The latest forecasts from Fastmarkets' team of analysts is ready to view.As we approach the end of the first half of 2021, steel markets in Europe and the United States continue to heat up. This six-month period is largely unprecedented, with both steel prices and steelmakers' margins hitting a number of new record highs throughout.The rally is likely nearing its end, however, with global steel ou...Read More
Domestic hot-rolled coil (HRC) prices in China extended their gains on Monday August 23, buoyed by constrained production but subdued by rising inventories and persistent concerns over demand.DomesticSteel hot-rolled coil domestic, ex-whs Eastern China (Shanghai) was 5,660-5,700 yuan ($870-876) per tonne, up by 30-40 yuan per tonne from Friday August 20.The most-traded HRC contract on the Sha...Read More
The rising cost of coking coal has led to a sharp drop in demand for iron ore lump, sources told Fastmarkets on Monday August 23.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $136.71 per tonne, down $3.73 per tonne62% Fe low-alumina fines, cfr Qingdao: $137.22 per tonne, down $3.93 per tonne58% Fe fines high-grade premium, cfr Qingdao: $106.64 per tonne, down $2.16 per tonne65% Fe Brazil...Read More
Cancellation of 44,000 tonnes of copper in London Metal Exchange warehouses kept the metal's nearby price spreads in backwardation on Monday August 23, while sentiment for LME prices turned positive after a week of selling.Some 44,475 tonnes of copper were booked for removal from the Busan, Singapore and Kaohsiung warehouses on Monday, reducing the amount of metal on-warrant to 197,750 tonnes, the...Read More
While nickel briquette started to become a viable alternative as a precursor of nickel sulfate for Chinese battery raw materials producers in early 2021, their enthusiasm for the product appears to have waned in recent weeks, resulting in a less active spot market.Previously, a sharp decrease in nickel briquette inventory levels at London Metal Exchange warehouses had Chinese market participants w...Read More
Eight of the nine Category 1 members of the London Metal Exchange have indicated their support for continuing to trade official lunchtime prices in the open-outcry ring.Does this mean that one company does not support ring trading? And could one of the exchange's members be preparing to leave the trading floor?The exchange revealed on Monday August 9 that it had majority support for the ring, in a...Read More
If any member was going to leave the London Metal Exchange ring trading floor, the exchange was probably hoping it wouldn't be Triland Metals Ltd.The company, a wholly owned subsidiary of Japanese conglomerate Mitsubishi, is one of the exchange's longest serving Category 1 members, having joined in 1972 after being founded in the prior year. Having a unit of Japan's largest trading company as a ri...Read More
Here are five Fastmarkets stories you might have missed on Monday August 23 that are worth another look.Increasing costs for long-term storage at the Chinese port of Tiajnin have added to the financial burdens facing alloy smelters and trading houses this year.Tianyuan Manganese Industry Group (TMI), said to be the world's largest producer of manganese flake, has not halted production, it told Fas...Read More
Manganese ore prices at China's Tianjin port rebounded during the week to Friday August 20, supported by elevated costs and a drop in stocks after many suppliers destocked in recent weeks.Fastmarkets calculated the manganese ore port index, base 37% Mn, range 35-39%, fot Tianjin, China at 34 yuan ($5.22) per dry metric tonne unit (dmtu) on Friday, up by 0.70 yuan, or 2.1%, from 33.30 yuan per dmtu...Read More
A summary of China's battery raw materials exports for July 2021, according to the latest Chinese customs data released last Friday August 20.In brief?EUR?Lithium hydroxide exports fell month on month due to a shortage in China amid lithium feedstock supply constraints coupled with strong demand from the...Read More
Australia-listed IGO Limited has announced its first lithium hydroxide chemical production at Kwinana Lithium Hydroxide Refinery in Australia, it said on Monday 23 August.On 30 June, IGO completed a joint venture deal with Chinese Lithium producer Tianqi Lithium. The joint venture is 49% owned by IGO and 51% owned by Tianqi. The refinery will improve product quality to battery grade for...Read More
Key data from Fastmarkets' pricing session in London on Friday, August 20.Key drivers The European ferro-vanadium price weakened in the week to Friday August 20, with traders offering material at lower prices in a bid to reactivate the market and secure sales amid a slowdown in end-user inquiries. The reduction came after a period of continuing low demand and thin trading during summer doldru...Read More
Cancellation of 44,000 tonnes of copper in London Metal Exchange warehouses kept the metal's nearby price spreads in backwardation on Monday August 23, while sentiment for LME prices turned positive after a week of selling.Some 44,475 tonnes of copper were booked for removal from the Busan, Singapore and Kaohsiung warehouses on Monday, reducing the amount of metal on-warrant to 197,750 tonnes, the...Read More
China's domestic rebar prices moved up on Monday August 23 on strengthening demand in many parts of the country, though heavy rain continued to keep demand in a few provinces subdued. DomesticEastern China (Shanghai): 5,130-5,170 yuan ($788-794) per tonne, up by 50-60 yuan per tonneConstruction activity has increased in large parts of China, such as the eastern and northern region, on clear weathe...Read More
Stainless steel prices continue to register new highs around the end of the first half of 2021 and steelmakers continue to enjoy outsized margins.They have responded in recent months by increasing their output, which has now pushed above pre-pandemic levels and will eventually restore balance to the market.For now, though, supply gaps are still being filled and buyers find themselves competing aga...Read More
Turkish steelmakers skipped the first working day of the week with no deep-sea scrap trades, sources told Fastmarkets on Monday August 23.The most recent deep-sea trade was recorded at the end of the last week, when a steel mill in the Iskenderun region booked a United States cargo comprised of 20,000 tonnes of HMS 1&2 (80:20) at $450 per tonne and 3,000 tonnes of bonus and 7,000 tonnes of shredde...Read More
Prices for seaborne iron ore pellets and concentrate plunged further in the week ended Friday August 20 amid weak demand and a downtrend in the futures market.Fastmarkets iron ore indicesIron ore pellet premium over 65% Fe fines, cfr China: $34.50 per tonne, down $6.70 per tonne. 65% Fe blast furnace pellet, cfr Qingdao: $207.74 per tonne, down $20.62 per tonne.66% Fe concentrate, cfr Qingdao: $16...Read More
Here are five Fastmarkets stories you might have missed on Monday August 23 that are worth another look.Increasing costs for long-term storage at the Chinese port of Tiajnin have added to the financial burdens facing alloy smelters and trading houses this year.Tianyuan Manganese Industry Group (TMI), said to be the world's largest producer of manganese flake, has not halted production, it told Fas...Read More
Cancellation of 44,000 tonnes of copper in London Metal Exchange warehouses kept the metal's nearby price spreads in backwardation on Monday August 23, while sentiment for LME prices turned positive after a week of selling.Some 44,475 tonnes of copper were booked for removal from the Busan, Singapore and Kaohsiung warehouses on Monday, reducing the amount of metal on-warrant to 197,750 tonnes, the...Read More
A summary of China's battery raw materials imports for July 2021, according to the latest Chinese customs data released on Friday August 20.In brief Imports of cobalt rose month on month despite unappealing import profits in June and July. A trader source told Fastmarkets that some cobalt arriving in a Chinese bonded warehouse in July was immediately exported again, meaning the actual amount circu...Read More