Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mainly positive on the morning of Tuesday May 25, with only SHFE lead showing significant weakness.* Broader markets seem to have become more risk on again after US central bankers stuck to their dovish guidance.* Asia-Pacific equities were firmer this morning, especially in China where government action has calmed...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points in pre-opening trade. The TSX Composite Index also is expected to open higher reflecting strength in U.S. equity indices yesterday and strong increases in Far East equity markets in overnight trade. Notable was a 2.40% increase in the Shanghai Composite Index led by gains in the technology sector. Amazon gain...Read More
The Chinese government held a meeting with the biggest iron ore, steel, copper and aluminium producers on Sunday May 23 to call for them to rein in commodity price hikes. Commodity leaders were told at the meeting to "proactively fulfill their social responsibilities" and make business decisions "for the benefit of the entire economy as a whole." "The key message is that we ought to obey our paren...Read More
The price for imported rebar in Singapore fell during the week to Monday May 24 due to turnaround in market sentiment and spot prices in China, market sources said. Buyers have been skittish amid falling steel prices in Asia, led by continual falls in China's physical and futures market. There were no bids heard. Prices in China have fallen continually from 6,000-6,030 yuan ($931-936) per tonne on...Read More
Base metals prices on the LME were mainly weaker on the morning of Monday May 24, while those on the SHFE were down across the board in response to attempts by the Chinese authorities to inhibit price increases. Power shortages in China, brought on by drought and emissions controls, are forcing some metal producers to reduce output. Proposed infrastructure plans in the United States face having to...Read More
Seaborne iron ore concentrate and pellet prices fell in the week ended Friday May 21, snapping an uptrend that began in late March, with the bigger fines segment of the market tumbling down for most of last week. Fastmarkets iron ore indicesPellet premium over 65% Fe fines, cfr China: $61.10 per tonne, down $0.40 per tonne66% Fe concentrate, cfr Qingdao: $244.12 per tonne, down $10.31 per tonne65%...Read More
China imported about 3.48 million tonnes of coking coal in April, down 44% from the corresponding period last year and down by 29% month on month, the latest Chinese Customs data showed.The United States exported the largest volume of coking coal to China in April followed by Russia, Canada and Mongolia.China imported 974,700 tonnes of coking coal from the US in April, up more than 10-fold from 91...Read More
China's hot-rolled coil prices dropped on Monday May 24 amid weaker demand after the central government warned major market participants against hoarding and driving up prices of commodities including steel.DomesticEastern China (Shanghai): 5,440-5,450 yuan ($845-847) per tonne, down by 230 yuan per tonneThe National Development & Reform Commission (NDRC) on Sunday held a meeting with major compan...Read More
China's domestic rebar prices fell sharply on Monday May 24, following drops in futures prices and billet prices over the weekend, on news that China's National Development and Reform Committee (NDRC) had started a probe into commodity prices, causing mills to go into the red.DomesticEastern China (Shanghai): 4,900-4,920 yuan ($762-765) per tonne, down by 200-230 yuan per tonneThe NDRC, along with...Read More
Seaborne coking coal prices remained largely unchanged on Monday May 24, with market participants cautiously waiting for a trend to emerge after last week's price fluctuations, sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, fob DBCT: $139.97 per tonne, up $0.55 per tonnePremium hard coking coal, cfr Jingtang: $254.80 per tonne, up $2.50 per tonneHard coking coal, fob DBCT: $...Read More
Key Chinese commodities companies have been warned that they will be investigated thoroughly if they are suspected of engaging in any illegal trading activities and punished severely if found guilty.China's National Development & Reform Commission (NDRC) said on Monday May 24 that it had conveyed this warning to these companies on Sunday May 23 at a meeting also attended by officials from the Mini...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade 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...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb 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...Read More
The European manganese alloys markets rose even higher over the week ended Friday May 21, hitting price ranges last seen in late 2008, on a bout of short-covering from traders looking to restock ahead of an expected renewal of consumer demand early next month, trade sources have told Fastmarkets.Market prices for silico-manganese delivered on a spot basis went as high as ?,?1,450 ($1,766) per tonn...Read More
Any imposition by Europe of import duties on stainless steel products from Indonesia and India would spur the domestic market, create additional demand for alloy and boost the ferro-chrome market - but the effects on prices may only be short-lived, according to Fastmarkets' senior analyst.It has been expected for some time that the EU will impose import duties on Indonesian and Indian stainless st...Read More
Liberty Steel will sell its aerospace and special alloys steel business in Stocksbridge, United Kingdom, as part of a restructuring plan, the company said on Monday May 24.The Stocksbridge plant produces alloy and stainless steel grades for aerospace, oil and gas industries, and automotive and engineering segments. It has capacity to manufacture 500,000 tpy of merchant bar."A formal sale process f...Read More
The price for imported rebar in Singapore fell during the week to Monday May 24 due to turnaround in market sentiment and spot prices in China, market sources said. Buyers have been skittish amid falling steel prices in Asia, led by continual falls in China's physical and futures market. There were no bids heard. Prices in China have fallen continually from 6,000-6,030 yuan ($931-936) per tonne on...Read More
Demand for ferrous scrap imported to South Korea has shown a notable recovery in recent months amid healthy steel demand and rising steel output in the East Asian nation.South Korea imported 665,187 tonnes of steel scrap in January-April 2021, an increase of 20.3% year on year, according to Korean customs statistics.Steel production in the country was 17.58 million tonnes during the first quarter...Read More
Iron ore prices fell further on Monday May 24 amid weakening sentiment, after reports that Chinese officials had held further discussions on Sunday about how to curb high commodities prices, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $192.42 per tonne, down $8.30 per tonne62% Fe low-alumina fines, cfr Qingdao: $193.87 per tonne, down $9.19 per tonne58% Fe fine...Read More
(Updates prices, adds comment) By Pratima Desai LONDON, May 24 (Reuters) - Copper prices rose on Monday as asofter dollar spurred modest purchases, but gains were capped byconcerns over price curbs on industrial metals in top consumerChina. Benchmark copper on the London Metal Exchange (LME)was up 0.6% to $9,939 a tonne at 1600 GMT.However, prices of the metal, used widely in the power andconstruc...Read More