Chinese stainless-steel producer Tsingshan Holding Group plans to set-up a cold-rolling mill with an annual capacity of 600,000 tonnes per year in Busan, South Korea, and has submitted letters of intent to the city government and potential business partners, Chinese market sources told Fastmarkets.Domestic suppliers may raise concerns about Tsingshan's plans because South Korea currently consumes...Read More
Dafydd Davies has joined TradeCloud as marketing executive to expand its presence in Europe and the Americas, the company said on Wednesday May 29.Launched in October 2017, TradeCloud is a digital metals trading platform where producers, consumers and traders can meet to exchange information, negotiate contracts and...Read More
TSLA had yet another bad week, closing down $19 (9%) from the previous Friday's close. Last week every attempted bounce in the stock was shortable on a daytrading basis. Currently Tesla's shares are trading at $188. It would likely be a lot lower if it weren't for Musk's repeated "leaked" emails loaded with dubious production and delivery claims, with both barrels pointed directly at short-sellers...Read More
China's president Xi Jinping had visited a rare earth processing plant last week, which was seen as leverage for trade talks given the country's dominance in supply.Chinese media reports yesterday then warned the US not to "underestimate China's ability to strike back", Reuters reported."The outcome of this has to be an increased focus outside China on rare earths production because while China ha...Read More
Workers belonging to three trade unions at Codelco's Chuquicamata division voted to go on strike when they rejected the latest contract proposal from the Chilean state-owned copper miner, the unions said on Wednesday May 29.The company and the unions both have the option, within four days, to ask authorities to mediate negotiation on a new contract of employment for workers at the mine. Once media...Read More
Although I usually let my charts tell me where stocks are headed next, the 'technicals' are a tad sunnier than I at the moment. This is notwithstanding recent weakness that has caused new record highs that were within spitting distance just a few weeks ago to recede. A 3095 target that lay just 4.5% from early May's peak now sits 10.5% away. It's certainly do-able, but I doubt buyers have the mo...Read More
Cambodia's Sihanoukville Special Economic Zone is over a thousand miles from China, but you would not know it to be there.Cut into a landscape of thick jungle and paddy fields, the area - which touts itself as a landmark Belt and Road project - is a mass of freshly built white factory buildings emblazoned with names such as Fangyuan Factory, Qingdao Baoli Textile and Jinchenyuan.There runs Kinnric...Read More
Antimony prices in both Chinese and European markets have dropped significantly so far this year due to weak demand and bearish sentiment caused by factors led by rising trade tension between China and the United States, the world's two largest economies. Fastmarkets' European and Chinese antimony prices have fallen by more than 15% and 21% respectively in the year to date. Fastmarkets presents th...Read More
Cobalt prices fell in the first half of the week after slow consumer demand and strong discounts on long-term contracts incited aggressive offers from sellers. Fastmarkets price assessment for standard-grade cobalt in-warehouse Rotterdam was $15.35-16.10 per lb on Wednesday May 29, down from $16-16.55 per lb at the end of last week. Alloy-grade prices settle...Read More
* GRAPHIC-2019 asset returns: (Updates with closing prices, details)By Zandi ShabalalaLONDON, May 30 (Reuters) - Copper prices fell to theirlowest level in nearly five months on Thursday after a Chinesediplomat ramped up rhetoric that could stoke the trade conflictbetween the United States and China and possibly erode metalsdemand.Provoking trade disputes is "naked economic terrorism",Ch...Read More
The Turkish deep-sea scrap market has fallen quiet again after mills failed to sell finished long steel products to the United States even though that country has now removed its extra tariff on Turkish steel, sources said on Thursday May 30.The mills did return to the market for a short buying spree late last week, after the US reduced its import duty on Turkey-origin products to the pre-existing...Read More
TORONTO - Ontario's government is working for the people by holding consultations to hear from businesses firsthand on industrial electricity pricing and programs.Greg Rickford, Minister of Energy, Northern Development and Mines, and Todd Smith, Minister of Economic Development, Job Creation and Trade, met with manufacturing sector stakeholders in Toronto today. This session is one of several in-p...Read More
Market focus is on escalating trade tensions this morning, Thursday May 30, with participants concerned about what the United States might do if China cuts exports of rare earth minerals to the former.This has led to further risk-off which is hitting Asian equities this morning, although base metals are, for now, in positive territory while they consolidate the previous day's losses.Market partici...Read More
I'm not going to lie...I think our continued reliance on internal combustion is absolutely absurd.It is an outdated technology that needs to be retired.And it will be.The truth is, electric vehicles ARE the future of personal transportation.The transition is inevitable. But it's also not going to happen as fast as some would like.According to Bloomberg, by 2040, 57% of all passenger vehicle sales...Read More
Cobalt prices fell in the first half of the week after slow consumer demand and strong discounts on long-term contracts incited aggressive offers from sellers. Fastmarkets price assessment for standard-grade cobalt in-warehouse Rotterdam was $15.35-16.10 per lb on Wednesday May 29, down from $16-16.55 per lb at the end of last week. Alloy-grade prices settle...Read More
Key data from the Wednesday May 29 pricing session in Shanghai. Key drivers The Chinese cobalt salts market, which includes cobalt sulfate and tetroxide, continued to soften on sluggish demand, which is partially due to the fact that battery cathode materials manufacturers have broadly fed on tolled products. Meanwhile, excessive stocks consumers had built up in early April when the co...Read More
Chinese stainless-steel producer Tsingshan Holding Group plans to set-up a cold-rolling mill with an annual capacity of 600,000 tonnes per year in Busan, South Korea, and has submitted letters of intent to the city government and potential business partners, Chinese market sources told Fastmarkets.Domestic suppliers may raise concerns about Tsingshan's plans because South Korea currently consumes...Read More
China's domestic prices for hot-rolled coil softened further on Thursday May 30 amid limited trading activity, with high inventory levels leaving market sources expecting further drops.DomesticEastern China (Shanghai): 3,960-3,970 yuan ($573-574) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,870-3,890 yuan per tonne, down 10 yuan per tonneLosses in the futures market put pressure on...Read More
The Mexican government has begun to unblock some of the frozen bank accounts owned by steelmaker Altos Hornos de M?(C)xico (Ahmsa), the company said late on Wednesday May 29."This will allow the company to resume normality in its financial transactions with suppliers and clients, and also ensure the pay packets of its 20,000 workers," Ahmsa said.The company also said that its operations were not a...Read More
Steel billet prices for imports into Egypt have increased this week on higher offers, while domestic rebar prices have remained unchanged, Fastmarkets heard on Thursday May 30.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $450-455 per tonne cfr on Thursday, unchanged week-on-week.Egypt imposed temporary import duties on steel billet and rebar on April 15, at a rate...Read More