The refined zinc market is expected to be in a slight deficit next year despite improved mined zinc supply, a representative from the International Lead and Zinc Study Group said on Wednesday October 31.Refined zinc metal output will rise to 13.81 billion tonnes next year, up 3% from the expected output of 13.41 billion tonnes this year, the group's director of economics and environment Meng Jianb...Read More
The easing backwardation in forward London Metal Exchange price spreads gave support to aluminium premiums across the globe this week, with the December-January spread narrowing from a $15 per tonne backwardation to $7.50 per tonne. Rotterdam premiums gain support from easing backwardation in Q1 spreadsMJP premium range widens to $70-85 per tonneUS Midwest premium unchanged as backwardation fears...Read More
Here Are 3 Hot Things to Know About Stocks Right Now The Dow Jones Industrial Average rose Wednesday, posting its best two-day rally in more than two years, as the blue chip index closed out a tough month that saw the index fall about 5%.Facebook Inc. (FB) rose 3.8% after the social media giant posted quarterly earnings that beat Wall Street estimates. General Motors Co. (GM) &nb...Read More
Turkish deep-sea scrap import prices remained largely stable after a new transaction was heard on Wednesday October 31.A steel mill in the Marmara region booked a Baltic Sea cargo comprising 23,000-25,000 tonnes of HMS 1&2 (80:20) at $335 per tonne and 4,000-5,000 tonnes of bonus at $345 per tonne cfr, late on October 30.Some sources believed that the cargo also contained...Read More
Comex copper prices recovered from a mid-September low in early morning trading on Wednesday in the United States, with a stronger dollar and modest Chinese growth preventing a major rebound.The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 0.05 cents to $2.6645 per lb. Overnight, China's October PMI for the manufacturing industry was reco...Read More
The Wednesday Market Minute Global stocks look to close out a brutal October on a high note, with investors snapping up beaten-down shares despite lingering headline risks related to U.S.-China trade, rising interest rates and weakening corporate earnings.Asia shares were supported by central bank action in Japan and China, with the former trimming its near-term inflation forecast and the latter...Read More
The European copper cathode premium dipped on Tuesday October 30 while the cif Shanghai premium was slightly lower after a sustained import loss and wider backwardation in the London Metal Exchange spread pushed traders to the sidelines; the US premium was steady with the focus on annual negotiations. European market slips on backwardation. Shanghai cif premium slightly lower due to import a...Read More
Market participants believe that domestic prices for hot-rolled coil (HRC) in Northern Europe have 'reached bottom,' sources told Fastmarkets on Wednesday October 31.Prices in southern and central Europe remained under pressure because of slow trading, they added.Northern EuropeFastmarkets' weekly price assessment for domestic HRC in Northern Europe was stable over the week at ?,?550-565 ($625-642...Read More
China's hot-rolled coil prices tumbled on Wednesday October 31 amid persistently weak demand, with buyers remaining on the sidelines on expectations of the market softening further.DomesticEastern China (Shanghai): 4,080-4,100 yuan ($586-588) per tonne, down 50-60 yuan per tonneNorthern China (Tianjin): 4,050-4,060 yuan per tonne, down 30 yuan per tonnePrices tumbled during the day following losse...Read More
Ferrous futures mostly ended morning trading on a slight uptick on Wednesday October 31 following a steep decline during Tuesday night's session.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,146 yuan ($595) per tonne, up 11 yuan per tonneJanuary hot rolled coil: 3,793 yuan per tonne, down 2 yuan per tonneDalian Commodity Exchange January iron ore: 533 yuan per...Read More
Prices for hollow steel sections in Northern Europe have fallen this week following a decline in feedstock prices, Fastmarkets heard on Wednesday October 31.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe fell by ?,?10 per tonne to ?,?650-660 ($739-750) per tonne delivered on October 31, from ?,?660-670 per tonne delivered on Oct...Read More
European prices for mesh-quality wire rod were flat across the Northern and Southern parts of the continent on Wednesday October 31, with few buyers seriously enquiring for deliveries. Fastmarkets' weekly domestic price assessments for mesh-quality wire rod in both Southern and Northern Europe were ?,?535-560 ($608-636) per tonne delivered on Wednesday. Both assessments were unchanged over the pre...Read More
The price for rebar produced and delivered in Southern Europe fell slightly on Wednesday October 31, with some suppliers accepting lower bids to make sales but most only offering higher prices.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe fell to ?,?510-535 ($579-608) per tonne delivered on Wednesday, from ?,?520-545 per tonne last week.Producers have been raising thei...Read More
Turkish deep-sea scrap import prices remained largely stable after a new transaction was heard on Wednesday October 31.A steel mill in the Marmara region booked a Baltic Sea cargo comprising 23,000-25,000 tonnes of HMS 1&2 (80:20) at $335 per tonne and 4,000-5,000 tonnes of bonus at $345 per tonne cfr, late on October 30.Some sources believed that the cargo also contained...Read More
Prices for iron ore fines weakened on Wednesday October 31 in a cautious market, while lump premiums traded higher.MB 62% Fe Iron Ore Index: $75.71 per tonne cfr Qingdao, down $1 per tonne. MB 62% Fe Pilbara Blend Fines Index: $74.74 per tonne cfr Qingdao, down $1 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $80.13 per tonne cfr Qingdao, down $0.04 per tonne. MB 58% Fe Premium Index: $67.42 pe...Read More
Ferrous futures mostly ended morning trading on a slight uptick on Wednesday October 31 following a steep decline during Tuesday night's session.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,146 yuan ($595) per tonne, up 11 yuan per tonneJanuary hot rolled coil: 3,793 yuan per tonne, down 2 yuan per tonneDalian Commodity Exchange January iron ore: 533 yuan per...Read More
Vietnam's Formosa Ha Tinh Steel Corp will add a considerable amount to Asia's billet supply with the full operational capacity of a new 1-million-tpy semi-continuous caster.The new billet mill has a capacity of 1 million tonnes per year of various steel grades as part of its first phase. It will have a capacity of up to 2 million tpy after a second expansion, equipment maker SMS group said on Octo...Read More
Rebar prices continued to rise in north China on Wednesday October 31, while those in the eastern region held steady amid ongoing transportation restrictions ahead of a major event in Shanghai. Domestic Eastern China (Shanghai): 4,670-4,700 yuan ($670-675) per tonne, unchangedNorthern China (Beijing): 4,480-4,520 yuan per tonne, up 30-40 yuan per tonneTrading activity was high in the northern regi...Read More
Prices for hollow steel sections in Northern Europe have fallen this week following a decline in feedstock prices, Fastmarkets heard on Wednesday October 31.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe fell by ?,?10 per tonne to ?,?650-660 ($739-750) per tonne delivered on October 31, from ?,?660-670 per tonne delivered on Oct...Read More
Nickel premiums in China rose on Tuesday October 30, on an opening import arbitrage. The physical nickel markets in Europe and the United States were relatively quiet. Premiums rose in China with an open import arbitrage making business more profitable. The nickel markets in Europe were mostly flat despite a weak London Metal Exchange nickel price. US nickel premiums were unchanged, although consu...Read More