Copper and zinc stocks at Shanghai Futures Exchange-approved warehouses were up week on week on Friday February 1 despite thin trading ahead of the Lunar New Year holiday, while other base metals stocks were little changed.Deliverable copper stocks at SHFE-approved warehouses increased by 19.21% or 23,000 tonnes to 142,727 tonnes in the week to Friday. The volume in the Shanghai district increased...Read More
Cold-rolled coil and coated sheet prices in the United States were steady this past week because market participants had yet to feel the full effect of $40-per-ton hikes announced from Monday January 28. Producers - including Nucor Corp, ArcelorMittal USA, and U.S. Steel Corp - raised prices for CRC and coated products by a minimum of $40 per ton earlier this past week, but buyers weren'...Read More
The export price for Brazilian slab was stable this past week due to weak trading activity, although market participants believe prices could take an upturn soon.Fastmarkets' weekly assessment for Brazilian export slab was $410-460 per tonne fob on Friday February 1, unchanged from the previous week.In the United States, bids were heard at around $460 per tonne fob but most...Read More
Ukrainian steelmaker Metinvest increased its output of sellable semi-finished products by 10% year on year to 3.03 million tonnes in 2018, supported by favorable market conditions, the company said in a report released on Thursday January 31.Sellable semi-finished products output increased following stable raw materials supplies in 2018 as well as comparatively higher sales prices year on year.Hot...Read More
The growth in apparent steel consumption in the EU will slow to only 0.5% in 2019, followed by a 1.2% rise in 2020, European steel association Eurofer said on Thursday January 31.Europe's apparent steel consumption was forecast to reach 164 million tonnes in 2019 and 166 million tonnes in 2020.These numbers are "less than one-third of the compound annual growth rate of apparent steel consumption o...Read More
The levels of the quotas set as definitive measures by the European Commission (EC) will not stop the rise in the region's import volumes, European steel association Eurofer said on Friday February 1.The EC will impose definitive safeguard measures from February 2 on a list of imported steel products, in the form of tariff rates and a range of quotas that are partly annual and country-specific and...Read More
Domestic prices for rebar in Poland have been stable over the past week, sources told Fastmarkets on Friday February 1.Fastmarkets' price assessment for domestic 12mm B500B-grade rebar in Poland was steady at 2,170-2,240 zloty ($583-601) per tonne ex-works on February 1.The steelmakers, however, were expected to raise their offers because of expected growth in scrap costs and the effects of the Eu...Read More
Steel coil prices in Turkey increased again this week because of the high cost of scrap alongside other global price increases, with more increases expected, sources told Fastmarkets on Friday February 1.Hot-rolled coil (HRC) stocks are low in the country because buying was weak for a long time when prices were falling.Fastmarkets' daily index for Northern Europe-origin HMS 1&2 (80:20) scrap - a r...Read More
Rhyolite Ridge PFS beats expectationsSPONSOREDioneerCEO Benedikt Sobotka said ahead of Mining Indaba that, although volatility in both markets was expected to continue, the severe underinvestment in mining projects was set to drive up prices, asRead More
Indian mills are likely to increase their domestic prices for hot-rolled coil (HRC) in February sales by about 1,000 rupees ($14) per tonne because of rising international HRC prices, particularly in China, Fastmarkets heard on Friday February 1.Officials from at least two mills confirmed the likelihood of a price rise. Indian mills were likely to issue new price lists next week, the officials sai...Read More
Alderan unlocking Frisco potentialSPONSOREDalderan resourcesGlencore produced 1.Read More
Further weakness in China’s Caixin manufacturing purchasing managers’ index (PMI), that fell to 48.3 in January from 49.7 in the prior month, was enough to dent confidence in the base metals market this morning, Friday February 1, with prices for the most part weaker as a result. Three-month base metals prices on the London Metal Exchange were down by an average of 0.3% this morning, wit...Read More
Export pig iron prices from southern Brazil have increased on new deals, while iron ore costs rose following the tailings dam failure at one of Vale's mines, Fastmarkets learned on Friday February 1.DNEPR, Ukraine - Export pig iron prices from southern Brazil have increased on new deals, while iron ore costs rose following the tailings dam failure at one of Vale's mines, Fastmarkets learned on Fri...Read More
More technical evidence that the U.S. Home Building Industry has bottomed: Nice breakout by ITB above $33.67 extending a double bottom pattern. StockTwits Released Yesterday @EquityClockTechnical action by S&P 500 stocks to 10:15: Bullish. Intermediate breakouts: $LEN $SBUX $WYNN $MDLZ $ALGN $MA $CHTR. Breakdowns: $CLX $HSYAfter 10:00 AM EST, breakouts included MA, CHTR, DXC, FAST, TGT, E...Read More
Alloy steel scrap prices in Europe increased in the week ended Friday February 1 because of higher costs for nickel and molybdenum.The largest gains were seen in the price of European 18/8 scrap solids imports, which moved up by ?,?20-40 per tonne to ?,?940-980 ($1,079-1,125) per tonne cif on Friday.The UK domestic price for 18/8 solids increased more modestly, with traders complaining that mills...Read More
The price of shredded ferrous-scrap imported into India went up again this week following deals being booked at higher prices, market participants said on Friday February 1.Fastmarkets' weekly index for containerized imports of shredded scrap into India was $328.41 per tonne cfr Nhava Sheva on February 1, up from $322.34 per tonne cfr Nhava Sheva on January 25.Deals heard for shredded material had...Read More
Turkish deep-sea scrap import prices were unchanged on Friday February 1, with no new bookings on the day after a large volume of material was booked earlier in the week, sources told Fastmarkets.With 17 cargo bookings confirmed this week, Turkish mills have recently bought more than 240,000 tonnes of HMS 1&2, as well as several thousand tonnes of shredded, bonus and other grades.Bookings were hea...Read More
Base metals prices on the London Metal Exchange consolidated lower during morning trading on Friday February 1, hampered by weaker-than-expected Chinese PMI data and while the Chinese New Year holiday next week kept Asian markets idle. Copper's three-month price fell the furthest out of the base metals complex this morning, retreating toward $6,100 per tonne after reaching an intra-morning high of...Read More
Yesterday we cracked open MMT - Modern Monetary Theory.Today we poke it, prod it, shake it, heckle it, harass it, roughhouse it, waterboard it... and see if it holds together.Did you miss yesterday's reckoning?Before pressing on we suggest you first catch up here.But to proceed…As explained yesterday, MMT is drawing a crowd nowadays.Its drummers claim it is a powerful tool to invigorate the...Read More
There was little activity in the seaborne coking coal market on Friday February 1 amid uncertainties following the emergence of new import restrictions at ports in northeastern China. A March-loading cargo of premium mid-vol hard coking coal was traded at a premium that is slightly above 0.5% against a basket of indices, Fastmarkets heard.In China, the trading lull has set in again with the Chines...Read More