Base metal futures dipped in morning trading on the London Metal Exchange on Wednesday July 21, as markets globally took pause after a whipsaw start to the week.Nickel three-month futures led the pack down, dropping 1.31% against Tuesday's 5pm close to $18,420 per tonne.Three-month zinc was the second-biggest faller, down 0.83% at $2,938 per tonne.Overall volume was muted, with copper three-month...Read More
China's domestic rebar prices picked up slightly on Wednesday July 21 following major mills raising ex works prices.DomesticEastern China (Shanghai): 5,230-5,250 yuan ($808-811) per tonne, up by 10 yuan per tonneEastern China major rebar producer, Shagang, raised their ex works price by 250 yuan per tonne to 5,550 yuan...Read More
Mexican ferrous scrap prices continued to increase over the past week, with steelmakers competing to secure limited material and buyers in the key regions of Monterrey and Baj?-o heard accepting higher prices to keep volumes flowing.Fastmarkets assessed the steel scrap No1 busheling, consumer buying price, delivered mill Monterrey at 12,400 pesos ($622) per tonne on Tuesday July 20, up by 50 pesos...Read More
China's domestic rebar price dropped on Tuesday July 20 due to weak demand caused by adverse weather in large parts of the country, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,220-5,240 yuan ($804-807) per tonne, down by 10-20 yuan per tonneThere was heavy rain in central China's Henan province and southern China's Guangdong province on July 20, and large...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 20 that are worth another look,Shipments and distribution of steel in Germany have been disrupted by the recent flooding in the country, pushing flat steel producer Thyssenkrupp to declare force majeure, sources told Fastmarkets...Read More
Shipments and distribution of steel in Germany have been disrupted by the recent flooding in the country, pushing flat steel producer Thyssenkrupp to declare force majeure, sources told Fastmarkets on Tuesday July 20.The situation was likely to worsen the carbon steel shortage in the European market, participants believed. Over the past year, the supply of both flat and long steel products has bee...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 20 that are worth another look,Shipments and distribution of steel in Germany have been disrupted by the recent flooding in the country, pushing flat steel producer Thyssenkrupp to declare force majeure, sources told Fastmarkets...Read More
Sentiment varied in the hot-rolled coil markets of Northern Europe and Italy despite seasonally slow demand in both regions, sources told Fastmarkets on Tuesday July 20.In Northern Europe, domestic HRC prices are likely to remain fairly stable during summer and will possibly rise in autumn, sources said. Good order books at the region's mills and concerns about tight supply due to German floods su...Read More
Fastmarkets invited feedback from the industry in an open-consultation process on the pricing methodology for its Northern Europe and United States hot-rolled coil indices. The consultation, which began June 16 and ended on Friday July 16, was done as part of its annual methodology review process in compliance with the International Organization of Securities Commissions (Iosco) principles for pri...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 20 that are worth another look,Shipments and distribution of steel in Germany have been disrupted by the recent flooding in the country, pushing flat steel producer Thyssenkrupp to declare force majeure, sources told Fastmarkets...Read More
The London Metal Exchange nickel cash price is likely to hit $20,500 per tonne in the third quarter, with strong stainless steel demand and electric vehicle (EV) restocking driving the uptrend, according to analysts at Citi.Despite a sell off across base metals on July 19, Citi Metals Strategist Oliver Nugent told Fastmarkets that nickel fundamentals remain strong for Q3 and that he expects the pr...Read More
Base metals prices on the London Metal Exchange performed well on Tuesday July 20, despite strong headwinds from rising coronavirus cases and a strong United States Dollar Index."The sell-off on Monday July 19 across the LME base metals complex was triggered by a set of negative macro dynamics, which spooked global investors," Fastmarkets analyst Andy Farida said. "Risk sentiment turned very negat...Read More
A leading copper producer in China was investing billions into new projects to produce raw material for lithium batteries with the country going through a transition to the use of renewable energy.Jiangxi Copper planned to build a lithium-copper foil facility with capacity for 100,000 tonnes per year in Shangrao by 2028, according to a regulatory filing to the Hong Kong bourse on July 15.A total o...Read More
Base metals prices on the LME were up across the board this morning, Tuesday July 20, while the SHFE followed Monday's weakness, which was triggered by growing fears over the potential impact of the Delta variant of Covid-19 on the global economic recovery.Gold, the yen and the dollar were stronger and the United States 10-year treasury yield weaker - all signs of a pick-up in haven demandThe spre...Read More
Turkish steel mills remained silent on Tuesday July 20, with no bookings heard due to the ongoing week-long Eid al-Adha public holiday, sources told Fastmarkets.The Turkish deep sea scrap market has remained silent since material was last booked on Tuesday July 13.A public holiday on Thursday 15 July also slowed any possible trading...Read More
Mexican ferrous scrap prices continued to increase over the past week, with steelmakers competing to secure limited material and buyers in the key regions of Monterrey and Baj?-o heard accepting higher prices to keep volumes flowing.Fastmarkets assessed the steel scrap No1 busheling, consumer buying price, delivered mill Monterrey at 12,400 pesos ($622) per tonne on Tuesday July 20, up by 50 pesos...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 20 that are worth another look,Shipments and distribution of steel in Germany have been disrupted by the recent flooding in the country, pushing flat steel producer Thyssenkrupp to declare force majeure, sources told Fastmarkets...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 20 that are worth another look,Shipments and distribution of steel in Germany have been disrupted by the recent flooding in the country, pushing flat steel producer Thyssenkrupp to declare force majeure, sources told Fastmarkets...Read More
A summary of BHP's copper, iron ore and nickel production results for the year ended June 2021.Australia-based resources company BHP's operational review, published on Tuesday July 20, is summarised below.In brief Annual copper production was down by 5% from the previous year, mainly due to declines at Escondida and Pampa Norte, both in Chile,...Read More
Fastmarkets has corrected its weekly price assessment for European high-carbon ferro-chrome (60-70% Cr), which was published incorrectly on Tuesday July 20 due to an error in the review process.Fastmarkets' weekly price assessment for MB-FEC-0004 ferro-chrome, high carbon, 6-8.5% C, basis 60-70% Cr, max 1.5% Si, delivered Europe, should have been $1.34-1.55 per lb Cr but was published as $1.34-1.6...Read More