Here are five Fastmarkets MB stories you might have missed on Thursday November 28 that are worth another look.Electric vehicles are "the best thing to happen to the nickel market since the invention of stainless steel," Nornickel's marketing director told Fastmarkets in an interview, and his company's high-quality sulfide ore deposits in Norilsk give the Russian mini...Read More
Base metals prices traded on the London Metal Exchange were little changed at the close on Thursday November 28, with low trading volumes across the board by the 5pm kerb.Just more than 6,500 lots of copper changed hands, a far cry from almost 14,000 lots as of the same time on Wednesday, in holiday-thinned trading - the US markets are closed for Thanksgiving.The three-month copper price was cappe...Read More
Tharisa reported a halving of its full-year earnings days after warning that lower chrome prices would significantly affect its financial performance. The South African chrome miner's earnings before interest tax, depreciation and amortization (ebitda) for the 12 months to September 30 dropped by 49.4% to $56.1 million from the previous financial year earlier.It also reported a 15.6% drop in reven...Read More
Turkish mills skipped the day without any deep-sea scrap bookings on Thursday November 28, but the steelmakers are expected to book more scrap for January shipments soon, sources told Fastmarkets.The most recent transaction took place on Tuesday - involving a steel mill in the Marmara region booking a European cargo, comprising 25,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shred...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday November 28 that are worth another look.Electric vehicles are "the best thing to happen to the nickel market since the invention of stainless steel," Nornickel's marketing director told Fastmarkets in an interview, and his company's high-quality sulfide ore deposits in Norilsk give the Russian mini...Read More
The recent grant of approval from the Indian Supreme Court for ArcelorMittal's acquisition of Essar Steel brings an end to years of legal wrangles, giving the global steelmaker access to a much sought-after market, and allowing the Indian steel sector to take a further step toward health. ArcelorMittal has been keen for some time to break into the domestic Indian steel market because it is one of...Read More
LME Week 2019 saw metals stuck in the middle of largely bullish supply-side fundamentals and decidedly bearish demand, with the global economy and industry looking shaky.Chatter in London was largely focused on nickel - with the stainless steel and battery metal's price soaring on the London Metal Exchange amid major stock drawdowns from the exchange system. Several panels and interviews looked at...Read More
Base metals prices traded on the London Metal Exchange were little changed at the close on Thursday November 28, with low trading volumes across the board by the 5pm kerb.Just more than 6,500 lots of copper changed hands, a far cry from almost 14,000 lots as of the same time on Wednesday, in holiday-thinned trading - the US markets are closed for Thanksgiving.The three-month copper price was cappe...Read More
The three-month nickel price on the London Metal Exchange shed 3.1% to hit a low of $13,930 per tonne during the morning session on Thursday November 28, trading below $14,000 per tonne for the first time since July 2019. The release of weak data from China on Wednesday, stating that Chinese industrial profits were down 9.9% year on year in October, has cast a shadow over stainless steel demand wh...Read More
Buying activity in the seaborne coking coal market was kept warm by the Chinese market, where steel mills continue to procure imported materials.Fastmarkets indicesPremium hard coking coal, fob DBCT: $133.67 per tonne, up $0.67 per tonnePremium hard coking coal, cfr Jingtang: $147.77 per tonne, up $0.28 per tonneHard coking coal, fob DBCT: $120.70 per tonne, unchangedHard coking coa...Read More
The emphasis on traditional mining and high-quality domestic sulfide ore deposits in Norilsk will give Russian mining company Nornickel a competitive edge in meeting growing battery demand, the company said in an interview with Fastmarkets. "I couldn't say it is primarily driving our business model but electric vehicles (EVs) are the best thing to happen to the nickel market since the invention of...Read More
Both import and export prices for steel billet in Turkey have increased over the past week in line with the firmer scrap import values, sources said on Thursday November 28.Fastmarkets' weekly price assessment for steel billet, import, cfr main port Turkey, was $395-400 per tonne on Thursday, up from last week's $390-395 per tonne cfr.Suppliers in the Commonwealth of Independent...Read More
The three-month nickel price on the London Metal Exchange shed 3.1% to hit a low of $13,930 per tonne during the morning session on Thursday November 28, trading below $14,000 per tonne for the first time since July 2019. The release of weak data from China on Wednesday, stating that Chinese industrial profits were down 9.9% year on year in October, has cast a shadow over stainless steel demand wh...Read More
LME Week 2019 saw metals stuck in the middle of largely bullish supply-side fundamentals and decidedly bearish demand, with the global economy and industry looking shaky.Chatter in London was largely focused on nickel - with the stainless steel and battery metal's price soaring on the London Metal Exchange amid major stock drawdowns from the exchange system. Several panels and interviews looked at...Read More
United States President Donald Trump's signing of bills to support Hong Kong's protestors may undermine or delay progress in US-China trade talks; this seems to have become a headwind for equities this morning, Thursday November 28, but so far, with the exception of nickel, it has not dragged down base metals prices on the Shanghai Futures Exchange.Most of the Asian equity markets we follow and pr...Read More
With the exception of lead and nickel, base metals prices on the Shanghai Futures Exchange were mostly rangebound during the morning trading session on Thursday November 28.The subdued performance by the complex follows a deterioration in risk appetite following disappointing Chinese data on Wednesday as well as the signing of a bill by United States President Donald Trump that shows support for p...Read More
Anglo-Australian miner Rio Tinto is to resume shipments of aluminium from its operations in Canada after an eight-day-long railway strike in the country came to an end, a company spokesman confirmed to Fastmarkets on Thursday November 28.The strike, which began on November 19, led Rio Tinto to declare force majeure on aluminium shipments from its...Read More
Turkish domestic rebar and wire rod prices have remained largely stable over the past week on moderate demand, sources said on Thursday November 28.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was 2,840-2,880 Turkish lira ($492-499) per tonne on Thursday, widening downward slightly from the...Read More
Turkish steel producers raised their offers to reflect the upturn in the scrap costs in their finished steel prices although demand continued to be sluggish, sources said on Thursday November 28. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) export, fob main port Turkey was $420-430 per tonne on an actual weight basis on Thursday, up from last week's $415-420 per tonn...Read More
Prices for steel rebar and billet in Egypt continued to rise in the week ended Thursday November 28 amid strong demand from the construction sector, sources told Fastmarkets.Egyptian rebar producers were offering rebar at E ?10,000-10,500 ($619-650) per tonne ex-works including 14% VAT, up from last week's E ?9,850-10,370 per tonne ex-works including VAT.The...Read More