Here are five Fastmarkets MB stories you might have missed on Wednesday February 5 that are worth another look.Iron ore export volumes from Brazil decreased by 19.33% year on year in January, according to figures released earlier this week by the country's economy ministry.A weak US aluminium market kept market participants away from undertaking arbitrage activities between Southeast Asia and the...Read More
Trade disputes and geopolitical uncertainties had already made the prospects for global economic growth uncertain. A coronavirus has now added to the challenges facing financial markets.The epicenter of the virus is Wuhan, an important commercial hub in China that is home to 11.9 million people, including the country's largest student population. It is also a manufacturing hub, with around 500 fac...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products.Latest transaction: rebarRebarEast China, domestic, grade III 16-25mm...Read More
China's copper smelters face limited scope to slash production even as diminished demand on virus-related lockdowns raises concerns refined inventories could grow. Daye Nonferrous, based in Huangshi at the heart of the novel coronavirus outbreak in Hubei province, plans to operate at just a moderately reduced rate of 70-80% of capacity for the first quarter, a company source said. A market source...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday February 5.Please click...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Wednesday January 5, breaching nearby resistance at $5,700 per tonne against strong turnover.And a positive close across the base-metals complex saw nickel futures make the greatest gains to settle above $13,000 per tonne.Copper's outright price on the LME closed at $5,722 per tonne on Wednesday afterno...Read More
Global copper premiums were mostly unchanged in the week to Tuesday February 4, with broad illiquidity and macroeconomic risk-aversion a key headwind for spot demand, while an 11% drop in the London Metal Exchange copper price did not spark fresh buying interest.China's spot market barren amid logistics clamp Tenders are a key factor behind higher Southeast Asian premiums Strong availability tempe...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Wednesday January 5, breaching nearby resistance at $5,700 per tonne against strong turnover.And a positive close across the base-metals complex saw nickel futures make the greatest gains to settle above $13,000 per tonne.Copper's outright price on the LME closed at $5,722 per tonne on Wednesday afterno...Read More
European buyers have been reluctant to accept the higher prices now being asked for hot-rolled coil, sources told Fastmarkets on Wednesday February 5.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?475.91 ($525.88) per tonne on Wednesday, down by ?,?3.81 per tonne day on day from ?,?479.72 per tonne a day earlier.The index was based on deals heard at ?,?4...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday February 5 that are worth another look.Iron ore export volumes from Brazil decreased by 19.33% year on year in January, according to figures released earlier this week by the country's economy ministry.A weak US aluminium market kept market participants away from undertaking arbitrage activities between Southeast Asia and the...Read More
Aluminium producer Aludium has appointed Lionel Chapis as the company's new chief executive officer, effective March 1. Prior to joining Aludium, Chapis was a managing director for automotive solutions at Constellium with more than 20 years of experience in the aluminium...Read More
A weak US aluminium market kept market participants away from undertaking arbitrage activities between Southeast Asia and the United States despite plummeting freight rates. Sustained pressure on aluminium premiums in the US was one of the main factors preventing viable aluminium arbitrage opportunities between London Metal Exchange sheds in Southeast Asia to the US Midwest. Fastmarkets assessed t...Read More
The Chinese government has announced the third round of metal scrap import quotas, which importers must apply for to bring scrap material into China. The latest round granted quotas for an extra 4,620 tonnes of copper scrap, 1,440 tonnes of aluminium scrap and 2,670 tonnes of ferrous scrap, according to the release from the China Solid Waste &...Read More
The coronavirus outbreak has not yet affected buying demand in China for imported alumina, with material from Western Australia still being shipped to China and fresh deals concluded, market participants told Fastmarkets. A deal was concluded on Tuesday February 4 for 30,000 tonnes of Western Australian alumina at $299.50 per tonne on a cif China basis.The cargo is for March loading and to either...Read More
China's copper smelters face limited scope to slash production even as diminished demand on virus-related lockdowns raises concerns refined inventories could grow. Daye Nonferrous, based in Huangshi at the heart of the novel coronavirus outbreak in Hubei province, plans to operate at just a moderately reduced rate of 70-80% of capacity for the first quarter, a company source said. A market source...Read More
Hot-rolled coil prices in the United States remained soft after buyers expressed bearish outlooks for the near-term market on falling domestic ferrous scrap prices, soft demand from certain end-user markets and uncertainty generated by the Wuhan coronavirus.Fastmarkets' daily steel hot-rolled coil index, fob mill US ended Wednesday February 5 at $29.67 per hundredweight ($593.40 per shor...Read More
The price of steel rebar in Europe moved downward this week following a continued decrease in the price of feedstock materials, sources told Fastmarkets on Wednesday February 5.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was ?,?480-490 ($530-541) per tonne on Wednesday, down from ?,?490-500 per tonne one week earlier."Prices are goin...Read More
Prices for steel mesh-quality wire rod in Europe were flat this week although feedstock costs continued to fall, sources told Fastmarkets on Wednesday February 5.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, remained at ?,?460-470 ($508-519) per tonne on February 5, the third consecutive week of stability.Feedstock prices rose sharply...Read More
The price of hollow steel sections prices in Europe remained flat this week, with many waiting for the import quotas to be exhausted which will support the domestic market, sources told Fastmarkets on Wednesday February 5. Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe was ?,?620-640 ($685-707) per tonne on Wednesday, unchanged week on week. F...Read More
The price of steel H-beams in Northern Europe moved down on Wednesday February 5 following a sharp drop in feedstock costs, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?540 - 570 per tonne ($597-630) per tonne on Wednesday, down from ?,?550-580 per tonne a week earlier.Producers had been pushing for price increases for H...Read More