The liquidation order issued by the government of Zambia, that would allow it to take control of the copper-producing assets held in the African country by global metals producer Vedanta, has sent shockwaves through the global industry.The order marked the first government takeover attempt in the country, which is Africa's second-largest copper-producing region.Customers of Konkola Copper Mines (K...Read More
Copper's fundamentals mean prices should be higher but much depends on the outcome of the US-China trade dispute, according to an executive at ED&F Man Capital Markets. Keith Gwozdz, vice president of metals at the LME brokerage firm, said that there are three potential outcomes when talks between the countries resume at the G20 summit of governments and central bank governors in Japan (June 28-29...Read More
Germany's Aurubis has agreed to acquire copper-tin recycler Metallo Group in a ?,?380 million ($424 million) share purchase deal, it said on Wednesday May 22.Fastmarkets reported in February that TowerBrook Capital Partners, Metallo's private equity owner, was close to agreeing a sale of the company, which operates plants in Belgium and...Read More
Glencore AG has signed an agreement to supply cobalt feedstock and financing to recommission the First Cobalt refinery in Ontario, Canada.The memorandum of understanding could result in annual production of roughly 2,000-2,500 tonnes of cobalt in sulfate from the plant, which is North America's only primary cobalt refinery.Glencore will evaluate making a loan to fund the capital requirements to re...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The price for rebar produced and delivered in Southern Europe remained unchanged on Wednesday May 22, amid continuing weak demand, market participants told Fastmarkets.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe was ?,?500-510 ($559-569) per tonne delivered on Wednesday, unchanged from May 8."We are just hoping for the market to remain stable as the demand situa...Read More
The quietness in the deep-sea scrap markets has continued because market participants were still looking for clarity in the export markets for finished products such as rebar, sources said on Wednesday May 22.After the United States reduced its tariff on steel imports from Turkey to 25%, from 50%, on May 17, Turkey was again in a position to supply to the US market.But scrap suppliers pulled back...Read More
Glencore AG has signed an agreement to supply cobalt feedstock and financing to recommission the First Cobalt refinery in Ontario, Canada.The memorandum of understanding could result in annual production of roughly 2,000-2,500 tonnes of cobalt in sulfate from the plant, which is North America's only primary cobalt refinery.Glencore will evaluate making a loan to fund the capital requirements to re...Read More
Fastmarkets has amended the names and specifications of its China cobalt sulfate assessments, effective Wednesday May 22, 2019. Fastmarkets has assessed the price of cobalt sulfate, ex-works China, on a 20.5% Co basis since the assessment was launched in June 2018, but due to an error, the definition of cobalt purity for the assessment was incorrectly stated as "Co 20.5% min" instead of "Co 20.5%...Read More
China's export hot-rolled coil prices were largely stable on Wednesday May 22 amid sparse trading as domestic spot and futures prices fluctuated.DomesticEastern China (Shanghai): 4,020-4,050 yuan ($582-586) per tonne, up 10-20 yuan per tonneNorthern China (Tianjin): 3,900-3,930 yuan per tonne, widening upward 10 yuan per tonneMills' offers were around 20 yuan per tonne higher than on Tue...Read More
China's plate producers lowered offer prices this week in sparse trading.Fastmarkets MB's export price assessment for June/July shipments of commercial-grade, chromium-added plate was $530-535 per tonne fob for the week ended Tuesday May 21, down $5-7 per tonne from $535-542 per tonne fob the week prior.A northern China-based mill is offering $535-540 per tonne fob this week, down from the of...Read More
The Wednesday Market Minute Global stocks drift lower as investors fade the impact of eased restrictions on Huawei to focus on slowing economic growth and rising geo-political risks.The New York Times reports the White House is reading to expand the number of Chinese firms on the so-called Entities List, a move that could escalate trade tensions between Washington and Beijing.European stock...Read More
The price for rebar produced and delivered in Southern Europe remained unchanged on Wednesday May 22, amid continuing weak demand, market participants told Fastmarkets.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe was ?,?500-510 ($559-569) per tonne delivered on Wednesday, unchanged from May 8."We are just hoping for the market to remain stable as the demand situa...Read More
Prices for mesh-quality wire rod in Europe continued to fall this week after a drop in finished mesh product prices, sources told Fastmarkets on Wednesday May 22.Fastmarkets' assessment of the price of domestic mesh-quality wire rod in Southern Europe was ?,?500-520 ($558-580) per tonne delivered on May 22, down by ?,?15 per tonne from ?,?515-535 per tonne on May 15."The wire rod market is very de...Read More
Domestic prices for hollow steel sections in Europe were unchanged this week as the market considered mill proposals to increase prices despite further falls in feedstock costs, sources told Fastmarkets on Wednesday May 22.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?600-630 ($669-703) per tonn...Read More
The quietness in the deep-sea scrap markets has continued because market participants were still looking for clarity in the export markets for finished products such as rebar, sources said on Wednesday May 22.After the United States reduced its tariff on steel imports from Turkey to 25%, from 50%, on May 17, Turkey was again in a position to supply to the US market.But scrap suppliers pulled back...Read More
Iron ore prices continued their uptrend on Wednesday May 22 with the Fastmarkets MB 62% Fe Iron Ore Index rising to more than $105 per tonne cfr China.MB 62% Fe Iron Ore Index: $105.78 per tonne cfr Qingdao, up by $3.75 per tonne.MB 62% Fe Pilbara Blend Fines Index: $103.97 per tonne cfr Qingdao, up by $3.75 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $108.26 per tonne cfr Qingdao, up by $2.50...Read More
Chinese domestic rebar prices rose on Wednesday May 22, but participants voiced concerns that a seasonal drop in demand may soon push down prices. Domestic Eastern China (Shanghai): 4,070-4,100 yuan ($592-597) per tonne, up 20-30 yuan per tonneNorthern China (Beijing): 3,970-4,020 yuan per tonne, up 20 yuan per tonneRebar futures ran above Tuesday's settlement price of 3,845 yuan per ton...Read More
Import prices for stainless steel in East Asia have declined over the week ended on May 22 because of limited buying interest amid the heightened trade tensions between China and the United States.China declared that it would impose duties on $60 billion worth of US goods from June 1 in retaliation to US president Donald Trump's announcement that the US would raise tariffs on $200 billion worth of...Read More
Domestic prices for hollow steel sections in Europe were unchanged this week as the market considered mill proposals to increase prices despite further falls in feedstock costs, sources told Fastmarkets on Wednesday May 22.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?600-630 ($669-703) per tonn...Read More