Base metals prices on the London Metal Exchange were largely up at the 5pm close of trading on Thursday November 11, after a strong morning performance and reassuring news that emerged from the Chinese property sector."Chinese stock markets gained, on growing confidence that the authorities would ease the crackdown on the property sector and support developers," Anna Stablum, LME desk analyst at M...Read More
European hot-rolled coil prices were stable to slightly lower on Thursday November 11, on subdued activity, but producers hope to achieve higher prices in the first quarter of 2022, sources told Fastmarkets.Trading activity was slow, with buyers refraining from making purchases and instead assessing the situation. Producers, meanwhile, were looking to achieve higher prices for the first quarter of...Read More
Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were for the most part firmer this morning, Thursday November 11 - it would seem dip-buying has dominated once again.Consumer prices in the United States and China rise more than expected.US Dollar Index shoots up to 95 while the rally extends.Base metalsThree-month base metals prices on the LME were mainly stronger...Read More
Seaborne coking coal cfr prices continued to drop on Thursday with new offers at lower prices emerging, while there was a trade in the fob market after a quiet week.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $522.01 per tonne, down $8.14 per tonneHard coking coal, cfr Jingtang: $464.62 per tonne, down $10.10 per tonnePremium hard coking coal, fob DBCT: $400.49 per tonne, down $0.99...Read More
China's domestic rebar prices gained some upward momentum on Thursday November 11 after several steelmakers expressed their unwillingness to deliver January-contracted steel cargoes bound for Shanghai Futures Exchange warehouses. Domestic Eastern China (Shanghai): 4,750-4,800 yuan ($742-750) per tonne, up by 110-130 yuan per tonneWith the price of the most-traded January rebar contract on the exch...Read More
Prices for imports of basic pig iron into China have weakened over the past fortnight with bearish sentiment dominating the country's ferrous complex, sources told Fastmarkets on Thursday November 11.Chinese finished and semi-finished steel prices have been falling for most of the past two weeks, weighing down demand for pig iron, they said.Fastmarkets' fortnightly assessment of the price for pig...Read More
Nickel, a key raw material in lithium-ion batteries used in electric vehicles (EVs), has gradually grown its market share amid a global shift away from fossil fuels.But with lithium iron phosphate (LFP) batteries making a comeback in the EV market in China, a shadow is being cast on the growth potential for nickel consumption in 2022.The stainless steel market, which accounts for approximately 90%...Read More
Nickel, a key raw material in lithium-ion batteries used in electric vehicles (EVs), has gradually grown its market share amid a global shift away from fossil fuels.But with lithium iron phosphate (LFP) batteries making a comeback in the EV market in China, a shadow is being cast on the growth potential for nickel consumption in 2022.The stainless steel market, which accounts for approximately 90%...Read More
Mining and metals companies say they're serious about transitioning to a sustainable economy, but whether they can afford to is another matter.Achieving decarbonization throughout the supply chain is going to require a huge amount of investment in technology to reimagine production processes and redesign existing sites.Last week, the International Aluminium Institute estimated that to decarbonize...Read More
The United States' imports of steelmaking raw materials fell by 7.36% month on month in September, spurred by a reduction in inflows of pig iron and a drop in ferrous scrap intake from Canada, according to the latest data from the US Census Bureau.Raw material imports totaled 931,030 tonnes in September, compared with 1 million tonnes in August and nearly 1.30 million tonnes in July.Overall ferrou...Read More
Seaborne iron ore prices rose on Thursday November 11, tracking the upward movements in Chinese futures and front-month swaps contracts, but most market participants remained cautious because of weak demand for physical iron ore, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $92.57 per tonne, up $3.67 per tonne62% Fe low-alumina fines, cfr Qingdao: $94.03 per tonn...Read More
Some Chinese steelmakers are refusing to deliver January-contracted steel cargoes bound for Shanghai Futures Exchange warehouses to stem falling prices.Some steel mills in northern China said on Wednesday November 10 they will not deliver cargoes for January futures positions because their prices are too low compared with spot physical prices.The most-traded January rebar futures contract closed a...Read More
Seaborne iron ore prices rose on Thursday November 11, tracking the upward movements in Chinese futures and front-month swaps contracts, but most market participants remained cautious because of weak demand for physical iron ore, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $92.57 per tonne, up $3.67 per tonne62% Fe low-alumina fines, cfr Qingdao: $94.03 per tonn...Read More
Production output for mining companies across base metals is likely to remain low despite significant additional capacity because miners face challenges from climate disruptions, ageing mines and Covid-19-related delays, Australian consultancy and research firm Cape Noir said on Thursday November 11."A lot of assets are showing declines in production and rolling delays to maintenance. Assets have...Read More
The People's Bank of China (PBOC) will offer cheaper funding to financial institutions which provide green loans, according to a statement released by the Chinese central bank on Monday November 8.The central bank will lend money to financial institutions to help them support firms which are working toward China's energy transition goals, the statement read.Financial institutions can borrow from P...Read More
Turkish steel mills were quiet in the deep-sea scrap import markets on Thursday November 11 after booking two cargoes from the Baltic Sea region, sources told Fastmarkets.A steel mill in the Marmara region had booked two Baltic Sea cargoes late on Tuesday November 9 at $497 and $500 per tonne cfr on HMS 1&2 (80:20) basis. Turkish steelmakers required more cargoes for December,...Read More
Chinese exporters of ammonium paratungstate (APT) tried to hold their offers firm this past week, despite the overall export market being inactive and domestic prices in China falling, according to sources.Fastmarkets' weekly price assessment for tungsten APT 88.5% WO3 min, fob main ports China was $313-319 per metric tonne unit (mtu) on Wednesday November 10, widening downward by $2 per mtu from...Read More
Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were for the most part firmer this morning, Thursday November 11 - it would seem dip-buying has dominated once again.Consumer prices in the United States and China rise more than expected.US Dollar Index shoots up to 95 while the rally extends.Base metalsThree-month base metals prices on the LME were mainly stronger...Read More
Here are five Fastmarkets stories you might have missed on Thursday November 11 that are worth another look.The capacity expansion at ArcelorMittal Brasil's Monlevade unit will serve either the domestic or export markets with high-quality special steel products, chief executive officer Jefferson De Paula told Fastmarkets on November 11....Read More
(Updates prices) By Eric Onstad LONDON, Nov 11 (Reuters) - Copper prices rebounded onThursday after debt-burdened China Evergrande Group again dodgeda default, raising hopes of government support for a propertysector that can drive significant demand for metals.Several of developer Evergrande's bondholders had receivedinterest payments on three bond tranches worth more than $148million, reports sa...Read More