The prices for low and high grades of seaborne manganese ore diverged further in the week ended Friday August 6, with extensive power restrictions across China continuing to disrupt operations at alloy smelters.Fastmarkets calculated its weekly index for manganese ore, 44% Mn, cif Tianjin, at $5.37 per dry metric tonne unit (dmtu) on Friday, up from $5.14 per dmtu previously."High-grade ore miners...Read More
The trade union representing workers at the Caserones copper mine in Chile will go on strike on Tuesday August 10 after failing to reach a deal through government-mediated negotiations with owner Minera Lumina Copper Chile.The company did not change its most recent offer during the extended talks, leading union members to officially vote to go on strike, the union said on Monday August 9.Workers a...Read More
Here are five Fastmarkets stories you might have missed on Monday August 9 that are worth another look.On August 9, there was a blast at Novolipetsk Steel's (NLMK) oxygen plant in Lipetsk, Russia, but it will only have a minor impact on production, the company told Fastmarkets.The trade...Read More
The United Kingdom Trade Remedies Authority (TRA) has recommended that anti-dumping duties on welded tube & pipe from Russia be revoked, but that measures against similar material from China and Belarus be extended, the TRA said on Monday August 9.The measures will be removed for products imported from Russia after January 30, 2021 - 30 days after the date the measure transitioned from the Europea...Read More
Spot prices for rebar imports in Singapore increased in the week to Friday August 6 on decreasing spot supply and higher offers.A major Indian steel mill offered rebar at $750 per tonne cfr Singapore on a theoretical-weight basis, while a second Indian steel mill offered rebar at $775 per tonne cfr Singapore on a theoretical-weight basis."The first steel mill is not able to guarantee some aspects...Read More
Trading activity in the European hot-rolled coil market has been low in the week to Friday August 6 due to the start of the summer slowdown.Sufficient buyer stocks and slow August activity have weakened trading but activity should recover between the end of August and the first half of September, sources said.Most domestic producers only had HRC available from fourth-quarter rolling material, whil...Read More
Heavy rain in the upper and middle reaches of the Changjiang River has led to lower activity at construction sites, pushing down spot market rebar prices on Monday August 9.DomesticEastern China (Shanghai): 5,180-5,220 yuan ($800-806) per tonne, down by 20 yuan per tonneHeavy rain in certain parts of Sichuan, Chongqing, Hubei, Hunan, Jiangxi, Guizhou and Yunnan, have had a serious impact...Read More
Here are five Fastmarkets stories you might have missed on Monday August 9 that are worth another look.On August 9, there was a blast at Novolipetsk Steel's (NLMK) oxygen plant in Lipetsk, Russia, but it will only have a minor impact on production, the company told Fastmarkets.The trade...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
The London Metal Exchange will adapt its rule book to include new closure provisions for its open-outcry ring, Fastmarkets heard on Monday August 9. And the anonymous nature of responses to the recent pricing consultation means that the Ring's long-term prospects were still in doubt.The exchange operates Europe's last open-outcry market trading venue, known as the Ring, where brokers make markets...Read More
China's January-to-July copper import volumes dropped by more than a tenth compared with the first seven months of 2020, the latest Chinese customs data shows. The biggest copper buyer in the world bought 3.219 million tonnes of unwrought copper and copper products in the first seven months this year, down 10.6% compared with the same period in 2020 which was a record year for imports.The average...Read More
The London Metal Exchange will go ahead with its proposal to move official prices back to the open-outcry trading ring, but closing prices will be determined electronically via LMESelect, it announced on Monday August 9.The exchange has published the outcome of its consultation on price determination, which was begun in June. The consultation paper only received 12 responses.By comparison, the ori...Read More
Australia-listed junior miner Core Lithium has signed a four-year binding offtake agreement with Chinese major Ganfeng Lithium, the companies announced Monday August 9.Over four years, Core Lithium will deliver 300,000 dry metric tonnes of spodumene concentrate from its Finniss project, at a rate of 75,000 tonnes per year, according to the agreement.Finniss is a lithium mine in development, locate...Read More
The trade union representing workers at the Caserones copper mine in Chile will go on strike on Tuesday August 10 after failing to reach a deal through government-mediated negotiations with owner Minera Lumina Copper Chile.The company did not change its most recent offer during the extended talks, leading union members to officially vote to go on strike, the union said on Monday August 9.Workers a...Read More
The European hot-rolled coil market remained slow on Monday August 9 due to seasonal factors, sources told Fastmarkets.Buyers and sellers are expected to return to the market in late August or early September, following the traditional market cycle."The market is almost dead - Europe is on holiday and buyers have a wait-and-see attitude," a German distributor said.Traded volumes are unlikely to be...Read More
Export slab prices from the Commonwealth of Independent States (CIS) continued to fall in early August due to a lack of demand from major overseas buyers.European customers were mainly absent due to the summer holidays in the region and there was limited trading activity in Turkey's domestic and export hot-rolled coil (HRC) markets, resulting in lower interest in imported slab.Turkish HRC pro...Read More
On August 9, there was a blast at Novolipetsk Steel's (NLMK) oxygen plant in Lipetsk, Russia, but it will only have a minor impact on production, the company told Fastmarkets.The blast caused the roof to ignite but it has now been neutralized, the company said. No one was injured."The accident has not impacted key production assets' logistic infrastructure and repair...Read More
The price of nickel showed the biggest fall on the London Metal Exchange on Monday August 9, but selling extended across the base-metals complex, following a sharp turn in sentiment at the end of last week.Data pointing to further recovery in the United States' employment market continued to fuel speculation about when the US Federal Reserve bank will taper its asset purchases and start to raise i...Read More
Key data from the Friday August 6 pricing session in London and ChinaKey driversCobalt hydroxide payables fell in the second half of the week to Friday August 6 after a rise on August 4, with a deal reported at a higher level. Most buyers were still reluctant to accept a higher level in the second half of the week considering...Read More
Spot prices for rebar imports in Singapore increased in the week to Friday August 6 on decreasing spot supply and higher offers.A major Indian steel mill offered rebar at $750 per tonne cfr Singapore on a theoretical-weight basis, while a second Indian steel mill offered rebar at $775 per tonne cfr Singapore on a theoretical-weight basis."The first steel mill is not able to guarantee some aspects...Read More