The London Metal Exchange is partnering with the digital metals trading platform Metalshub to establish a spot trading platform and marketplace, the exchange said.Initially focused on base metals, the platform will be run by Metalshub and will exist in parallel with the LME's existing derivative contracts and trading mechanisms. Users of the spot trading platform will be directed to the Metalshub...Read More
China will allow its floating electricity prices to rise further from October 15 to stabilize supply amid a shortage in the country, according to a notice released by the country's National Development & Reform Commission (NDRC), its top economic planner, on Tuesday October 12.Electricity supplied to the national grid is priced using a formula that comprises a base price and a floating price, acco...Read More
Seaborne iron ore prices were down on Tuesday October 12 amid limited trading at Chinese ports, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $129.00 per tonne, down $6.03 per tonne62% Fe low-alumina fines, cfr Qingdao: $130.17 per tonne, down $8.93 per tonne58% Fe fines high-grade premium, cfr Qingdao: $98.51 per tonne, down $7.08 per tonne65% Fe Brazil-origin fi...Read More
Here are five Fastmarkets stories you might have missed on Monday October 11 that are worth another look.Global cobalt supply can't keep pace with surging cobalt consumption because its production is tied to copper and nickel mining rather than underlying demand, the chief executive officer of diversified mining company Eurasian Resources Group...Read More
Chinese domestic rebar prices continued to rise on Monday October 11 after steel mills increased their list prices, but market participants remain pessimistic about demand and prices for the rest of October.Domestic Eastern China (Shanghai): 5,940-5,990 yuan ($923-931) per tonne, up by 30-40 yuan per tonneThe major eastern China producer Shagang raised its list prices for HRB400 16-25mm rebar...Read More
China will allow its floating electricity prices to rise further from October 15 to stabilize supply amid a shortage in the country, according to a notice released by the country's National Development & Reform Commission (NDRC), its top economic planner, on Tuesday October 12.Electricity supplied to the national grid is priced using a formula that comprises a base price and a floating price, acco...Read More
Activity in the European hot-rolled coil market remained subdued on Tuesday October 12, with sentiment still bearish, sources have told Fastmarkets.The majority of European buyers have sufficient stocks to last until the end of the year and have only been purchasing smaller lots to restock particular specifications of coil. Distributors, however, were expected to return to the market for orders in...Read More
The export market for steel billet from the Commonwealth of Independent States improved on Tuesday October 12 on bullish sentiment among suppliers.Fastmarkets' calculation of its daily steel billet index, export, fob Black Sea, CIS, was up by $23 per tonne day on day to $625 per tonne on October 12.One supplier from Ukraine offered billet at prices no...Read More
Here are five Fastmarkets stories you might have missed on Tuesday October 12 that are worth another look.A sharp rise in electricity prices has forced Spanish stainless long steel producer Sidenor Aceros Especiales to suspend production, Fastmarkets has heard.The London Metal Exchange has...Read More
Market participants were bullish on the Japanese scrap markets amid the surge in Japan's October Kanto Tetsugen auction price, sources told Fastmarkets on Tuesday October 12. Japan's Kanto Tetsugen auction closes $61 per tonne higher month on monthTaiwan returns from holidayPrices for imported material to China increase amid tight domestic supplyJapanJapan's October Kanto Tetsugen auction conclude...Read More
Here are five Fastmarkets stories you might have missed on Monday October 11 that are worth another look.Global cobalt supply can't keep pace with surging cobalt consumption because its production is tied to copper and nickel mining rather than underlying demand, the chief executive officer of diversified mining company Eurasian Resources Group...Read More
European steel companies must scale up their decarbonization technologies within the coming decade or risk exhausting their allocated emissions allowances early, according to a report released on Tuesday September 14.The report, "Steeling for Net Zero," by climate researcher Industry Tracker, found that selected European steel companies have less than 26% of their carbon budget remaining and must...Read More
Spot prices for hot-rolled coil in China fell sharply on Tuesday October 12 after futures prices tumbled on potential increases in supply.Domestic Eastern China (Shanghai): 5,750-5,760 yuan ($891-892) per tonne, down by 110-130 yuan per tonne The most-traded HRC contract on the Shanghai Futures Exchange shed more than 200 yuan per tonne, or 3.58%, on Tuesday, marking the biggest one-day loss sin...Read More
A sharp rise in electricity prices has forced Spanish stainless long steel producer Sidenor Aceros Especiales to suspend production, Fastmarkets has heard.The company will be paying ?,?227 ($263) per MWh in October, but for November and December the power prices have been forecast to surge upward to ?,?284 per MWh. This would be sharply up from last year's electricity price of ?,?60 per MWh. Such...Read More
Here are five Fastmarkets stories you might have missed on Tuesday October 12 that are worth another look.A sharp rise in electricity prices has forced Spanish stainless long steel producer Sidenor Aceros Especiales to suspend production, Fastmarkets has heard.The London Metal Exchange has...Read More
Global cobalt supply can't keep pace with surging cobalt consumption because its production is tied to copper and nickel mining rather than underlying demand, the chief executive officer of diversified mining company Eurasian Resources Group (ERG) said.The issue at the heart of industrially mined cobalt supply is that it is almost exclusively a by-product of copper and nickel mining, Benedikt Sobo...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.Fastenal slipped $0.43 to $51.80 after reporting less than consensus third quarter revenues. Charter Communications dropped $5.11 to $690.12 after Deutsche Bank downgraded the stock from Buy to Hold. Target was reduced from $825 to $725.Netflix added $4.15 to 631.20 after Truist raised it...Read More
Base metals prices on the London Metal Exchange were mostly trading higher at the close of business on Monday October 11, with LME Week beginning in London.Aluminium prices were the star performer, rising by 3.3% to more than $3,000 per tonne. The three-month price closed at $3,064 per tonne, up from $2,966 per tonne at the close on Friday.The price reached $3,072.50 per tonne on Monday - a 13-yea...Read More
Global cobalt supply can't keep pace with surging cobalt consumption because its production is tied to copper and nickel mining rather than underlying demand, the chief executive officer of diversified mining company Eurasian Resources Group (ERG) said.The issue at the heart of industrially mined cobalt supply is that it is almost exclusively a by-product of copper and nickel mining, Benedikt Sobo...Read More
A more cautious approach towards copper - due to factors including fears over energy, logistics and inflation - has failed to deter demand for the metal, according to the chairman of Chilean state-owned miner Codelco.This includes in China, the world's largest consumer of copper and where Evergrande, the country's second-largest real estate company, has been struggling to repay over $300 billion o...Read More