The London Metal Exchange is prepared for whatever outcome arises from the planned departure of the UK from the European Union, including a so-called "hard" Brexit, its chief executive officer said on Tuesday March 12.The two key requirements for the exchange to continue to operate as normal had already been achieved, or would be achieved, by the time of Brexit, Matthew Chamberlain said.Brexit, th...Read More

A power outage in Venezuela has forced local aluminium producers Venalum and Alcasa to temporarily stop operations at their smelters, the state-owned parent group of both companies, CVG, said on Saturday March 9.Venezuela's largest hydro power plant, Guri, was out of commission for most of the day on March 7 and many parts of the country were left with no electricity for more than 24 hours, accord...Read More

Fastmarkets has amended its weekly London Metal Exchange warrant premiums coverage across the entire base metals asset class. Following a one-month consultation period, Fastmarkets will change the publication date for LME warrant premiums to Wednesdays 3-4pm London time from Tuesdays 3-4pm, effective from March 12, while the frequency of the coverage will remain unchanged on a weekly basis. In add...Read More

Market participants do not expect significant declines in the volumes of steel billet imported in Egypt following their government's decree that denies traders the ability to import such material, Fastmarkets has learnt.On March 5, Egypt's ministry of trade and industry issued a directive permitting only entities with a manufacturing license to import billet.The country has capacity to produce aro...Read More

Offer prices for CIS-origin wire rod remained firm in the middle of March, supported by higher prices achieved in deals in previous weeks as well as increased scrap costs in the global market, Fastmarkets heard on Tuesday March 12.CIS wire rod was available to foreign customers at $515-525 per tonne fob Black Sea, with some sources even reporting offers as high as $540 per tonne fob...Read More

Price assessments for steel rebar and billet imported into the United Arab Emirates have increased slightly this week but demand remained moderate, sources told Fastmarkets on Tuesday March 12.New local rebar prices will probably be announced after March 20, after which buying activity may increase, sources said.Market participants expected rebar prices to go up because of rising raw material pric...Read More

Chinese steel plate export prices were unchanged over the past week on stable demand.Fastmarkets MB's weekly price assessment for April shipments of commercial-grade, chromium-added steel plate remained at $545-555 per tonne fob for the week to Tuesday March 12.Negotiation levels remained at $545-555 per tonne fob, with mills raising their plate offers to $555-560 per tonne fob...Read More

Export prices for Chinese cold-rolled coil (CRC) and hot-dipped galvanized coil (HDG) increased again over the past week, with mills continuing to raise their offers amid support from China's robust domestic market.Cold-rolled coilFastmarkets MB's weekly export price assessment for Chinese SPCC 1.0mm CRC was $555-565 per tonne fob China on Tuesday March 12, up $7-8 per tonne from $547-558 per tonn...Read More

Malaysia has imposed anti-dumping duties ranging from 2.66-16.13% on hot-dipped galvanized steel coils (HDG) and sheets imported from China and Vietnam, its Ministry of International Trade and Industry (MITI) announced on Friday March 8.The final affirmative duties will be effective for five years - from March 8, 2019 to March 7, 2024 - and should address unfair trade practices, the ministry state...Read More

The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials.Latest transaction: iron ore Iron oreRio Tinto, tender, 170,000 tonnes of 61% Fe Pilbara Blend fines, traded at $83.01 per tonne cfr China, laycan March 28-April 6.Vale, Beijing Iron Ore Trading Center (Corex), 170,000 tonnes of 65% Fe Iron Ore Carajas, trade...Read More

Physical iron ore prices improved on Tuesday March 12 following advances in China's futures and steel markets, as well as further uncertainty over Vale's supplies from Brazil.MB 62% Fe Iron Ore Index: $85.25 per tonne cfr Qingdao, up $1.46 per tonne. MB 62% Fe Pilbara Blend Fines Index: $84.37 per tonne cfr Qingdao, up $1.18 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $87.35 per tonne cfr Qin...Read More

The seaborne coking coal market softened on Tuesday March 12 with the emergence of lower offers, though trading activity remained thin.A cargo of premium mid-vol hard coking coal was offered at around $208 per tonne cfr China, while another offer for a cargo in the same segment was made on the Global Coal trading platform in the branded segment at $210 per tonne fob Australia, sources said.A cargo...Read More

Vale has temporarily suspended port activities at its Gua?-ba Island Terminal in the Brazilian state of Rio de Janeiro on orders of the Mangaratiba city government, it said on Monday March 11.The Brazilian miner said that it received the notice from the city government earlier on Monday. It did not specify any reason for the suspension.Vale said that it had all the required licenses issued by the...Read More

The Comex copper price jumped in US morning trading on Tuesday March 12 amid a bout of technical buying despite a lack of fresh catalysts. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 4.75 cents to $2.9485 per lb. The base metals roundly ignored mounting Brexit uncertainty in Europe, while United Kingdom Prime Minister Theresa May...Read More

A 229-day queue for aluminium has built up at London Metal Exchange-approved warehouses in Port Klang, Malaysia, operated by Istim, according to LME data released on Monday March 11.The wait is now over 100 days more than the queue registered at the end of February. In early February, nearly 100,000 tonnes was canceled in Port Klang - this followed cancelations of around 300,000 tonnes between Jan...Read More

The base metals complex reacted positively to the Dow closing high on Monday 11 during morning trading on Tuesday March 12. The metals roundly ignored mounting Brexit uncertainty in Europe, while UK prime Minister Teresa May prepares to test the mettle of her newly-negotiated deal in a parliamentary vote later today. "The metals have all shown modest gains this morning after yesterday's sell off a...Read More

Key data for the Friday 8 March pricing session in London.Key drivers- Magnesium price increases due to the tight coal supply in China's domestic markets.- A strict round of inspections taking place at all mining companies in North China's Inner Mongolia autonomous region is the main reason for the shortage. This new...Read More

A three-percentage-point cut to the rate of value-added tax (VAT) paid by Chinese manufacturers of metals and minerals will have little effect on export markets, traders have told Fastmarkets.Market sources claim that the low levels of VAT exporters pay now will make the reduction more theoretical than actual.Chinese prime minister Li Keqiang announced the tax cut on March 5. The top rate of VAT,...Read More

Manganese ore production in China could not play a role in replacing seaborne ore due to factors such as quality and production costs, according to panelists at Fastmarkets' Asian Ferro-alloys conference in Hong Kong on Monday March 11.The domestic manganese ore supply in China cannot play a substantial role in the ferro-alloys or steel sector because of two major issues, Lei Fei, China Minmetals...Read More

The three-month base metals prices on the London Metal Exchange were up across the board by an average of 0.5% this morning, Tuesday March 12.Nickel once again led the way with a 1.4% gain to $13,090 per tonne, compared with Monday's close at $12,915 per tonne, while copper was up by 0.6% at $6,459 per tonne, having closed on Monday at $6,421.50 per tonne. Copper and nickel are in the driving seat...Read More