Chinese aluminium production in July of 3.26 million tonnes was down by 0.9% from June, according to National Bureau of Statistics data published on Monday August 16.Although domestic aluminium production in July was still up by 7.4% year on year, it was down for the third consecutive month following June's production of 3.29 million tonnes and May's 3.32 million tonnes.China produced 22.89 millio...Read More
Most iron ore prices increased on Monday August 16 despite limited trading activity in the physical market, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $163.52 per tonne, up $1.45 per tonne62% Fe low-alumina fines, cfr Qingdao: $164.03 per tonne, up $1.29 per tonne58% Fe fines high-grade premium, cfr Qingdao: $131.47 per tonne, up $0.81 per tonne65% Fe Brazil-o...Read More
Secondary aluminium ingot prices in Europe rose during the week to Friday August 13 due to surging costs for alloying elements. Despite quieter market conditions due to the seasonal summer lull, ingot prices rose in both Europe and the United Kingdom this week due to ascending prices for elements used in aluminium alloying such as silicon and copper. Fastmarkets assessed the price for aluminium sc...Read More
International cobalt metal prices softened on Monday August 16 with competitive offers emerging; some sellers are willing to drop their offers to take profits in a quiet market, sources said.Lower offers started to emerge last week and gradually brought downward pressure to the market amid thin liquidity, which is typical during the peak summer holiday period.Fastmarkets' assessment of the price o...Read More
Fastmarkets has identified a necessary clarification to the nickel sulfate specification with regard to timing of loading.The timing of loading for Fastmarkets' nickel sulfate ex-works China price assessment is within seven days, which was not reflected in the specifications when the price assessment was launched in July 2018.Fastmarkets confirms that the specifications are as follows, with the cl...Read More
German steelmakers settled their monthly steel scrap contracts for August at lower prices, following the trend in international markets, sources told Fastmarkets.The fall in prices of new scrap grades, including E8 grade, was less pronounced due to the continued short supply of the material both from automotive producers and from flat steel service centres.Stoppages and reduced production rates in...Read More
Hot-rolled coil prices in China's domestic market remained stable on Monday August 16, subdued by weak economic data but supported by a sharp decline in output.DomesticEastern China (Shanghai): 5,750-5,810 yuan ($888-897) per tonne, upward widening by 30 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange slipped to 5,675 yuan per tonne on Monday morning, before clawing bac...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points in pre-opening news.Index futures were virtually unchanged following release of the August Empire State Manufacturing Index at 8:30 AM EDT. Consensus was a drop to 30.00 from 43.00 in July. Actual was a drop to 18.3.Chipotle dropped $10.31 to $1,877.50 after Raymond James downgraded the stock from Strong Buy...Read More
Global ferrous scrap prices have continued to fall in the week to August 13 due to high freight rates, Covid-19 outbreaks in importing countries and poor downstream steel demand.Turkish scrap prices fell amid weak downstream demandUnited States scrap exports were poor due to high freight costsWeak demand for imports in Vietnam due to Covid-19China abstains from purchasing due to large bid-offer sp...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
Spot prices for imported hot-rolled coil in Vietnam were stable in the week to Friday August 13 amid poor spot liquidity while major Vietnamese domestic producer Formosa Ha Tinh Steel Corporation (FHS) reduced its prices, sources said.South Korean traders continued to offer low prices for Russian HRC from Magnitogorsk Iron and Steel Works (MMK), including the remaining quantities of 15,000-20,000...Read More
Eastern China rebar prices held steady on Friday August 13 on tighter supply due to lower spot market inventories, but prices were down by 10 yuan per tonne week on week due to Thursday's fall.DomesticEastern China (Shanghai): 5,200-5,230 yuan ($803-808) per tonne, unchangedNorthern China (Beijing) weekly assessment: 5,170-5,210 yuan per tonne, up by 60-70 yuan per tonneFalling spot market invento...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
Demand for cargoes of steel billet has been low in key Southeast Asian markets over the past week with prices rangebound, sources told Fastmarkets on Friday August 13."The Southeast Asian markets are dead, there are no bids from Thailand, which has now become a billet exporter, and there is a very strict lockdown in the Philippines," a South Asian billet trader said."Philippine demand is in really...Read More
Base metals prices on the London Metal Exchange were trading mostly higher at the close on Friday August 13, with copper, aluminium and lead all making gains.The three-month aluminium price closed at $2,600 per tonne, up from $2,582.50 per tonne. This was the first time it has closed above $2,600 per tonne since August 2.The price hit an intraday trading high of $2,622.50 per tonne, also the highe...Read More
An overview of the new energy materials markets and their price moves in the week to Friday August 13.Susan Zou, Yingchi Yang and...Read More
Global ferrous scrap prices have continued to fall in the week to August 13 due to high freight rates, Covid-19 outbreaks in importing countries and poor downstream steel demand.Turkish scrap prices fell amid weak downstream demandUnited States scrap exports were poor due to high freight costsWeak demand for imports in Vietnam due to Covid-19China abstains from purchasing due to large bid-offer sp...Read More
Aluminium primary foundry alloy (PFA) premiums were unchanged this month in Europe and the United States, continuing to lag other value-added products such as billet.EuropeFastmarkets assessed the aluminium primary foundry alloy, silicon 7 ingot premium, ddp Germany at $510-550 per tonne on Friday August 13, flat from July 9. "The market has been really quiet this week. We are waiting until Septem...Read More
The domestic price for steel rebar in Brazil - which had not moved in three months - fell on Friday August 13 amid mill discounts, confirming lingering signs of a downturn.In Brazil, rebar supply recovered in 2021, and scrap prices started being cut. The global scenario lent headwinds to the Brazilian rebar price, with a downturn seen particularly in Turkey.Brazil-based steelmakers often follow in...Read More