Jiangxi Copper has canceled its plan to construct a copper scrap processing plant in Malaysia, chairman Zheng Gaoqing said on Thursday April 8 in a conference call to investors. In 2019, Jiangxi Copper became the first Chinese company to receive approval to set up a 150,000-tonne-per-year copper facility in Malaysia to process low quality copper scrap including insulated copper wire (ICW). Th...Read More
Chinese ferrous scrap buyers are considering higher bids for imported heavy scrap, with steel mills in both east and northeast China looking to purchase more quantities in the coming weeks."Buyers in the northeast can bid as high as $485-500 per tonne cfr China," a trader in China told Fastmarkets.A buyer source at a south China-based steel mill said he was willing to purchase at $480-500 per tonn...Read More
Import prices for ferrous scrap in Vietnam are still increasing due to a strengthening downstream steel market, though the rate of increase has slowed, sources told Fastmarkets on Friday April 9.A higher auction price at Japan's Kanto Tetsugen, a cooperative of scrap dealers in the Tokyo area, will likely support further price increases.Bulk cargoes of Japanese H2 scrap were offered to Vietnam at...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the week ending Friday April 9. China Seaborne low- and high-grade manganese ore prices continued to trend downward amid thin liquidity. Participants from both sides of the market submitted lower assessments citing the relatively low price levels at portside markets and high stocks. Spot demand for portsid...Read More
Here are five Fastmarkets stories you might have missed on Thursday April 8 that are worth another look.The European Union's second-quarter quota for steel imports opened just one week ago, and some long steel suppliers have already used a large portion of their allocations, with sources expecting long steel volumes to be absorbed very quickly,...Read More
Most futures prices on the London Metal Exchange saw a bounce at the close on Thursday April 8, following the retreat of the US Dollar Index. Nickel's three-month price resumed its upward trajectory on Thursday, reaching an intraday high of $16,875 per tonne - its highest level since early March. The metal closed at $16,828 per tonne, a 1.1% increase on its Wednesday reading of $16,636 per to...Read More
The build-up in expected times to deliver aluminium material out of London Metal Exchange warehouses in Port Klang has created a gap in warrant premiums for the metal unseen since Fastmarkets started covering the market in January 2017.Queue times at some warehouses are reported to be at three months, at least, in some Port Klang warehouses, with other traders telling Fastmarkets that the next ava...Read More
Here are five Fastmarkets stories you might have missed on Thursday April 8 that are worth another look.The European Union's second-quarter quota for steel imports opened just one week ago, and some long steel suppliers have already used a large portion of their allocations, with sources expecting long steel volumes to be absorbed very quickly,...Read More
Here are five Fastmarkets stories you might have missed on Thursday April 8 that are worth another look.The European Union's second-quarter quota for steel imports opened just one week ago, and some long steel suppliers have already used a large portion of their allocations, with sources expecting long steel volumes to be absorbed very quickly,...Read More
Brazilian exports of alumina were up by 40.01% year on year in March, after the two main producers, Alunorte and Alumar, increased their shipments, data from the country's economy ministry, published on Wednesday April 7, show.Exports totaled 886,640 tonnes in March, rising from 633,254 tonnes the year before. Canada was the main destination during the month, with 294,139 tonnes arriving, while No...Read More
Canada-headquartered zinc producer Trevali Mining signed a 15-year power supply agreement with Emerging Markets Energy Services (Emesco) for its Rosh Pinah mine in Namibia, the company said on Wednesday April 7.The deal is part of the miner's efforts to reduce greenhouse gas (GHG) emissions by 25% from 2018 until 2025. This particular agreement, according to the company, will contribute with a 6%...Read More
The announcement of a 1.529 billion yuan ($233.6 million) limited partnership agreement between major Chinese manganese miners and traders has left many in the market weighing up the significance of such a move.South Manganese Investment, formerly Citic Dameng Holdings, entered into a limited partnership agreement with 10 participants involved in manganese mining and trading, according to a notice...Read More
Bangladeshi steelmakers have continued to book United States-origin deep-sea scrap cargoes over the last week, with prices moving up slightly, sources told Fastmarkets on Thursday April 8.A Bangladeshi mill bought two cargoes of 30,000 tonnes from the US West Coast at an average price of $465 per tonne cfr for a composite cargo of heavy melting scrap 1&2 (80:20) and shredded scrap last week, Fastm...Read More
Turkish steel mills continued with their deep-sea scrap purchases for May shipments at steady prices on Thursday April 8, sources told Fastmarkets.A steel mill in the Iskenderun region booked a US cargo, comprising 32,000 tonnes of HMS 1&2 (80:20) at $433 per tonne, 3,000 tonnes of shredded at $438 per tonne and 3,000 tonnes of bonus scrap at $443 per tonne cfr.A steel mill in the Izmir region boo...Read More
The import price for heavy scrap (HS) into China stabilized on Thursday April 8 due to softer downstream steel markets, although importers were still actively seeking cargoes, sources told Fastmarkets.Fastmarkets' daily price assessment for steel scrap, heavy recycled steel materials, cfr China was unchanged at $475-480 per tonne on Thursday. Major steel product prices dropped in China's domestic...Read More
Canada-headquartered zinc producer Trevali Mining signed a 15-year power supply agreement with Emerging Markets Energy Services (Emesco) for its Rosh Pinah mine in Namibia, the company said on Wednesday April 7.The deal is part of the miner's efforts to reduce greenhouse gas (GHG) emissions by 25% from 2018 until 2025. This particular agreement, according to the company, will contribute with a 6%...Read More
Michael Insulan has joined First Cobalt as vice president, commercial, tasked with advancing the company's offtake strategy and the marketing of its refinery's cobalt sulfate production to electric vehicle (EV) manufacturers and battery cell makers. Based in Europe, Insulan was most recently at a senior market analyst at cobalt producer Eurasian Resources Group. He has previously held roles at CRU...Read More
Domestic prices for European heavy steel plate increased again in the week to Wednesday April 7, supported by higher slab costs and lower supply for spot buyers, sources told Fastmarkets.Steelmakers have also been targeting further price increases, sources said.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe was ?,?740-760 ($879-903) per tonne on April 7,...Read More
The uptrend in Europe's hot-rolled coil market continued on Thursday April 8, with prices supported by a persistent lack of material, while ArcelorMittal has increased offer prices again, Fastmarkets heard. Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at ?,?895 ($1,065.41) per tonne on April 8, up by ?,?1 per tonne from ?,?894 per tonne on Wednesday Ap...Read More
The European Commission (EC) will terminate the anti-subsidy investigation into hot-rolled coil (HRC) from Turkey without imposing duties, according to a letter sent from the EC to the interested parties on April 7 and seen by Fastmarkets.This decision, however, will come into force only after the Official Journal of the European Union is published, Fastmarkets understands.In February 2021, t...Read More