Mexican scrap prices increased further in the week to Tuesday September 22 as supply remained scarce and demand for the raw material continued to improve.Market participants reported that some companies applied price increases of around 100-300 pesos ($5-14) per tonne during the week to Friday September 18, mainly because of low inventories and increased demand for certain materials, especially bu...Read More
Steel producers in Turkey extended their absence from the deep-sea scrap markets again amid weak finished steel demand, sources said on Tuesday September 22.The country's steel mills have been holding back from the deep-sea trade since September 9, when the most recent cargoes were booked at prices around $301 per tonne cfr on an HMS 1&2 (80:20) basis.Offer levels for similar material then rose to...Read More
Seaborne cfr coking coal prices climbed by more than 2% day on day on Tuesday September 22 and, despite some doubts about Chinese steel mill import quotas and the idea that prices were too high already, most market participants expected to see an uptrend. Fastmarkets indicesPremium hard coking coal, fob DBCT: $129.01 per tonne, up $0.22 per tonne Premium hard coking coal, cfr Jingtang: $...Read More
Iron ore prices dropped again on Tuesday September 22, which market participants attributed to weak demand for steel and expectations for steel inventory to increase further after the Chinese national holiday (October 1-8). Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $117.30 per tonne, down $2.52 per tonne 62% Fe low-alumina fines, cfr Qingdao: $117.74 per tonne, down $2.31 per tonne 5...Read More
China's hot-rolled coil prices were stable on Tuesday September 22 amid a pick-up in trading activity, though market participants remained bearish amid weakening financial markets.DomesticEastern China (Shanghai): 3,840-3,860 yuan ($566-569) per tonne, unchangedSeveral Shanghai-based traders said that trading activity was higher during the day than on Monday.This was due to rising HRC futures in t...Read More
Three-month base metals prices on the London Metal Exchange were broadly up during the morning trading session on Tuesday September 22, ignoring the downtrend in US equity markets, which the metals have been prone to following of late.Dow Jones Futures were subject to a sharp sell-off on Monday, dragging LME base metals prices down with them that same day, but the emergence of dip-buying has led t...Read More
Base metals prices on the London Metal Exchange have rebounded this morning, Tuesday September 22, after weakness in equities on Monday dragged them lower. At the time of our Morning View report on Monday, the LME metals were up by an average of 0.2%, but they ended the day down by an average of 1.6% after concerns escalated about second waves of Covid-19 spreading across Europe. But an across-the...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies. Fastmarkets assessed Cobalt standard grade,...Read More
Swiss stainless steelmaker Schmolz + Bickenbach has had its proposal to change the company name approved by shareholders, it said in a press release on Monday September 21.The change of name from Schmolz + Bickenbach AG to Swiss Steel Holding AG was accepted by the shareholders, with 97.92 % of the votes represented. The board of directors had proposed the name of Swiss Steel Group AG.The company...Read More
Fastmarkets is proposing to introduce fallback measures to its two Chinese vanadium fob price assessments amid a significant drop in spot liquidity in China's vanadium export market.Since the second half of 2019, Chinese exporters' interest in shipping vanadium products abroad has been stifled because Chinese prices have been much higher than their European counterparts, which has persisted so far...Read More
Twitter (TWTR), a NASDAQ 100 stock moved above $48.42 extending an intermediate uptrend.Western Digital (WDC), a NASDAQ 100 stock moved above $39.26 setting an intermediate uptrend.Wheaton Precious Metals (WPM), a TSX 60 stock moved below US$48.42 completing a double top pattern. Ditto for another silver stock! Pan American Silver (PAAS) moved below US$31.79 completing a double top pattern. Pre-op...Read More
Here are five Fastmarkets stories you might have missed on Monday September 21 that are worth another look.Brazilian steel and iron ore producer Companhia Sider??rgica Nacional (CSN) will launch an initial public offering (IPO) of its mining division stock to fund a $6-billion expansion plan that will increase capacity to 108...Read More
Base metals futures fell on the London Metal Exchange on Monday September 21, with the US markets reacting negatively to the forecast from that country's Federal Reserve bank (the Fed) that it will keep interest rates largely unchanged at low levels for the next three years.The price of zinc on the LME for delivery in three months' time closed at $2,458 per tonne at 5pm on Monday, down by 3.1% fro...Read More
Global alumina prices are expected to remain rangebound over the next quarter unless there are significant changes to the supply and demand picture, Noranda chief operating officer Thomas Robb said. Speaking at Fastmarkets' International Aluminium Conference on Monday September 21, Robb said: "It feels like the market is somewhat rangebound because of the supply and demand dynamics we're seeing ou...Read More
Global alumina prices are expected to remain rangebound over the next quarter unless there are significant changes to the supply and demand picture, Noranda chief operating officer Thomas Robb said. Speaking at Fastmarkets' International Aluminium Conference on Monday September 21, Robb said: "It feels like the market is somewhat rangebound because of the supply and demand dynamics we're seeing ou...Read More
Bearish supply fundamentals and a high London Metal Exchange three-month price continue to spark debate in the nickel market, but while Citi maintains that the much-lauded electric vehicle (EV) metal is its least-preferred for medium-term investment, a quick turnaround in Chinese economic recovery is providing green shoots for physical demand, analyst Oliver Nugent told Fastmarkets. "We can't help...Read More
New Day Aluminum is evaluating investment opportunities in the aluminium and specialty chemicals businesses in Europe, the company's chairman and chief executive officer said.During an interview on the bauxite and alumina day at Fastmarkets' International Aluminium conference, David D'Addario said that New Day has relocated chief operating officer Tom Robb to London to be in charge of the process....Read More
Here are five Fastmarkets stories you might have missed on Monday September 21 that are worth another look.Brazilian steel and iron ore producer Companhia Sider??rgica Nacional (CSN) will launch an initial public offering (IPO) of its mining division stock to fund a $6-billion expansion plan that will increase capacity to 108...Read More
Turkish domestic scrap prices have remained largely stable over the past week amid steady import values, sources said on Monday September 21.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was 2,040-2,270 lira ($268-299) per tonne on Monday, unchanged week-on-week."Imported scrap prices have remained on a sideways track in the past couple of wee...Read More