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
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:US prices for hot-rolled coil moved in line with our forecasts in August, averaging $1,910 per ton, within 1% accuracy of our forecast of $1,925 per ton. The market has achieved much-needed stability in recent weeks, with prices fluctuating in the range of $1,900-1,94...Read More
The Russian government has removed or reduced existing export duties on ferro-alloys, effective October 15, after responding to domestic industry concerns, trade sources said.Russia implemented its latest export tax changes on Friday October 15, a move which included scrapping the export taxon ferro-alloys such as ferro-titanium and ferro-tungsten.On Monday, Russia's Ministry of Economic Developme...Read More
Base metals on the London Metal Exchange closed lower day on day on Tuesday October 19 after a strong open.The LME zinc three-month price led the decline among the base metals, closing at $3,508 per tonne - down more than 5% from $3,696 per tonne at the open."Even though we believe the LME zinc price can remain elevated...Read More
Domestic prices for hot-rolled coil in Northern Europe and Italy moved downward on Tuesday October 19 on increased supply to the spot market resulting from lower consumption by the automotive sector, sources told Fastmarkets.As a result, buyers have been cautious in their purchasing because they believed that cheaper prices would be available soon.Auto-industry output - and, consequently, steel de...Read More
The London Metal Exchange has imposed a series of temporary measures to maintain an orderly copper market after wild outright and spread price moves and dwindling inventories in recent days, the exchange said.In a notice to members, the LME said its Special Committee had been monitoring the ongoing tightness in the copper market, with exchange inventories falling and nearby carries tightening. The...Read More
An overview of the chrome ore and alloy markets in Asia, Europe and the United States on Tuesday October 19 and their latest price moves.China Lower-than-expected October tender prices from major stainless steel mills and weakened demand outlook following production cuts in the stainless steel sector weighed on market sentiment.The domestic spot ferro-chrome market softened with lower offers heard...Read More
Here are five Fastmarkets stories you might have missed on Tuesday October 19 that are worth another look.Vietnam's Hoa Phat Steel is close to obtaining certification from the United Kingdom Certification Authority for Reinforcing Steels (Cares), which would allow it to sell its rebar to the key markets of Singapore...Read More
Steel scrap prices in the main Mexican markets of Monterrey and Bajio continued their downward trend in the week ended Friday October 15, but prices diverged widely between buyers.Price cuts of 300-700 pesos ($14-34) per tonne were common last week, with some scrap buyers seeing comfortable inventory levels and steady supply.Fastmarkets' assessment of the steel scrap No1 heavy melt, consu...Read More
Prices for flat steel imports into the United Arab Emirates and Saudi Arabia continued to increase during the week ended Tuesday October 19, but demand was not strong in either country, sources have told Fastmarkets.Energy costs have been increasing in most markets, with steel mills adding these costs to their prices.Although sources said that demand in the two Middle Eastern countries was not ver...Read More
Trading liquidity for Chinese steel cold-rolled coil and hot-dipped galvanized coil remained quiet in the week ended October 19 after growing fears of export policy changes ahead of the end of the year dented buying interest for Chinese material.Changes in export prices for Chinese CRC and HDG were moderate compared with the previous week, with domestic prices continuing to fluctuate amid supply r...Read More
Base metals prices continued to soar higher this morning, Tuesday October 19, with cash prices rising at an even faster pace while shorts are squeezed. Cash copper prices on the London Metal Exchange were evaluated on Monday evening at $1,103.50 per tonne.All of the LME base metals' cash/three-month spreads, except that for aluminium, are in backwardation.Risk appetite is fairly upbeat despite gen...Read More
Base metals on the London Metal Exchange closed lower day on day on Tuesday October 19 after a strong open.The LME zinc three-month price led the decline among the base metals, closing at $3,508 per tonne - down more than 5% from $3,696 per tonne at the open."Even though we believe the LME zinc price can remain elevated...Read More
Steel rebar and billet buyers in the United Arab Emirates were waiting for new local rebar prices to be announced in the week ended Tuesday October 19; they expect a price increase of around $30 per tonne, sources told Fastmarkets.Rebar producers normally announce new prices fortnightly in the UAE, but they have not made any changes since September 29.Domestic rebarRebar producers in the UAE sold...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
China's domestic rebar prices stopped falling on Tuesday October 19 on tight supply, though market sentiment on demand remained pessimistic. Domestic Eastern China (Shanghai): 5,730-5,770 yuan ($894-901) per tonne, unchangedSteel mills in eastern China's Jiangsu province lowered their production rates due to a tight supply of electricity, market sources said.A trader in Shanghai said that a...Read More
China's cobalt metal price strengthened after China's National Day holiday (October 1-7) amid the rally in international benchmark metal price and a shortage of spot units. While the price gap between China domestic market and the international market narrowed, it is unlikely that the former will match the latter in the near future, sources told Fastmarkets.Fastmarkets' price assessment for cobalt...Read More
Here are five Fastmarkets stories you might have missed on Tuesday October 19 that are worth another look.Vietnam's Hoa Phat Steel is close to obtaining certification from the United Kingdom Certification Authority for Reinforcing Steels (Cares), which would allow it to sell its rebar to the key markets of Singapore...Read More
The London Metal Exchange has imposed a series of temporary measures to maintain an orderly copper market after wild outright and spread price moves and dwindling inventories in recent days, the exchange said.In a notice to members, the LME said its Special Committee had been monitoring the ongoing tightness in the copper market, with exchange inventories falling and nearby carries tightening. The...Read More
The Russian government has removed or reduced existing export duties on ferro-alloys, effective October 15, after responding to domestic industry concerns, trade sources said.Russia implemented its latest export tax changes on Friday October 15, a move which included scrapping the export taxon ferro-alloys such as ferro-titanium and ferro-tungsten.On Monday, Russia's Ministry of Economic Developme...Read More