strong.Some sources reported that one scrap buyer was increasing its price f...Read More
Turkish steel producers remained quiet in deep-sea scrap import markets due to the summer slowdown, sources told Fastmarkets on Tuesday July 27.Domestic steel trade has been on hold since July 15 due to public holidays.Turkey observed the Democracy and National Solidarity Day on July 15 and Eid al-Adha the following week from July...Read More
Base metals prices on the London Metal Exchange were down across the board on Tuesday July 27, after a generally upbeat day on Monday, while the base metals on the Shanghai Futures Exchange were mixed this morning.Chinese equities under pressure again today - market worried about regulatory interventionPre-market western equity index futures showing a weaker start againBase metalsLME three-month b...Read More
Rio Tinto has committed $2.4 billion to the Jadar lithium-borates project in Serbia, which expects first saleable production in 2026, the company said.Jadar, currently one of the world's largest greenfield lithium projects, remains subject to receiving all relevant approvals, permits and licenses, plus ongoing engagement with local communities, the Serbian government and civil society.According to...Read More
Import prices for HRS101-grade ferrous scrap into China were unchanged on Tuesday July 27 but steel production cuts dampened spot demand for the material, sources told Fastmarkets."The restrictions on crude steel production have reduced our demand for scrap to a minimum recently," a Chinese mill source based in Hebei province told Fastmarkets. "We will reduce our production rate starting next mont...Read More