The three-month copper price traded on the London Metal Exchange almost closed the gap on its psychological $6,000 per tonne level, with growing supply concerns bolstering consumption and precipitating a significantly higher turnover on Tuesday November 5. The red metal's three-month price closed 1.1% higher at $5,946.50 per tonne compared with the previous day's $5,877 per tonne close. The price...Read More

Chinese re-rollers' interest in imported billet has waned in recent weeks following a surge in prices in the major global markets, sources told Fastmarkets.Global billet prices have picked up over the past month on soaring scrap prices and reduced availability in some markets, particularly the CIS. At the same time, the domestic billet price in China is largely stable, which has narrowed the gap b...Read More

Here are five Fastmarkets MB stories you might have missed on Tuesday November 5 that are worth another look.Most major aluminium producers agree that tackling the carbon intensity of the smelting process is one of the biggest challenges facing their industry.Chinese re-rollers' interest in imported billet has waned in recent weeks following a surge in prices in the major global markets, sources t...Read More

Discounts for nickel full plate cathodes in the Chinese import market flipped to premiums on Tuesday November 5 following a sudden opening of the import window over the week. "The intermittent opening of the import window this week was due to technical squeezing on China's future exchanges rather than supply tightness. [Nickel full plate cathodes are] normal premiums now," a Shanghai-based trader...Read More

Electric vehicle (EV) production growth in China has slowed over the second half of this year, dropping more quickly than the market expected, Houshan Bai, chairman of Ningbo Ronbay New Energy Technology Co, told delegates at a nickel and cobalt conference on Tuesday November 5. In the first six months, EV sales and production in China had been in a healthy upturn, but slower growth started to eme...Read More

Daniel Hisshion has joined Lewer Corp as business development manager, he confirmed to Fastmarkets.Lewer is an Australian privately owned company, established in 1972, which specializes in natural resources and in the sourcing, supply and distribution of materials such as gold,...Read More

Most major aluminium producers agree that tackling the carbon intensity of the smelting process is one of the biggest challenges facing their industry. What they cannot agree on is how to deal with the situation, as a lively panel hosted by Fastmarkets during LME Week at the end of October showed. Aluminium smelting is an energy-intensive business and the market is starting to differentiate b...Read More

Turkish exports of flat steel products declined by 21.8% year-on-year to 393,716 tonnes in September 2019, according to the Turkish Statistical Institute (TUIK).This compares with a volume of 503,524 tonnes in the corresponding period of 2018, the institute said.The reason for decrease in exports was the lackluster demand for Turkish flat steel...Read More

Hot-rolled coil import prices in the United Arab Emirates and Saudi Arabia have gone down this week on lower offers, sources told Fastmarkets on Tuesday November 5.Buyers were still reluctant to book large tonnages because of the falling prices as well as the weak end-user demand, they said.UAEOffer prices for HRC from China and Japan were heard in the UAE at $420-430 per tonne cfr this week, with...Read More

Import prices for steel billet and rebar in the United Arab Emirates have decreased over the past week, but domestic rebar prices remained stable, market sources said on Tuesday November 5.Demand for long steel was still moderate in the country, and buyers preferred to buy small quantities in order to avoid holding high stocks at the end of the year.Billet importsBillet was offered from Oman at ab...Read More

China's hot-rolled coil exporters issue higher offers on Tuesday November 5 after a strengthening of the domestic market and amid the emergence of higher overseas bids.DomesticEastern China (Shanghai): 3,510-3,530 yuan ($499-502) per tonne, widening upward by 10 yuan per tonneNorthern China (Tangshan): 3,520 yuan per tonne, up 10 yuan per tonneBoth Shanghai-based and Tangshan-based traders told Fa...Read More

Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil firmed during the week to Tuesday November 5 as producers refused to lower their asking prices while they are able to obtain better prices domestically, sources told Fastmarkets.Market participants had expected export prices to fall further last month but such a decline failed to materialize due to the support from domestic...Read More

Seaborne coking coal prices remained steady on Tuesday November 5, with premium mid-vol cargoes fetching around $140-142 per tonne cfr China this week, largely in line with last week's levels.Fastmarkets indicesPremium hard coking coal, fob DBCT: $133.29 per tonne, down by $0.87 per tonnePremium hard coking coal, cfr Jingtang: $146.69 per tonne, up by $0.33 per tonneHard coking coal, fob...Read More

Seaborne iron ore prices were rangebound on Tuesday November 5, with market participants remaining jittery over high inventories and the upcoming demand lull over the winter season.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.30 per tonne, up $0.03 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $83.12 per tonne, up $0.03 per tonne.62% Fe low-alumina fines, cfr Qingdao: $82.70 per...Read More

The 62% Fe iron ore market moved either side of the $90-per-tonne mark for most of October, with the average price falling by 3.5% month on month, while the average price for 65% Fe iron ore fell by 2.7%.Traded volumes for the Singapore Exchange's 65% Fe derivatives contract - which was launched in December 2018 and which is settled against Fastmarkets' daily index for iron ore, 65% Fe Brazil-orig...Read More

The London Metal Exchange's plans to launch a new trading platform in 2021 could bring a host of new functionality enhancements to its electronic and inter-office market, from variable tick sizes to additional order types and greater self-service user management.Yet with the LME also targeting the eventual decommissioning of its current LMEselect electronic trading system - which was first introdu...Read More

The three-month copper price on the London Metal Exchange was higher across morning trading on Tuesday November 5, with price action boosted by a softer dollar index and positive forward spreads. Copper's outright price was recently seen at $5,918 per tonne, with just under 2,500 lots exchanged as at 8.40am London time. Meanwhile, buying in LME copper remains supported by positive forward spreads,...Read More

Chinese rebar prices picked up on Tuesday November 5 despite a dip in trading activity caused by transport curbs put up in conjunction with the China International Import Expo in Shanghai amid gains in the futures market.Eastern China (Shanghai): 3,710-3,740 yuan ($529-533) per tonne, up 40 yuan per tonneNorthern China (Beijing): 3,630-3,660 yuan per tonne, up 10 yuan per tonnesTraffic movements i...Read More

The combination of some easing in Chinese lending rates and talk that United States officials may be prepared to drop some tariffs on China has led to more risk-on in broader markets.The three leading US indices, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite closed on record highs on Monday November 4 and US treasury yields are climbing, but the metals are looking quite mi...Read More

Copper prices on the Shanghai Futures Exchange edged up during the morning trading session on Tuesday November 5, supported by improved risk sentiment following positive trade developments.News that China is reviewing locations in the United States where Chinese President Xi Jinping would be willing to meet US counterpart Donald Trump to sign the first phase of a trade deal between the two nations...Read More