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The three-month copper price on the London Metal Exchange was lower at the close of trading on Wednesday October 9, remaining below the $5,700 per tonne resistance level amid thin volumes, while forward spreads in nickel tightened over the afternoon.Copper's outright price closed at $5,684 per tonne in the afternoon, keeping below nearby resistance while volumes traded were moderately low at just...Read More
The alumina index on a fob Australia basis is down by 3.4% week on week and below $280 per tonne for the first time since May 2017. Fastmarkets' daily alumina index, fob Australia fell to $279.29 per tonne on Wednesday October 9, from $280.64 per tonne the previous day and from $289.53 per tonne on October 2. The index is now down 29.5% from the start of the 2019. Key drivers: The...Read More
The US tin premium experienced an uptick for the first time in six weeks on Tuesday October 8, while Europe and China premiums remained stable. Falling supply prompts US premium uptick European market eyes long-term contract negotiations China's absence for National Day holiday limits Asian tin premiumsUS tin premium tick up The tin premium ticked up in the United States. This reflected reduced do...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday October 9 that are worth another look.China, the world's biggest steelmaker, is considering importing hot-rolled coil on possible arbitrage opportunities with Russia and Iran, Fastmarkets understands. The alumina index on a fob Australia basis fell by 3.4% week on week, moving below $280 per tonne for the first time...Read More
Key European and US indices closed higher yesterday while Asian markets were mixed.China was still open to reaching a partial trade deal with the US, an official with direct knowledge of the talks told Bloomberg.Meanwhile tensions are mounting in the Middle East, where the US is withdrawing its troops and Turkey has launched an incursion into Syria.Vizsla Resources (TSXV: VZLA) made a stellar retu...Read More
The alumina index on a fob Australia basis is down by 3.4% week on week and below $280 per tonne for the first time since May 2017. Fastmarkets' daily alumina index, fob Australia fell to $279.29 per tonne on Wednesday October 9, from $280.64 per tonne the previous day and from $289.53 per tonne on October 2. The index is now down 29.5% from the start of the 2019. Key drivers: The...Read More
Tharisa slightly increased its chrome concentrate production in the three months to September 30, the South African chrome and platinum group metals (PGM) miner said on Wednesday October 9. Total chrome concentrate production of 341,900 tonnes in the three-month period, Tharisa's financial fourth quarter of 2019, was up by 2.4% from the previous three months and flat against the corresponding quar...Read More
An overview of the minor metals markets and their latest price moves.Read More
Fastmarkets is initiating a consultation on a proposed increase in the frequency of its benchmark prices for cobalt standard grade and cobalt alloy grade, in whs Rotterdam, to daily. Fastmarkets currently assesses both prices on Wednesday and Friday each week.Initial feedback suggests that daily pricing would be more responsive to price moves in the cobalt market, notably during times of volatilit...Read More
Turkish steel producers resumed booking deep-sea scrap for November shipment after a short break, sources said on Wednesday October 9, although prices have now increased compared with previous bookings due to a lack of supply.One Turkish steel producer booked a scrap cargo from the United States, comprising 23,000 tonnes of HMS 1&2 (80:20) at $233 per tonne and 17,000 tonnes of shredded at $2...Read More
Markets are treading water this morning, Wednesday October 9, ahead of the United States-China trade talks that are being held on Thursday and Friday. Ahead of the negotiations, optimism for a trade deal between the two is fading while rhetoric rises, but that may just be gamesmanship.The International Monetary Fund (IMF) is expected to downwardly revise its growth projections for this year and th...Read More
Fastmarkets is initiating a consultation on a proposed increase in the frequency of its benchmark prices for cobalt standard grade and cobalt alloy grade, in whs Rotterdam, to daily. Fastmarkets currently assesses both prices on Wednesday and Friday each week.Initial feedback suggests that daily pricing would be more responsive to price moves in the cobalt market, notably during times of volatilit...Read More
Domestic prices for cold-rolled coil (CRC) in the EU have been under pressure from limited market activity, sources told Fastmarkets on Wednesday October 9.Demand from end-users has been low, according to market participants. In addition, buyers believed that prices would go down and therefore they preferred to hold back from purchases until prices reached a market bottom.Domestic prices for hot-r...Read More
Steelmakers in Northern Europe have decreased their domestic prices for hot-rolled coil (HRC) because they need to secure orders in a slow market, sources told Fastmarkets on Wednesday October 9.Fastmarkets' weekly price assessment for steel HRC, domestic, exw Northern Europe, was ?,?440-445 ($483-488) per tonne on October 9, down by ?,?10 per tonne week on week from ?,?450-455 per tonne ex-works....Read More
China, the world's biggest steelmaker, is considering importing hot-rolled coil (HRC) on possible arbitrage opportunities with Russia and Iran, Fastmarkets understands. Russian and Iranian hot-rolled coil imports may soon become an attractive prospect for Chinese buyers due to their low offers to the country, market sources told Fastmarkets on Wednesday October 9. "Russian re-rolling grade HRC is...Read More
Domestic prices for steel wire rod across Europe remained unchanged this week, but market participants were keeping a close eye on the ferrous scrap sector to see if recent developments there would turn into a sustainable price recovery, sources told Fastmarkets on Wednesday October 9.Fastmarkets' index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, fell by 24% from the beg...Read More
The price of steel rebar in the Southern European domestic and export markets was slightly lower this week because limited export opportunities were creating an excess of supply, sources told Fastmarkets on Wednesday October 9.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe, was ?,?445-465 ($488-510) per tonne on Wednesday, widening downw...Read More
The price of steel rebar in the Northern European domestic market was unchanged this week amid signs that the downward trend in the ferrous scrap market may have finally come to an end, sources told Fastmarkets on Wednesday October 9Fastmarkets' weekly price assessment for steel rebar, domestic, delivered Northern Europe, was ?,?460-475 ($505-521) per tonne on Wednesday, unchanged week on week. "W...Read More