A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 19. Please click...Read More
Base metals prices were down by an average 3.2% on the London Metal Exchange at the close on Wednesday May 19, with fears of inflation continuing to creep into markets given new warnings from China and ahead of the release of the minutes from the Federal Open Markets Committee's latest meeting. Zinc's three-month price dropped by 3.9% to $2,939 per tonne at Wednesday's close, erasing the gains it...Read More
A strategy to cool down commodity price spikes was top of the agenda China's weekly State Cabinet meeting on Wednesday May 19. Chaired by China's second most powerful politician, Premier Li Keqiang, the cabinet meeting discussed control measures to rein in the "unreasonable price rally", including ensuring sufficient supplies of main commodities. The aim is to prevent the rising costs pa...Read More
Glencore is to "gradually ramp up" its Mutanda copper-cobalt facility from care and maintenance to 20,000 tonne per year production of cobalt between the second half of 2022 through 2025, according to Ash Lazenby, cobalt trader at Glencore. This adds to comments from head cobalt trader, David Brocas, who had stated on Tuesday May 18 that the mining company would "not hesitate bringing back on...Read More
First Quantum Minerals has entered into a binding agreement to sell a 30% equity interest in the Ravensthorpe nickel-cobalt operation in Western Australia to South Korean steelmaker Posco for $240 million in cash, the company said on May 19.The Vancouver, Canada-headquartered company will retain a 70% interest in Ravensthorpe and continue to be the operator.Posco and First Quantum have also agreed...Read More
Domestic hot-rolled coil prices again increased day on day in Europe on Wednesday May 19 due to a combination of a shortage of material and strong demand, sources told Fastmarkets.On Wednesday, ArcelorMittal increased its official coil offers to ?,?1,150 ($1,403) per tonne ex-works, up by ?,?50 per tonne.The majority of European steelmakers have been holding back on making coil offers in the spot...Read More
US domestic wire rod prices rose by an average $50 per short ton ($2.50 per hundredweight) in May due to tightening supply; at the same time, more buyers have turned to imports to acquire needed material, pushing import prices above domestic prices in some cases.Fastmarkets' monthly assessment for steel wire rod (low carbon) industrial quality, fob mill US was $49-51 per cwt ($980-1,020 per ton) T...Read More
Galvalume prices in the United States surged to a record high for a fifth consecutive month, with buyer worries about finding material trumping concerns about cost. "Galvalume is probably backed up more than all coated products," one distributor source said. "Prices are crazy whenever supplies are available."Fastmarkets' monthly price assessment for steel coil Galvalume, fob mill US was at $8...Read More
Steel wire rod producers in the north of Europe have largely sold outof June-rolling material and have yet to announce offers for July, while buyers expect prices to rise sharply due to persistent material shortage, limited and expensive imports, Fastmarkets heard on Wednesday May 19Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe was...Read More
Prices for steel hollow sections in Europe increased on Wednesday May 19, with some mills reportedly stepping out of the market, sources told Fastmarkets.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe was ?,?1,220-1,250 ($1,489-1,525) per tonne on May 19, up from ?,?1,190-1,220 per tonne on May 12.Market participants told Fastmarkets that severa...Read More
Manganese ore stocks at major Chinese ports have declined to a seven-month low amid continuously increased ore consumption among manganese alloy smelters in recent months. Fastmarkets assessed manganese ore inventories at the main Chinese ports of Tianjin and Qinzhou at 5.76 million-5.87 million tonnes on Monday May 17, down by 2.84% from 5.93 million-6.04 million tonnes the previous week and the...Read More
Spot ferro-chrome prices in China rose for the first time since March, with improved demand and sentiment after new power cuts were imposed in Inner Mongolia. Fastmarkets' price assessment for ferro-chrome, spot, 6-8% C, basis 50% Cr, ddp China was 7,300-7,600 yuan ($1,135.62-1,182.29) per tonne on Tuesday May 19, up by 100 yuan (1.4%) from 7,200-7,500 yuan per tonne the preceding week. Prior...Read More
Steel rebar prices in the north of Europe continued to increase in the week to Wednesday May 19, aided by limited imports and increased scrap costs, while buying activity started to slow. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe was ?,?740-780 ($903-952) per tonne on May 19, up by ?,?20-40 per tonne week on week from ?,?720-74...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 19 that are worth another look.ArcelorMittal has told some customers that it will be adding another ?,?50 ($73) per tonne to its coil product offer prices in Europe this week, sources told Fastmarkets on Wednesday May 19.Tax...Read More
Wayne Wang will join ThyssenKrupp in early June as senior base metal trader, with a focus on physical aluminium, he told Fastmarkets.He will join ThyssenKrupp's Asian desk in Singapore, which is currently led by Kevin Song.Read More
The near-term outlook for ferro-silicon looks set to climb higher to a near record-high since Fastmarkets started assessing the price more than 24 years ago due to firm fundamentals, industry sources said.The European spot delivered price is gripped between tight supply and strong demand from steelmakers, while market focus is on expectations of renewed demand from consumers in early June for thei...Read More
Base metals prices were down by an average 3.2% on the London Metal Exchange at the close on Wednesday May 19, with fears of inflation continuing to creep into markets given new warnings from China and ahead of the release of the minutes from the Federal Open Markets Committee's latest meeting. Zinc's three-month price dropped by 3.9% to $2,939 per tonne at Wednesday's close, erasing the gains it...Read More
Iron ore prices fell sharply on Wednesday May 19, with low liquidity and sintering restrictions in Tangshan driving the downturn, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $216.16 per tonne, down $8.28 per tonne62% Fe low-alumina fines, cfr Qingdao: $218.79 per tonne, down $8.98 per tonne58% Fe fines high-grade premium, ...Read More
Base metals prices on the London Metal Exchange dipped slightly across the board during morning trading on Wednesday May 19, following a week of volatility and a growing sense of unease. "Although the first trading week of May looked super bullish, I am not in the camp that base metals can hold on to the gains made. Instead, I envisage the monthly close to turn negative," Fastmarkets analyst Andy...Read More
China's approach to addressing aluminium overcapacity is a "night and day" change from five years' ago, according to the chief executive officer of Alcoa Corporation, Roy Harvey. Harvey said that China had previously operated on a model of building a coal-fired power plant with a smelter connected and essentially repeating the process continually, increasing aluminium production and creating overs...Read More