Key data from Fastmarkets' pricing session in China on Wednesday November 25. Key driversPrices halted their recent decline after many sellers held back from offering in the market upon noticing that futures prices on the Wuxi Stainless Steel Exchange were rising.The December indium contract on the Wuxi Stainless Steel Exchange closed at 1,160 yuan ($176) per kg on November 25, up...Read More
Domestic and export prices for Chinese stainless cold-rolled coil increased slightly in the week ended Wednesday November 25 on improved demand.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 13,200-14,300 yuan ($2,008-2,175) per tonne, narrowed upward by 100 yuan per tonne from a week earlier. Sellers kept prices steady from late last week until early this week after they...Read More
Shipping lines are opting to bring empty containers from the United States to Asia instead of carrying ferrous scrap due to strong US demand for Asia-origin consumer products, market sources told Fastmarkets this week."This is due to the potential of ferrous scrap causing damage to containers and shippers running out of space to bring in consumer products. They can make more money on the Asia-US r...Read More
China will no longer accept scrap metal shipments from abroad from January 1, 2021, the government said on Wednesday November 25.Scrap buyers in China were informed via a joint statement from the environmental and commerce ministries, the General Administration of Customs and the National Development and Reform Commission that their import quotas for foreign waste, including waste paper and scrap....Read More
The base metals remain buoyant on good volumes this morning, Friday November 27, but equity indices were looking mixed.Chinese industrial profits surged by 28.2% year on year in October – the fastest pace since early 2017Base metalsThe three-month base metals prices on the London Metal Exchange were up across the board this morning with gains averaging 0.5% – led by a 0.9% rally in nicke...Read More
U.S. Dollar ETN (UUP) moved below $24.80 extending an intermediate downtrend. The U.S. Dollar Index is testing support at 91.75.Costco (COST), an S&P 100 stock moved above $389.50 to an all-time high extending an intermediate uptrend.Pre-opening Comments for Friday November 27thU.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.Trading...Read More
Here are five Fastmarkets stories you might have missed on Wednesday November 25 that are worth another look.Russian steelmaker Metalloinvest, which is the largest global supplier of hot-briquetted iron (HBI), may increase its shipments of the material by 10% by early 2023.Global copper scrap metal suppliers are now hesitant to...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday November 18.Click on...Read More
The London Metal Exchange three-month copper price continued its quest for record numbers on Wednesday November 24,while zinc suffered a dip in fortunes.Copper came closer to its June 2018 high of $7,304 when it reached $7,300 at the 5pm close, a rise of 0.09% from Tuesday's closing price of $7,293. During morning trading on Wednesday, however, copper's three-month price had already surpassed...Read More
Here are five Fastmarkets stories you might have missed on Wednesday November 25 that are worth another look.Russian steelmaker Metalloinvest, which is the largest global supplier of hot-briquetted iron (HBI), may increase its shipments of the material by 10% by early 2023.Global copper scrap metal suppliers are now hesitant to...Read More
Aluminium producer Norsk Hydro's Husnes plant in Norway is on its way back to full production for the first time in more than 10 years, after production resumed at the Husnes B line on Tuesday November 24.Hydro Husnes produces about 95,000 tonnes per year of aluminium via the A line. This will gradually increase to around 195,000 tpy with the 200 electrolysis cells in the one-kilometer-long B line...Read More
The recent surge in container freight costs and availability of cargo space continue to disrupt trade flows in minerals and metals, with trading companies finding themselves unable to dodge the soaring shipping rates.A combination of fewer vessels on the water, an imbalance in trade flows to and from China, and competition between cargoes has kickstarted a rapid increase in shipping costs for...Read More
Here are five Fastmarkets stories you might have missed on Wednesday November 25 that are worth another look.Russian steelmaker Metalloinvest, which is the largest global supplier of hot-briquetted iron (HBI), may increase its shipments of the material by 10% by early 2023.Global copper scrap metal suppliers are now hesitant to...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves.Cristina Belda and Declan Conway contributed to this...Read More
Turkish steel mills resumed their deep-sea scrap purchases despite higher prices, due to growing demand for finished steel and increased competition for scrap, sources told Fastmarkets on Wednesday November 25.A steel mill in the Iskenderun region booked a European cargo, comprising 15,000 tonnes of HMS 1&2 (75:25), 10,000 tonnes of shredded and 5,000 tonnes of bonus at an average price of $341 pe...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday November 25. Key drivers Steady demand for prompt material from steel mills for the first quarter of next year pushed the ferro-titanium spot price to $5 per kg on the high end for the first time since May 20 in a 14-week bull run.There are bigger steelmaker tenders for first-quarter shipments both in Europe and Asia, which supplie...Read More
Global copper scrap metal suppliers are now hesitant to send their cargoes to China, citing a higher risk of rejection over the ambiguity of its new classification of 'recyclable copper materials', industry executives said at Fastmarkets Asia Copper Webinar on Monday November 23.For the first time ever, the world's biggest consumer of copper scrap has allowed overseas high-purity non-ferrous scrap...Read More
The US government rejected a permit application for Northern Dynasty's Pebble Mine on Wednesday November 25, a move which it was said would probably scuttle the controversial project in Alaska.The US Army Corps of Engineers said that it "determined that the applicant's plan for the discharge of fill material does not comply with Clean Water Act guidelines, and concluded that the proposed project.....Read More
Base metals prices on the London Metal Exchange were mixed this morning, Wednesday November 25, as were those on the Shanghai Futures Exchange, but overall they seem to be consolidating in high ground, with copper having set a fresh high for the year at $7,360 per tonne earlier this morning. US president-elect Joe Biden's transition to the White House has boosted global confidence......this, combi...Read More
An overview of the consumer electronics markets and their latest price moves.Ewa Manthey, Dalila Ouerghi and Michael Greenfield in London, Susan Zou...Read More