Goldman Sachs has predicted that copper's remarkable price surge is set to continue next year and could break records because of resurgent demand and capped supplies.Analysts led by Nicholas Snowdon project a 12-month price target of $9,500 per tonne next year, up from a $7,500 per tonne projection previously, with a 2021 average price forecast of $8,625 per tonne."This current price strength is n...Read More
The London Metal Exchange three-month aluminium, copper and nickel prices extended their rallies on Tuesday December 1, setting new year-to-date highs in the final month of 2020 with a low dollar index continuing to provide tailwinds to the prices. Copper's three-month price rose for a sixth straight day on Tuesday at 5pm, up by 1.5% to $7,694.50 per tonne from Monday's closing price of $7,580 per...Read More
Canada's Lundin Mining anticipates higher copper and zinc output over the next three years, with growth expected at its operations in Chile (Candelaria), Brazil (Chapada) and Portugal (Neves-Corvo) in particular. In its three-year production outlook, published on Monday November 30, Lundin's full-year 2021 copper production guidance was set at 275,000-299,000 tonnes, jumping to 281,000-305,00...Read More
Negotiations for first quarter 2021 supplies of aluminium to main Japanese ports (MJP) have begun and the quarterly premium is expected to settle significantly higher than 2020 levels.The first deal was concluded on November 30, at a premium of $125 per tonne cif MJP, for 6,000-9,000 tonnes of aluminium ingot in total for January-March delivery. While there are also offers out in the market from t...Read More
Fastmarkets is proposing to launch low-carbon aluminium differentials to its existing European P1020 and value-added product (VAP) premium contracts in $ per tonne to meet market demand for a low-carbon aluminium pricing mechanism. The proposed differentials come after the completion of a two-month consultation and are the result of growing demand for price discovery for low-carbon aluminium...Read More
Copper and aluminium continued their uptrend on Tuesday December 1 and taking the complex on a morning of gains while the LME continues to react positively to Chinese and Eastern Asian economic data and a weaker US dollar index.Copper's three month price was up to $7,673 per tonne at 9:15am on Tuesday, a 1.2% increase from Monday's 5pm closing price of $7,580 per tonne. The volumes of copper...Read More
Brazilian steelmaker Gerdau has concluded its acquisition of Sider??rgica Latino-Americana (Silat), a long steel producer located in the northeastern state of Cear??, after gaining approval from anti-trust regulator Cade, the company said on Tuesday December 1.Silat has capacity for 600,000 tonnes per year of long steel products, mainly rebar and wire rod. Gerdau had first reached an agreement in...Read More
Flat steel import prices in the United Arab Emirates (UAE) and Saudi Arabia have increased over the past week because of globally strong demand, although this was moderated in the UAE because of a holiday, sources said on November 30 and December 1.The UAE has a national holiday on December 1-3, so the number of working days were limited in the country this week.UAEOffer prices for hot-rolled coil...Read More
Steel billet and rebar prices in the United Arab Emirates increased over the week to November 30 while demand was strong, sources told Fastmarkets.Domestic rebarThe country's steel producers were offering rebar at 1,984-1,985 dirhams ($540) per tonne ex-works orders to be produced in December, but only few producers had allocation for December production.Deals were heard made at around 1,950...Read More
Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) is applying price increases to flat steel products with effect from Tuesday December 1, according to market sources.The company is applying price increases of 5% this month to hot-rolled coil (HRC), cold-rolled coil (CRC) and hot-dipped galvanized coil (HDG), and has already announced to its clients an additional increase of 5% for January...Read More
Sentiment in the Commonwealth of Independent States export steel billet market was increasingly bullish on Tuesday December 1 due to tighter availability of material, sources told Fastmarkets. Billet offers were still heard at $500-510 per tonne fob Black Sea from some Russian and Ukrainian suppliers, according to the market sources. But most producers were reportedly out of the market and reconsi...Read More
The export market for long steel products from the Commonwealth of Independent States increased again in the week to Monday November 30 supported by long lead times and a global steel market uptrend. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob Black Sea, CIS was $540 per tonne on Monday, up from $490 per tonne fob a week earlier. Offers for Russia-origi...Read More
The mining industry must apply the correct cultural mindset to its operating principles in order to avoid any repeat of tragic events such as the destruction of one of Australia's oldest Aboriginal heritage sites, a director of the International Council On Mining And Metals (ICMM) has said.According to Nicky Black, at least three key principles must be in place from the outset: robust management s...Read More
No changes were reported in the premium for direct-reduced (DR) iron ore pellet for the fourth quarter of 2020, although sources told Fastmarkets they expect growth in the first quarter of 2021 on strong demand.Fastmarkets' iron ore DR-grade pellet premium to 65% Fe fines index, Middle East reference was $24 per tonne on Monday November 30, unchanged month on month.Fastmarkets' index for iron ore,...Read More
Turkish steel producers have continued to hold back from further deep-sea scrap purchases because of increasing prices, sources said on Tuesday December 1.The mills booked at least 10 deep-sea cargoes last week, and have since stepped back from the deep-sea markets.But market participants still expected them to book more cargoes, thanks to good demand for finished steel and billet, and improving p...Read More
Iron ore seaborne prices stayed relatively stable on Tuesday December 1 due to less physical trading despite the rise in swaps, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $132.13 per tonne, up $0.50 per tonne62% Fe low-alumina fines, cfr Qingdao: $131.90 per tonne, up $0.51 per tonne58% Fe fines high-grade premium, cfr Qingdao: $122.70 per tonne,down $0.42 per...Read More
The seaborne low-vol pulverized coal injection (PCI) price increased to $100 per tonne cfr China on tight supply, sources said, while several sources do not believe China's ban on Australian coal will be removed any time soon.Fastmarkets indicesPremium hard coking coal, fob DBCT: $101.97 per tonne, up $0.57 per tonnePremium hard coking coal, cfr Jingtang: $165.00 per tonne, down $0.03 per tonneHar...Read More
A number of Chinese dealers and business entities are taking over Japanese scrapyards, or setting up scrap businesses in Japan, to secure sufficient supply of the steelmaking raw material for steel mills in China, market sources told Fastmarkets this week."Their main aim is to secure ferrous scrap supply for Chinese buyers when [China's] import ban is lifted and ferrous scrap is allowed to be impo...Read More
China's domestic rebar prices maintained a downward trend on Tuesday December 1 amid inactivity, eating into producers' profits. DomesticEastern China (Shanghai): 4,030-4,060 yuan ($612-617) per tonne, down by 30 yuan per tonneRebar producers are making 250-300 yuan per tonne of rebar sold now, which is down by 200 yuan per tonne from margins 10 days ago, an industry analyst in Shanghai said. Pric...Read More
Base metals prices on the London Metal Exchange were once again mainly stronger this morning, Tuesday December 1, helped by strong Chinese Caixin manufacturing purchasing managers' index (PMI) data, but Shanghai Futures Exchange prices were more polarized.Chinese Caixin manufacturing PMI climbed to 54.9 in November, up from 53.6 in OctoberJapan's manufacturing PMI climbed to 49 in November, up fro...Read More