The provincial government of Yunnan, China, has announced details of incentives for companies that purchase base metal products. The incentives came into effect on July 10, according to an announcement on the Yunnan Commerce department website. Major Yunnan corporates are being subsidized to stockpile: 110,000 tonnes of copper cathodes, 70,000 tonnes of lead ingots,...Read More
Asian-Pacific equities were mixed this morning, Wednesday July 15, with markets in China and Hong Kong lower, while other markets in the region and pre-market major western equity markets were firmer.The base metals traded on the London Metal Exchange and Shanghai Futures Exchange gave a similarly divergent performance; three-month base metals prices on the LME mostly edged higher this morning, wh...Read More
An overview of the noble alloys markets and their latest price moves.Read More
Key data from the pricing session in Europe on Wednesday July 15. Key drivers Deals were done around the low end of the latest assessment of the ferro-titanium market. There were lower offer prices and deals reported because of the seasonal summer slowdown that has started in heavy industry in Europe. Steelmakers are taking extended closures due to slumps in end-user steel product industries...Read More
Fastmarkets has refined the names of its global aluminium wheel alloy silicon 7 ingot premiums to reflect the product's usage in the market. As part of a market consultation, Fastmarkets received market-wide support for changing the premium's group name to aluminium primary foundry alloy silicon 7 ingot. The aluminium wheel alloy silicon 7 ingot premiums are commonly known in the market as primary...Read More
Fastmarkets has settled the benchmark premium for the supply of aluminium to main Japanese ports (MJP) in the third quarter of 2020 at $75-79 per tonne over the London Metal Exchange cash price. The premium is 6% lower than the second-quarter benchmark of $82 per tonne and significantly lower than the third-quarter of 2019 which settled at $108 per tonne cif MJP. The sharp drop was driven by...Read More
Home Builders ETF (XHB) moved above $46.60 extending an intermediate uptrend.Pre-opening Comments for Thursday July 16thU.S. equity index futures were lower this morning. S&P 500 futures were down 22 points in pre-opening trade. Weakness was triggered partially by a 4.5% drop by the Shanghai Composite Index to 3,210.10.Index futures were virtually unchanged following release of economic news a...Read More
(Adds MP declines to comment on Shenghe) By Ernest Scheyder July 15 (Reuters) - U.S. rare earths miner MP Materials willgo public in a $1.47 billion deal by merging with aprivate-equity backed blank-check company, underscoring WallStreet's rising interest in efforts to boost production of thestrategic minerals. The listing on the New York Stock Exchange would be thefirst for a U.S. rare earths com...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 14 that are worth another look.Sims Metal Management, the world's top metal and electronics recycler, is to lay off up to one-fifth of its UK workforce, Fastmarkets understands.Commercial vehicles led China's annual automotive output and sales in June, the China Association of Automobile Manufacturers (CAAM) said on July 10, e...Read More
The United States Court of International Trade (CIT) has ruled that President Donald Trump did not have the power to double the Section 232 tariff on steel imports from Turkey.The increase in the tariff - to 50% from 25% - was a violation of statutory procedures and of equal protection guarantees, the CIT stated in a 22-page ruling on Tuesday July 14. The ruling follows a complaint filed by US ste...Read More
Aluminium premiums were stable in most regions on Tuesday July 14, but premiums rose in Brazil with some market participants in the country noting signs of demand recovery, while others suggested the increase could be short-lived. Brazil premiums up on stronger spot interestRotterdam premiums hold in quiet conditionsUnited States premium steady, while uncertainty stifles tradingSpot inactivity kee...Read More
Execution works at the copper-gold Serrote project, operated by Minera????o Vale Verde (MVV), have reached 60% completion and is planned to start production in the second half of 2021, MVV's parent company Appian Capital Advisory said on Tuesday July 14. The project is located in the Brazilian northeastern state of Alagoas, and has an expected production capacity of 20,000 tonnes per year of coppe...Read More
Workers at Antofagasta's Zaldivar and Centinela copper mines in Chile have successively voted to take industrial action after the negotiations for labor contract renewals failed, Fastmarkets understands. Over 94% of union members at Centinela voted for a suspension if a usual 5-10 day mandatory government-led mediation does not go anywhere. Last week, union member representatives at Antofagasta's...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 14 that are worth another look.Sims Metal Management, the world's top metal and electronics recycler, is to lay off up to one-fifth of its UK workforce, Fastmarkets understands.Commercial vehicles led China's annual automotive output and sales in June, the China Association of Automobile Manufacturers (CAAM) said on July 10, e...Read More
Most steel scrap prices in Mexico fell during the week ended Friday July 10 amid slow demand, with the market affected by pessimism stemming from the monthly settlement in the United States.At least one scrap buyer has applied price cuts totaling 500 pesos ($22) per tonne since the end of June, while others have reduced prices by 300 pesos per tonne.Of the 10 grades of ferrous scrap tracked b...Read More
Turkish steel producers have resumed their deep-sea scrap purchasing at slightly higher prices, sources said on Tuesday July 14.A steel producer in the Iskenderun region booked a US cargo, comprising 15,000 tonnes of HMS 1&2 (80:20) at $257 per tonne, 27,000 tonnes of shredded at $262 per tonne and 3,000 tonnes of bonus at $267 per tonne cfr.This compared with transactions for US material at...Read More
Execution works at the copper-gold Serrote project, operated by Minera????o Vale Verde (MVV), have reached 60% completion and is planned to start production in the second half of 2021, MVV's parent company Appian Capital Advisory said on Tuesday July 14. The project is located in the Brazilian northeastern state of Alagoas, and has an expected production capacity of 20,000 tonnes per year of coppe...Read More
Asian-Pacific equities and the base metals trading on the London Metal Exchange were weaker this morning, Tuesday July 14, with profit-taking emerging in the face of increased Covid-19 cases and earnings uncertainty. China's imports and exports climbed in June, a sure sign of improved economic conditions, albeit after months of hardship.United States President Donald Trump said last week he was no...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 14 that are worth another look.Sims Metal Management, the world's top metal and electronics recycler, is to lay off up to one-fifth of its UK workforce, Fastmarkets understands.Commercial vehicles led China's annual automotive output and sales in June, the China Association of Automobile Manufacturers (CAAM) said on July 10, e...Read More
Bulk alloys markets in Europe and India look set to trade under persistent pressure from a lack of demand in the near term, with weekly price falls raising the prospect of production cuts, according to industry sources.In Europe, the ferro-silicon market fell to a near three-and-a-half-year low in the week to July 10 after briefly stabilizing the previous week. Sustained weakness in steel, pa...Read More