Copper production at Las Bambas, one of Peru's largest mines, may need to be cut from this week if a road blockade continues to prevent concentrates reaching Matarani port, parent company MMG said on Thursday December 24.Some supply contracts are already subject to force majeure, including road and rail transportation services, MMG said. Despite being in place intermittently through...Read More

Spot market copper concentrate treatment and refining charges (TC/RCs) rose by around 5% in the week ending Thursday December 24 with smelters better supplied for the first quarter. The index is now at the highest since July 3. Deals to smelters continued in the high $40s and low $50s for clean qualities, just below the quarterly purchase...Read More

China's Copper Smelters Purchase Team (CSPT) has set its first-quarter copper concentrate treatment and refining charge (TC/RC) buying floor at $53 per tonne / 5.3 cents per lb, down from $58 / 5.8 cents for the fourth quarter, sources told Fastmarkets. This comes after annual benchmark TC/RCs, fees paid to smelters for processing concentrates into metal, for 2021 dropped 4% to $59.50 per tonne /...Read More

Hot-dipped galvanized coil prices continued to increase in Turkey's local market in the week to Thursday December 24, while demand was good because of low stock levels following a recent shortage of coated supply, when some producers had limited hot-rolled coil feedstock, sources told Fastmarkets.Domestic pricesFastmarkets' weekly price assessment for steel hot-dipped galvanized coil domestic, exw...Read More

Market participants reported healthy demand for flat steel in the Turkish market in the week to Thursday December 24 with buyers securing material ahead of expected further price increases. Hot-rolled coil producers in Turkey are offering product for April production and cold-rolled coil is being offered for late February production at the earliest. Production costs also kept increasing this week,...Read More

Offers for steel billet from the Commonwealth of Independent States remained high this week despite buying activity only really being seen in Turkey, sources told Fastmarkets on Thursday December 24.Billet offers from major Russian and Ukrainian suppliers were heard at $600-605 per tonne fob Black Sea on Thursday, up from $580-600 per tonne fob on Monday December 21.One electric-arc furnace (...Read More

Prices for imported hot-rolled and cold-rolled steel coil in the United States surged to their highest levels in more than 12 years amid speculation that scarcity will drive prices higher still in the first quarter of 2021. Import offers are selling out quickly because of "the perception of the market that the US mills are only going to be higher in February, March and April," a national distribut...Read More

Base metals prices on the Shanghai Futures Exchange were up across the board this morning, Thursday December 24, while those on the London Metal Exchange were mixed.Metals and broader markets seem to be settling down ahead of the Christmas and New Year holidays, with dips still being bought, suggesting markets are content to consolidate while many cross currents muddy the waters.Markets seems to b...Read More

U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.The British Pound moved higher on news that the United Kingdom and Europe are set to announce a Brexit trade deal.Alibaba dropped $8.76 to $247.42 after the Chinese government launched an anti-trust probe on the company. On the charts, the stock moved below $252.55 completing a modified He...Read More

The price of pig iron exports from Brazil went up again during the week to Thursday December 24 amid full order books and continued demand in the United States and local markets.Fastmarkets assessed the price of pig iron, export, fob port of Vitoria/Rio, Brazil at $500 per tonne on Thursday from $480-500 per tonne a week earlier.No trading activity was reported in...Read More

The pig iron import market in the United States went up again during the week to Thursday December 24 amid further restocking.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US surged to $550-560 per tonne on Thursday from $495-520 per tonne a week earlier.One deal was done for Brazil-origin material at $550 per tonne cfr by a distributor in...Read More

The price of shredded steel scrap imported jumped over the week to Thursday December 24 due to the uptrend in the international market, sources told Fastmarkets. India Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India at $461.63 per tonne on Thursday, up by $32.80 per tonne week on week from $428.83 per tonne one week earlier. One deal was heard this week...Read More

Turkish steel producers have continued to pay higher prices for deep-sea scrap cargoes before the end-of-year holiday season, sources said on Thursday December 24.A steel mill in the Iskenderun region booked a US cargo, comprising 27,000 tonnes of HMS 1&2 (80:20) at $473 per tonne, 5,000 tonnes of shredded at $478 per tonne and 2,000 tonnes of bonus at $483 per...Read More

The uptrend in the pig iron export market from the Commonwealth of Independent States (CIS) continued in the week to Thursday December 24, despite no trades being reported, sources told Fastmarkets.Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS was $500-510 per tonne on Thursday, up from $475-500 per tonne a week earlier....Read More

Import scrap prices in Bangladesh has risen quickly in the past week alongside global spot prices, but buyers are growing increasingly wary, industry source told Fastmarkets on Thursday December 24. "It is a very confusing market this week, with prices all over the place and no one really sure about how things will pan out," a ferrous scrap trader in Singapore told Fastmarkets on Thursday. Offers...Read More

Iron ore prices began to rise again on Thursday December 24, sources said, supported by falling steel inventories in China. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $166.05 per tonne, up $4.02 per tonne62% Fe low-alumina fines, cfr Qingdao: $167.30 per tonne, up $4.94 per tonne58% Fe fines high-grade premium, cfr Qingdao: $154.25 per tonne, up $2.71 per tonne65% Fe Br...Read More

The London Metal Exchange three-month aluminium, nickel and zinc prices all rose by over 1% in morning trading on Thursday December 24, with the market weighing likely deals on US coronavirus relief funds and Brexit against the renewed pandemic spread across Europe. "Metals and broader markets seem to be settling down ahead of the Christmas and New Year holidays, with dips still being bought, sugg...Read More

The cfr price for seaborne premium hard coking coal edged up further on Thursday December 24, with new transactions sealed at higher prices. China's ban on Australian coal led to the decline in demand for Australian premium low-volatility hard coking coal, and premium mid-volatility hard coking coal has been sold at a higher price than premium low-vol material in the fob market, sources...Read More

China's hot-rolled coil prices regained some stability on Thursday December 24 although the market was inactive.DomesticEastern China (Shanghai): 4,800-4,820 yuan ($734-737) per tonne, up 10-20 yuan per tonneA Shanghai-based trader said that while some sellers had asked for prices as high as 4,840 yuan per tonne in the morning, no transactions were concluded until their offers fell to 4,800-4,820...Read More

China's stainless steel prices lost their upward momentum over the week ended Wednesday December 23 after nickel and stainless steel futures tumbled.The three-month nickel contract on the London Metal Exchange ended the Wednesday official session at $16,747 per tonne, down by $682 per tonne $17,429 per tonne a week earlier. The most-traded February stainless steel contract on the Shanghai Futures...Read More