Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Wednesday August 1.Base metals prices on the Shanghai Futures Exchange were split into two camps at the end of morning trading on Wednesday, with nickel, zinc and copper edging higher, while the rest weakened.The base metals markets remained choppy ahead of major data releases later today, whi...Read More
Tawana Resources NL does not rule out the production of lithium spodumene for hydroxide production at its flagship Bald Hill lithium mine in Australia in the future.Bald Hill's output is of high quality, having low impurities such as iron, sodium and potassium, managing director Mark Calderwood told Metal Bulletin."We achieved commercial production within five months of commencement of ore commiss...Read More
Orocobre has confirmed a quarter-on-quarter increase in output of lithium carbonate at its Olaroz Lithium unit by 28% to 3,596 tonnes in the second quarter of 2018 from 2,802 tonnes.Unforeseeable port shipping delays compelled the Argentina-based lithium producer to revise its figures for sales and revenue generated from sales that it had announced on July 2.The company increased sales by 7%, sell...Read More
Ferrous scrap export prices are down on both US coasts, as Turkish and South Korean mills secured lower prices than in recent weeks for US scrap. The latest cargo to Turkey from the US East Coast, first heard on July 26, had HMS 1&2 (80:20) priced at $335 per tonne cfr, for September shipment, market participants said.That cargo, they said, has set the stage for lower prices in other regions, as o...Read More
Stainless steel scrap prices in the United States remain firm but the market could be facing tough times ahead with nickel dropping, chrome getting weaker and the iron market in a downward trend."I think dealers have accepted the fact that prices will probably be stuck at current levels for a while and have adjusted buying prices accordingly to maintain margins," one scrap dealer said, also i...Read More
Turkish steel producers broke their silence in the deep-sea scrap market on Wednesday August 1 with news of a European cargo being booked, which led to prices falling.A steel mill in the Marmara region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 12,500 tonnes of bonus and 2,500 tonnes of new cuttings at an average price of $328.50 per tonne cfr.This was the...Read More
The seaborne iron ore market showed signs of slowing down on Wednesday August 1, with confidence in the ferrous market being overshadowed by a likely push by the central Chinese government to avoid a pricing bubble in the country's real estate market. Metal Bulletin 62% Fe Iron Ore Index: $66.55 per tonne cfr Qingdao, down by $1.64 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $65.76...Read More
Movements in the seaborne coking coal spot market were mixed on Wednesday August 1, leaving participants in a blur about which way prices would head next. Two cargoes of premium mid-vol hard coking with their laycan set for early September and October were traded at $173.50 per tonne fob Australia and $175 per tonne fob Australia respectively, market sources told Metal Bulletin.Two cargoes of the...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreBeijing Iron Ore Trading Center,...Read More
China's ferrous futures largely weakened during morning trading on Wednesday August 1, with the exception of the coke contract, which ended the session higher.Futures closing prices - morning sessionShanghai Futures Exchange October rebar: 4,178 yuan ($612) per tonne, down 8 yuan per tonneOctober hot-rolled coil: 4,211 yuan per tonne, down 8 yuan per tonne Dalian Commodity Exchange September iron...Read More
Zinc treatment charges (TCs) have risen to their highest in almost two years, with lower exchange prices for the metal making smelters in China lower output, while terms for lead concentrates fell with arbitrage trades exacerbating a market significantly short of supply.TCs, discounts on the zinc price paid to smelters for the costs of processing concentrates to metal, shot up to $65-75 per tonne,...Read More
The aluminium import arbitrage between the United States and Asia tightened this month for both duty-free and duty-paid material, with market participants noting that the arbitrage opportunity is looking less attractive.The differential between canceling aluminium without the 10% Section 232 tariff from London Metal Exchange-listed warehouses in Asia and shipping the material into the US Midwest h...Read More
The London Metal Exchange has started a consolidated consultation process to enable it to make the changes it put forward in its new business proposal.The proposed consultation period, which will last until the close of business on September 28, is open to all interested parties among LME members. Any subsequent rule amendments will take effect from the fourth quarter, the exchange said in a note...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
As a result of a technical error, Metal Bulletin's low-grade cobalt price assessment for August 1 was published on the Metal Bulletin price book later than scheduled. Metal Bulletin's price book has been updated and the price is now appearing as normal. To provide feedback on the delayed publication of the low-grade cobalt price assessment, please contact Charlotte Radford by email at:pricing@meta...Read More
Three-month base metals prices on the London Metal Exchange were down across the board by an average of 1% on the morning of Wednesday August 1. Zinc led the decline with a 1.7% drop to $2,590 per tonne, while copper was down by 1.2% at $6,244 per tonne.The disappointing release of China's Caixin manufacturing purchasing manager's index (PMI) for July - easing to 50.8 from 51 and below the expecte...Read More
Prices for spent lead-acid batteries and lead scrap have tumbled in the United States, with the sustained softness on the London Metal Exchange prompting smelters to recalculate raw material costs downward.Whole lead-acid batteries dropped by an average of $3 per hundredweight to $41-42 per cwt delivered to smelters - the lowest level witnessed in more than 14 months, according to Americ...Read More
The following Metal Bulletin UK non-ferrous scrap and foundry ingot prices changed on Wednesday August 1:Titanium scrap Turnings, unprocessed type 90/6/4, 0.5% Sn...Read More
The recent uptick in traded option volatilities in the London Metal Exchange copper market has faded as the month-end draws near, while what is likely to be an unexciting August expiry this Wednesday looks like setting a marker for the rest of the summer. Front-month at-the-money (ATM) copper volatility has dipped back to just under 20%, having climbed above 26% on August 19 - the best since early...Read More
The recent uptick in traded option volatilities in the London Metal Exchange copper market has faded as the month-end draws near, while what is likely to be an unexciting August expiry this Wednesday looks like setting a marker for the rest of the summer. Front-month at-the-money (ATM) copper volatility has dipped back to just under 20%, having climbed above 26% on August 19 - the best since early...Read More