Operations at Antamina, Peru's biggest copper mine, have been suspended since last weekend because of a roadblock manned by community protestors, according to a company statement.The statement by Compania Minera Antamina, published on Sunday October 31, stressed its commitment to public safety and clear communication. It said that it feared the possibility of "intolerable criminal offenses" and "c...Read More
Rebar and billet prices decreased slightly in the United Arab Emirates because some mills discounted their prices, sources told Fastmarkets on Tuesday November 2.Demand for rebar has improved week on week because prices have now been announced, sources added.Domestic rebarLocal rebar mills announced new prices on October 24.Emirates Steel has been offering rebar at 2,490 dirhams ($678) per tonne e...Read More
Mining and metals companies say they're serious about transitioning to a sustainable economy, but whether they can afford to is another matter.Achieving decarbonization throughout the supply chain is going to require a huge amount of investment in technology to reimagine production processes and redesign existing sites.Last week, the International Aluminium Institute estimated that to decarbonize...Read More
Replacing Section 232 tariffs on European aluminium products with tariff-rate quotas will result in even more trade distortions and create additional market instability for companies in both Europe and the United States, the head of industry association European Aluminium has said.The United States and the European Union (EU) reached an agreement over the weekend to replace the 10% tariff on...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mainly weaker on the morning of Tuesday November 2, with concerns about headwinds affecting the Chinese economy denting sentiment. A 9.9% price drop in the January iron ore futures contract on the Dalian Commodity Exchange is weighing on sentiment. Iron ore prices were recently at 567 yuan ($89) per tonne, down fro...Read More
Operations at Antamina, Peru's biggest copper mine, have been suspended since last weekend because of a roadblock manned by community protestors, according to a company statement.The statement by Compania Minera Antamina, published on Sunday October 31, stressed its commitment to public safety and clear communication. It said that it feared the possibility of "intolerable criminal offenses" and "c...Read More
Continued declines in the Chinese steel billet market have caused many Southeast Asian buyers to shy away from importing the semi-finished product this week, sources told Fastmarkets on Tuesday November 2.Chinese billet import prices continued to crash on Monday and Tuesday, led by weakening ferrous futures markets across the Shanghai Futures Exchange (SHFE), together with growing volumes of iron...Read More
Export prices for Chinese steel cold-rolled coil and hot-dipped galvanized coil extended their sharp decline in the week ended November 2; domestic prices also have yet to stem their declines.Trading liquidity for Chinese CRC and HDG exports was muted because the falling market kept buyers in wait-and-see mode.The price decline also prompted some mills and traders to halt offers.Most traders expec...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade. Investors are waiting for news at 2:00 PM EDT from the Federal Reserve on interest rates and tapering of its bond purchases.Index futures were virtually unchanged following release of the October ADP Employment Report at 8:15 AM EDT. Consensus was a gain of 395,000 versus an increase of...Read More
Eurofer has welcomed the agreement between the European Union and the United States to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas, the European steel association said on Monday November 1.The US authorities made theannouncement, on Saturday October 30."We welcome the announcement of the agreement which could be the starting point of a ne...Read More
Prices for steel scrap imported into China decreased sharply due to the continued drop in both spot and futures prices for finished steel products in the country on Tuesday November 2, sources told Fastmarkets.China import price tumbles amid bearish sentiment dominating the steel marketsChinese mills cut domestic scrap buy prices againTaiwan secures containerized scrap cargoes at $475 per tonne cf...Read More
Flat steel import markets in the United Arab Emirates and Saudi Arabia were slow during the week ended Tuesday November 2 because of uncertainty over the price direction, sources told Fastmarkets.The uncertainty was because of recent price decreases from China, which controls over 50% of the global steel market.On the other hand, strong local demand in the Indian market prompted buyers to expect p...Read More
Spot prices for hot-rolled coil in China fell plunged to their lowest in eight months on Tuesday November 2 amid falling futures.DomesticEastern China (Shanghai): 5,000-5,050 yuan ($782-789) per tonne, down by 230-250 yuan per tonneSharp losses knocked spot HRC prices in eastern China below the trough of 5,170-5,220 yuan per tonne last seen on May 26. Spot prices are now at their lowest since Marc...Read More
Continued declines in the Chinese steel billet market have caused many Southeast Asian buyers to shy away from importing the semi-finished product this week, sources told Fastmarkets on Tuesday November 2.Chinese billet import prices continued to crash on Monday and Tuesday, led by weakening ferrous futures markets across the Shanghai Futures Exchange (SHFE), together with growing volumes of iron...Read More
Junior miner Lithium Americas has proposed a $400 million takeover for Argentina-based producer Millennial Lithium, outbidding China's battery maker Contemporary Amperex Technology (CATL).Millennial Lithium announced the new takeover offer from Lithium Americas on November 1.The Lithium Americas offer is a "Superior Proposal" to the one worth $304 million received by CATL in September, Millen...Read More
The Commonwealth of Independent States' export prices for hot-rolled coil increased during the week ended Monday November 1, but market activity was weak, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $870-880 per tonne on November 1, rising from $850-870 per tonne on October 25.Offers from Ukraine to Turkey were at $900-910...Read More
Here are five Fastmarkets stories you might have missed on Monday November 1 that are worth another look....Read More
The CIS export slab market was quiet in the week to Monday November 1 because most mills were absent from the market.No fresh offers were heard from Russian suppliers in the Black Sea basin, while local sources reported that the country is on lockdown until November 7, reducing trading activity.In the Far East...Read More
Spot prices for hot-rolled coil in China continued to fall on Monday November 1, with market sentiment subdued by continued declines in coal futures prices and weak economic data.DomesticEastern China (Shanghai): 5,230-5,300 yuan ($817-828) per tonne, down by 40-100 yuan per tonneSpot HRC prices in the domestic market slipped to their lowest since May 26 on Monday, while the most-traded HRC contra...Read More
Mining and metals companies say they're serious about transitioning to a sustainable economy, but whether they can afford to is another matter.Achieving decarbonization throughout the supply chain is going to require a huge amount of investment in technology to reimagine production processes and redesign existing sites.Last week, the International Aluminium Institute estimated that to decarbonize...Read More