London Metal Exchange ring dealing members have a decision to make - whether to remain one or not.The LME has just announced it will reopen the open outcry trading floor, which was temporarily closed due to Covid-19, on September 6.Its plan, however, comes with a twist; some ring dealers say, a knife.The official prices - which the global trade and industry use as the global reference for physical...Read More
Buyers of steel rebar and billet in the United Arab Emirates preferred to wait before placing new orders because of uncertainty about prices during the week ended Tuesday June 8, sources have told Fastmarkets.Local rebar producers were expected to announce new prices next week.Local retail prices for rebar were currently lower than those offered by local producers. In any case, most buyers have hi...Read More
Strong demand and tight supply supported aluminium premiums at recent multi-year highs across the globe on Tuesday June 8, although levels for those in South Korea were unchanged for two months.End-user interest and insufficient supply offset London Metal Exchange backwardation in Rotterdam Japanese premium holds at two-year high on fresh deals South Korea stable for eight weeks amid little market...Read More
Here are five Fastmarkets stories from Tuesday June 8 that are worth another look.A rise in Covid-19 cases in China's Guangdong province in recent weeks has led to tighter controls and rigorous testing at the huge Yantian International Container Terminal (YICT), causing extended delays...Read More
Here are five Fastmarkets stories from Tuesday June 8 that are worth another look.A rise in Covid-19 cases in China's Guangdong province in recent weeks has led to tighter controls and rigorous testing at the huge Yantian International Container Terminal (YICT), causing extended delays...Read More
Prices for steel scrap imported into China were unchanged on Tuesday June 8 amid scarce spot market activity.Fastmarkets' daily price assessment for steel scrap, heavy recycled steel materials, cfr China, which takes into account prices at ports in eastern China, was $510-530 per tonne on Tuesday, unchanged from a day earlier.No new bids were heard on Tuesday, with the latest bid coming in on Mond...Read More
Turkish steelmakers resumed their deep-sea scrap purchases to refresh stocks after some fresh finished steel sales were concluded, market participants told Fastmarkets on Tuesday June 8.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising HMS 1&2 (80:20) at $501 per tonne and bonus at $511 per tonne cfr. The cargo breakdown was not clear at the time of publication.This was the...Read More
Export offers for Chinese rebar to South Korea have strengthened in the past week on expectations of good demand from the East Asian country.Offers for Chinese rebar produced according to South Korean standards were made at $900 per tonne cfr South Korea on a theoretical weight basis during the week, narrowing upward by $20 per tonne from $880-900 per tonne cfr in the preceding week.Participants i...Read More
The current upward momentum in pricing in the steel market should continue in the third quarter with support from short supply and solid demand, buoying an already optimistic market, the International Rebar Producers & Exporters Association (Irepas) said on June 4.EuropeRebar prices reached new highs during the second quarter of 2021 on support from long lead times, strong demand and limited impor...Read More
The London Metal Exchange's electronic trading system is up to the job of discovering closing prices with any misalignments to be ironed out via a volume-weighted average price (VWAP) methodology, chief executive officer Matthew Chamberlain said. LMESelect's technical functionality had been considered in great detail by the exchange board, acknowledging that outright three-month prices work well e...Read More
Sherritt International has deferred its planned full-facility maintenance shutdown of its nickel-cobalt refinery in Fort Saskatchewan, Alberta, to August from the previously scheduled June to mitigate the risk of Covid-19 on employee and contractor health and safety, the company said. The full-facility shutdown occurs every six years, will last around 11 days, and will include all of the refinery...Read More
Tin was the best performer on the London Metal Exchange on June 8 due to its constrained global supply situation being set to worsen amid disruption from MSC, while the rest of the complex finished positively on afternoon US trade despite a broader consolidation.LME tin's three-month price closed at $31,223 per tonne on Tuesday, jumping up by 2.3% from Monday's closing price of $30,525 per tonne,...Read More
Here are five Fastmarkets stories from Tuesday June 8 that are worth another look.A rise in Covid-19 cases in China's Guangdong province in recent weeks has led to tighter controls and rigorous testing at the huge Yantian International Container Terminal (YICT), causing extended delays...Read More
Tin was the best performer on the London Metal Exchange on June 8 due to its constrained global supply situation being set to worsen amid disruption from MSC, while the rest of the complex finished positively on afternoon US trade despite a broader consolidation.LME tin's three-month price closed at $31,223 per tonne on Tuesday, jumping up by 2.3% from Monday's closing price of $30,525 per tonne,...Read More
Trafigura's head of metals and minerals, Amin Zahir, is leaving the trading company, Fastmarkets heard on Tuesday June 8.The move will mean that Trafigura's metal unit heads - Kostas Bintas, Socrates Economou, Philippe Muller and Gonzalo De Olazaval - will report directly to chief executive officer Jeremy Weir, who himself has a background in metals.Trafigura made record profits last...Read More
U.S. equity index futures were slightly higher this morning. S&P 500 futures were up 4 points in pre-opening trade. The Canadian Dollar was quiet at US82.78 cents prior to news from the Bank of Canada. Its overnight lending rate for Canada's major banks to be announced at 10:00 AM EDT is expected to remain unchanged at 0.25%.UPS (UPS $209.76) is expected to open higher after the company raised...Read More
Imports of used beverage can (UBC) scrap and industrial aluminium scrap into the United States rose 9.49% month on month to 36,990 short tons in April from 33,784 tons in March, according to the most recent data from the US Census Bureau.The United States imported 24,287 tons of UBC scrap in April, up 1.52% from 23,924 tons in March, of which 10,283 tons (or...Read More
The antimony market weakened further in May amid declining cif prices from China, which were mirrored in Europe. But the market has been showing increasing disparity with some producers offering material at higher levels due to low inventories in Rotterdam for prompt delivery.In China, the antimony price has moved steadily lower since peaking at 69,000-70,000 yuan ($10,833-10,990) per tonne in ear...Read More
Iron ore prices pushed up on Tuesday June 8, despite sintering restrictions being imposed on steelmakers in China's steelmaking hub Tangshan, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $209.50 per tonne, up $7.08 per tonne62% Fe low-alumina fines, cfr Qingdao: $211.81 per tonne, up $7.63 per tonne58% Fe fines high-grade premium, cfr Qingdao: $182.87 per tonne,...Read More
Turkish steelmakers resumed their deep-sea scrap purchases to refresh stocks after some fresh finished steel sales were concluded, market participants told Fastmarkets on Tuesday June 8.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising HMS 1&2 (80:20) at $501 per tonne and bonus at $511 per tonne cfr. The cargo breakdown was not clear at the time of publication.This was the...Read More