Nickel premiums in the United States and China dipped in the week to Tuesday May 26 while trade moved lower and premiums in Europe maintained their already-low levels, Fastmarkets was told.Lower offers drive US nickel briquette premiums downLack of arbitrage opportunity in China facilitates trade at lower levelsEuropean market stable despite optimism for forward nickel demand in the regionChina pr...Read More
RAPAPORT... Polished-diamond imports into Hong Kong plummeted 54% to $2.33 billion in the first three months of 2020, reaching their lowest quarterly total since 2009, as the coronavirus hit demand. Polished exports fell 45% to $2.12 billion, according to data from the Diamond Federation of Hong Kong, China. Hong Kong Trade Data for 1Q 2020Read More
(IDEX Online) - Alrosa is holding is biggest ever online auction, listing over 800 rough diamonds, as coronavirus restrictions continue. The state-owned Russian miner is providing 3D scans showing each rough diamond's external shape, internal inclusions, anticipated color and fluorescence. It has been holding pilot digital tenders with a small number of stones since October 2019, but has resp...Read More
Global zinc and lead premiums were stable in the week to Tuesday May 26, with increased spot inquiries for lead amid battery producer Exide's bankruptcy failing to translate to higher United States premiums, while demand for zinc in all regions remained lackluster.Battery producer Exide Technologies bankruptcy filing stimulates US lead spot interest China zinc market subdued by lack of arbitrage o...Read More
Hot-rolled coil prices in the United States stayed mostly flat while market participants questioned the sticking power of a second wave of price increases by domestic flat steel mills.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $24.82 per hundredweight ($496.40 per short ton) on Wednesday May 27; that price is nearly flat from $24.72 per cwt, where the index stood...Read More
Turkey has told the World Trade Organization (WTO) that it is planning to impose import duties on certain steel products from the European Union.On Monday May 25, Turkey informed the WTO that it plans to impose an additional duty of 9-17% on steel product imports from EU. The products to be affected are hot-rolled flat steel under HS code 7208, cold-rolled flat steel under HS code 7...Read More
Domestic prices for steel rebar in the south of Europe declined week over week on slow buying and oversupply, while in the north of the region prices were largely unchanged, sources told Fastmarkets on Wednesday May 27.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe was ?,?410-440 ($450-483) per tonne on May 27, down by ?,?5 per tonne wee...Read More
European steelmakers will attempt to increase domestic prices for hot-rolled coil despite poor demand, sources told Fastmarkets on Wednesday May 27.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was unchanged day on day at ?,?407.50 ($446.38) per tonne ex-works on May 27.Wednesday's index was calculated based on "workable" prices heard at ?,?400-410 per tonne ex-wor...Read More
The price for steel H-beams in Southern Europe inched downward on Wednesday May 27 with producers unable to maintain their previous offer prices despite rising feedstock costs in the region, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?530-550 ($581-602) per tonne on Wednesday, unchanged week on week."It's still not busy...Read More
Broad markets and the metals were mixed this morning, Wednesday May 27, while participants brace for what United States President Donald Trump’s response will be to China’s plans to impose national security laws in Hong Kong, which he said will be announced by the end of the week. China’s CSI 300 and Hong Kong’s Hang Seng indices were weaker this morning, while in other areas t...Read More
The Turkish deep-sea scrap import market was quiet on Wednesday May 27, with market participants returning after a four-day lockdown, sources told Fastmarkets.The whole country was under lockdown to prevent the further spread of the Covid-19 virus during the Eid al-Fitr celebrations - which are held to mark the end of Ramadan and took place between the night of Friday May 22 and the...Read More
Seaborne premium hard coking coal prices dropped further on Wednesday May 27 after buyers heard lower offers from traders.Fastmarkets indicesPremium hard coking coal, fob DBCT: $114.30 per tonne, down $1.06 per tonne Premium hard coking coal, cfr Jingtang: $121.70 per tonne, down $2.67 per tonneHard coking coal, fob DBCT: $91.31 per tonne, up $0.58 per tonneHard coking coal, cfr Jin...Read More
U.S. equity index futures were higher again this morning. S&P 500 futures were up 33 points in pre-opening trade. Disney gained $2.80 to $123.75 after announcing plans to re-open its Orlando, Florida properties. Novavax added $0.67 to $48.84 after announcing start of first phase clinical testing of its coronavirus vaccine. Bank of Montreal and Royal Bank are expected to open lower after releas...Read More
Seaborne iron ore prices regained some stability with active trading on Wednesday May 27, after falls the previous day that were triggered by an easing of supplies from Brazil.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $95.37 per tonne, up by $0.09 per tonne.62% Fe low-alumina fines, cfr Qingdao: $98.00 per tonne, up by $0.03 per tonne.58% Fe fines high-grade premium, cfr Qingdao: $84....Read More
The annual sitting of the National People's Congress of the People's Republic of China and the Chinese People's Political Consultative Conference - widely known as the 'twin sessions' - in Beijing released a series of stimulus packages for the development of China's economy amid the Covid-19 pandemic.Market participants harbor mixed sentiment over the impact of the policy measures. Here are eight...Read More
China is considering setting up a national iron ore fund to support the development of its domestic iron ore production, China Iron & Steel Association (Cisa) chairman He Wenbo said.The fund will use an estimated 90 billion yuan ($12.57 billion) from tax levies to support domestic iron ore development and ensure that China is capable of meeting up to 20% of its total iron ore demand.Income tax fro...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 27.Read More
The London Metal Exchange three-month aluminium price held above $1,500 per tonne during morning trading on Wednesday May 27, despite a fresh inflow of 19,275 tonnes of material into LME sheds in Malaysia as of 9am.The LME three-month aluminium contract was the only base metal to make modest gains this morning, most recently trading around $1,522 per tonne, up $2.50 per tonne from the previous day...Read More
Broad markets and the metals were mixed this morning, Wednesday May 27, while participants brace for what United States President Donald Trump's response will be to China's plans to impose national security laws in Hong Kong, which he said will be announced by the end of the week. China's CSI 300 and Hong Kong's Hang Seng indices were weaker this morning, while in other areas the focus seems to be...Read More
Cobalt hydroxide payables continued to climb in the first half of the week, with buyers accepting higher offers and the market for June and July cargoes tightening considerably after the past two weeks of restocking. Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China rose to 65-67% of the standard-grade metal price (low-end) on Wednesday May 27, up from 64-66% on Friday May 22....Read More