A slew of extensive stimulus measures to boost the adoption of electric vehicles (EVs) in Europe in the aftermath of the Covid-19 pandemic is unlikely to provide any immediate support to prices for cobalt and lithium in China, according to market participants. In the past two weeks, several European countries, including Germany and the United Kingdom, either announced schemes to encourage the adop...Read More
Chinese domestic smartphone shipments declined by 10.4% year on year in May 2020, resuming its downturn following year-on-year growth of 17.2% in April, China Academy of Information and Communications Technology (CAICT) data - released on June 10 - shows.Mobile phone shipments in China totalled 32.7 million in May, while total shipments so far this year amounted to 121 million, down by 16% year on...Read More
Risk assets were weaker this morning, Thursday June 11, with the base metals prices on the London Metal Exchange down across the board, as were Asian-Pacific equities and pre-market major western equity index futures. US Federal Reserve projections suggest no rate rise until end of 2022......hints they expect a long drawn out recovery, implying less of a V-shaped one.Concerns rise about a second s...Read More
Stainless steel prices in the United States rose in June, moving in tandem with higher surcharge costs; meanwhile, base prices held steady while mills maintained lower production levels to keep supply closer to demand, which rose modestly.Fastmarkets' assessments for stainless steel 304 cold-rolled sheet, fob mill US and for stainless steel 304L cold-rolled sheet, fob mill US both rose by&nbs...Read More
China's domestic stainless steel sellers raised their offers on nickel gains over the week ended Wednesday June 10 but failed to conclude any deals.The three-month nickel contract on the London Metal Exchange ended Wednesday's official trading session at $12,952 per tonne, up by $67 per tonne from a week earlier. DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 13,300-13,800...Read More
China's schedule to rename copper and aluminium scrap metal as renewable materials in July is not likely to be met, Fastmarkets has learned."There are only two weeks to go and nothing has been heard from Chinese customs yet," a source familiar with the matter said, adding that the delay could be more than one month.Currently, copper, brass and aluminium scrap imports are sold to the country under...Read More
There has been some follow-through selling in Asian-Pacific equity markets and base metals on the Shanghai Futures Exchange this morning, Friday June 12, but base metals on the London Metal Exchange and pre-market major western equity index futures are consolidating after Thursday's routs. * Pre-market Dow Jones equity index futures were indicated to open up by 1.4% this morning after the Dow Jone...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 50 points in pre-opening trade.Adobe gained $11.33 to $399.00 after reporting higher than consensus fiscal second quarter earnings. JP Morgan raised its target price from $325 to $430.Lululemon dropped $9.26 to $298.86 after reporting lower than consensus first quarter revenuesGeneral Motors advanced $1.32 to $27.82 af...Read More
Here are five Fastmarkets stories you might have missed on Wednesday June 10 that are worth another look.US sanctions against Islamic Republic of Iran Shipping Lines (IRISL) and its Shanghai-based subsidiary, E-Sail Shipping Co, are unlikely to have an impact on steel freight costs, sources told Fastmarkets on June 10.Carmakers Volkswagen AG and Ford Motor Company have signed agreements that stren...Read More
Just over a year ago, US Section 232 tariffs against imports of aluminium from Canada were removed. Now there are calls to reintroduce them.The American Primary Aluminum Association (APAA), which represents US producers Century Aluminum and Magnitude 7, says that Canadian imports have "surged" since the tariffs were removed and are threatening the viability of the US primary aluminium industry.&nb...Read More
The LME three-month copper price was the standout performer at the close of trading on Wednesday June 10,achieving its highest closing price since January 23, while tin futures similarly recorded a six-month high. Copper's outright price on the London Metal Exchange closed at $5,907 per tonne on Wednesday afternoon, climbing from an intraday low of $5,776.50 per tonne, while turnover topped the ba...Read More
Here are five Fastmarkets stories you might have missed on Wednesday June 10 that are worth another look.US sanctions against Islamic Republic of Iran Shipping Lines (IRISL) and its Shanghai-based subsidiary, E-Sail Shipping Co, are unlikely to have an impact on steel freight costs, sources told Fastmarkets on June 10.Carmakers Volkswagen AG and Ford Motor Company have signed agreements that stren...Read More
Chilean copper output rose by 2.6% year on year in April, with the country's three top producers all reporting growth despite restrictions put in place to curb the spread of the Covid-19 outbreak.The national copper commission, Cochilco, said on Tuesday June 9 that the country produced 470,600 tonnes of copper content in April, up from 458,600 tonnes in April 2019. Output was d...Read More
Here are five Fastmarkets stories you might have missed on Wednesday June 10 that are worth another look.US sanctions against Islamic Republic of Iran Shipping Lines (IRISL) and its Shanghai-based subsidiary, E-Sail Shipping Co, are unlikely to have an impact on steel freight costs, sources told Fastmarkets on June 10.Carmakers Volkswagen AG and Ford Motor Company have signed agreements that stren...Read More
Fastmarkets has corrected its manganese 99.7% electrolytic manganese flake, in-whs Rotterdam price, which was published incorrectly on Wednesday June 10 due to an error.Fastmarkets' weekly price assessment for manganese 99.7% electrolytic manganese flake, in-whs Rotterdam was originally published at $1,500-1,600 per tonne on June 10. This has now been corrected to $1,550-1,600 per tonne.Fastmarket...Read More
Here are five Fastmarkets stories you might have missed on Wednesday June 10 that are worth another look.US sanctions against Islamic Republic of Iran Shipping Lines (IRISL) and its Shanghai-based subsidiary, E-Sail Shipping Co, are unlikely to have an impact on steel freight costs, sources told Fastmarkets on June 10.Carmakers Volkswagen AG and Ford Motor Company have signed agreements that stren...Read More
Japanese steel scrap prices have jumped again over the past week amid tightening supply but buyers are unwilling to accept the fresh price increases, market sources told Fastmarkets on Wednesday June 10.Tight supply of H2 heavy scrap has resulted in further increases in scrap buying prices at Japanese mills over the past week, together with a sharp rise in sales prices at the Kanto Tetsugen auctio...Read More
On average, base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up by 0.2% and 0.4% respectively at 7.07am London time on Wednesday June 10. Asian-Pacific equities were mixed but pre-market major western equity index futures were up this morning, showing some mixed currents ahead of the US Federal Open Market Committee (FOMC) economic projections and statement that a...Read More
The cobalt standard grade, in-whs Rotterdam trade log, including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trades 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...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. Fastmarkets assessed...Read More