Base metals prices on the London Metal Exchange were mixed this morning, Wednesday August 4, and those on the Shanghai Futures Exchange were all weaker.While the metals have generally found good underlying support, overhead resistance does seem to be capping the upside, which is perhaps not surprising because we are in the middle of the summer lull.US equities focused on strong results, less on th...Read More
ArcelorMittal Europe has launched new long steel products under its XCarb brand which are claimed to offer a reduced carbon footprint, with the intention of supporting the construction industry's efforts to meet environmental protection goals, the company announced on Friday July 30.ArcelorMittal Europe's Long Product division said that environmental production declarations (EPDs) were now availab...Read More
Nanshan Aluminum, which is listed on the Shanghai Stock Exchange, plans to expand its aluminium recycling business by creating a new joint company with Singapore's United New Material Technology Investment, it announced on the SSE website on Tuesday August 3.The new joint company will focus on aluminium scrap recycling and processing, with recycled material feeding a new aluminium alloy project wi...Read More
Hot-rolled coil prices in the United States remained above $93 per hundredweight ($1,860 per short ton) for the fifth consecutive business day after market participants observed resolve among producers to cash in on the higher offers they circulated at the end of July. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $93.47 per cwt ($1,869.40 per ton) on Tuesday August...Read More
Lower bids for Japanese steel scrap heard from key buyers, combined with the sharp drop in Chinese ferrous futures this week, have created a slide in sentiment across the major Asian steel scrap markets, sources told Fastmarkets on Tuesday August 3. Slide in Chinese futures market reduces cfr China scrap, billet prices Tokyo Steel drops scrap buy prices at Tahara works, except for Shindachi bushel...Read More
Iron ore prices edged up on Tuesday August 3, with market participants uncertain about the nature of steel production cuts in the rest of 2021, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $184.67 per tonne, up $0.25 per tonne62% Fe low-alumina fines, cfr Qingdao: $185.47 per tonne, up $0.39 per tonne58% Fe fines high-grade premium, cfr Qingdao: $149.00 per tonn...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade. Index futures moved slightly lower following release of the July ADP Non-farm Employment report at 8:15 AM EDT. Consensus was an increase of 653,000 versus an increase of 680,000 in June. Actual was an increase of 330,000Lyft advanced $0.62 to $56.00 after reporting higher than consensu...Read More
Turkish prices for flat steel products decreased during July and trading was limited due to holidays during the month, sources told Fastmarkets on Tuesday August 3.Global weakness in flat steel markets during the holidays - Democracy Day was on July 15 in Turkey, and the Ei al-Adha holidays took place from July 19-24 - sparked the decline in prices.Turkish hot-rolled coil producers are currently a...Read More
The United States Defense Logistics Agency (DLA) plans to offer the last of this fiscal year's tin - 11.79 tonnes - in a bid opening at 9:30am US East Coast time on August 9 and closing at noon on August 10, according to an email the agency circulated to market participants on Tuesday August 3. The offering, which had been expected in July, adds to the 380 tonnes the DLA has offered to the tin-sta...Read More
Due to a reporter error, the United States zinc and copper premiums for Tuesday August 3 were published in Fastmarkets' price book after the scheduled time of 4pm GMT.Fastmarkets' fortnightly assessment of the copper grade 1 cathode premium, ddp Midwest US and the zinc SHG min 99.995% ingot premium, ddp Midwest USwere published later than the scheduled time of 4pm GMT.For more information, or...Read More
A summary of North-America based aluminium products manufacturer Arconic's second-quarter 2021 financial results, released on Tuesday August 3.In brief: Global aluminium products manufacturer Arconic reported a 52% increase in total sales during the second quarter of 2021, when compared to the same period last year, and an 8% increase in sales from the previous quarter.The company's total ad...Read More
Zinc's three-month price fell to $2,969.50 per tonne at the close of trading on the London Metal Exchange on Tuesday August 3, with the entire base-metals complex turning lower during the day and with Covid-19-related concerns returning to prominence.Zinc's benchmark futures contract fell from Monday's $3,050.50 per tonne closing price, which was the highest since June 14.The galvanizing metal fal...Read More
Here are five Fastmarkets stories you might have missed on Monday August 2 that are worth another look.The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.Four unions representing...Read More
Turkish steel mills remained inactive in the import markets at the start of this week, making no new bookings of deep-sea scrap cargoes on Monday August 2, sources told Fastmarkets.But two older cargoes have come to light since the calculation of the scrap indices closed for the day last Friday.Two European cargoes were booked by mills in the regions of Marmara and Izmir, each comprising unspecifi...Read More
Here are five Fastmarkets stories you might have missed on Monday August 2 that are worth another look.The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.Four unions representing...Read More
The price of lead reached a new year-to-date peak of $2,412.50 per tonne on Monday August 2, while nickel and copper faltered in trading on the London Metal Exchange.Lead's three-month price was at its highest on Monday for 37 months, since July 2, 2018. The metal's price was up by 0.8% from its price last Friday, hitting $2,402 per tonne at the close of trading. It had risen by 5.5% last month.Eu...Read More
Glencore has purchased a 9.99% stake in junior mining company Hot Chili for A$14.4 million ($10.62 million), the latter said on Monday August 2.The agreement gives Hot Chili, which is listed on the Australian Securities Exchange and operates assets in Chile, the financing to complete a feasibility study for...Read More
The price for manganese flake has been rising since May this year because of the controls on the use of electricity during summer in several provinces in China, as well as production cuts at major manganese flake producers and strong demand from the steel industry, sources told Fastmarkets on Monday August 2.Fastmarkets' latest price assessment for manganese 99.7%, electrolytic manganese flake, fo...Read More
Hydrometallurgy company Hellenic Minerals has completed the construction of a nickel sulfate hexahydrate facility in Cyprus, paving the way for initial production there.The plant in Skouriotissa, about 30km west of the island nation's capital, Nicosia, is thought to be on the site of the world's oldest copper mine. It was expected to reach output of 44,000 tonnes per year of laterite ore, containi...Read More
Zinc and lead concentrate treatment charges (TCs) rose toward the end of July due to more mined tonnage hitting the market and pushing terms higher.Fastmarkets' assessment of zinc spot concentrate TC, cif China was $78-90 per tonne on Friday July 30, up from $75-88 per tonne three weeks earlier, and its highest level since last October.Terms have gradually increased since Chinese smelters took ext...Read More