Base metal stocks Articles

IN CASE YOU MISSED IT: 5 key stories from April 18

April 19, 2019 / Staff reporter

Here are five Fastmarkets MB stories you might have missed on Thursday April 18 that are worth another look.The decision by the European Commission to suspend carbon emissions allowances issued by the UK government under the EU's Emissions Trading Scheme is expected to remain valid until the UK is able to reach a deal with the EU on the country's exit from the union, Richard Warren, head of p...Read More

US No2 copper scrap discounts widen, supply rises

April 19, 2019 / Staff reporter

Fading domestic demand and rising supply for No2 copper scrap in the United States have pushed discounts wider, with all eyes on China's impending scrap import regulations in July."In the last week we have seen sellers become desperate for placement of No2 copper scrap units. We've been offered tremendous volumes for May delivery but because we're booked we are not in the market," one US consumer...Read More

US Midwest aluminium premium widens lower

April 19, 2019 / Staff reporter

The US Midwest P1020 aluminium premium widened downward on Thursday April 18 amid tightening price spreads on the London Metal Exchange.Fastmarkets AMM assessed the P1020 Midwest premium at 19-19.5 cents per lb on April 18. That is down by 0.25 cents on the low end from 19.25-19.5 cents per lb previously, and marks the premium's first movement since April...Read More

South32 reduces FY19 alumina production guidance

April 19, 2019 / Staff reporter

Mining-and-metals company South32 has revised its alumina production guidance down due to a de-bottlenecking initiative, it said in its third-quarter financial year report on Thursday April 18.The company reduced production guidance at its Worsley alumina facility in operation by 4% to 3.79 million tonnes to, "support a sustainable increase in production-to-nameplate capacity ahead of future de-bo...Read More

LIVE FUTURES REPORT 18/04: Comex copper suffers heavy losses amid dollar surge

April 19, 2019 / Staff reporter

The US copper market failed to hold onto Wednesday's gains amid a surging dollar, which weighed on the base metals complex.The copper price for May settlement on the Comex division of the New York Mercantile Exchange dipped 4.20 cents to $2.9255 per lb.At last glance, the dollar index was at 97.32, up 0.32% and above the psychological level of 97. The red metal has been unable to set a clear price...Read More

Red Kite, Barclays settle $850m lawsuit out of court

April 19, 2019 / Staff reporter

Copper fund Red Kite has settled its $850 million market manipulation lawsuit with Barclays out of court, the bank said in a statement today April 18."Legal proceedings between the Red Kite group as Claimants and Barclays Bank PLC as Defendant have been concluded on mutually acceptable...Read More

INTL ZINC & LEAD CONF: Downward trending LME zinc price could jeopardize project pipeline, BMO says

April 19, 2019 / Staff reporter

A forecast downtrend in the mid-to-long-term London Metal Exchange cash zinc price could bring about a shortage of zinc mining projects, BMO Capital Markets analyst Kash Kamal said in a presentation at Fastmarkets' International Lead & Zinc conference on Monday April 15. Although the LME zinc cash price performed well in the second half of 2018, it dipped by 9.7% to a $2,644 per tonne average in t...Read More

Outlook for Brazilian steel uncertain, price increases on hold, Usiminas says

April 19, 2019 / Staff reporter

Prospects for the Brazilian steel market are uncertain right now because of slow economic activity in the country, and any price increase depends on a recovery, Usiminas' commercial vice president Miguel Homes told investors during a conference call on Thursday April 18."We are expecting the second quarter of the year to be better than the first one," the executive said. "But everything depends on...Read More

Brazil slab export prices decline on recent deals

April 19, 2019 / Staff reporter

Despite healthy demand, Brazilian slab export prices widened downward on Thursday April 18 due to reduced prices in other producing regions and increased deals, sources told Fastmarkets.Fastmarkets assessed Brazilian slab exports at $495-545 per tonne fob, down from $510-550 per tonne fob a week earlier. Deals to the US were closed near the $545-per-tonne-fob level, while deals for material from B...Read More

Scrap, mixed sentiment hit US domestic rebar price

April 19, 2019 / Staff reporter

Reinforcing steel bar prices have decreased in the United States due to downward pressure from falling raw material costs and some reports of slower market activity, market sources said. Fastmarkets AMM's price assessment for domestic rebar stood at $34.50-35.50 per hundredweight ($690-710 per short ton) fob mill on Wednesday April 17, down by 2.4% from $35.25-36.50 per cwt two weeks earlier. At t...Read More

South American steel import prices rise slightly; clients look away from China

April 19, 2019 / Staff reporter

South American steel import prices were mostly unchanged or slightly higher, with demand in the region still low and customers increasingly looking for alternative sources of flat steel as Chinese material becomes too expensive for importers, sources said.Mills in the Commonwealth of Independent States (CIS) region, like Russia and Ukraine, were regarded as a feasible alternative, they added.Fastm...Read More

UK's ETS carbon allowances 'to remain suspended until Brexit resolution,' UK Steel says

April 19, 2019 / Staff reporter

The decision by the European Commission (EC) to suspend carbon emissions allowances issued by the UK government under the EU's Emissions Trading Scheme (ETS) is expected to remain valid until the UK is able to reach a deal with the EU on the country's exit from the union, Richard Warren, head of policy at industry body UK Steel, told Fastmarkets on Thursday April 18.Allowances issued by the UK wer...Read More

Brazilian steel sector demands solution for Vale's pellet, iron ore supply cuts

April 19, 2019 / Staff reporter

Brazilian steelmakers have called for an urgent solution regarding production stoppages in iron ore miner Vale's southeastern system, after a disastrous accident in January this year at a tailings dam in the Crrego do Feijo mine, according to national steel association Instituto Ao Brasil."The current situation of raw materials supply cannot be maintained for long," Ao Brasil executive president M...Read More

DAILY SCRAP REPORT: Turkish mills step back from market amid political wrangles

April 19, 2019 / Staff reporter

Turkish steel producers have gone through Thursday without making any deep-sea scrap purchases, because the political situation in the country has changed and the value of the country's lira has become more volatile, sources said on Thursday April 18.Turkey's supreme committee of elections (YSK) has declared opposition candidate Ekrem Imamoglu the winner of the recent mayoral election in Istanbul,...Read More

INDIA IMPORT SCRAP: Prices move up on unforeseen boost from Turkey

April 19, 2019 / Staff reporter

The price of shredded ferrous scrap imported into India moved up this week with deals done at higher levels than last week, sources told Fastmarkets on Thursday April 18.Fastmarkets' weekly index for containerized imports of shredded scrap into India inched up to $332.25 per tonne cfr Nhava Sheva on Thursday, from $331.32 per tonne cfr one week before.This week, deals were heard for shredded scrap...Read More

UK SCRAP: Prices steady following strengthening Turkish market

April 19, 2019 / Staff reporter

Prices for light iron steel scrap in the United Kingdom were unchanged for a fifth week on Thursday April 18 following a recovery in Turkish scrap prices, sources told Fastmarkets on the day.Fastmarkets' weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was 90-110 ($117-143) per tonne on April 18. The price has remained unchanged since March 15.The steady 5C price h...Read More

Niron Metals gets Liberia export route for Guinea iron ore project

April 19, 2019 / Staff reporter

Niron Metals PLC, an investment vehicle with shareholders including former Xstrata chief executive officer (CEO) Mick Davis, has been given the go-ahead to export iron ore from the Zogota deposit in Guinea through Liberia using existing infrastructure. The company signed a Memorandum of Understanding with the Liberian government allowing it to use rail and port facilities to export the material fr...Read More

Usiminas' Q1 iron ore exports down 20% on shift to domestic market

April 19, 2019 / Staff reporter

Brazilian steelmaker Usiminas exported 19.90% less iron ore during the first quarter of 2019 than in the corresponding months of 2018, with the company shifting production to third-parties in the domestic market, it said in an earnings report on Thursday April 18.External shipments of iron ore totaled 868,000 tonnes in January-March, from 1.08 million tonnes a year before. But domestic sales reach...Read More

COKING COAL DAILY: Seaborne market quietens down after activity spurt

April 19, 2019 / Staff reporter

Participants took a breather from the seaborne coking coal spot market on Thursday April 18 following a flurry of trades earlier this week."We are not in a hurry to offer at the moment, especially since the loading dates for our shipments have been pushed back to May," a Chinese trading source said.Meanwhile, at the Port of Jingtang in China's steelmaking hub of Tangshan, a brand of premium low-vo...Read More

Alcoa's Q1 revenue down 19%; Spanish plants to remain in restart condition until June

April 19, 2019 / Staff reporter

Alcoa's revenue for the first quarter of 2019 was $2.7 billion, down 19% from the fourth quarter of 2018, due to lower alumina and aluminium prices.The producers adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) excluding special items for the first quarter between January and March 2019 stood at $467 million, a 39% decrease from the previous quarter. "We improved ou...Read More