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
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
Power cuts remained a prominent factor in China through the third quarter of 2021 as the world's second-largest economy grappled with soaring coal prices and its own strict limits on energy consumption - put in place to help the country achieve carbon neutrality by 2060.An increasing number of factories - especially those in energy intensive industries - have suffered from curbs to their power usa...Read More
Ecobat's Stolberg lead smelter will remain shut until spring 2022; regional tightness is pushing more consumers to look for spot units.The German lead plant, which declared force majeure due to floods in July, is still undergoing repair work, a company statement seen by Fastmarkets on Tuesday October 12 said. The smelter is in the process of procuring parts and equipment for the rebuild, the...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
The collapse of the iron ore market and market turbulence over Chinese property developer Evergrande Group are adding to the economic woes caused by the Delta variant of Covid-19 for much of this year.It is hard to find bright sparks in the months ahead for the ferrous supply chain, which has been buffeted repeatedly in a short span of few months, starting with Chinese Premier Li Keqiang's comment...Read More
The two biggest ferro-alloys producers in Ukraine - Nikopol and Zaporozhye - are almost halving production of manganese alloys in October due to surging electricity prices, a source told Fastmarkets on Monday October 11.The Privat Group, which owns the facilities is shutting five of its 13 furnaces at Nikopol, cutting its monthly manganese alloys output to 35,000 tonnes, from 65,000 tonnes in Sept...Read More
An overview of the chrome ore and alloy markets in Asia, Europe and the United States on Tuesday October 12 and their latest price moves.United States The high-carbon ferro-chrome market jumped significantly, catching up with large gains in overseas markets. A re-opening of the spot market allowed suppliers to successfully elevate offers in line with the global market. Given the current tigh...Read More
Deep-sea scrap import prices in Turkey have continued to increase due to strong demand from Turkish steelmakers, market participants told Fastmarkets on Tuesday October 12.Late on Monday October 11, a steel mill in the Iskenderun region booked a Baltic Sea cargo, comprising 34,000 tonnes of HMS 1&2 (80:20) at $463 per tonne and 2,000 tonnes of shredded at $478 per tonne, along with 4,000 tonnes of...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
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
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
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
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
Here are five Fastmarkets stories you might have missed on Friday October 8 that are worth another look.South American flat steel import prices were mostly stable or moved slightly in the week to Friday October 8 amid China's National Day holiday and few offers from other origins.Some of the most important...Read More
Here are five Fastmarkets stories you might have missed on Friday October 8 that are worth another look.South American flat steel import prices were mostly stable or moved slightly in the week to Friday October 8 amid China's National Day holiday and few offers from other origins.Some of the most important...Read More
Here are five Fastmarkets stories you might have missed on Friday October 8 that are worth another look.South American flat steel import prices were mostly stable or moved slightly in the week to Friday October 8 amid China's National Day holiday and few offers from other origins.Some of the most important...Read More
Here are five Fastmarkets stories you might have missed on Friday October 8 that are worth another look.South American flat steel import prices were mostly stable or moved slightly in the week to Friday October 8 amid China's National Day holiday and few offers from other origins.Some of the most important...Read More
Base metals prices on both the Shanghai Futures Exchange and London Metal Exchange were, for the most part, up across the board on the morning of Monday October 11, along with Asia-Pacific equities.* Metals stronger despite strong US treasury yields* Brent crude oil approaching $84 per barrel* Disappointing US employment report may hold US Federal Reserve back and give inflation a freer handBase m...Read More
Here are five Fastmarkets stories you might have missed on Friday October 8 that are worth another look.South American flat steel import prices were mostly stable or moved slightly in the week to Friday October 8 amid China's National Day holiday and few offers from other origins.Some of the most important...Read More