Turkish steel producers have continued their deep-sea scrap purchases at fairly stable prices, market participants told Fastmarkets on Wednesday November 3.A steel mill in the Marmara region booked a Baltic Sea cargo of HMS 1&2 (80:20) at $490 per tonne cfr - although the volume was not clear at the time of...Read More
Steel scrap buyers in Taiwan were bearish about the containerized scrap market, expecting to book cargoes at lower prices in the short term, market sources told Fastmarkets on Wednesday November 3. Taiwan secures lower-priced cargoesVietnam reports lower offersChina prices continue downtrend amid bearish sentiment in local marketTaiwanTaiwanese buyers have secured containerized heavy melting scrap...Read More
Seaborne coking coal prices across the board in both cfr and fob markets were relatively flat on Wednesday November 3.Fastmarkets indices Premium hard coking coal, cfr Jingtang: $600.88 per tonne, up $0.63 per tonne Hard coking coal, cfr Jingtang: $525.23 per tonne, unchanged Premium hard coking coal, fob DBCT: $403.57 per tonne, unchanged Hard coking coal, fob DBCT: $339.59 per tonne, unchang...Read More
Most base metals on the London Metal Exchange traded higher during Wednesday's morning session, bouncing back above the previous day's closing prices aided by well-supported coal prices in Asia.Three-month aluminium traded at $2,733.50 per tonne on Wednesday morning, compared with its close on Tuesday of $2,692 per tonne. Market analysts said well-supported coal prices helped push the light metal...Read More
Trading in China's spot hot-rolled coil market picked up on Wednesday November 3, with prices rebounding after two consecutive days of sharp losses.DomesticEastern China (Shanghai): 5,050-5,100 yuan ($789-797) per tonne, up by 50 yuan per tonneSpot HRC prices in eastern China recovered from an eight-month low during the day while the most-traded HRC contract on the Shanghai Futures Exchange also b...Read More
China's domestic rebar prices tumbled further on Wednesday November 3, which stimulated demand. Domestic Eastern China (Shanghai): 4,950-4,980 yuan ($774-778) per tonne, down by 130 yuan per tonneRebar sellers lowered their offers in the morning on a weak futures market, a trader in Shanghai said. The January rebar futures contract on the Shanghai Futures Exchange was lower...Read More
Domestic stainless steel prices in China dropped sharply over the week ended Wednesday November 3, causing exporters in the country to lower their offers as well. DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 19,800-20,200 ($3,094-3,156) per tonne, down by 800-900 yuan per tonne from a week earlier Sentiment in the stainless steel futures market remained bearish over the...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday November 3.Key drivers?EUR?European ferro-titanium suppliers held their offer prices steady for the third consecutive week on November 3. There was low-key trading activity, and spot prices appeared to be steady ahead of the expected settlement of steelmakers' tenders for alloy and the annual Fastmarkets' international ferro-alloys...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....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 Rotterdam, $/lb at 28.00-28.60...Read More
The Cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt price (low-end) 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 hydroxide.....Read More
The Cobalt sulfate 20.5% Co basis, exw China, yuan/tonne 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...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up across the board on Wednesday November 3, suggesting dips are once again finding support. The European Union's manufacturing purchasing managers' index (PMI) out on Tuesday at 58.3, while slightly weaker than September's 58.5, still showed strong expansion, which will be helping to counter the slowdown in China.U...Read More
Spot copper premiums rose in Europe during the past week, while trading interest was minimal in Shanghai and the United States, with the red metal's backwardation remaining a concern.London Metal Exchange copper's cash to three-month spread was in a $275-per-tonne backwardation on Wednesday, easing from $438 per tonne on Tuesday LME on-warrant copper stocks remain below 40,000 tonnes, while C...Read More
Demand for low-carbon aluminium is likely to remain strong into 2022 despite tight market conditions, leading executives from Norwegian aluminium and renewable energy company Norsk Hydro said.Norsk Hydro chief executive officer Hilde Merete Aasheim and chief financial officer P??l Kildemo spoke to Fastmarkets after releasing their third-quarter results last week."Demand [for low-carbon material] i...Read More
Base metals prices on the LME and SHFE were mixed early on Thursday November 4, but neither the metals nor the broader markets have been rattled by the US Federal Reserve's announcement that it is to start tapering its monthly bond buying programme.* The United States Federal Reserve to trim bond buying by $15 billion a month - it had been buying $120 billion a month* A pick-up in Covid-19 cases i...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade. Equity index futures were quiet prior to release of the U.S. September Trade Deficit Report at 8:30 AM EDT. Consensus is a deficit of $74.1 billion versus a deficit of $73.3 billion in August.The Canadian Dollar was quiet at U.S. 80.51 cents prior to release of Canada's September Merchand...Read More
Here are five Fastmarkets stories you might have missed on Tuesday November 2 that are worth another look.Eurofer has welcomed the agreement between the European Union and the United States to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas, the European steel association...Read More
Base metals prices on the London Metal Exchange fell marginally across the board at the close of trading on Tuesday November 2, with macroeconomic forces driving the price movements.The market was awaiting results of the United States Federal Market Open Committee meeting on November 3. The three-month copper price fell by 0.6% to $9,495.50 per tonne, from $9,555 per tonne at Monday's close. Volu...Read More
Replacing Section 232 tariffs on European aluminium products with tariff-rate quotas will result in even more trade distortions and create additional market instability for companies in both Europe and the United States, the head of industry association European Aluminium has said.The United States and the European Union (EU) reached an agreement over the weekend to replace the 10% tariff on...Read More