Comex copper prices sprang upward in morning trading on Thursday March 21 amid a dovish tone from the Federal Reserve, easing speculation of a near-term rate hike. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 0.65 cents to $2.9275 per lb. As anticipated by the overall marketplace, the US Fed decided not to lift rates and signaled that they ex...Read More

China's domestic hot-rolled coil market edged up further on Thursday March 21 even though trading activity has started to decline, while export prices are expecting to weaken on inactivity.DomesticEastern China (Shanghai): 3,870-3,890 yuan ($577-580) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,830-3,850 yuan per tonne, up 20 yuan per tonneDemand for HRC sold at the existing 16% valu...Read More

Investing.com - Gold prices rose on Thursday in Asia after the Federal Reserve ruled out the chances of any interest rate hike this year.Gold futures were up 1.3% at $1318.45 on the Comex division of the New York Mercantile Exchange by 1:00 AM ET (05:00 GMT)The Fed left rates unchanged overnight amid concerns over slowing growth both domestically and abroad and abandoned projections for any intere...Read More

The European molybdenum markets fell this week after suppliers cut their offer prices amid resistance from consumers and muted buyer appetite in the region. Both the alloy and oxide markets fell this week from their multi-month highs reached a week ago, with an abundance of ferro-molybdenum in the spot market pulling prices down, market sources said. Fastmarkets assessed the price of European...Read More

The Turkish deep-sea scrap import prices inched up on Thursday March 21 with news of a fresh deep-sea cargo trade.A steel producer in the Marmara region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $321 per tonne cfr, late on March 20.This compared with the previous Baltic Sea cargo sold on...Read More

Here are five Fastmarkets MB stories you might have missed on Thursday March 21 that are worth another look.Non-ferrous scrap market participants in the United States are bracing for massive trade disruptions as a result of impending Chinese import restrictions - and a rumored quota system - set to take effect on Monday July 1. The use of Fastmarkets MB's iron ore indices in physical contract...Read More

Deliveries of copper concentrate from Mongolia's Erdenet mine were disrupted in early March after several top managers were dismissed in a restructuring program ordered by the country's government, although production continued as normal, Fastmarkets has learned.The Erdenet mine produces 530,000 tonnes per year of ores and is one of Asia's biggest copper and molybdenum mines.Erdenet is known as 't...Read More

The Zambian Revenue Authority (ZRA) is now awaiting further instructions from the government on the implementation of the new sales tax, while industry sources are raising doubts on the likelihood of a April 1 launch date citing lack of infrastructure support for the nationwide measure. The ZRA had targeted a launch date for its sales tax of April 1, 2019, it told Fastmarkets in an emailed stateme...Read More

Sluggish demand from domestic aluminium smelters in China, along with the VAT cut from 16% to 13% on April 1, led to a further drop in alumina prices this week.Fastmarkets' price assessment for Chinese free market Metallurgical grade alumina, delivered duty paid, was 2,680-2,700 yuan ($400-403) per tonne on Thursday March 21, down from 2,690-2,710 yuan per tonne a week ago. The...Read More

Comex copper prices sprang upward in morning trading on Thursday March 21 amid a dovish tone from the Federal Reserve, easing speculation of a near-term rate hike. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 0.65 cents to $2.9275 per lb. As anticipated by the overall marketplace, the US Fed decided not to lift rates and signaled that they ex...Read More

The Democratic Republic of Congo (DRC) has lifted a ban on the export of cobalt and copper concentrates imposed in February but maintained the threat of its future enforcement. In a letter to the National Federation of Enterprises (FEC) seen by Fastmarkets and dated March 20, Minister of Mines Henri Yav Mulang said the government will review every six months whether to reimpose the ban. "I would l...Read More

Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday March 21* Copper -$159.94 (-1,070.61 yuan) Aluminium -$299.04 (-2,001.68 yuan) Zinc -$200.4 (-1,339.65 yuan) Nickel -$273.72 (-1,832.21 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE...Read More

In the United States flat-rolled steel market, prices for imported material remain too close to those for domestic products to make offshore buys attractive, market participants told Fastmarkets AMM.The gap between domestic and foreign prices might appear to make offshore deals compelling at first glance - but not once widespread discounts to mill list prices are taken into account, sources e...Read More

Turkish rebar and wire rod export prices remained stable over the past week with sluggish demand for rebar in the country's export markets, sources said on Thursday March 21.Fastmarkets' weekly price assessment for rebar exports out of Turkey was $490-500 per tonne fob on actual weight basis on March 21, unchanged week on week. Turkish steel producers have continued to offer material at around $50...Read More

Domestic rebar and wire rod prices in Turkey have inched up in line with the weakening lira over the past seven days, while demand was still slow, sources said on Thursday March 21.Fastmarkets' weekly price assessment for domestic rebar was TRY3,200-3,263 ($586-597) per tonne ex-works, including 18% VAT, slightly up from the TRY3,180-3,215 per tonne of last week.The domestic rebar price in the Izm...Read More

China's domestic hot-rolled coil market edged up further on Thursday March 21 even though trading activity has started to decline, while export prices are expecting to weaken on inactivity.DomesticEastern China (Shanghai): 3,870-3,890 yuan ($577-580) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,830-3,850 yuan per tonne, up 20 yuan per tonneDemand for HRC sold at the existing 16% valu...Read More

The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More

Physical iron ore markets on Thursday March 21 were relatively unfazed by news of potentially more supply disruptions from Vale's Brazilian operations and from cyclone-hit Australia. MB 62% Fe Iron Ore Index: $84.49 per tonne cfr Qingdao, up $0.19 per tonne. MB 62% Fe Pilbara Blend Fines Index: $83.61 per tonne cfr Qingdao, up $0.19 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $86.64 per tonne...Read More

Pessimistic sentiment persisted among the Chinese segment of the seaborne coking coal market on Thursday March 21 despite largely stable prices.A March-loading cargo of second-tier hard coking coal was sold at $193 per tonne cfr China to an end user in southern China, several sources told Fastmarkets.On the Global Coal trading platform, a June-laycan cargo in the branded segment changed hands at $...Read More

Brazil's Vale has issued a warning over another potential iron ore production impact of as much as 10 million tonnes per year due to the suspension of operations at its Alegria mine in Minas Gerais state.The mine was suspended "on a preventive basis", because the results of a preliminary analysis of its structures were inconclusive under stress conditions, and as such, were unable to confirm its s...Read More