The three-month zinc price on the London Metal Exchange fell by more than 2% at the close of trading on Monday February 24, with downward moves taking it to its its lowest close since July 2016, while broad risk-off sentiment across the base-metals complex saw copper lose 1.2% of its outright price.Zinc's underlying price on the LME closed at $2,046 per tonne on Monday afternoon, falling from an i...Read More

The discount for copper scrap imported into China has fallen in February on a lower commodity price and a negative arbitrage, with the impact of virus-led delivery delays on the overseas scrap price being minimal in the Chinese market.Fastmarkets assessed the monthly discount of No 2 94-96% copper scrap, birch or cliff, at 31-34 cents per lb cif China on February 24, down from 33-37 cents per lb i...Read More

The three-month zinc price on the London Metal Exchange was lower during morning trading on Monday February 24, with price action down by 2.4% and trading at its lowest level since July 2016, while copper futures also fell through nearby support levels. Zinc's outright price on the LME recently traded at $2,059 per tonne on Monday morning, falling from an intra-morning high of $2,101 per tonne, wh...Read More

Broader markets are seeing risk-off while they focus on the spread of the novel coronavirus (2019-nCoV) this morning, Monday February 24, after the number of cases and deaths escalated outside of China, especially in South Korea.China remains in a very difficult position as it needs to ramp-up the return to work, while at the same time the virus is not contained. China exported $60 billion of auto...Read More

Base metals traded on the Shanghai Futures Exchange were broadly down at the close of the morning trading session on Monday February 24, with sentiment hit by a spike in novel coronavirus (2019-nCoV) cases over the weekend.Currently, China has reported a total of 77,345 confirmed cases of the virus and 2,592 deaths so far, according to figures from the country's National Health Commission. But it...Read More

Cold-heading quality (CHQ) wire rod prices have fallen following February's lower ferrous scrap settlement, while the cost of high-carbon rod is stable, sources told Fastmarkets. Fastmarkets' assessment for steel wire rod cold-heading quality (CHQ), ddp was at $37.50 per hundredweight ($750 per short ton) on Friday February 21, down by 1.3% from $38 per cwt last month. The cost of Chicago No1...Read More

Prices for hot-rolled coil in the United States have again risen above $29 per hundredweight ($580 per short ton), and sources told Fastmarkets they believe prices will be rangebound in the near term.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $29.09 per cwt ($581.80 per ton) on Monday February 24, up by 1.4% from $28.70 per cwt on Friday February 21 and...Read More

Steel plate prices in the United States have held steady, with mills floating the idea of issuing price increases in an effort to kick-start forward buying. Market participants reported that some plate producers have discussed the idea of issuing hikes but may hold off and let sheet mills attempt a foray first. Others said the economic impact of the novel coronavirus (2019-nCoV) outbreak woul...Read More

The Turkish deep-sea scrap import market went quiet at the beginning of the week, with no significant bookings heard, sources told Fastmarkets on Monday February 24.The Turkish steel producers booked eight deep-sea cargoes at rising prices last week, totaling some 250,000 tonnes.However, market participants believe prices have now stabilized, and no further changes are expected...Read More

Turkish domestic scrap prices have continued to increase over the past week in response to rising imported scrap values, market sources said on Monday February 24.Prices for imported scrap have been climbing in recent weeks on demand from Turkish steel producers. Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $284.04 per tonne on February 21, up from $274...Read More

Rising imported ferrous scrap prices in Turkey provided upward momentum to global scrap prices during the working week ended Friday February 21, with prices in most major import destinations surging due to the boost in demand.Turkish import scrap prices rise on buying spreeUS export scrap prices push upward on fresh Turkish dealsTaiwan import scrap prices surge on higher freight costs, Vietnam pri...Read More

Seaborne iron ore prices were largely steady on Monday February 24 following an upward trend last week, with market participants contemplating the direction of prices for this week.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $91.88 per tonne, down $0.37 per tonne.62% Fe low-alumina fines, cfr Qingdao: $92.82 per tonne, down $0.34 per tonne.58% Fe fines high-premium, cfr Qingdao: $79.72...Read More

Seaborne coking coal prices were flat on Monday February 24, with market participants waiting for new drivers to emerge in China.Fastmarkets indicesPremium hard coking coal, fob DBCT: $159.20 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $167.13 per tonne, unchangedHard coking coal, fob DBCT: $141.63 per tonne, unchangedHard coking coal, cfr Jingtang: $149.44 per tonne, unchangedA co...Read More

Anglo American has revised its metallurgical coal production guidance for 2020 to 19-21 million tonnes, down by 2 million tonnes from an earlier guidance of 21-23 million tonnes, the miner said late last week.The lower guidance is due to a roof collapse at its Moranbah North mine in Queensland,...Read More

China's hot-rolled coil prices rose in the eastern region but weakened in the north on Monday February 24 on mixed sentiments caused by downstream industries' low operating rates despite many companies having resumed work.DomesticEastern China (Shanghai): 3,550-3,570 yuan ($505-508) per tonne, up 50 yuan per tonneNorthern China (Tangshan): 3,350-3,360 yuan per tonne, narrowing downward by 20 yuan...Read More

China's domestic rebar prices increased on Monday February 24 due to a pick-up in activity among trading houses, market participants said. Eastern China (Shanghai): 3,460-3,490 yuan ($492-496) per tonne, up 40 yuan per tonne  Northern China (Beijing): 3,390-3,420 yuan per tonne, up 40 yuan per tonne Some traders took orders from end-users with delivery time in February and March in late...Read More

Key data from the pricing session in Europe and Asia for the week ended Friday February 21. Europe Key driversPrices for silicon grades 4-4-1 and 5-5-3 jumped again in Europe due to a lack of prompt shipments exacerbating already tight supply.The novel coronavirus (2019-nCoV) outbreak has caused disruptions to the flow of material from China.A number of European buyers reported difficulty...Read More

Key data from the pricing sessions in Asia and Europe in the week to Friday February 21. China Key drivers  Some antimony suppliers lifted their offer prices again and were resistant to compromising on offers last week, citing limited available cargo, according to market sources.  A number of producers and traders held off from offering in anticipation of higher prices in the coming week...Read More

The price of UG2 chrome ore dropped in the week to Friday February 21 due to lower bids from alloy smelters after China's major stainless steel mills kept their February tender prices flat month on month. China's Tsingshan Group and Taiyuan Iron and Steel (Tisco) held their ferro-chrome tender prices for February delivery unchanged from January. The latest tender prices came as a shock to the mark...Read More

Chinese rebar remained the most competitively priced of imports of the long steel product in Singapore over the past week, edging out Turkish products.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) import, cfr Singapore - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was $430-435 per tonne for the week to Monday February 24, unchanged fro...Read More