The three-month price of tin on the London Metal Exchange was the laggard at the close of trading on Monday October 26, losing just under 2% of its price against the highest daily volume count since September 23, while selling pressure saw the LME copper price sink below nearby support levels over the afternoon.Tin's outright price on the LME closed at $18,050 per tonne on Monday, recovering from...Read More
Domestic prices for steel hot-rolled coil across Europe were fairly stable over the week to Friday October 23, but the mills were expected to increase their spot-market offer prices soon.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?496.67 ($588.80) per tonne on Friday, up by ?,?0.84 per tonne week on week and by ?,?9.06 per tonne month on month...Read More
Aurubis, Europe's largest copper producer, sees its multi-metal strategy as a competitive advantage against a backdrop of precarious market conditions, with executive chairman to the board Roland Harings highlighting the company's acquisition and integration of Belgian-Spanish recycler Metallo as a step change in optimizing production. Despite pandemic-related setbacks, the German-based producer o...Read More
Fastmarkets' research team took the number one spot on the base metals predictions leaderboard for the third quarter of 2020 with a 98.83% accuracy score while ED&F Man Capital Markets' Edward Meir clinched the top spot for precious metals predictions over the period with a 93.31% accuracy rating. For steel raw materials, ABN Amro's Casper Burgering was number one with an accuracy score of 89.47%....Read More
There was a surge in buying activity in the Chinese copper scrap market in the second half of October after the release of a long-awaited announcement that the purchase of high-purity scrap will be permitted as a recyclable copper material from next month. "Everyone has returned to the market to buy [non-ferrous scrap] since the announcement," a trader source said. With overseas copper scrap more...Read More
Three-month base metals prices on the LME were lower in morning trading on Monday October 26, with tin suffering the most after doubts emerged over the US coronavirus stimulus package and with a steady uptick in the US dollar index. Tin's outright price on the London Metal Exchange was recently trading at $17,865 per tonne on Monday morning, down by just under 3% from Friday's closing price o...Read More
Uncertainty about next year's aluminium fundamentals and consumer hesitance to commit to long-term, large-tonnage contracts has Alvance chief operating officer Guillaume De Goys expecting an active spot market in 2021. In a normal year for the global aluminium market, negotiations for annual supply of the light metal begin in mid-September and conclude between late October and November. But with u...Read More
The price of nickel ore in China was unchanged in the week to Friday October 23, supported by an already tight market and concerns of disrupted supply from the Philippines due to the latter's upcoming rainy season, market sources told Fastmarkets.Fastmarkets assessed the price of laterite ore with 1.5% Ni content, cif China, at $73-75 per tonne on Friday, unchanged from a week earlier and at its h...Read More
Prices in the Commonwealth of Independent States export slab market continued softening in the week to Monday October 26, with several bookings reported done at lower prices in the main traditional outlets.Fastmarkets' weekly price assessment for steel slab, export, fob Black Sea, CIS was $435-440 per tonne on October 26, down from $445-455 per tonne fob a week ago.Market sources from Italy report...Read More
Domestic prices for hot-rolled coil in Northern Europe inched up day on day on Monday October 26, with market sources expecting steelmakers to push prices up further due to reduced availability of the material, sources told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?497.92 ($590.29) per tonne on Monday October 26, up by ?,?1.25 per...Read More
Domestic steel rebar prices in Russia's Central Federal District around Moscow remained broadly stable this week, despite producer attempts to raise prices for November deliveries, sources told Fastmarkets on Monday, October 26.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia was 40,000-41,000 roubles ($526-539) per tonne on October 26, incl...Read More
Prices for flat steel imported into South America have remained mostly stable over the week to Friday October 23 while hot-rolled coil (HRC) prices increased amid strong offers from Chinese exporters, sources told Fastmarkets.Steelmakers from China have been more insistent on sustaining price increases after their return from the country's Golden Week holiday (October 1-8) and, therefore, have bee...Read More
Turkish steel mills have returned to the market to book as many as six cargoes, sources told Fastmarkets on Monday October 26. News of several cargoes came to light late on Friday after the Fastmarkets' index calculation had closed for the day, and additional cargoes were sold on Saturday. Two UK deals came to light over the weekend, with one confirmed to have been sold Saturday. Both comprised HM...Read More
Domestic auto bundle and ship scrap prices in Turkey have remained stable over the past week despite rising imported scrap values, sources said on Monday October 26.The mills' buy prices for ship scrap remained steady on Monday at $280 per tonne delivered.So Fastmarkets' weekly price assessment for steel scrap, melting scrap from shipbreaking, domestic, delivered Turkey, was $280 per tonne on Mond...Read More
Major iron ore miners are racing to boost their output amid recovering demand and ahead of traditional mid-financial year reporting due by December, market sources told Fastmarkets this week. "The higher production and shipments from Australian miners over [the fourth quarter] is pretty normal as seen over the years. It is their way of pushing to meet their half-year targets for the financial year...Read More
Iron ore prices in both the futures and seaborne markets fell further on Monday October 26, due to a dip in liquidity while the market waits for a clear direction to emerge from China's 14th five-year plan discussions. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $114.63 per tonne, down $0.97 per tonne62% Fe low-alumina fines, cfr Qingdao: $115.29 per tonne, down $0.41 per ton...Read More
Seaborne premium hard coking coal and hard coking coal prices in both fob and cfr markets dropped drastically on Monday October 26 due to lack of demand with sources reporting a stalemate between miners and buyers. Fastmarkets indices Premium hard coking coal, fob DBCT: $107.74 per tonne, down $5.51 per tonne Premium hard coking coal, cfr Jingtang: $119.83 per tonne, down $6.22 per tonne Hard coki...Read More
Singapore-based rebar buyers bought fresh quantities of Turkish rebar in the week to Monday October 26 on returning spot demand, sources told Fastmarkets.A group of buyers had to purchase 50,000 tonnes of January-shipment Turkish rebar from a producer located in Izmir, sources said, although this could not be directly confirmed by some of the counterparties heard to be involved in the transaction...Read More
The lithium market has grown to a stage where it can support a futures contract, especially in the context of significant price moves in recent years and forecasts of further growth, Robin Martin, head of market development at the London Metal Exchange, said during a Fastmarkets conference on Monday October 26. "In terms of size, [lithium] is now at a level where it can support an actively traded...Read More
Key data from Fastmarkets' pricing session in London on Friday October 23.Key drivers Antimony prices in Europe continued to gain strength on tight raw material supply in China, which is also leading replacement costs up rapidly. Offers for antimony from China were heard within $6,000-6,300 per tonne, cif Europe for arrival in November, market participants said. Producers were unwilling to lower t...Read More