The London Metal Exchange has approved the resignation of French bank Soci?(C)t?(C) G?(C)n?(C)rale from its Category II and LMEprecious membership structure, outlining in a note to members on Tuesday November 3 that the entity will no longer trade as a general clearing member of LMEClear with immediate effect. Soci?(C)t?(C) G?(C)n?(C)rale, also known as SocGen, began a refinement of its commodity...Read More
Domestic prices for hot-rolled coil in Northern Europe have moved up on Tuesday November 3, supported by long lead times for delivery of the material, market sources have told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?505.96 ($588.80) per tonne on Tuesday, up by ?,?0.96 per tonne from ?,?505.00 per tonne.The index was up by ?,?7....Read More
CIS steel billet producers have continued to offer material to foreign customers at rather high prices, with support from the global uptrend in the long steel markets, Fastmarkets heard on Tuesday November 3.In any case, the producers were in no hurry to sell-out volumes scheduled for shipment in January.For their part, customers in the majority of export destinations considered the current offers...Read More
Chilean copper production was 0.8% lower year on year in September due to lower output from Escondida, the country's copper commission, Cochilco, said on Tuesday November 3. Mined copper content output totaled 479,900 tonnes in September, against 483,800 tonnes a year before, according to Cochilco's data. The country produced 4.26 million tonnes of copper in the January-September period, slightly...Read More
Premiums for primary aluminium in Italy and Spain remained on an upward trajectory this week despite benchmark premiums in Rotterdam moving the opposite way. The divergence means the differential between Fastmarkets' P1020 premiums in Rotterdam and Italy is at its widest since 2018. Fastmarkets assessed the aluminium P1020A premium, fca dp Italy at $190-195 per tonne on Tuesday November 3, up...Read More
Chile's state-run copper producer Codelco increased its production in the third quarter of 2020 despite setbacks due to temporary closures of some of its operations, reduced costs and higher earnings during that period, the company said on Friday October 30.Codelco produced 447,000 tonnes of copper in the quarter, including a minority share in some units, up by 1.6% from 440,000 tonnes in the thir...Read More
The London Metal Exchange has approved the resignation of French bank Soci?(C)t?(C) G?(C)n?(C)rale from its Category II and LMEprecious membership structure, outlining in a note to members on Tuesday November 3 that the entity will no longer trade as a general clearing member of LMEClear with immediate effect. Soci?(C)t?(C) G?(C)n?(C)rale, also known as SocGen, began a refinement of its commodity...Read More
Three-month base metals prices on the London Metal Exchange were mostly higher during morning trading on Tuesday November 3, prompted by a slight decline in the dollar index and hopes of fiscal stimulus in the United States after today's long-awaited presidential election. Trading volumes were moderate over the morning, with LME aluminium's 5,500 lots topping the complex as of 10:30am London time;...Read More
Vale Canada has cut 154 jobs at its Thompson, Manitoba nickel operation, which was losing about C$300,000 ($225,700) a day, a company spokesman told Fastmarkets.Vale has for years been restructuring its operations in the subarctic Canadian province, having closed the Manitoba nickel smelter and refinery in July 2018, but retained the two mines and milling activities."The steps taken were completed...Read More
German steelmaker Salzgitter will record a significant pre-tax loss in 2020 due to the effects of the Covid-19 pandemic, the company said on Tuesday November 3.In its preliminary report for the first nine months of the year, Salzgitter said that only a rough estimate was possible in the current circumstances.In its half-year report published in August, the company said that it expected its pre-tax...Read More
Domestic rebar prices in the United Arab Emirates continued to fall this week, while imported rebar prices were stable, sources said on Tuesday November 3.Domestic rebarThe country's steel producers were offering rebar at 1,936 dirhams ($527) per tonne ex-works for orders to be produced in November, stable since September 15.But deal prices were at around 1,790-1,800 dirhams per tonne ex-works, wi...Read More
Flat steel import prices in the United Arab Emirates (UAE) increased over the past week because of a hot-rolled col shortage, sources said on Tuesday November 3.Local demand for flat steel in India and China - which are the main suppliers of flat steel to the UAE and Saudi Arabia - has been strong recently, so there have only been limited offers of flat steel to the Gulf region at high p...Read More
Prices for cargoes of steel billet imported into Southeast Asia have risen over the past week amid tighter supply, but high stocks and very difficult weather in the Philippines were damping the prospects of further increases, market sources told Fastmarkets on Tuesday November 3.Billet prices into Southeast Asia have moved up slowly over the past fortnight following deals into the Philippines and...Read More
In the export markets for flat steel from the Commonwealth of Independent States (CIS) trading activity was low in key outlets, although the positive global market mood supported higher offers, sources told Fastmarkets on Monday November 2.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $475-495 per tonne on November 2, unchanged w...Read More
A summary of the financial results of German metals distributor Kl??ckner & Co for the third quarter of 2020, ended September 30. In brief The company reported lower shipments for the quarter primarily due to the impact of the Covid-19 pandemic that affected all operating segments. The business in Switzerland was relatively less affected thanks to a strong reinforcing steel product line.&nbs...Read More
Turkish steel mills continued to stay away from the deep-sea scrap market amid growing uncertainty over the potential impact of the presidential election in the United States, sources said on Tuesday November 3.Mills in Turkey have been silent in the deep-sea scrap markets since the middle of last week after booking number of cargoes. Most market participants were waiting to see what impact the pr...Read More
Many Chinese steelmakers switched up their sinter feed ratios to consist of more low and high-grade iron ore amid rising prices for mid-grade products in the third quarter, sources said.This trend appeared short-lived when iron ore prices declined in the last couple of months but with coke becoming costlier in China, blends of low and high grades of iron ore appear to be making a comeback.Surging...Read More
Iron ore prices in the futures and seaborne markets both went down on Tuesday November 3, sources said, adding that weak sentiment amid increasing shipments had depressed the prices. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $117.09 per tonne,down $0.97 per tonne62% Fe low-alumina fines, cfr Qingdao: $117.63 per tonne,down $1.02 per tonne58% Fe fines high-grade premium, cfr Qingdao:...Read More
Seaborne coking coal prices remained relatively flat across the board on Tuesday November 3 amid a market lull, while market participants expressed their concerns for the market outlook.Fastmarkets indicesPremium hard coking coal, fob DBCT: $107.76 per tonne, down $0.19 per tonne Premium hard coking coal, cfr Jingtang: $134.94 per tonne, unchangedHard coking coal, fob DBCT: $95.03 per tonne, down...Read More
Here are five Fastmarkets stories you might have missed on Tuesday November 3 that are worth another look.Flying taxis and skyports could become a reality over the next 20 years, according to Shin Jaiwon, Hyundai Motor Group's executive vice president and head of the newly established Urban Air Mobility...Read More