U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points in pre-opening trade. Exxon Mobil gained $0.90 to $36.27 after JP Morgan raised its price target from $65 to $77.Eastman Chemicals dropped $0.54 to $103.49 after JP Morgan downgraded the stock from Overweight to NeutralNewell Brands gained $0.71 to $23.60 after JP Morgan upgraded the stock from Neutral to Ove...Read More
A summary of Glencore's 2021 third-quarter production report for the coal sector, released on Friday October 29.In briefThe company's coal production for the year to September 30 was 76.3 million tonnes, some 7.2 million tonnes (9%) lower than the comparable period in 2020, reflecting a full period with its Prodeco operations in Colombia under care and maintenance, the progressive recovery from th...Read More
Here are five Fastmarkets stories you might have missed on Friday October 29 that are worth another look.Apparent steel consumption in the European Union continued to grow in the first half of 2021, but demand has probably reached its peak and the recovery is now slowing, the...Read More
Here are five Fastmarkets stories you might have missed on Friday October 29 that are worth another look.Apparent steel consumption in the European Union continued to grow in the first half of 2021, but demand has probably reached its peak and the recovery is now slowing, the...Read More
The three-month copper contract is trading near record highs on the London Metal Exchange, cash prices are rising even faster, and inventories are descending toward zero. Try running a hedge book in those conditions.It's been a very real quandary facing the physical trade and industry, which awoke on Tuesday October 19 to find copper's cash to November spread had flared to a backwardation of more...Read More
Here are five Fastmarkets stories you might have missed on Friday October 29 that are worth another look.Apparent steel consumption in the European Union continued to grow in the first half of 2021, but demand has probably reached its peak and the recovery is now slowing, the...Read More
Here are five Fastmarkets stories you might have missed on Friday October 29 that are worth another look.Apparent steel consumption in the European Union continued to grow in the first half of 2021, but demand has probably reached its peak and the recovery is now slowing, the...Read More
Here are five Fastmarkets stories you might have missed on Friday October 29 that are worth another look.Apparent steel consumption in the European Union continued to grow in the first half of 2021, but demand has probably reached its peak and the recovery is now slowing, the...Read More
Here are five Fastmarkets stories you might have missed on Friday October 29 that are worth another look.Apparent steel consumption in the European Union continued to grow in the first half of 2021, but demand has probably reached its peak and the recovery is now slowing, the...Read More
A summary of production figures and financial results from Brazilian steelmaker Usiminas for the third quarter of 2021, as shown in its earnings report published on Friday October 29.In brief?EUR?Usiminas' strategy of buying third-party steel slab to be rolled at the Cubat??o mill was maintained, with a significant increase in purchases year-on-year in the third quarter to 502,000 tonnes, from 240...Read More
The iron ore seaborne market supply might lose 40 million tonnes in 2022 compared with 2021, the ferrous director at Brazilian mining company Vale, Marcello Spinelli, said on Friday October 29.This reduction follows from a trend that began this year of important iron ore suppliers - including Brazil, India and the Commonwealth of Independent States - focusing more on their domestic marke...Read More
A summary of Glencore's 2021 third-quarter production report for the coal sector, released on Friday October 29.In briefThe company's coal production for the year to September 30 was 76.3 million tonnes, some 7.2 million tonnes (9%) lower than the comparable period in 2020, reflecting a full period with its Prodeco operations in Colombia under care and maintenance, the progressive recovery from th...Read More
A summary of production figures and financial results from Brazilian steelmaker Usiminas for the third quarter of 2021, as shown in its earnings report published on Friday October 29.In brief?EUR?Usiminas' strategy of buying third-party steel slab to be rolled at the Cubat??o mill was maintained, with a significant increase in purchases year-on-year in the third quarter to 502,000 tonnes, from 240...Read More
The iron ore seaborne market supply might lose 40 million tonnes in 2022 compared with 2021, the ferrous director at Brazilian mining company Vale, Marcello Spinelli, said on Friday October 29.This reduction follows from a trend that began this year of important iron ore suppliers - including Brazil, India and the Commonwealth of Independent States - focusing more on their domestic marke...Read More
A summary of production figures and financial results for Chilean state-owned copper producer Codelco in the first nine months of 2021, as stated in its earnings report released on Friday October 29.In brief Higher copper content in mined ore in the year to date offset a strike at the Andina division from August through September, boosting overall copper production in the first nine months of 2021...Read More
Copper smelters returned to the spot market this week with treatment and refining charges (TC/RC) relatively stable.For smelter purchases, clean tonnages for shipment in the fourth quarter and in January were seen with TCs in the low $60s. One extra clean cargo sold in the high $50s, while a lower-grade cargo of...Read More
Treatment charges for both zinc and lead concentrates on a cif China basis were steady over the two weeks to Friday October 29, with little trade in either market.The zinc spot concentrate TC, cif China, was assessed at $75-88 per tonne on Friday, unchanged since one month earlier.Clean cargoes were mostly sold in a narrow range of $80-85 per tonne, with prime brands remaining at the bottom of the...Read More
Copper smelters returned to the spot market this week with treatment and refining charges (TC/RC) relatively stable.For smelter purchases, clean tonnages for shipment in the fourth quarter and in January were seen with TCs in the low $60s. One extra clean cargo sold in the high $50s, while a lower-grade cargo of...Read More
Base metals prices on the London Metal Exchange closed lower on a week-on-week basis on Friday October 29, after Chinese state planners intervened to cool surging thermal coal prices this week.The LME three-month aluminium price closed at $2,716 per tonne on October 29, down from $2,746 per tonne at Thursday's close and was down by nearly 5.3% from last Friday's $2,868 per tonne. The price is also...Read More
Key data from Fastmarkets' pricing sessions in Europe, China and the United States on Friday October 29.China The price of ferro-silicon in China continued to narrow downward following deceasing futures, with many market participants taking a wait-and-see attitude. Even though the overall power supply situation is not as tight as before, the spot price remains supported...Read More