Nickel premiums rose in Europe and the United States in the week ended November 10 due to tight supply conditions pushing premiums and spot activity higher; China retreated slightly amid an increased arbitrage loss.US nickel premiums continue to rise to historic highsPremiums in Europe rise to highest level in 2021Chinese premiums retreat slightly with arbitrage loss between London and ShanghaiEur...Read More
The governments of the United Kingdom, India, Germany and Canada have announced a pledge to purchase low carbon-emission steel under the Industrial Deep Decarbonization Initiative (IDDI), it was announced on Tuesday November 9.The group of countries announced its intention to buy low-carbon steel and concrete at the UN Climate Change Conference, COP26, in Glasgow, with specific interim targets by...Read More
The waiting time to deliver aluminium out of Istim's London Metal Exchange-registered warehouses in Port Klang, Malaysia, has risen to 137 days, according to the LME's latest queue report.The queue was 98 days at the end of September. In total, 49,775 tonnes were delivered out of Istim warehouses in Port Klang in October. There are now just 492,780 tonnes left at Istim warehouses in the regio...Read More
Exporters of steel scrap from Japan are finding it increasingly difficult to find buyers for their material at acceptable prices, sources told Fastmarkets on Wednesday November 10.Wednesday saw another price decrease at major buyer Tokyo Steel, which will drop its buy prices by ?500 ($4) per tonne across all grades and all works with effect from November 11. This will be the third decrease so far...Read More
Base metal prices on the London Metal Exchange were mixed, although largely unchanged by the 5pm close on Wednesday November 10."After such a massive bout of risk reduction, prices were always likely to enter a choppy phase," Alastair Munro, LME desk analyst at Marex said."Enough uncertainty remains to make any view tough to hold. Largely speaking, we still see a largely positive micro picture, al...Read More
Chile plans to invest $68.93 billion in 51 different mining projects during the years 2021-30, a 6.92% decrease from the $74.05 billion previously expected for 2020-29, national copper commission Cochilco said on Monday November 8.The largest capital expenditures on the list were a $5.57-billion copper reserve replacement at Codelco's El Teniente division, a $5.20-billion copper mining expansion t...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday November 10.Key drivers European ferro-titanium spot prices were unchanged for the fourth week in a row after a tender for annual delivery in 2022 from Korean steel major Posco dragged on longer than expected. There have been no reported spot trades over the week to Wednesday November 10. Market participants expected the settlement...Read More
China's domestic rebar prices fell to an eight-month low on Wednesday November 10, with the decline coming amid persistently weak demand.Domestic Eastern China (Shanghai): 4,640-4,670 yuan ($726-730) per tonne, down by 260-270 yuan per tonnePrices are now at their lowest since March 12, when they were at 4,700-4,730 yuan per tonne.The major reason for the sharp decline was bearish sentiment caused...Read More
Iron ore prices went down on Wednesday November 10, in line with falling finished steel prices, with demand for iron ore weak in the physical market, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $88.90 per tonne, down $3.40 per tonne62% Fe low-alumina fines, cfr Qingdao: $89.63 per tonne, down $3.83 per tonne58% Fe fines high-grade premium, cfr Qingdao: $61.23 p...Read More
Here are five Fastmarkets stories you might have missed on Wednesday November 10 that are worth another look.Focusing on the United Nation's 17 Sustainable Development Goals could be a "better framework" to capture the overlap between the environmental, societal and governmental aspects that mining companies have to consider in their moves toward sustainability, the chief...Read More
The price of steel hollow sections in Europe was stable on Wednesday November 10, caught between conflicting factors, sources told Fastmarkets.Fastmarkets' price assessment for steel sections (medium) domestic, delivered Northern Europe was ?,?1,150-1,250 ($1,333-1,449) per tonne on Wednesday, unchanged week on week."Many are holding orders back in hope prices will drop. It's getting more and...Read More
Nickel premiums rose in Europe and the United States in the week ended November 10 due to tight supply conditions pushing premiums and spot activity higher; China retreated slightly amid an increased arbitrage loss.US nickel premiums continue to rise to historic highsPremiums in Europe rise to highest level in 2021Chinese premiums retreat slightly with arbitrage loss between London and ShanghaiEur...Read More
Domestic steel reinforcing bar prices in the United States were flat week on week at a 13-year high, with many market participants expecting the number to increase again before long.Fastmarkets' price assessment for steel reinforcing bar (rebar), fob mill US was $50.25 per hundredweight ($1,005 per short ton) on Wednesday November 10, sideways from the previous week at its highest point since the...Read More
Domestic steel reinforcing bar prices in the United States were flat week on week at a 13-year high, with many market participants expecting the number to increase again before long.Fastmarkets' price assessment for steel reinforcing bar (rebar), fob mill US was $50.25 per hundredweight ($1,005 per short ton) on Wednesday November 10, sideways from the previous week at its highest point since the...Read More
Overwhelmingly bearish sentiment pervaded the Asian scrap markets on Wednesday November 10, with buyers exiting the market amid continual price falls; the staple Kanto Tetsugen auction was not awarded due to low bids from traders.November Kanto Tetsugen auction fails to find winnersSentiment in China bearish after a major steelmaker in the country lowers domestic scrap buy priceTaiwanese buyers wa...Read More
Trading activity was still limited in the European hot-rolled coil sector on Wednesday November 10, with buyers pausing their purchasing activity to assess the market, sources told Fastmarkets.Producers, meanwhile, have been insisting on increasing their prices for first-quarter-rolling coil in 2022, claiming that the rises were necessary due to higher costs for energy, transportation and carbon.S...Read More
Here are five Fastmarkets stories you might have missed on Wednesday November 10 that are worth another look.Focusing on the United Nation's 17 Sustainable Development Goals could be a "better framework" to capture the overlap between the environmental, societal and governmental aspects that mining companies have to consider in their moves toward sustainability, the chief...Read More
Anglo American has signed a deal with the state government of Minas Gerais, in Brazil, to invest 4.4 billion Reais ($797 million) in its Minas-Rio iron ore unit by 2025, the company said on Tuesday November 9.The agreement includes technological modernization work, construction work and all actions needed for future capacity expansions, it added. Minas Gerais, which is in southeast Brazil, will pr...Read More
Seaborne coking coal cfr prices continued to slide on Wednesday November 10, with Chinese domestic coking coal and coke prices also trending lower.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $530.15 per tonne, down $32.47 per tonneHard coking coal, cfr Jingtang: $474.72 per tonne, down $30.30 per tonnePremium hard coking coal, fob DBCT: $401.48 per tonne, down $1.67 per tonneHard co...Read More
Here are five Fastmarkets stories you might have missed on Wednesday November 10 that are worth another look.Focusing on the United Nation's 17 Sustainable Development Goals could be a "better framework" to capture the overlap between the environmental, societal and governmental aspects that mining companies have to consider in their moves toward sustainability, the chief...Read More