The London Metal Exchange is proposing the permanent closure of its open-outcry trading floor and the incentivization of greater liquidity on its electronic trading platform, LMESelect. The proposals, laid out in a new discussion paper on future market structure, also include potential changes to the exchange's margin methodology and the introduction of potential additional disclosures and policie...Read More
Additional price increases in the Brazilian flat steel market are possible due to the current low supply, but buyers are already cautious after a series of price gains, national flat steel distributors association Inda said."Steelmakers have their order books completely sold out until March, and some until April," Inda president Carlos Loureiro said.Some flat steel producers have announced 10% pri...Read More
Rebar buyers in the UAE have done deals this week at the higher prices announced last week, but there is little demand for billet imports because producers have ample stocks, sources told Fastmarkets on Tuesday January 19.And billet import activity is likely to remain slow for another week or two, depending on local demand for rebar, they added.Domestic rebarThe country's steel producers...Read More
Brazilian flat steel distributors have reported a 13.8% year-on-year increase in sales volumes during December 2020, with full-year 2020 figures rising by 6.6% over 2019, national distributors' association Inda said on Tuesday January 19.Distributors sold 288,000 tonnes of flat-rolled steel in December last year, up from 253,200 tonnes a year before. In 2020 as a whole, sales volumes were 3.62 mil...Read More
Some of the flat steel import prices in the United Arab Emirates (UAE) and Saudi Arabia decreased slightly over the past week amid lower offers and weak demand, sources said on January 19.Demand was weak in both countries because buyers were unsure of the direction of prices, sources said.India, one of the biggest exporters of flat steel to Gulf countries, did not send any new offer prices this we...Read More
Export prices for billet originating from the Commonwealth of Independent States (CIS) dropped on Tuesday January 19 amid lower offers and bid prices heard in the market, sources told Fastmarkets.Lower scrap prices and increased competition in the billet segment pressured prices downward, sources said.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was $451.40...Read More
The export market for flat steel products from the Commonwealth of Independent States (CIS) weakened in the seven days to Monday January 18, amid growing competition from Chinese suppliers offering lower prices. Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $765-780 per tonne on Monday, down from $785-790 per tonne a week earlier...Read More
A summary of multinational mining company Rio Tinto's fourth-quarter 2020 production results from its latest production report released on Tuesday January 19. In brief Iron ore production at Pilbara (100% basis) in the fourth quarter and the full year of 2020 were higher year on year, despite weather disruptions and strict safety measures due to Covid-19 in the second quarter. Iron ore...Read More
Seaborne coking coal prices were relatively flat on Tuesday January 19 with no trades heard, sources told Fastmarkets. Fastmarkets indicesPremium hard coking coal, fob DBCT: $123.81 per tonne, down $0.34 per tonnePremium hard coking coal, cfr Jingtang: $208.44 per tonne, down $0.25 per tonneHard coking coal, fob DBCT: $101.54 per tonne, unchangedHard coking coal, cfr Jingtang: ...Read More
Iron ore prices have bucked the upward trend on Tuesday January 19 amid weakened sentiment in the market, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $171.33 per tonne, down $2.74 per tonne62% Fe low-alumina fines, cfr Qingdao: $171.60 per tonne, down $3.06 per tonne58% Fe fines high-grade premium, cfr Qingdao: $159.69 per tonne, down $1.20 per tonne65% Fe Braz...Read More
China's hot-rolled coil prices tumbled on Tuesday January 19 after data showing the country's steel output hitting a new high in 2020 triggered speculation that the government might restrict exports.DomesticEastern China (Shanghai): 4,480-4,520 yuan ($690-697) per tonne, down 50-70 yuan per tonneSeveral Shanghai-based traders said they had to lower their offers throughout the whole day amid thin t...Read More
Copper was the only base metal on the London Metal Exchange to register a gain during morning trading on Tuesday January 19, while aluminium's forward price continued to drop and tin recorded the biggest decline, with the complex still capped by a firm dollar.Copper's three-month price was up a slight 0.2% as at 9am on Tuesday.The red metal price has been on a steady path of recovery since a low o...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade, in-whs Rotterdam, $/lb...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies....Read More
Base metals prices on the London Metal Exchange were mixed this morning, Tuesday January 19, but aluminium prices have followed recent weakness in zinc, breaking support levels in the process. The rebound in the dollar in recent weeks seems to be acting as a headwindBase metals Three-month base metals prices on the LME were mixed this morning, with aluminium, nickel and lead weaker and down by an...Read More
After an extended consultation period, Fastmarkets has decided to amend its discount assessment for No2 copper scrap imported into China so that it is aligned with the country's new import policy for such material.Following new policy implemented in China on January 1, 2021, all copper scrap must now meet certain criteria to be reclassified as "recyclable copper material" before it is allowed to e...Read More
Chinese copper producer Jiangxi Copper and Canada-based First Quantum have not agreed to a contractual supply of intermediate copper products for 2021, Fastmarkets has learned. Despite discussions extending into mid-January, Jiangxi Copper - a major importer of unrefined copper - and First Quantum - operator of Zambian copper-gold project Kansanshi - were not able to agree to a deal for contracted...Read More
Intuit (INTU), a NASDAQ 100 stock moved above $387.32 to an all-time high extending an intermediate uptrend. Open Text (OTEX), a TSX 60 stock moved above US$47.13 to an all-time high extending an intermediate uptrend. Netflix (NFLX), a NASDAQ 100 stock moved above $575.37 to an all-time high extending an intermediate uptrend.Alphabet (GOOGL), an S&P 100 stock moved above $1,843.83 to an all-ti...Read More
The London Metal Exchange aluminium forward price was dented by almost 1% by a sizeable delivery of material to registered warehouses, while tin recorded the biggest increase at the 5pm close on Monday January 18. Tin's three-month price was up 0.6% on Monday at 5pm to $21,245 per tonne. The metal has rebounded from this year's low of $20,525 per tonne on January 11, and is edging closer to the Ja...Read More
Mining at Vedanta Zinc International's South African zinc mine in Gamsberg has resumed after a two-month shutdown following a landfall at the project in November. Mining activity was stopped at Gamsberg on November 17 following the incident, which left 10 workers trapped in the landfall and one miner still missing. Vedanta, which acquired the Gamsberg mine in 2011 from Anglo American and operates...Read More