Here are five Fastmarkets stories you might have missed on Monday October 5 that are worth another look.Tata Steel Europe has strongly denied reports that it will sell its UK-based asset to Chinese steel giant Jingye.After United States sanctions cut off supplies of microchips...Read More
After United States sanctions cut off supplies of microchips for Huawei smartphones, alarm bells began to ring out across all Chinese industries deemed as pivotal to the country's future development, but reliant on imported materials.And the base metals sector is one of the key areas, according to the chairman of Zijin Mining, Chen Jing-He. "Now we know the importance of securing the sup...Read More
The three-month nickel price on the London Metal Exchange was higher at the close of trading on Monday October 5, climbing firmly above nearby resistance at $14,600 per tonne despite the complex-wide absence of Asian trading volumes.A similar upsurge saw LME tin futures close above the $18,000-per-tonne threshold for the first time in a fortnight.Nickel's outright price on the LME closed at $14,64...Read More
The London Metal Exchange three-month base metals prices were little moved during morning trading on Monday October 5, with price action subdued across the complex after Europe's services sector data disappointed over September, the latest PMI data shows. LME nickel's outright price made the biggest upward move over the morning, but was trading just 0.56% higher at $14,380 per tonne, while both LM...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Having found it easier to increase prices than their counterparts in Europe and the United States during the past few months, Asian stainless steelmakers now face a number of concerns.In the short term, Asian prices have moved down in recent weeks while those in Europe and the US are on the up. This is mostly a reflection of...Read More
Fastmarkets has discontinued the publication of its lithium carbonate index, exw China, with effect from October 5.Following a consultation period, Fastmarkets has decided to discontinue the MB-LI-0042 lithium carbonate index, min 99.5% Li2O3, battery grade, ex-works China, due to its other price assessments for the battery-grade lithium market emerging as the industry 's preferred benchmarks.The...Read More
The spodumene price cif China halted its multi-month downtrend at the end of September after customer inquiries for spodumene sourced from Western Australia increased, and sources told Fastmarkets they expect further rises.Spodumene mined from hard rock in Western Australia is a feedstock material used in the production of lithium chemicals that go into batteries for electric vehicles (EVs). Most...Read More
The damage caused by an oil spill in the Arctic from a Nornickel unit in May 2020 was valued at 21.4 billion roubles ($273 million), Nornickel asserted on Monday October 5.The valuation was produced in a challenge to the $2.1 billion fine imposed on the company in July by Russia's environmental watchdog, Rosprirodnadzor.Rosprirodnadzor took the case of the unpaid fine to court in Siberia on Septem...Read More
After United States sanctions cut off supplies of microchips for Huawei smartphones, alarm bells began to ring out across all Chinese industries deemed as pivotal to the country's future development, but reliant on imported materials.And the base metals sector is one of the key areas, according to the chairman of Zijin Mining, Chen Jing-He. "Now we know the importance of securing the sup...Read More
Noble Group has appointed James Michael Dubow as its new executive chairman of the Board of Directors, who will be joined by Ajay Mishra and Tim Gazzard in the role of executive directors, it said on Monday October 5.Dubow will focus on strategy and business performance while Mishra and Gazzard will develop the company's global trading business as managing directors and co-heads, the company said....Read More
The London Metal Exchange three-month base metals prices were little moved during morning trading on Monday October 5, with price action subdued across the complex after Europe's services sector data disappointed over September, the latest PMI data shows. LME nickel's outright price made the biggest upward move over the morning, but was trading just 0.56% higher at $14,380 per tonne, while both LM...Read More
Fastmarkets' benchmark premium for the supply of aluminium to main Japanese ports (MJP) in the fourth quarter of 2020 has settled at $88 per tonne on top of the London Metal Exchange cash price. The latest aluminium P1020A (MJP) quarterly premium, cif Japan is 14.3% higher than the third-quarter benchmark of $75-79 per tonne but is 9.3% lower than the fourth-quarter 2019 premiu...Read More
Copper market participants in the United States are gearing up for the annual premium negotiations between major producers and consumers, with several sources speculating that the benchmark copper premium may move higher. Last year, Chilean miner Codelco had increased its US annual copper cathode premium to 3.1 cents per lb for 2020 supply, making it the benchmark's highest level since 2016."This...Read More
Hot-rolled coil prices in the United States have again jumped to a year-to-date high, after reaching a nearly 16-month peak on Friday October 2, supported by continuing tight supply in the face of slowly rising demand.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $31.55 per hundredweight ($631 per short ton) on Monday October 5, up by 1.8% from $30.99 per cwt on Fri...Read More
The Mexican economy secretariat has launched an anti-dumping investigation into imports of steel slab from Brazil and Russia, after it received a request from ArcelorMittal Mexico.The investigation will look into imports from January to December 2019, analyzing imports of carbon and alloy steel slabs classified under tariff codes 72071299, 72072099, 72249002 and 72249099, according to a document p...Read More
Domestic prices for steel hot-rolled coil across Europe inched up over the week to Friday October 2, although the price momentum has slowed down due to muted trading activity. Sentiment in the market, meanwhile, was largely upbeat over the assessment period. Fastmarkets calculated the daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?491.03 ($575.24) per tonne on Friday O...Read More
Prices in the Black Sea export steel slab market softened in the week to Monday October 5 on the weakening of flat steel prices in the region as well as falling scrap costs in Turkey, which is one of the major sales outlets for CIS slab.The weekly price assessment for steel slab, export, fob Black Sea, CIS, was $445-460 per tonne on October 5, down week on week from $460-472 per tonne.Most recent...Read More
The domestic hot-rolled sheet price in Russia's Central Federal District around Moscow was steady in the week to Monday October 5, while the cold-rolled sheet price inched up on tight availability, sources told Fastmarkets. Hot-rolled sheets Russia's HR sheet producers remained bullish for October price hikes but buyers were cautious of further rises on slow downstream demand and sufficient stocks...Read More
Turkish steel producers stepped away from the deep-sea scrap market on the first working day of the week, while simultaneously negotiating lower prices, sources said on Monday October 5.Steel mills in Turkey had booked three deep-sea cargoes at the end of last week, putting the HMS 1&2 (80:20) price at $284 per tonne cfr for European material and at $289 per tonne cfr for Balti...Read More
Domestic auto bundle scrap prices in the Turkish market have increased slightly over the past week due to the weakening Turkish lira, sources told Fastmarkets on Monday October 5.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey was 2,040-2,320 lira ($263-299) per tonne on Monday, widening upwards from last week's 2,040-2,270 lira per tonne deliver...Read More