Here are five Fastmarkets stories you might have missed on Monday July 27 that are worth another look.No spot trading was heard for imported rebar into Singapore in the week to July 27, due to high inventory levels and weak downstream demand, market sources told Fastmarkets.Will a call via social media...Read More
The three-month price of tin on the London Metal Exchange was higher at the close of trading on Monday July 27, at its highest settlement price since July 2019 in a 2.2% rise on the day, with lead futures following upward despite a sizable 10,000-tonne stock inflow.Tin's outright price on the LME closed at $18,035 per tonne on Monday afternoon, climbing by more than 2% from an intraday low of $17,...Read More
Seaborne iron ore prices were down on Monday July 27, prompted by uncertainty over the short-term outlook due to escalating political tensions between the United States and China, according to trade sources. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $107.68 per tonne, down $1.71 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $109.66 per tonne, down $1.90 per tonne. 58% Fe fines hi...Read More
The price of seaborne premium hard coking coal in the fob market went up on Monday July 27 in the latest transaction. While Chinese demand for seaborne materials was constrained by the country's import restrictions, markets outside of China were showing signs of recovery.Fastmarkets indicesPremium hard coking coal, fob DBCT: $109.38 per tonne, up by $1.16 per tonnePremium hard coking coal, cfr Jin...Read More
The three-month price of tin on the London Metal Exchange was higher at the close of trading on Monday July 27, at its highest settlement price since July 2019 in a 2.2% rise on the day, with lead futures following upward despite a sizable 10,000-tonne stock inflow.Tin's outright price on the LME closed at $18,035 per tonne on Monday afternoon, climbing by more than 2% from an intraday low of $17,...Read More
Domestic prices for hot-rolled coil in Northern Europe increased day on day on Monday July 27 despite a seasonal decline in demand, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?409.66 ($477.38) per tonne on Monday, up by ?,?1.45 per tonne from ?,?408.21 per tonne on July 24.Monday's index was based on deals heard...Read More
Will a call via social media for "more nickel" give a jolt to the electric vehicle (EV) revolution that has been stalled by the Covid-19 pandemic? Or will suppliers find themselves unable to fulfil the dreams of entrepreneur Elon Musk?The three-month price of nickel on the London Metal Exchange has jumped by 6% since Musk, chief executive officer of EV producer Tesla, made a public plea for global...Read More
Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama rose by 2.6% month on month at the end of June, according to data released by major Japanese trading house Marubeni Corp. Total aluminium stocks at the three ports stood at 347,300 tonnes on June 30, up by 8,800 tonnes from 338,500 tonnes at the end of May, figures released on Monday July 27 showed. This...Read More
Many Chinese importers have become wary of logistics and customs clearance uncertainties, which has resulted in a widening of the price spread between recycled product and refined copper so far in July 2020."Although offer prices of copper scrap are lower now, we are not at [the level of] the spot market," a copper scrap consumer source said.Fastmarkets assessed the price of copper scrap No2 coppe...Read More
The Aluminium Stewardship Initiative (ASI) has welcomed trader Tiberius as a new general supporter member, bringing the total number of ASI members to 128. Other trading houses including Concord Resources, Mitsui and Marubeni Corp have all joined in 2020. Trafigura has been a member since 2019. ASI is a global non-profit standards setting and certification organization with a focus on bringing mar...Read More
The LME is to continue its market-wide consultation on the implementation of pre-trade transparency changes, after halting the process due to Covid-19 in April, the exchange said in a note to members on Wednesday July 22.Amendments were initially set to take place in mid-2020, but were shelved due to the outbreak of Covid-19 across Europe, which continues to impact the London Metal Exchange's open...Read More
Premiums for duty-unpaid aluminium in Rotterdam rose on Friday July 24, with producers looking to send metal to markets outside of Europe and a wide contango on the London Metal Exchange supporting the slight rise.Fastmarkets assessed the aluminium P1020A premium, in-whs dup Rotterdam, at $85-90 per tonne on Friday, the first change in the premium since May 22.Bids, offers and assessments from mar...Read More
Steel plate prices in the United States were unchanged for the third week in a row, with sources disagreeing on whether the market has plateaued or reached a bottom. Fastmarkets' weekly assessment for steel cut-to-length plate carbon grade, fob mill US was flat at $26 per hundredweight ($520 per short ton) on Friday July 24, unchanged since July 6. The price is down 26.8% from one year ago and is...Read More
Finished steel import volumes into the United States again dropped both month on month and year on year in June, reflecting a lack of interest in foreign products due to weak steel market fundamentals.US finished steel imports totaled 1.3 million tonnes in June, down by 22.8% from 1.6 million tonnes in May and down by 31.8% from 1.8 million tonnes in June 2019, according to preliminary Census data...Read More
Hot-rolled coil prices in the United States rose on Monday July 27 on steadied demand levels and an improved market outlook, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $22.52 per hundredweight ($450.40 per short ton) on Monday, a 2.3% increase from $22.02 per cwt on Friday July 24 but down by 1.8% from $22.94 per cwt a week earlier on Jul...Read More
Turkish steel mills continued to book deep-sea scrap cargoes at the end of last week, but are expected to slow down their purchases because of the approach of the holiday period and current firm prices, sources told Fastmarkets on Monday July 27.A steel mill in northern Turkey booked a United States-origin cargo comprising 15,000 tonnes of shredded at $275 per tonne and 15,000 tonnes of bonus at $...Read More
Turkish domestic steel scrap prices have continued to increase over the past week amid rising imported scrap values, sources said on Monday July 27.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was 1,720-1,975 lira ($251-288) per tonne on Monday, up from last week's 1,660-1,940 lira per tonne.The Turkish steel producers have raised their buy p...Read More
China imported nearly 6.26 million tonnes of coking coal in June, an increase of 28.9% from May, according to Chinese customs data. June imports were also down by 4.3% from 6.54 million tonnes in the corresponding period last year. Coking...Read More
Seaborne iron ore prices were down on Monday July 27, prompted by uncertainty over the short-term outlook due to escalating political tensions between the United States and China, according to trade sources. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $107.68 per tonne, down $1.71 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $109.66 per tonne, down $1.90 per tonne. 58% Fe fines hi...Read More
The price of seaborne premium hard coking coal in the fob market went up on Monday July 27 in the latest transaction. While Chinese demand for seaborne materials was constrained by the country's import restrictions, markets outside of China were showing signs of recovery.Fastmarkets indicesPremium hard coking coal, fob DBCT: $109.38 per tonne, up by $1.16 per tonnePremium hard coking coal, cfr Jin...Read More