Seaborne coking coal prices in the cfr market continued to climb on Tuesday September 14, mainly due to supply tightness, sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $493.17 per tonne, up $5.84 per tonneHard coking coal, cfr Jingtang: $452.87 per tonne, up $6.31 per tonnePremium hard coking coal, fob DBCT: $358.28 per tonne, down $3.82 per tonneHard coking c...Read More
The Chinese import market for steel scrap remained quiet on Tuesday September 14 despite Russian sellers offering bulk plate and structural (P&S) scrap at lower prices, market sources said.Cheaper Russia-origin P&S still not attractive to buyers in ChinaSharp drop in Chinese ferrous futures hampers scrap buying demandUptrend continues in Taiwan imported containerized scrap.ChinaLower-cost steel sc...Read More
The domestic steel rebar market in Russia's Central Federal District around Moscow continued to suffer from oversupply in the week to Monday September 13, sources have told Fastmarkets, with export sales limited by the $115 per tonne temporary export duty.The price decline in the country's largest rebar-consuming region started in the second half of July and has been mainly driven by mills that se...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.Index futures were virtually unchanged following released of economic news at 8:30 AM EDT. Consensus for the September Empire State Manufacturing Survey was a slip to 17.2 from 18.30 in August. Actual was an increase to 34.3 The Canadian Dollar added 0.10 to US78.88 cents following release of...Read More
Evergrande Group, one of China's biggest housing companies, said on Tuesday September 14 that it would work toward improving its capital flow to ensure that it does not default on its liabilities.The assurance came a day after it dismissed rumors that it would file for bankruptcy.Among the measures, it said that it would revise its schedule of new projects, tighten up its cost controls and promote...Read More
Selling on the London Metal Exchange continued on Tuesday September 14, with all prices declining for a second day."We get the feeling that the markets are in the midst of an overdue correction as there does not seem much that is new for the bulls to feed on and thus justify another push higher," ED&F Man's head of commodity research Edward Meir said on Tuesday afternoon. Aluminium - the rece...Read More
Seaborne iron ore prices continued to decline on Tuesday September 14, due to depressed demand in certain regions of China, where steelmakers are facing energy consumption and emissions-control measures, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $121.67 per tonne, down $2.17 per tonne62% Fe low-alumina fines, cfr Qingdao: $122.63 per tonne, down $1.53 per ton...Read More
Chinese lithium producer Tianqi Lithium's board of directors have unanimously approved a proposal for the company to list its shares in Hong Kong, the company said on Monday September 13.The company plans to use proceeds of the listing to repay its...Read More
Base metals prices on the London Metal Exchange were lower across the board at 5pm on Monday September 13, after coal prices continued to trade downward and strength was seen in the US dollar.The US Dollar Index reached a high of 92.89 on Monday, the highest level seen for more than two weeks and shoring up the current weakness across the base metals complex.The three-month nickel price came under...Read More
Here are five Fastmarkets stories you might have missed on Monday September 13 that are worth another look....Read More
China's leading copper producer, Jiangxi Copper, will develop the Mes Aynak copper mine in Afghanistan with Metallurgical Corp of China (MCC) when conditions allow, the company said.Due to the unstable situation in Afghanistan, there has not yet been any substantial construction at the mine, but the two companies are monitoring the situation and will push forward with the project when they...Read More
The latest data for the global manganese ore market for the week ended September 13, 2021.Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:US prices for hot-rolled coil moved in line with our forecasts in August, averaging $1,910 per ton, within 1% accuracy of our forecast of $1,925 per ton. The market has achieved much-needed stability in recent weeks, with prices fluctuating in the range of $1,900-1,94...Read More
Key data from Fastmarkets' pricing session in China on Friday September 10.Key driversChina's cobalt metal price moved up amid continuous rising local futures prices and tight spot supply among sellers. Some buyers restocked small-volume materials, but others remained cautious.The cobalt tetroxide price increased further, with most producers insisting...Read More
Key data from Fastmarkets' pricing session in London on Friday September 10th.Key drivers: There is market talk of factory closures in Lengshuijiang, Hunan Province due to high antimony content in Zijiang River, which is located there. The central government has ordered all metal refineries in...Read More
Steelmakers in Bangladesh returned to the market for imports of bulk steel scrap cargoes in the week ended Friday September 10 despite very high freight costs, sources told Fastmarkets.Bangladesh removed its Covid-19-related lockdown in early August 2020, leading to a re-opening of the steel retail markets and easing the movement of scrap across the country.The decision also allowed induction furn...Read More
China's nickel sulfate prices softened in the week to Friday September 10 amid an increase in the supply of mixed hydroxide precipitate (MHP), though strong nickel prices on both the London Metal Exchange and Shanghai Futures Exchange kept the spot market quiet.Fastmarkets assessed prices for nickel sulfate min 21%, max 22.5%; cobalt 10ppm max, exw China at 36,500-38,000 yuan ($5,663-5,896) per to...Read More
The recovery of the Brazilian domestic flat steel market appears to have peaked in recent weeks, but it is expected to continue strong through 2022, according to ArcelorMittal Brasil chief executive officer Benjamin Baptista Filho."We saw since last year a very strong recovery of the Brazilian manufacturing activity, especially from the agribusiness sector, and demand for steel rose in a sustained...Read More
Turkish deep-sea scrap import prices fell sharply on the news of a fresh booking for October shipment, market participants told Fastmarkets on Monday September 13.A steel mill in the Marmara region booked a US cargo, comprising 32,000 tonnes of HMS 1&2 (80:20) at $436 per tonne and 8,000 tonnes of shredded at $451.50 per tonne cfr late on Friday September 10.Earlier on Friday, a booking from the B...Read More
Prices for most metals fell on Monday September 13, except for aluminium, which set a new 13-year high of $3,000 per tonne on Monday.Monday's price drops came after most metals reached year-to-date highs on Friday September 10.Nickel's three-month price was down to $19,870 per tonne on Monday morning, a 2.6% decrease from its closing price of $20,392 per tonne on Friday.The stainless-steel metal r...Read More