Last day of the month. Just trade in the technical. Trump and China news will affect markets today. Economy will be on focus from next week. Nations have started opening from May month. Next week will tell us whether over optimism has been factored in by current stock rise and crude oil. Silver and copper are bullish. Nickel will break free from the recent consolidation phase and form a new rang...Read More
Fastmarkets is proposing to amend the specifications of cobalt hydroxide prices in order to reference a threshold for maximum iron content.Following an initial discussion with market participants, Fastmarkets is proposing to tighten the chemical specifications of the cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt price (low end) and the c...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.US demand shrinksDemand projections call for a continued retreat in US electric-resistance welded (ERW) line pipe and oil country tubular goods (OCTG) consumption as drill rigs and the number of wells drilled per rig are cut. Project demand in the large-diameter line pipe market is also shrinking with deferred or canceled pro...Read More
The gold price made a new 2020 high today and looks poised to take out the nominal all-time high around $1,920 and then challenge $2,000 in the months ahead. Some are even estimating that gold could climb to $3,000 by year-end on account of the nearly $10 trillion in new money/debt/stimulus that is being created in the US alone to fight the pandemic.This 2020 gold price target of $3,000 is a littl...Read More
After a consultation period, Fastmarkets has amended the specifications of its price assessments for battery-grade lithium carbonate and hydroxide to better reflect emerging norms in battery-grade chemistry.The changes will take effect on June 1, 2020.The amendments to the specifications of the price of the lithium carbonate 99.5% Li2CO3 min, battery grade, spot price range exw domestic China, yua...Read More
Domestic prices for hot-rolled coil in Northern Europe went down day on day on Friday May 29 due to poor demand.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?400.71 ($442.31) per tonne on Friday, down by ?,?6.17 per tonne day on day from ?,?406.88 per tonne ex-works on Thursday.Friday's index was calculated based on deals and "workable" prices heard at ?,?39...Read More
The reason for silver's gap-up assumes the US makes it through the weekend as a functional nation with working markets, so yeah, it might be a stretch...I wrote something a few years back.It's not very well written, it's in dire need of proofreading, and it could use a revision, and I supposed one day I'll get around doing those things.Regardless, from the book I wrote that nobody ever read, much...Read More
The three-month price of zinc on the London Metal Exchange rose by 2.50% during trading on Friday May 29 to close at $1,988 per tonne.The zinc price reached a high of $1,992 per tonne on Friday, but failed to breach the $2,000-per-tonne mark despite a turnover of 9,867 lots.LME zinc stocks have declined to 101,350 tonnes after an outflow of 1,900 tonnes and fresh cancellations of 750 tonnes on Fri...Read More
Seaborne iron ore prices increased rapidly on Friday May 29 on growing concerns over supplies from Brazil. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $102.39 per tonne, up $5.30 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $105 per tonne, up $6.11 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $87.30 per tonne, up $1.76 per tonne. 65% Fe Brazil-origi...Read More
Premium hard coking coal prices slumped after lower transaction prices emerged on Friday May 29, amid concerns that quota restrictions in China will be tightened.Fastmarkets indicesPremium hard coking coal, fob DBCT: $109.59 per tonne, down $2.64 per tonne Premium hard coking coal, cfr Jingtang: $116.45 per tonne, down $3.32 per tonneHard coking coal, fob DBCT: $90.56 per tonne, up...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.US demand shrinksDemand projections call for a continued retreat in US electric-resistance welded (ERW) line pipe and oil country tubular goods (OCTG) consumption as drill rigs and the number of wells drilled per rig are cut. Project demand in the large-diameter line pipe market is also shrinking with deferred or canceled pro...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Lockdowns and restrictions of movement in several cities in Brazil have increased worries about the potential impact on iron ore export volumes. The situation has already had an impact on the market sentiment. These concerns, combined with strong demand from China, have boosted iron ore prices. The fall in shipments from Bra...Read More
Slab export prices in Brazil increased in the week to Friday May 29, with multiple deals and negotiations taking place in Asia.Fastmarkets assessed the price for steel slab export, fob main port Brazil at $345-355 per tonne on Friday, up by $5-10 from $335-350 per tonne the previous week.Demand for Brazilian slab has increased in Asia, with one deal concluded for 40,000 tonnes to China and another...Read More
The Turkish steel producers resumed their deep-sea scrap purchases after the post-Ramadan holiday break with prices going up, while demand in Asia was also firm during the working week ended Friday May 29.Turkish steel mills booked six deep-sea cargoes at higher pricesUS exporters are working to fill sales from both West and East CoastsImport scrap prices in Vietnam rise, outlook unclearTight supp...Read More
Codelco's profits fell by 85.5% year on year in the first quarter of 2020, the company said on Friday May 29, due to lower copper prices brought about by the global spread of the novel coronavirus.The world's largest copper producer earned a profit of $54 million in "a challenging first quarter," Codelco said, noting that the steep fall in the underlying price of copper hurt the company's bottom l...Read More
Concerns over the availability of nickel for the battery sector increase from 2022, when electric vehicle (EV) growth picks up again after a period of weak consumer confidence caused by Covid-19, according to a poll conducted during a Fastmarkets webinar.About 44% of respondents to a poll at the end of the webinar said nickel was the battery raw material with which they were most concerned about s...Read More
The three-month price of zinc on the London Metal Exchange rose by 2.50% during trading on Friday May 29 to close at $1,988 per tonne.The zinc price reached a high of $1,992 per tonne on Friday, but failed to breach the $2,000-per-tonne mark despite a turnover of 9,867 lots.LME zinc stocks have declined to 101,350 tonnes after an outflow of 1,900 tonnes and fresh cancellations of 750 tonnes on Fri...Read More
An overview of the battery raw materials markets and their latest price moves.Read More
Fastmarkets' benchmark copper concentrates treatment and refining charge (TC/RC) index fell on Friday May 29 despite the expected return of Peruvian supply.The index dropped to $49.7 per tonne/4.97 cents per lb from$51.6 per tonne/5.16 cents per lb a week ago. Most Chinese smelters spoken to by Fastmarkets continue to buy parcels in the low-$50s/5 cents for June-July arrival. In trader purchases,...Read More
Consumers are starting to pay a premium for low-carbon aluminium - a practice that will grow more widespread over time, the former chief executive officer of Norwegian aluminium producer Norsk Hydro said. Speaking during a webinar interview, Svein Richard Brandztaeg said that the drive to a circular economy was not without investment capital and ultimately needed to be paid for. "There is now bein...Read More