A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday September 9.Please click...Read More
The three-month price for copper on the London Metal Exchange was the standout performer at the close of trading on Wednesday September 9, settling above nearby resistance on steady afternoon buying, while lead fell by more than 1% over the day to close below nearby support levels.Copper's outright price on the LME closed at $6,734 per tonne on Wednesday afternoon, climbing by a little less than 0...Read More
The stainless steel scrap market in the United States has cooled off since the London Metal Exchange nickel price retreated after hitting the $7-per-lb mark."Stainless steel scrap prices have rediscovered gravity," one processor, who referred to current price levels as "Newtonian," said."A breath of sanity has reappeared in this week's pricing," the processor continued. And while demand has been o...Read More
ArcelorMittal Poland has denied accusations from local trade union Sierpien 80 that it was abandoning plans to relight blast furnaces in its Krakow plant, saying that operations in the steelworks' hot area will be resumed but "only when it is economically viable," the company's spokesperson told Fastmarkets on Wednesday September 9.The steelmaker has postponed the restart of the blast furnace (BF)...Read More
Domestic prices for hot-rolled coil jumped day on day in Northern Europe on Wednesday September 9, supported by long lead times, reduced output from local mills and a lack of import offers, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?476.25 ($561.71) per tonne on Wednesday, up by ?,?8.30 per tonne from ?,?467.95...Read More
Egypt's biggest steelmaker, Ezz Steel, has announced changes in its management now that chairman Paul Chekaiban has departed the board, the company said on September 1.Mamdouh Fakhr El Din El Rouby has been appointed non-executive chairman and Hassan Ahmed Nouh has been appointed executive managing director representing El Ezz Group Holding for Industry...Read More
Steel billet producers in the Commonwealth of Independent States continued to raise their offer prices for foreign customers in the week ended Wednesday September 9 following the recent uptick in Turkish import scrap prices.On Tuesday, Turkish import scrap prices exceeded $300 per tonne on the strength of the rebar and billet markets.A steel mill in the Marmara region booked a Baltic Sea cargo, co...Read More
The prices of hollow steel sections in Europe were unchanged this week, despite feedstock costs continuing to rise, market sources told Fastmarkets on Wednesday September 9.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?550-570 ($649-672) per tonne on Wednesday, as it was on September 2.The price of hot-rolled coil (HRC), the feedstock for se...Read More
The price of steel H-beams in Europe was unchanged this week, but producers were seeking further price increases, sources told Fastmarkets on Wednesday September 9.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?535-565 ($631-666) per tonne on Wednesday, unchanged week on week."Since July, prices have been moving up and have gained momentum against...Read More
After two months of sequential increases, ferrous scrap exports from the United States declined in July, with shipments falling by 12% overall from June levels on reduced deliveries to Canada and Turkey. US exports of ferrous scrap totaled 1.24 million tonnes in July, down from 1.41 million tonnes in June and 1.40 million tonnes in May, according to the latest figures from the US Census Bureau.Shi...Read More
Turkish steel mills have been busy in the deep-sea scrap market in recent weeks and booked four more cargoes totaling more than 150,000 tonnes on Wednesday September 9, sources told Fastmarkets.A steel mill in the Marmara region booked a US cargo, comprising 20,000 tonnes of HMS 1&2 (80:20) at $301 per tonne cfr, 12,000 tonnes of shredded at $306 per tonne and 8,000 tonnes of bonus at $311 per ton...Read More
Novolipietsk Steel (NLMK), the largest steel producer in Russia, has stopped iron ore concentrate output at its Stoilensky mining and processing plant due to an accident, which occurred on September 7, Fastmarkets understands.NLMK receives all its required iron ore concentrate from the asset, which is why both its pig iron and steel production are under threat, sources told Fastmarkets. "On Septem...Read More
Seaborne iron ore prices fell on Wednesday September 9 amid limited demand in the steelmaking hub of Tangshan, according to trade sources.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $126.54 per tonne, down $2.58 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $126.83 per tonne, down $2.33 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $114.93 per tonne, down $0.26 per tonne....Read More
The seaborne premium hard coking coal cfr index skyrocketed on Wednesday September 9 following a transaction of premium mid-volatility hard coking coal done at $120 per tonne, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $111.65 per tonne, up $1.18 per tonne Premium hard coking coal, cfr Jingtang: $127.18 per tonne, up $11.58 per tonneHard coking coal, fob DBCT: $87.26 per t...Read More
Japanese export steel scrap prices jumped on Wednesday September 9 following a strong increase in the Kanto auction for the second month running, market sources told Fastmarkets.Japan's Kanto Tetsugen, a monthly auction between a cooperative of scrap dealers in the Tokyo region, closed at ?29,370 ($276) per tonne fas on Wednesday, up by ?2,154 per tonne from the previous month.August's auction p...Read More
Nickel premiums in China continued their ascent in the week to Tuesday September 8 after demand strengthened while premiums in the United States fell after demand weakened in the region, sources told Fastmarkets. China NPI, nickel sulfate prices rose anew amid robust demandUS nickel briquette premiums widened down with stainless demand feebleEuropean premiums held in an illiquid spot market, with...Read More
Hot-rolled coil buyers in Vietnam and Pakistan retreated from the market on Wednesday September 9 following continuous declines in Chinese prices, according to market participants.DomesticEastern China (Shanghai): 3,920-3,950 yuan ($573-578) yuan per tonne, down 60-70 yuan per tonneSellers in Shanghai were offering HRC at 3,950-3,960 yuan per tonne during the morning, but were forced to cut offers...Read More
Gains in London Metal Exchange three-month base metals prices were broadly capped during morning trading on Wednesday September 9 with futures prices failing to fully retrace gains after the previous day's plunge in US equities markets.Most notably, stocks in high-profile electric vehicle (EV) maker Tesla plummeted by a significant 21% on Tuesday, while shockwaves continue to be felt across global...Read More
United States-based electric vehicle maker Tesla's failure to be listed as an S&P 500 company led to a 20% share price fall on Tuesday September 8, that in turn led to a 4% fall in the Nasdaq index - markets are wondering whether this will be a catalyst for a broader reality check? Or just provide another dip-buying opportunity?Base metals prices on both the London Metal Exchange and Shanghai Futu...Read More
An overview of the minor metals markets andthe reasons for any price moves.Read More