Christopher Lewis8 hours ago (Dec 24, 2019 05:17 PM GMT)Gold markets broke out above the $1500 level during the trading session on Tuesday, as it looks like we are ready to go much higher. The $1520 level should continue to be an area where we could see a bit of resistance but breaking above there allows the market to go much higher, perhaps as high as the $1550 level in the short term. Clearly, g...Read More
One of the main challenges facing the Middle East steel sector is a lack of protection in an industry where protectionism is increasing, according to Abu Bucker Husain, chief executive officer of United Arab Emirates-based galvanized coil producer Al Ghurair Iron and Steel.North America, South America, Europe and Asia have taken protectionist measures to curtail imports, and this opens up the Midd...Read More
A summary of base metals premiums from across the globe for the week to Tuesday December 24.Click the above image to...Read More
Iranian billet producers set high targets for a new round of export sales this week, seeking $405-407 per tonne fob, spurred on by last week's higher sales prices, sources told Fastmarkets on December 24.Last week, several bookings of the material scheduled for shipment in February were concluded at around $398-402 per tonne fob Iranian ports, while this week market sources reported few more...Read More
The domestic price for hot-rolled coil in Northern Europe has been stable day on day due to limited market activity, sources told Fastmarkets on Tuesday December 24.Fastmarkets' daily index for steel hot-rolled coil index domestic, ex-works Northern Europe was unchanged at ?,?439.39 ($487.01) per tonne on Tuesday December 24.The calculation of the index was based on the latest deals and achie...Read More
Ferrous scrap prices in Mexico maintained their upward trend this week, with sellers gradually applying price changes in response to a stronger market in the United States.At least one major steelmaker in Monterrey city increased its prices, according to several sellers. The move was initially reported by a scrap dealer in the middle of last week and later confirmed by other market parti...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday December 24 that are worth another look.The recent downtrend in spot ferro-chrome prices in China was capped by strength in the domestic stainless steel market, while the European and US markets were flat ahead of the Christmas holiday break.Aluminium premiums in South Korea rose in the week ending Tuesday December 24, while the...Read More
A string of long-term deals for cobalt hydroxide show that bullish forecasts for cobalt consumption from the electric vehicle (EV) sector are coming into play. Glencore will supply battery manufacturer SK Innovation with up to 30,000 tonnes of cobalt contained in hydroxide over six years, it said last week - a deal worth about $1 billion in today's market. And other deals also point...Read More
Copper hit a fresh seven-month high today on the London Metal Exchange on Tuesday December 4 while Chinese smelters were preparing for a meeting at which potential cuts to refined supply will be a talking point.Copper for three-month delivery on the LME peaked at $6,235 per tonne, its strongest since May 7, before closing at $6,215 per tonne, still up 0.4% from yesterday's 5pm close.Improved trade...Read More
Trading activity continued in the seaborne coking coal market on Christmas eve, with prices staying above $130 per tonne fob Australia basis for premium quality materials.Fastmarkets indicesPremium hard coking coal, fob DBCT: $133.13 per tonne, down $1.84 per tonnePremium hard coking coal, cfr Jingtang: $147.47 per tonne, unchangedHard coking coal, fob DBCT: $122.33 per tonne, uncha...Read More
China's hot-rolled coil exporters achieved higher prices on Tuesday December 24, bolstered by overseas buyers' willingness to pay more for material, even as weakness prevailed in the domestic market, sources said.DomesticEastern China (Shanghai): 3,900-3,910 yuan ($556-558) per tonne, unchangedNorthern China (Tangshan): 3,630-3,640 yuan per tonne, down 10 yuan per tonneSpot prices in Shanghai were...Read More
Copper hit a fresh seven-month high today on the London Metal Exchange on Tuesday December 4 while Chinese smelters were preparing for a meeting at which potential cuts to refined supply will be a talking point.Copper for three-month delivery on the LME peaked at $6,235 per tonne, its strongest since May 7, before closing at $6,215 per tonne, still up 0.4% from yesterday's 5pm close.Improved trade...Read More
Key data from the pricing sessions in Asia, Europe and the United States for week ended Friday December 20. ChinaDomestic spot alloy prices remained static, with producers keeping quotations firm. Export prices held steady - while the yuan was strengthening, trading activity remained lackluster. Europe The European ferro-silicon spot price was steady over the week - no deals were reported am...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday December 24 that are worth another look.The recent downtrend in spot ferro-chrome prices in China was capped by strength in the domestic stainless steel market, while the European and US markets were flat ahead of the Christmas holiday break.Aluminium premiums in South Korea rose in the week ending Tuesday December 24, while the...Read More
Aluminium premiums in South Korea rose in the week ending Tuesday December 24, while the main Japanese ports (MJP) spot premium was steady following last week's increase. In South Korea, the aluminium P1020A premium, cif South Korea, and the aluminium P1020A premium, fca South Korea rose by $10-15 week on week to $85-90 per tonne and $100-105 per tonne respectively on Tuesday.Deals heard for Janua...Read More
Katanga Mining subsidiary Kamoto Copper Company (KCC) will buy land rights from La G?(C)n?(C)rale des Carri??res et des Mines (G?(C)camines) covering areas next to KCC's existing mining concessions. The rights cover the preferred location for the construction of a new long-term tailings facility, and other blocks that will help KCC to operate more efficiently and facilitate new infrastructure requ...Read More
Over the Christmas holiday period, Fastmarkets will continue to price physical base metal markets in accordance with our pricing schedule.Readers can view the pricing holidays and alternative pricing arrangements through the following link.Over this time, base metal premium and warrant premium tables will be published, but accompanying commentary wraps will not.If you have any queries please email...Read More
Aluminium was in the spotlight again during London Metal Exchange morning trading on Tuesday December 24, with 270,525 tonnes freshly canceled at LME sheds. Over 111,000 tonnes canceled today were in Port Klang, Malaysia with other cancellations in Johor, Gwangyang and Singapore. The large cancellation today comes on top of 107,125 tonnes canceled on Monday. The two days of cancellations means on-...Read More
There were no clear trends for base metals prices on the Shanghai Futures Exchange (SHFE) during the morning trading session on Tuesday December 24, with lead's 0.8% increase making it the best performer of the lot.The most-traded February lead contract ended the session at 14,920 yuan ($2,128) per tonne, up 125 yuan per tonne from Monday's close of 14,795 yuan per tonne. Other SHFE base metals pr...Read More
The hot-rolled steel sheet and rebar markets in Russia's Central Federal District around Moscow strengthened this week on higher prices from mills, even as demand remained seasonally subdued, sources told Fastmarkets on Monday December 23.Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia, was 39,500-40,000 roubles ($634-642) per tonne on December 23, inc...Read More