Seaborne iron ore prices observed rangebound movements on Wednesday July 1 after concerns surrounding higher steel product inventories surfaced in the market, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $99.17 per tonne, down $0.26 per tonne.62% Fe low-alumina fines, cfr Qingdao: $102.50 per tonne, down $0.05 per tonne.58% Fe fines high-grade premium, cfr Qingdao: $90.13 p...Read More
China will ban the import of all solid waste from 2021 for environmental reasons, but ferrous scrap will not be affected by the move.Well-placed sources with deep knowledge of government policy told Fastmarkets on Wednesday July 1 that the ban - announced by the Ministry of Ecology and Environment a day earlier - does not affect imports of the steelmaking raw material.Import restrictions imposed s...Read More
The London Metal Exchange may introduce significant changes to its options offering, with plans to develop an electronic options market in tandem with the exchange's current inter-office method. The exchange sent out a discussion paper to members on Wednesday July 1 detailing proposed changes it says could attract a host of new customers into trading its products. Options would be traded through t...Read More
A new wave of Covid-19 infections in the United States has left the production ramp-up in the automotive sector pending, resulting in low lead spot trades and flat premiums in the week to Tuesday June 30, while global zinc premiums were stable on slow demand.Covid-19 cases increase in US leaving automotive production ramp-up pending and lead sales thin US zinc premiums hold in illiquid market Asia...Read More
China's hot-rolled coil prices weakened in the domestic market on Wednesday July 1, leading to expectations among market participants that exports could resume.DomesticEastern China (Shanghai): 3,720-3,730 yuan ($526-527) per tonne, narrowing downward by 20 yuan per tonnePrices weakened on futures losses, but a Shanghai-based trader said that trading remained stable on steady demand.Most market pa...Read More
The London Metal Exchange three-month copper price held the previous day's gains, trading up 0.8% to $6,063.50 per tonne during the morning on Wednesday July 1, with ongoing supply concerns and positive China PMI shoring up demand and buoying copper futures."Copper advanced on Wednesday. It gained more than 20% in the second quarter, making up for the loss in the first three months of the year," M...Read More
China's domestic rebar prices were flat on Wednesday July 1, with an improvement in the weather spurring increased demand for the long product from the construction sector. DomesticEastern China (Shanghai): 3,510-3,540 yuan ($497-501) per tonne, unchangedRains stopped in most regions of China on Wednesday and sales volumes nationwide climbed to 200,000 tonnes, a 30,000-tonne increase from Monday,...Read More
Key data from Fastmarkets' pricing session in London on Wednesday July 1. Key driversCobalt prices edge closer to $14 per lb while sellers revise price expectations in an effort to lock in spot sales after a protracted period of thin demand. Demand is still reportedly firmer than in April and May, on balance, made up of...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
The cobalt alloy grade, in-whs Rotterdam trade log including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trade logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies. Read More
The cobalt standard grade, in-whs Rotterdam trade log including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trade logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies. Fastmarkets assessed cobalt standard grade, in-whs Rotterdam at $14.10-14.50...Read More
There are many crosswinds for the markets to contend with this morning, Wednesday July 1, with better manufacturing data in Asia and interest rate cuts in China, but a deteriorating Covid-19 situation - especially in parts of the Americas - and raised geopolitical tension over Hong Kong.China's Caixin and Japan's manufacturing purchasing managers' indices (PMIs) climbed to 51.2 from 50.7 and 40.1...Read More
An overview of the noble alloys markets and their latest price moves.Read More
The European Union has extended anti-dumping duties on ferro-silicon imported from China and Russia for another five years, according to a release from the European Commission on Wednesday July 1. The EU will extend the duties for a period of five years until July 1, 2025 from Thursday July 2, 2020. Chinese and Russian ferro-silicon exports to the EU will be subject to duties as follows: from Chin...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday July 1.Key drivers Persistently quiet trading activity in recent weeks has seen lower offer prices in the past week, with suppliers and buyers making tentative inquiries amid uncertain near term demand. All markets are now back at levels last seen in January 2017. Industry talk centers on cheaper offer prices from China into Europe,...Read More
Fastmarkets proposes to refine the names of its global aluminium wheel alloy silicon 7 ingot premiums to reflect the material's usage in the market. The aluminium wheel alloy silicon 7 ingot premiums are commonly known in the market as primary foundry alloy (PFA) or aluminium alloy silicon 7 premiums. The reference to "wheel" in the name is now outdated and market participants say the uses for the...Read More
The range in refining charges (RC) paid for copper intermediate products cif China diverged in June due to traders willing to agree lower fees for tonnages and smelters less desperate for blister copper amid sufficient domestic scrap supply. Fastmarkets assessed the copper blister 98-99% RC spot, cif China at $110-132 per tonne on June 30, down by $5 per tonne on the low end but up by $7 per...Read More
Markets participants are in an optimistic mood while they focus on economic data that is improving and hopes of a Covid-19 vaccine this morning, Thursday July 2, while apparently choosing not to focus on the havoc that the pandemic is causing.* US total vehicle sales climbed to an annualized 13.1 million units in June, after 8.7 million units in May; sales were around 17 million in 2019. * Spanish...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 39 points in pre-opening trade.Equity index futures moved higher following economic news released at 8:30 AM EDT. Consensus for Weekly Initial Jobless Claims was 1,355,000 versus 1,480,000 million last week. Actual was1,427,000 million. Consensus for June Non-farm Payrolls was an increase to 3.000 million from 2.509 mi...Read More
Here are five Fastmarkets stories you might have missed on Tuesday June 30 that are worth another look.The definitive decision in the European steel safeguard case review failed to adjust the level of quotas to collapsed demand following Covid-19 crisis and is a "deep disappointment," European steel association Eurofer and European trade union IndustriAll said in a joint statement on June 30.Chine...Read More