Physical iron ore prices strengthened further on Monday January 7 in line with gains in futures and steel markets, after China's central bank acted to improve capital liquidity.MB 62% Fe Iron Ore Index: $73.51 per tonne cfr Qingdao, up $0.41 per tonne. MB 62% Fe Pilbara Blend Fines Index: $73.34 per tonne cfr Qingdao, up $0.41 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $75.30 per tonne cfr Q...Read More
Import prices for steel slab in Southeast Asia and East Asia narrowed downward over the past week due to lower offers and bids, amid persistent bearish sentiment and lackluster finished steel markets.Fastmarkets MB's weekly import price assessment for slab in Southeast Asia and East Asia was $430-435 per tonne cfr on Monday January 7, down from $430-440 per tonne cfr a week earlier.Trading ac...Read More
China's domestic rebar prices moved up on Monday January 7 following gains in the billet and futures markets over the weekend. Domestic Eastern China (Shanghai): 3,730-3,780 yuan ($543-550) per tonne, up 30 yuan per tonneNorthern China (Beijing): 3,650-3,680 yuan per tonne, up 30-50 yuan per tonneA notice late last Friday from the Chinese central bank regarding its decision to lower banks' reserve...Read More
The Chinese ferro-silicon market fell in the first week of January, extending losses from the week before amid poor fundamentals. Elsewhere, the European market has been quiet, but has held steady despite little trading, although increased activity is expected with dealers returning after seasonal holidays. China market drops on low demand More Chinese losses expected in the near term Europe stead...Read More
The New Year holiday dampened activity and price movements in markets in Asia, Europe and the United States in the week ended Friday January 4. Ore and alloy prices unchanged in China, South Korea Japanese market on holiday Ferro-chrome in Europe stable Alloy prices flat in the US UG2 chrome ore prices in China were unchanged in the week Friday January 4, amid a comparatively qu...Read More
Turkey increased the hot-rolled coil (HRC) import duty to 6% for re-rollers from 3.5% previously, effective from January 1, 2019.The country will impose the import duty on HRC imports from re-rollers as well as tube and pipe producers. Tube and pipe producers were previously exempt from the duty discount until January 1.The duty for re-rollers was 5% until January 1, 2018, when it was reduced to 3...Read More
The Chinese ferro-silicon market fell in the first week of January, extending losses from the week before amid poor fundamentals. Elsewhere, the European market has been quiet, but has held steady despite little trading, although increased activity is expected with dealers returning after seasonal holidays. China market drops on low demand More Chinese losses expected in the near term Europe stead...Read More
Base metals prices on the London Metal Exchange were collectively higher at the close of trading on Monday January 7, with low volumes capping price rallies amid a continued dip in the dollar index. Despite this, zinc's three-month price climbed 2.4% on just 8,000 lots traded by the close, reaching an intraday high of $2,500 per tonne for the first time since December 28 amid low LME stocks.Alumin...Read More
The New Year holiday dampened activity and price movements in markets in Asia, Europe and the United States in the week ended Friday January 4. Ore and alloy prices unchanged in China, South Korea Japanese market on holiday Ferro-chrome in Europe stable Alloy prices flat in the US UG2 chrome ore prices in China were unchanged in the week Friday January 4, amid a comparatively qu...Read More
Here are five Fastmarkets MB stories you might have missed on Monday January 7 that are worth another look.A resolution of disapproval introduced by United States Senate Democratic Leader Chuck Schumer on Friday January 4 opens the door to sanctions remaining in place against Russian aluminium producer UC Rusal, although some trade lawyers and analysts said those efforts might be in vain.Alum...Read More
Base metals prices on the London Metal Exchange were collectively higher at the close of trading on Monday January 7, with low volumes capping price rallies amid a continued dip in the dollar index. Despite this, zinc's three-month price climbed 2.4% on just 8,000 lots traded by the close, reaching an intraday high of $2,500 per tonne for the first time since December 28 amid low LME stocks.Alumin...Read More
Comex copper prices turned modestly lower in the United States on Monday January 7 with a lack of market news and evolving macroeconomic worries. The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped 0.35 cents to $2.6440 per lb. Trade talks between China and the US have seen minimal progress over the past few weeks and the lack of resolution is cas...Read More
Base metals prices on the London Metal Exchange were mostly higher during morning trading on Monday January 7, with continued weakness in the dollar index spurring buying momentum amid market optimism around US-China trade talks scheduled later today.Zinc's three-month price gained 1.3%, making further strides towards $2,500 per tonne. A fresh cancelation of 7,800 tonnes kept price action elevated...Read More
Fastmarkets proposes to discontinue its weekly aluminium premium assessments for aluminium P1020A fob Singapore and aluminium P1020A fob Malaysia. The proposal is based on market feedback that these markets see limited liquidity on an fob basis, with some sources noting that market participants in this region use premiums on an fca basis or in-warehouse warrants instead as a pricing reference. Sub...Read More
The Turkish steel mills went quiet in the deep-sea scrap markets at the beginning of this week with the market digesting the news of purchases that were heard at the end of last week, sources said on Monday January 7.A steel producer in the Iskenderun region booked a US cargo on January 4, comprising 33,000 tonnes of HMS 1&2 (80:20) at $280 per tonne, 3,000 tonnes of shredded at $285 per tonne and...Read More
Here are five Fastmarkets MB stories you might have missed on Monday January 7 that are worth another look.A resolution of disapproval introduced by United States Senate Democratic Leader Chuck Schumer on Friday January 4 opens the door to sanctions remaining in place against Russian aluminium producer UC Rusal, although some trade lawyers and analysts said those efforts might be in vain.Alum...Read More
Alumina and aluminium trader Alexander Bullett has left Singapore trading house Noble, Fastmarkets learned. Bullett was with the company for nearly six years and...Read More
Fastmarkets proposes to discontinue its premium assessments for special high grade (SHG) zinc basis in-warehouse Singapore and Malaysia. The proposal is based on market feedback that there is limited use for these premiums as reference prices, with the majority of market participants basing their business on Singapore and Malaysia premiums on a fca basis. Therefore, Fastmarkets intends to disconti...Read More
Fastmarkets proposes to discontinue three European lead premiums and invites market feedback in a one-month consultation. Fastmarkets has noted a significant lack of liquidity in the three European lead premium markets it assesses, which has led to insufficient data contribution to support the representativeness of it prices. On top of lackluster spot trading interest, the representativeness of st...Read More
Comex copper prices turned modestly lower in the United States on Monday January 7 with a lack of market news and evolving macroeconomic worries. The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped 0.35 cents to $2.6440 per lb. Trade talks between China and the US have seen minimal progress over the past few weeks and the lack of resolution is cas...Read More