Iron ore prices slumped further on Wednesday September 16, on weaker-than-expected demand for steel, raising concerns that the market could start to move into bearish territory as it did in 2019.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $124.20 per tonne, down $4.32 per tonne62% Fe low-alumina fines, cfr Qingdao: $124.40 per tonne, down $4.50 per tonne58% Fe fines high-grad...Read More
The seaborne premium hard coking coal cfr Jingtang index surged on Wednesday September 16 following transactions of premium mid-volatility hard coking coal the previous day, with most market participants positive about the spot market in the short term. Fastmarkets indices Premium hard coking coal, fob DBCT: $121.73 per tonne, up $2.19 per tonne Premium hard coking coal, cfr Jingtang: $135.14 per...Read More
A continual strengthening of the yuan against the dollar pushed up export prices for Chinese rebar on Wednesday September 16, though domestic prices for the product in China remained flat due to a less active market. DomesticEastern China (Shanghai): 3,700-3,720 yuan ($547-550) per tonne, unchangedRain in eastern China, coupled with a weakening of the futures market, continued to hinder trading in...Read More
London Metal Exchange three-month base metals prices were directionless over the morning on Wednesday September 16, while the market awaits clarification on the potential stimulus packages from the United States Federal Open Markets Committee today.Buyers continue to approach the complex with caution despite the stronger China industrial production data out on Tuesday, with many sources waiting fo...Read More
The stronger tones in the base metals that have been seen this week were struggling to push ahead this morning, Wednesday September 16, because the market is waiting for direction, which is expected to come out of this evening's US Federal Open Market Committee (FOMC) meeting. Will the better-than-expected US recovery mean the FOMC does not need to be as dovish, especially if Congress' relief pack...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday September 16.Key drivers Tighter titanium scrap supply in the past few weeks has finally pushed up prices after being unchanged for 10 consecutive weeks, with buyers reporting deals down around the new range. Scrap prices may increase in the near term while tight availability - due to a drop in scrap generation following a slump in...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
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 applies. Fastmarkets assessed Cobalt alloy...Read More
Key data from the Wednesday September 16 pricing session in Shanghai.Key drivers Spot cobalt metal prices in China were steady, with liquidity improving in the first half of this week compared with late last week; but speculators and downstream consumers are generally cautious about taking positions or restocking, despite news on September 9 that China's State...Read More
The Cobalt sulfate 20.5% Co basis, exw China, yuan/tonne 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...Read More
China will be able to absorb the large volumes of ore and ferro-alloys supply it imported in the first half of this year, but supply concerns loom, Fastmarkets head of research Alistair Ramsay said during a recent Fastmarkets webinar on Covid-19 and what it means for trade flow and demand for key ferro-alloys and ores."It is been an extraordinary period with record levels of ores and ferro-alloys...Read More
Three containers of copper from Turkey heading to a Chinese smelter have been discovered to have been filled with bricks upon arrival in Lianyungang port in China, sources have told Fastmarkets. The containers, that were supposed to be each transporting about 25 tonnes of 99% copper-content blister, were inspected by customs personnel last week, according to photographs seen by Fastmarkets. Two in...Read More
The market for UG2 chrome ore ticked up in the week to September 15 on strengthening sentiment amid low liquidity, while both the domestic and imported ferro-chrome markets remained stable, sources said.Fastmarkets' chrome ore South Africa UG2 concentrates index basis 42%, cif China edged up by $1 per tonne to $138 per tonne week on week on Tuesday September 15."There has been a little flurry of a...Read More
The weakness in metals and equities this morning, Thursday September 17, indicates markets were taking the US Federal Open Market Committee’s (FOMC) projections and comments that they will likely keep interest rates on hold through at least 2023 as suggesting there will continue to be tough times ahead in the real economy.Does this highlight the start of a reality check where markets start to...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 15 that are worth another look.BHP has flagged inconsistent profits caused by volatile commodity prices as a key risk to its business.Rio Tinto is to launch its first closed-loop recycling program, offering customers in North...Read More
The Section 232 tariffs applied to US aluminium imports from Canada have again been removed - just 40 days after the reintroduction of those duties was announced, the Office of the United States Trade Representative (USTR) said on Tuesday September 15."The United States will resume duty-free treatment of non-alloyed, unwrought aluminium, retrospective to September 1," the Office of the USTR said.T...Read More
Recent gains in London Metal Exchange three-month base metals prices stalled at the close on Tuesday September 15 after consumer jitters set in ahead of the following day's United States Federal Reserve meeting. A slew of better industrial data from China failed to offer price support while a stronger dollar index, trading up 0.19% at around $93.12 during the afternoon session was an effective hea...Read More
Norwegian ferro-silicon producer Finnfjord Smelteverk will stop ferro-silicon production for two weeks from this weekend because of planned maintenance to its three furnaces, a source told Fastmarkets.The amount of production that will be lost is unclear, although output was down by about 3,500 tonnes when it carried out maintenance on one furnace in the third qu...Read More
An overview of the chrome ore and alloy markets and their latest price moves.Japan & South Korea A bullish Indian market continues to support imported ferro-chrome prices in Japan and South Korea.Despite elevated offers from Indian suppliers, spot demand remained...Read More
Chilean copper producer Codelco has agreed a 36-month labor deal with the union representing supervisors at the El Teniente copper mine, the state-owned company said on Monday September 14.Codelco said the 36-month labor contract renewal deal includes no pay rises to enable the company to secure unit profitability and to generate resources for Chile to tackle social and health issue...Read More