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
Seaborne premium hard coking coal prices edged down on Wednesday June 10 with transactions sealed at lower levels. Fastmarkets indicesPremium hard coking coal, fob DBCT: $106.96 per tonne, down $0.36 per tonne Premium hard coking coal, cfr Jingtang: $115.02 per tonne, down $1.31 per tonneHard coking coal, fob DBCT: $88.24 per tonne, up $0.99 per tonneHard coking coal, cfr Jingtang: $98.51 per tonn...Read More
The waiting time for aluminium at Istim's warehouse in Port Klang in Malaysia rose to 42 days at the end of May, according to the latest London Metal Exchange queue report, up from 26 days at the end of April. But a fresh queue has built up in Johor in Malaysia too, the new data shows. As of the end of May, there was a 22-day queue at Istim warehouses in Johor for copper, lead, zinc and...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Short-term upside targets achievedLME aluminium's price recovery to $1,600 per tonne has been driven by macro forces acting on all metals, and amplified for aluminium by technical factors after prices became so oversold at the double-bottom lows in April and May. With a 4-million-tonne supply surplus this year, al...Read More
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 Wednesday June 10.The US Treasury Department 8 designated 121 tankers, container ships and other vessels owned or tied to Iranian shipper IRISL for additional secondary sanctions, which came in...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
Carmakers Volkswagen AG and Ford Motor Company have signed agreements that strengthen their global alliance in producing electric vehicles (EVs) and other commercial vehicles for customers in Europe and elsewhere, the companies said in a joint statement on Wednesday June 10.The deal includes increasing investment by Volkswagen in Argo Al - a start-up in which Ford already had ownership and develop...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Short-term upside targets achievedLME aluminium's price recovery to $1,600 per tonne has been driven by macro forces acting on all metals, and amplified for aluminium by technical factors after prices became so oversold at the double-bottom lows in April and May. With a 4-million-tonne supply surplus this year, al...Read More
The wider import loss weighed on the Shanghai nickel market this week, while premiums in both the US and Europe were unchanged amid subdued spot interest and a lack of buyers. Arb loss weighs on Shanghai premiums. Nornickel spillage of little concern to Europe. US market focuses on longer-term business amid spot inertia. China premiums fall on widening arb loss Shanghai nickel premiums d...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
There were significant tonnages of zinc delivered into London Metal Exchange European warehouses in the week to Tuesday June 9 amid sluggish regional spot demand, while US metal suppliers are hopeful restarts at automakers will mean more zinc and lead consumption. Fresh inflows of more than 23,000 tonnes prompt questions around European demand. Restart of US auto sector brought hopes of a zi...Read More
Hot-rolled coil prices in the United States have reached their highest point since early April, but sources reported little spot activity, citing continued uncertainty and weak demand related to the Covid-19 pandemic.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $26 per hundredweight ($520 per short ton) on Wednesday June 10, up slightly from $25.98 per cwt on Tuesd...Read More
Domestic prices for cold-rolled coil have moved down over the past week in Northern Europe due to low trading activity in the region, sources told Fastmarkets on Wednesday June 10.Fastmarkets' weekly price assessment for steel cold-rolled coil, domestic, exw Northern Europe, was ?,?485-495 ($548-560) per tonne on June 10, down by ?,?5 per tonne week on week from ?,?490-500 per tonne ex-works.The a...Read More
Several billet producers from Iran managed to achieve higher prices in a new round of sales because of support from suppliers to China, sources said on Wednesday June 10."Many suppliers, particularly from CIS have mainly sold out their allocated volumes until August, but demand in China persists," one trader said.He said that, earlier this week, he sold a cargo of Iranian billet, schedul...Read More
Domestic prices for hot-dipped galvanized coil (HDG) have been fairly stable over the past week in Europe despite poor demand, sources told Fastmarkets on Wednesday June 10.Fastmarkets' weekly price assessment for steel HDG, domestic, exw Northern Europe, was ?,?490-505 ($554-571) per tonne ex-works on June 10, compared with ?,?490-510 per tonne ex-works a week earlier.The assessment was based on...Read More
European hot-rolled coil producers have been under severe pressure from subdued demand and high raw materials costs, sources told Fastmarkets on Wednesday June 10.Market activity has been low due to a combination of well-stocked distributors and a lack demand from end users, including those in the automotive industry."Most automotive subcontractors have enough to do at the moment as carmakers have...Read More
The price for steel H-beams in Europe was unchanged on Wednesday June 10 in a stable market, while a change in market direction could be possible when monthly scrap prices are settled, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe was ?,?530-550 ($599-622) per tonne on Wednesday, flat week on week."Prices are unchanged. With...Read More
Prices for 400 series stainless scrap in the United States were mostly steady week on week, but the 300-series prices have continued to creep upward while demand remains sluggish and supply continues to be tight.Consumer prices for both 400-series and 300-series stainless scrap were sideways in June. Market participants indicated that demand continues to be off from normal levels, and sources repo...Read More
The ferrous scrap market in the United States may have peaked in June, according to sources, with many market participants convinced that there could be downside for the July trade unless finished steel orders or finished steel prices increase.The June trade was mild compared with May. The price for No1 busheling in Chicago moved up by a modest $10 per gross ton to $320 per ton in June after jumpi...Read More
The Turkish steel producers continued their deep-sea scrap purchases at stable prices amid strengthening demand in the local long steel market, sources said on Wednesday June 10.A steel mill in the Iskenderun region booked a Baltic Sea cargo, comprising 21,000 tonnes of HMS 1&2 (80:20) at $265 per tonne, 8,000 tonnes of bonus at $275 per tonne and 1,000 tonnes of rail at $280 per tonne cfr. The la...Read More