A softening dollar led China's hot-rolled coil producers to their export offers flat on Tuesday September 15 despite a weakening domestic market.DomesticEastern China (Shanghai): 3,920-3,930 yuan ($575-576) yuan per tonne, narrowing downward by 10 yuan per tonneA Shanghai-based trader said trading activity had thinned during the day from Monday following losses in the futures market.Sellers were l...Read More
Ferrous scrap prices in the main Mexican markets continued to improve in the week to Tuesday September 15 as a result of some buyers increasing their supply of the steelmaking raw material, market participants told Fastmarkets.Fastmarkets assessed the steel scrap No1 busheling, consumer buying price, delivered mill Monterrey at 6,400 pesos ($302) per tonne on Tuesday, up 200 pesos from 6,200 pesos...Read More
Seaborne iron ore prices eased on Tuesday September 15 amid a market-driven price correction from the previous day's sky-high prices, according to trade sources.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $128.52 per tonne, down by $1.65 per tonne.62% Fe low-alumina fines, cfr Qingdao: $128.90 per tonne, down by $1.32 per tonne.58% Fe fines high-grade premium, cfr Qingdao: $118.02 per t...Read More
The seaborne premium hard coking coal fob index jumped on Tuesday September 15 following a transaction of premium mid-volatility hard coking coal in the fob market, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $119.54 per tonne, up $6.31 per tonne Premium hard coking coal, cfr Jingtang: $126.60 per tonne, up $0.12 per tonneHard coking coal, fob DBCT: $95.26 per tonne, up $2....Read More
BHP has flagged inconsistent profits caused by volatile commodity prices as a key risk to its business."Impacts from the Covid-19 pandemic and other geopolitical and macroeconomic developments are expected to increase commodity price volatility. Volatility in the market will continue to translate into profit variability," the mining giant said in its annual report for its 2020 financial year ended...Read More
China's domestic rebar prices stopped rising on Tuesday September 15 after falling futures and rain weakened demand.DomesticEastern China (Shanghai): 3,700-3,720 yuan ($545-548) per tonne, unchangedContinual rain in eastern China slowed down the consumption rates of rebar at construction sites as well as the transportation of the long steel product.A weakening of the futures also reduced buying in...Read More
Key data from the Tuesday September 15 pricing session in London.Key driversCobalt metal prices edge higher; cheaper offers fade with some sellers setting their new target prices closer to $16 per lb citing a well-underpinned market on news that China's State Reserve Bureau will begin stockpiling metal. Lack of clarity...Read More
Credit insurance companies are decreasing the extent of the cover they offer, and are requesting more information from clients, in the wake of the Covid-19 pandemic, but ultimately the sector has been well supported by government schemes, according to Dutch specialist insurance broker Aon.Trade credit insurance gives protection to companies against bad debts caused by the insolvency or protracted...Read More
China-based minor metals producer Vital Materials has agreed to acquire the ceramic target business division of Samsung Corning Advanced Glass (SCG) - a joint venture between Samsung Display and Corning Incorporated - Vital told Fastmarkets on September 15.SCG's ceramic target business - in Gumi, South Korea - is an indium tin oxide, (ITO), indium zinc oxide (IZO) and indium gallium zinc oxide (IG...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 transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed cobalt standard grade, in-whs Rotterdam, $/lb at...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 transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed cobalt alloy grade, in-whs Rotterdam, $/lb at...Read More
Titanium Metals Corp (Timet), the last producer of titanium sponge in the United States, has indefinitely stopped producing the raw material, but will continue in its role as a leading global supplier of titanium metal products.The Warrensville Heights, Ohio-based company confirmed to Fastmarkets that it has wound down its sponge production out of Henderson, Nevada, in recent weeks."The melting op...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
Portside prices for both low- and high-grade manganese ore in China changed little over the week ended Friday September 11, with some alloy smelters retreating from the market after restocking to meet prompt production needs in the previous two weeks, market sources have told Fastmarkets.Fastmarkets' manganese ore port index, base 37% Mn, range 35-39%, fot Tianjin, China, was 35.70 yuan ($5.24) pe...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’...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points in pre-opening trade. Investors are waiting for news on interest rates to be released by the Federal Reserve at 2:00 PM EDT. Consensus is that the Fed Fund rate will remain unchanged at 0.00%-0.25%.Index futures moved slightly lower following release of U.S. August Retail Sales at 8:30 AM EDT. Consensus was a...Read More
Here are five Fastmarkets stories you might have missed on Monday September 14 that are worth another look.Brazilian flat steel producers have announced a price increase of at least 10% on all their products, because of a lack of material at a time of steady demand, Fastmarkets heard on...Read More
Atlantic Nickel, a Brazil-based nickel producer owned by private-equity fund manager Appian Capital Advisory, plans to develop its Santa Rita operation into an underground mine in the next eight years, with an economic feasibility study to be run in 2021.The move would increase production capacity from the current 20,000-25,000 tonnes per year (tpy) in nickel content to 40,000-45,000 tpy, accordin...Read More
The three-month aluminium price on the London Metal Exchange surpassed nearby resistance at the close of trading on Monday September 14, closing just above $1,800 per tonne after today's fresh cancellation of 41,325 tonnes triggered afternoon buying, while lead futures rose by 1.7% in the US trading session to push beyond $1,900 per tonne. Aluminium's outright price on the LME closed at $1,800.50...Read More
Vedanta Resources will divest its Mount Lyell copper mine in Tasmania, Australia, after aborting a plan to restart the mine due to restrictions related to Covid-19, Australian media reported.The original plan to bring the Queenstown mine back on line from February 2020 has been shelved, with the Indian company deciding last week to put the mine up for sale, Australian Broadcasting Corp (ABC) repor...Read More