Base metals prices on the London Metal Exchange were down across the board at the 5pm close on Thursday November 4, with strength in the United States Dollar supporting price weakness across the complex.The US Dollar Index was most recently at $94.39 after hitting an intraday high of $94.47, the highest level since October 13, with base metals trading downward as a result. The three-month alu...Read More
Base metals prices on the London Metal Exchange were down across the board at the 5pm close on Thursday November 4, with strength in the United States Dollar supporting price weakness across the complex.The US Dollar Index was most recently at $94.39 after hitting an intraday high of $94.47, the highest level since October 13, with base metals trading downward as a result. The three-month alu...Read More
The price of manganese flake has reached all-time highs in China and Europe, with most producers remaining bullish on the medium-and long-term outlook due to supply tightness. However, risk aversion continues in Europe; some cheaper offers are casting doubts about the immediate price direction of the metal, Fastmarkets heard.The manganese flake price has been on the rise in China since May, peakin...Read More
Backwardations in the forward curves of most metals on the London Metal Exchange have constrained warrant trading for the past few weeks.Copper warrants, for example, have been "impossible" to trade since steep backwardations emerged in copper's forward curve in mid-October, traders widely agreed.Its cash/three-month spread was recently at a $190 per tonne backwardation on Thursday November 4, hav...Read More
Vale and South Korea's Posco have signed a memorandum of understanding to seek low-carbon steelmaking solutions, the Brazil-headquartered company said on Thursday November 4.The world's largest iron ore producer and the steel producer are in talks about cutting carbon emissions - part of the strategy could involve Vale's higher-quality iron ore fines, pellets and briquettes, Vale added.This will a...Read More
Base metals prices on the LME and SHFE were mixed early on Thursday November 4, but neither the metals nor the broader markets have been rattled by the US Federal Reserve's announcement that it is to start tapering its monthly bond buying programme.The United States Federal Reserve to trim bond buying by $15 billion a month - it had been buying $120 billion a monthA pick-up in Covid-19 cases in Ch...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,...Read More
Hot-rolled coil spot prices in China retreated to eight-month lows on Thursday November 4 as part of a broad-based decline led by coal.DomesticEastern China (Shanghai): 4,980-5,000 yuan ($779-782) per tonne, down by 70-100 yuan per tonneSpot HRC prices in China's eastern market fell to their lowest since March 18, wiping out all of Wednesday's gains.Traders reported that the price decline has redu...Read More
China's Chengyi Lithium International Ltd is to pay $76.5 million for a controlling stake in Max Mind Investment Ltd, which owns the Max Mind Zimbabwe lithium business.The subsidiary of battery materials producer Chengxin Lithium Group has signed an equity transfer agreement with Mad Max Investment to acquire a 51% stake in the African company, Chengxin Lithium said on Wednesday November 3.Max Min...Read More
Turkish steel mills have continued their deep-sea scrap imports with recovering prices on Thursday November 4, market participants told Fastmarkets.A steel mill in the Marmara region booked a US cargo comprising 20,000 tonnes of HMS 1&2 (80:20) at $500 per tonne, 7,000 tonnes of shredded and 3,000 tonnes of bonus at $520 per tonne cfr. Another steel mill in the same region booked a cargo from the...Read More
Base metals prices on the London Metal Exchange were mixed on the morning of Friday November 5, but for the most part they were on a back foot and looking vulnerable.At the same time, base metals prices on the Shanghai Futures Exchange were mainly weaker while they tracked the weakness on the LME on Thursday, and because weaker coal prices in China are less likely to cause metal producers to cut p...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday November 3.Please click...Read More
Nickel premiums remained steady in the United States, China and Europe in the week to November 3, although tight supplies and growing production disruptions are keeping prices high in the US. US nickel premiums hold at historic highsChinese premiums also stable with increased full plate imports into ChinaPremiums unchanged in Europe, with market focusing on contracts for 2022US premiums still at h...Read More
An increase in the latest ferro-chrome tender price has supported the imported charge chrome market and strengthened sentiment among some participants in the chrome ore sector.China's Tsingshan Group announced its tender price for November-delivery high-carbon ferro-chrome at 10,495 yuan ($1,640) per tonne on Friday October 29. This is up by 500 yuan per tonne from its October tender price.The lat...Read More
Steel scrap buyers in Taiwan were bearish about the containerized scrap market, expecting to book cargoes at lower prices in the short term, market sources told Fastmarkets on Wednesday November 3. Taiwan secures lower-priced cargoesVietnam reports lower offersChina prices continue downtrend amid bearish sentiment in local marketTaiwanTaiwanese buyers have secured containerized heavy melting scrap...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves.Alex Cook, Dalila Ouerghi...Read More
Prices for Japanese bulk shredded scrap have tumbled over the last week amid a drop in intake from a major Japanese blast furnace (BF)-based mill and discounted sales to South Korea.In late September, sources told Fastmarkets that shredded demand at BF-based mills had benefitted greatly from the tight supply of Shindachi prime scrap, but a reduction in shredded purchase volumes in recent weeks has...Read More
A summary of Peru-based metals producer Volcan's production figures and financial results for the third quarter of 2021, as stated in its earnings report published on Tuesday November 2.In brief Volcan's zinc and lead output growth in the quarter was spearheaded by higher mined and treated ore at the Yauli mine, in the Peruvian central Jun?-n region, although this was partially offset by a decreas...Read More
Chilean copper production decreased by 6.75% in September, compared to the same month in 2020, with all major mines in the country reporting lower figures, copper commission Cochilco said on Wednesday November 3.In September, some Chilean producers like Codelco faced workers' strikes, while a few also had drought issues and reported lower content in mined ore. These caused lower output during the...Read More
Turkish steel producers have continued their deep-sea scrap purchases at fairly stable prices, market participants told Fastmarkets on Wednesday November 3.A steel mill in the Marmara region booked a Baltic Sea cargo of HMS 1&2 (80:20) at $490 per tonne cfr - although the volume was not clear at the time of...Read More