The Russian government is considering stricter scrap export restrictions to combat rises in prices for finished steel used in the domestic construction sector, Fastmarkets has learned. The Ministry of Industry and Trade of the Russian Federation (Minpromtorg) might further limit scrap exports from the country. New trade remedies, such as quotas or even export bans, could be applied, deputy ministe...Read More
The demand for steel scrap in most major Asian markets increased during 2020 despite the Covid-19 pandemic because of billet arbitrage opportunities and the recovery in steel consumption in the region, market sources have said.VietnamVietnam's total ferrous scrap import volumes increased by 11.4% year-on-year to 6.27 million tonnes in 2020 from 5.63 million tonnes in 2019.Japan was the key source....Read More
ED&F Man Capital Markets' Edward Meir took the top spot on the Apex base metals prediction ranking for the fourth quarter of 2020 with a 96.75% accuracy score while Wenyu Yao at ING was the winner for precious metals predictions over the quarter with 98.32%.For steel raw materials, ABN Amro's Casper Burgering had the first spot, with an 89.37% accuracy score. Click below to download the full repor...Read More
Seaborne prices for Australian premium hard coking coal increased on Tuesday January 26, with sellers holding back their offers and buyers increasingly concerned over severe weather conditions, sources told Fastmarkets.Hard coking coal and low-volatility pulverized coal injection (PCI) fob prices followed suit, they added.Fastmarkets indicesPremium hard coking coal, fob DBCT: $150.21 per tonn...Read More
The cash price for tin and its benchmark spread are receiving a boost from a short-term lack of supply on the London Metal Exchange, the question is when and how stocks on the exchange will return?The LME cash contract was at $23,120 per tonne on January 26 and traded nearly $300 above its three-month delivery counterpart, which went as high as $22,740 per tonne the same day, with both prices at n...Read More
The London Metal Exchange tin price continued to climb during morning trading on Tuesday January 26, while the rest of the base metals had a more mixed start to the day given a steady US Dollar Index and possible delays to the United States' $1.9 trillion Covid-19 economic stimulus package. Tin's three-month price reached a new year-to-date high of $22,730 per tonne during early trading on Tuesday...Read More
Sellers of hot-rolled coil in China maintained their high offers on Tuesday January 26 despite thin trading, sources told Fastmarkets.DomesticEastern China (Shanghai): 4,470-4,490 yuan ($690-693) per tonne, up 20-40 yuan per tonneSeveral Shanghai-based traders said sellers kept their offers at 4,470-4,490 yuan per tonne during the day despite trading activity being weaker than on Monday.They said...Read More
Base metals prices on the London Metal Exchange were mainly lower this morning, Tuesday January 26, but those on the Shanghai Futures Exchange were more mixed. Concerns that the US relief package may be delayed and a warning from a Chinese central bank official of asset bubbles have dampened the mood.Asian-Pacific equities were weaker this morningThe yield on US 10-year treasuries declined, sugges...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 Cobalt standard grade, in-whs...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 applies.Fastmarkets assessed Cobalt alloy grade, in-whs...Read More
Copper producer Freeport-McMoRan expects to see its 2021 copper sales reach about 3.8 billion pounds, or 1.7 million tonnes, while it continues its transition to underground mining at Grasberg in Indonesia.This is an increase from 3.2 billion lbs, or 1.4 million tonnes, on 2020 - a year in which the United States-based company faced the suspension of operations at Cerro Verde in Peru due...Read More
ED&F Man Capital Markets' Edward Meir led Fastmarkets' Apex 2020 leaderboard for base metals analysis with an accuracy rate of 96.24%, having led the leaderboard for two quarters during the year. Pezco Economics' team led by Helcio Takeda followed in second place for base metals with an accuracy rating of 95.76%, closely followed by Fastmarkets' research team, which had a close score of 95.74%. Ca...Read More
A summary of Sherritt International's production results for the fourth quarter and full-year 2020, along with its guidance for 2021, released on Monday January 25.In brief Finished nickel production at Sherritt's Moa JV (a joint venture with Cuba's General Nickel Co, with nickel/cobalt operations at Moa in Cuba and at Fort Saskatchewan in Alberta, Canada) over the...Read More
Ball Corp is to build a new aluminium canmaking plant in the Czech Republic to meet rising demand from consumers seeking sustainable and recyclable beverage packaging, the company said.Construction of the facility, which will be located in Pilsen, will begin in the spring of 2021 with operations expected to begin in October 2022. The plant is part of a broader strategy for increased inve...Read More
China's ban on Australian mined copper import and a lingering Peruvian mine disruption have gone against its smelting industry's original ambition to produce more copper, Fastmarkets understands.China has been engaged in an escalating trade row with Australia of late, with Chinese copper smelters and traders verbally ordered to avoid buying Australian copper concentrate in early November 2020. The...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were for the most part weaker while the market waits for direction from the US Federal Reserve when the Federal Open Market Committee (FOMC) conclude their meeting this evening.Base metalsThree-month base metals prices on the LME were mostly down this morning; the exception was nickel ($18,100 per tonne), that was up by...Read More
Starbucks (SBUX), a Dow Jones Industrial Average stock moved below support at $100.02 after releasing lower than consensus U.S. comps. Sirius (SIRI), a NASDAQ 100 stock moved above $6.70, $6.72, $7.33 and $7.52 to an all-time high extending an intermediate uptrend.Trip.com (TCOM), a NASDAQ 100 stock moved below $31.19 extending an intermediate downtrend. American Express (AXP), a Dow Jones Industr...Read More
Here are five Fastmarkets stories you might have missed on Monday January 25 that are worth another look.The London Metal Exchange will launch its new cash-settled lithium futures contract on June 14, 2021, settled against Fastmarkets' price assessment for lithium hydroxide monohydrate.Liberty Steel Group has completed...Read More
The London Metal Exchange will launch its new cash-settled lithium futures contract on June 14, 2021, settled against Fastmarkets' price assessment for lithium hydroxide monohydrate. The exchange will also add another aluminium cash-settled futures contract to its suite with the launch of a new European duty-paid aluminium premium contract settled against Fastmarkets' benchmark Rotterdam premium....Read More
The Chinese market price of nickel pig iron (NPI) rose in the week to Friday January 22 amid improved spot activity ahead of the Chinese New Year holiday (February 11-17), sources said.Fastmarkets assessed the price of nickel pig iron, high-grade NPI content 10-15%, spot, ddp China at 1,110-1,140 yuan ($171-176) per nickel unit on Friday, up by 20-40 yuan per nickel unit or 2.7% from 1,090-1,100 y...Read More