Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed on the morning of Friday September 3, but overall the picture is one of consolidation ahead of today's employment report from the United States.* China’s Caixin services PMI dropped to 46.7 in August, from 54.9 in July, switching from expansion to contraction* The US Dollar Index continues to retreatBase...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade. Equity index futures moved lower following release of the August employment report at 8:30 AM EDT. Consensus for August Non-farm Payrolls was 725,000 versus 943,000 in July. Actual was 235,000. Consensus for the August Unemployment Rate was 5.2% versus 5.4% in August. Actual was 5.2%. Con...Read More
The anticipated agreement between the European Union and the United States on Section 232 tariffs would boost flat-steel export sales to the US and, consequently, reduce domestic EU availability, triggering a price rise in Europe, European buyers told Fastmarkets.The US and EU will reach an agreement on the exemption from Section 232 of European imports of steel and aluminium by November 1. The US...Read More
China's domestic rebar prices recovered slightly on Thursday September 2, with demand stronger than in recent days following a rise in the futures market.DomesticEastern China (Shanghai): 5,210-5,250 yuan ($807-813) per tonne, up by 20 yuan per tonneThe most-traded January rebar futures contract rose to 5,348 yuan per tonne on Thursday morning, up by 106 yuan per tonne from Wednesday's closing pri...Read More
China's cobalt tetroxide prices drifted lower in the week to Wednesday September 1, due to weak demand from battery producers, while cobalt sulfate prices remained rangebound, with producers rejecting lower bids.Fastmarkets' price assessment for cobalt tetroxide 72.6% Co min, delivered China fell to 275,000-285,000 yuan ($42,562-44,110) per tonne on September 1, down from 282,000-292,000 yuan per...Read More
An overview of the consumer electronics markets and their latest price moves in the week to Wednesday September 1.Fola Malomo, Cristina Belda and...Read More
Turkish steel producers remained out of the deep-sea scrap market on Wednesday September 1, booking no new cargoes, market participants said.No new cargoes were heard booked on the market, which was described as "quiet." Mills were said to be trying to bid at prices that were lower by as much as $10 per tonne from the previous transaction...Read More
Turkish steel producers made no new scrap bookings on Tuesday August 31, however a deal from the previous Friday came to light, which lowered prices, market participants said.The European-origin cargo was heard late on August 27, after the closing of the daily indices, and was followed by a public holiday in both Turkey and the United Kingdom on August 30.The cargo was booked by a steel mill in th...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 1 that are worth another look.Russia's Ministry of Industry and Trade does not see any grounds for the extension of export duties for steel and non-ferrous metals into 2022, according to the deputy minister Viktor Evtukhov.Chile's...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 1 that are worth another look.Russia's Ministry of Industry and Trade does not see any grounds for the extension of export duties for steel and non-ferrous metals into 2022, according to the deputy minister Viktor Evtukhov.Chile's...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 1 that are worth another look.Russia's Ministry of Industry and Trade does not see any grounds for the extension of export duties for steel and non-ferrous metals into 2022, according to the deputy minister Viktor Evtukhov.Chile's...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were generally weaker on the morning of Wednesday September 1, in the face of further evidence of a slowdown in manufacturing activity. Chicago's manufacturing purchasing managers' index (PMI) fell to 66.8 in August from 73.4 in July China's Caixin manufacturing PMI also showed contraction with a fall to 49.2 in August,...Read More
Following a one-month consultation, Fastmarkets is updating the wording of its Metals & Mining assessment methodologies to provide greater clarity around how its prices are determined. The wording refinements do not materially alter the way Fastmarkets Metals & Mining assesses prices and as such are not anticipated to result in any noticeable changes in Fastmarkets' assessment price levels or beha...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 1 that are worth another look.Russia's Ministry of Industry and Trade does not see any grounds for the extension of export duties for steel and non-ferrous metals into 2022, according to the deputy minister Viktor Evtukhov.Chile's...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday September 1.Please click...Read More
Almost all London Metal Exchange base-metals prices fell under pressure at the end of the day on Wednesday September 1, to start the new month on the back foot following a small pickup in prices in the last week of August.The base-metals complex came under pressure on Wednesday morning after the release of the Chinese Caixin manufacturing purchasing managers' index (PMI). This dropped to 49.2 in A...Read More
The low-carbon ferro-chrome market in Europe surged to a new multi-year high in the week ended Tuesday August 31, with export taxes and tight supply driving up prices.Fastmarkets' price assessment for ferro-chrome 0.10% C, average 65-70% Cr, delivered Europe, rose to $2.73-3.05 per lb Cr on Tuesday, up by 15-35 cents per lb (9.5%) from $2.38-2.90 per lb Cr on August 17."The low-carbon ferro-chrome...Read More
Chile's state-owned copper producer Codelco has removed the threat of strike action by signing a final labor deal with the unions representing employees at its El Teniente division.The new terms of the labor agreement will be in place until the end of 2024, the company said on Tuesday August 31.Codelco had reached an agreement with the El Teniente and Caletones unions on August 28, but the deal no...Read More
The alumina price in the Atlantic is likely to trade at a higher premium compared with the Pacific in the near term due to refinery disruptions and high freight rates, according to Duncan Hobbs, research director at trading house Concord Resources.A fire in late August at the Jamalco alumina refinery, which produces 1.5 million tonnes of material per year, is costing the market 95,000-100,000 tonn...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves.Dalila Ouerghi and...Read More