Activity returned to the Turkish deep-sea scrap import market in the middle of the week with a fresh cargo sold at lower prices than earlier deals, sources said on Wednesday August 7.A steel mill in the Iskenderun region booked a US cargo, comprising 20,000 tonnes of HMS 1&2 (90:10) and 20,000 tonnes of shredded at an average price of $294 per tonne cfr.The price for the shredded portion of the ca...Read More
Seaborne premium hard coking coal prices appeared to have stabilized on Wednesday August 7, with buyers continuing to take positions.Top Australian brands have been reported changing hands at $161 per tonne fob Australia since last Friday, on steady buying interest, according to sources.A premium mid-volatility cargo traded for a price just above $157 per tonne fob, up from transaction levels of $...Read More
Cargill has closed its base metals risk management business with the departure of staff across the United States, including Minneapolis-based Federico Stiegwardt, global head of the unit. Other departures include Cesar Canali and Justin King in New York, Cart Bechtel in Chicago, and associated support teams, people familiar with the matter told Fastmarkets. David Arteaga had already indicated to C...Read More
Seaborne iron ore prices continued to fall on Wednesday August 7 amid very limited buying interest among steel mills.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $93.31 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $91.81 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $9...Read More
Gerald Group subsidiary SL Mining will re-evaluate its plan to increase iron ore production to 6 million tonnes per year after the export ban put in place by the government of Sierra Leone late last month.It had also suspended operations at its Marampa mine on July 3 this year after the country's Minister of Mines and Mineral Resources, Foday Rado Yokie, issued...Read More
We have long held the view that there is a race against time between the trade disputes tipping the global economy toward recession and a trade deal spurring growth while businesses restock as their confidence recovers. For now, the slip toward recession seems to be winning. Equities in Asia were mixed on Wednesday August 7 after a mixed performance in western markets on Tuesday, but more central...Read More
A slight increase in trading activity in northern China led to prices for hot-rolled coil edging up on Wednesday August 7, while those in the eastern region were supported by a trading spurt in the latter half of the day.DomesticEastern China (Shanghai): 3,690-3,700 yuan ($524-525) per tonne, unchangedNorthern China (Tangshan): 3,740 yuan per tonne, up 10 yuan per tonneA Shanghai-based trader said...Read More
China's domestic rebar prices were unchanged on Wednesday August 7 amid a fluctuating futures market clouded by a lot of pessimism generated by trade tensions between the country and the United States.Domestic Eastern China (Shanghai): 3,770-3,800 yuan ($536-540) per tonne, unchangedNorthern China (Beijing): 3,730-3,760 yuan per tonne, unchangedEarly gains in the futures market led some buyers to...Read More
Three-month base metals prices on the London Metal Exchange were mostly down during morning trading on Wednesday August 7, with nickel down by 1.2%.The three-month nickel price was most recently trading at $14,765 per tonne, down by $180 per tonne from Tuesday's closing price of $14,945 per tonne. "[On Tuesday] nickel peaked at just over $15,000 per tonne on continued fears over Indonesian exports...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade. Walt Disney dropped $5.86 to $136.01 after reporting lower than consensus fiscal third quarter earnings. Weight Watchers (WW $21.01) is expected to open higher after reporting higher than consensus second quarter earnings. The company also raised guidance. CVS Health advanced $2.41 to $...Read More
Cobalt market participants expect a further uptick in cobalt hydroxide payables, following the news that Glencore intends to temporarily shut down its Mutanda project in Democratic Republic of Congo (DRC), Fastmarkets learned at Antaike's Battery Materials Conference in Guiyang, southwest China, being held August 7-8.But the slow response of the downstream battery sector may hinder any immediate s...Read More
A growing trade spat in East Asia could disrupt the trade in lithium cobalt batteries, flurochemicals, and minor metals. Rising trade tensions between Japan and South Korea threaten to disrupt the lithium cobalt battery market in East Asia in a rapidly developing sideshow to the United States-China face-off. By removing each other from import white lists, the Japan and South Korea threaten supply...Read More
Cobalt prices in the Chinese market, including cobalt metal and sulfate, rose quickly on Wednesday August 7, with sentiment strengthening after concerns of near-term supply surplus eased to a large extent.Earlier in the day on August 7, Glencore announced it will shut its Mutanda copper-cobalt mine in the Democratic Republic of the Congo (DRC) by the end of 2019 for care and maintenance, mainly as...Read More
The publication of Fastmarkets' alloy grade and standard grade cobalt price assessments for August 7 were delayed because of extenuating circumstances - namely, an unusually high level of market activity related to industry developments.Glencore's decision on Wednesday 7 to shut its Mutanda copper-cobalt mine by the end of 2019 in the Democratic Republic of the Congo (DRC) triggered an unusually h...Read More
Key data from Fastmarkets' Wednesday August 7 pricing session in Europe:Key drivers Ferro-titanium suppliers increase offer prices, with the range moving slightly higher at the top end, although overall business conditions are quiet given the time of year. At present there is tight availability on a spot basis and an increase in buying inquiries for August and September, although consumer demand i...Read More
QUESTION: Marty, Socrates has done an amazing job forecasting gold all by itself. What I find stunning is gold is rising but so is the dollar. This once again points out that all this gold analysis that it will soar because the dollar is fiat and will go to zero seems really absurd. You have warned that during the early stages gold will rise with the dollar. That is unfolding yet it is going unnot...Read More
Australia-listed miner Centaurus Metals Ltd has reached an agreement with Vale to acquire the latter's Jaguar nickel sulfide project in the Caraj??s mineral province, northern Brazil, it said on Tuesday August 6. The agreement, requiring an upfront cash payment of $250,000, also included an asset swap between the two companies. Centaurus will transfer the Salobo West copper-gold project, also in t...Read More
Eastern China's Delong Nickel Industry plans to commence construction of the second phase of its stainless steel mill project in October. This phase would involve the setting up of nickel pig iron and crude stainless steel facilities, according to...Read More
Currency manipulator!Today we point an indignant and accusing finger at the latest currency manipulator.Let all proper authorities take notice.The accused is not China - incidentally.But we cannot proceed without first noting another manipulated market...The stock market presented a distressed scene this morning.Plunging bond yields are the explanation widely on offer (falling yields reflect a poo...Read More
Ferro-chrome market conditions will remain challenging in the near term due to oversupply and macroeconomic factors, Glencore warned on Wednesday August 7.The trader-miner noted an average charge chrome price of 81 cents per lb in the first half of 2019, referencing Fastmarkets' ferro-chrome index 50% Cr import, cif Shanghai, $/Ib contained Cr, down by around 16% year on year.The index has held at...Read More