Base metals are experiencing strong gains again on the morning of Wednesday May 5 with relatively high volumes being traded on the London Metal Exchange despite the absence of Chinese market participants observing a Labor Day break.* Asian markets quiet with China, Japan and South Korea on holiday* US Dollar Index recently at 91.24, compared with 91.16 at a similar time on Tuesday - consolidating...Read More
Global Base Metals iShares moved above $18.89 to an all-time high extending an intermediate uptrend.Rio Tinto (RIO), one of the world's largest base metal producers moved above $88.74 to an all-time high extending an intermediate uptrend. Globex Uranium ETF (URA) moved above $20.95 extending an intermediate uptrend. Verizon (VZ), a Dow Jones Industrial Average stock moved above $58.84 extending an...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 4 that are worth another look.Duferco Travi e Profilati, the Italian long steel producer of the Duferco group, has received a loan of ?,?72 million ($86.5 million) from two banks to build a new sustainable steel plant in...Read More
Supply tightness continued to drive the Midwest premium in the United States to a new record high on Tuesday May 4, while more bearish sentiment resulted in European premiums being unchanged from the previous week but still at a six-year high level.US Midwest sets new record-high levelRotterdam premiums stable at multi-year highsMJP, South Korea premiums unchanged amid holidays, thin tradingBrazil...Read More
A summary of base metals premiums from across the globe for the week to Tuesday May 4.Please click...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 4 that are worth another look.Duferco Travi e Profilati, the Italian long steel producer of the Duferco group, has received a loan of ?,?72 million ($86.5 million) from two banks to build a new sustainable steel plant in...Read More
Chile's copper mine production fell by 1.21% in March compared with the same month last year amid lower volumes from Escondida, the world's largest copper mine, according to data published by national copper commission Cochilco on Tuesday May 4.Copper production totaled 488,700 tonnes in March, down from 494,700 tonnes in the same month last year, Cochilco said. But output rose by 14.58% sequ...Read More
Key data from the pricing sessions in Asia, Europe and the United States over the week to Tuesday May 4.Europe The price of lower-grade high carbon ferro-chrome (60-64.9% Cr) fell with offers dropping after the recent price falls in China. High freight costs from India to Europe mean Indian producers still prefer the Chinese market because of the higher margins that can be achieved. Prices...Read More
Seaborne manganese ore prices resumed their downtrend on Friday April 30 amid lower supplier offers, sources said.Fastmarkets' manganese ore index 37% Mn, cif Tianjin dropped 6 cents to $4.30 per dry metric tonne unit (dmtu) on Friday April 23 from $4.36 per dmtu a week earlier.Fastmarkets' manganese ore 44% Mn, cif Tianjin dropped by 1 cent to $4.74 per dmtu on the same day, down from $4.75 per d...Read More
The European manganese alloy markets climbed strongly over the week to Friday April 30, propelled by strong spot demand from consumers in the steel sector as well inter-merchant trade.Prices for both silico-manganese and high-carbon ferro-manganese hit ?,?1,300 per tonne delivered at the top of their respective price ranges on Friday, a level last seen in each market more than four years ago in ea...Read More
Mexican steel scrap prices rose marginally in the week ended Friday April 30 amid strong demand, although some market participants believe prices are facing limited upside.Prime grade scrap prices were mostly stable amid tight supply due to a gradual recovery in Mexico's manufacturing sector, which generates scrap.There were increased reports of exports of busheling grades to the United...Read More
The Turkish deep-sea scrap import market went quiet after the sharp increase in prices following China's cancellation of export tax rebates on some steel products, market participants said on Tuesday May 4.China's Ministry of Finance removed the export tax rebate on some steel products on May 1.The news boosted demand for steel and, in particular for steel billet, in Asia, and that triggered the r...Read More
With Chinese markets closed, volume traded on the London Metal Exchange has been light this morning, Tuesday May 4, with 2,368 lots traded as of 6.14am. But the base metals were holding up in high ground with gains averaging 0.7%, led by a 1.1% rise in copper to $9,916.50 per tonne. The US Dollar Index, recently at 91.16, was consolidating off last week's low of 90.42Base metalsThe rallies in the...Read More
The CME Group's cash-settled lithium futures contract, which is settled against Fastmarkets' assessment of the spot price for battery-grade lithium hydroxide in China, Japan and South Korea, was traded for the first time on Monday May 3.A total of five tonnes was traded at $14.25 per kg on Monday, the day the contract was launched, for delivery in June 2021, according to the CME.Fastmarkets' lates...Read More
Domestic prices for hot-rolled coil in Europe inched up further on Tuesday May 4, with steelmakers remaining in full control of pricing, sources have told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?1,011.00 ($1,217.84) per tonne on Tuesday, up by just ?,?3.86 per tonne from ?,?1,007.14 per tonne on April 30.The index was also up b...Read More
Domestic prices for hot-rolled coil in the EU increased over the week to Friday April 30, going above ?,?1,000 ($1,205) per tonne for the first time.At the end of last week, ArcelorMittal again increased its official offer prices for all steel coil products in Europe - by ?,?20 per tonne for HRC and by ?,?50 per tonne for downstream products. Its new offers for HRC were heard at ?,?1,020 per tonne...Read More
As competition in the global steel markets remains fierce, Fastmarkets provides an update on the new, progressing and closed trade cases from around the world in April 2021.The case list below includes only updates. For other continuing cases this year, see the updates for January, February and...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 4 that are worth another look.Duferco Travi e Profilati, the Italian long steel producer of the Duferco group, has received a loan of ?,?72 million ($86.5 million) from two banks to build a new sustainable steel plant in...Read More
Duferco Travi e Profilati, the Italian long steel producer of the Duferco group, has received a loan of ?,?72 million ($86.5 million) from two banks to build a new sustainable steel plant in Brescia, Italy, the company said on April 29.This follows Duferco's recent announcement that it was to partner with equipment provider SMS group for the new green beam mill.The new plant should go into product...Read More
Prices for steel billet and rebar were stable in the United Arab Emirates during the week to Tuesday May 4 because of poor demand during the Islamic holy month of Ramadan, sources told Fastmarkets.Most buyers, however, expect prices to increase by around $30-40 per tonne after the Eid-al Fitr holiday, which marks the end of Ramadan, in the next week. Usually, working hours are reduced d...Read More