The LME three-month copper price was higher at the close on Tuesday June 9, breaching nearby resistance at $5,700 per tonne against strong turnover, while selling pressure saw nickel futures fail to finish above $13,000 per tonne. Copper's outright price on the London Metal Exchange closed at $5,774 per tonne on Tuesday afternoon, climbing from an intraday low of $5,676 per tonne, while turno...Read More
Seaborne iron ore prices eased on Tuesday June 9 amid announcements from the Dalian Commodity Exchange of efforts to stamp out market rumors and strengthen regulation. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $104.60 per tonne, down $1.07 per tonne 62% Fe low-alumina fines, cfr Qingdao: $107.30 per tonne, down $1.35 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $93.39 per...Read More
China's domestic hot-rolled coil prices weakened amid fluctuating futures on Tuesday June 9, while importers asked to pay lower after Indian mills tweaked the specifications of their cargoes offered to the country.DomesticEastern China (Shanghai): 3,630-3,650 yuan ($513-516) per tonne, down 20 yuan per tonneA Shanghai-based trader said prices tracked the fluctuations in the futures market during t...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.As we anticipated, rebar prices in Eastern China (ex-warehouse basis) rose in May, coming within 0.6% of our forecast. Strong demand at home meant that Chinese producers were largely absent from the export market, maintaining their offers near $450 per tonne, while import prices into Singapore were set near $400 per tonne cf...Read More
A summary of base metals premiums from across the globe for the week to Tuesday June 9.Please click...Read More
Domestic prices for hot-rolled coil in Europe were largely stable day on day on Tuesday June 9 even as demand remained slow, sources told Fastmarkets.Market participants believe that domestic prices are close to a bottom and that European mills could announce a rise in offer prices after the European authorities make a final decision in the safeguard review case at the end of this month.Fastmarket...Read More
The LME three-month copper price was higher at the close on Tuesday June 9, breaching nearby resistance at $5,700 per tonne against strong turnover, while selling pressure saw nickel futures fail to finish above $13,000 per tonne. Copper's outright price on the London Metal Exchange closed at $5,774 per tonne on Tuesday afternoon, climbing from an intraday low of $5,676 per tonne, while turno...Read More
Brazilian base metals producer Nexa Resources will reopen part of its zinc, lead and silver Atacocha unit in Peru following a local decree that regulated medium-sized mining companies can return from a Covid-19 quarantine, the company said on Monday June 8. Open-pit mine San Gerardo, part of the Atacocha unit, is expected to resume operations in mid-June, Nexa said. However, the Atacocha undergrou...Read More
The London Metal Exchange three-month nickel price declined in the morning on Tuesday June 9, with its price falling from a morning low of $13,100 per tonne, while a sizable delivery of 10,000 tonnes of zinc ingots into LME-registered warehouses pressured the galvanizing metal's underlying price.LME nickel's outright price was recently at $12,880 per tonne, down by over $200 per tonne from a spike...Read More
Despite a mixed picture this morning, Tuesday June 9, generally strong uptrends are underway in most of the base metals. The exception is the infrastructure heavy-weight zinc, although the galvanizing metal is also widely used in the auto industry, which may be why it is lagging behind. Asian-Pacific equities are for the most part stronger this morning, led by a 2.53% gain in the Australian ASX 20...Read More
US hot-rolled coil prices continue to notch steady gains, and the next test is whether tags can remain on firm ground as idled furnaces restart, some market participants said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $25.98 per hundredweight ($519.60 per ton) on Tuesday June 9, up 0.4% from $25.88 per cwt on Monday and up 3.5% from $25.10 per cwt a week ago on J...Read More
The export market for flat steel products from the Commonwealth of Independent States improved during the week to Tuesday June, 9 on strong iron ore prices and increasing demand from Asia. Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS, was $395-410 per tonne on Tuesday, up from $365-375 per tonne on January 1."Offers, and the market...Read More
CIS rebar and wire rod producers increased offers in the first half of June, supported by strengthening import scrap prices in Turkey as well as increased finished long steel prices. The Turkish market is considered indicative of price momentum because the country is one of the world's major scrap importers and long steel exporters. Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix...Read More
Export slab prices from the Commonwealth of Independent States (CIS) continued to strengthen over the week to June 9, while suppliers managed to win higher sales prices, sources said.One large cargo of Ukrainian material was reported sold to Turkey slightly above $370 per tonne cfr, which would be equivalent to $360 per tonne fob Black Sea, Fastmarkets learned.Initial offers from the supplier were...Read More
The prices for steel rebar in the United Arab Emirates remained stable over the past week, but market sources expect it to increase soon because of rising raw material prices, Fastmarkets heard on Tuesday June 9.Fastmarkets' daily index for 62% Fe fines, cfr Qingdao was $104.60 per tonne on June 9, rising from $101.32 per tonne on June 2.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix...Read More
Ferrous scrap exports from the United States declined by 15.6% month on month in April due to shipments to Turkey nearly halving compared with March volumes, according to latest figures from the US Census Bureau.US exports of ferrous scrap totaled 1,190,118 tonnes in April, down by 219,871 tonnes compared with 1,409,989 tonnes in March and 1,436,500 tonnes in February.Shipments to Turkey, which fe...Read More
Ferrous scrap prices in Mexico remained largely sideways this week in the steelmaking regions of Monterrey and Bajio as manufacturing activity began to resume with the easing of Covid-19-related restrictions.Fastmarkets assessed the steel scrap No1 busheling, consumer buying price, delivered mill Monterrey unchanged at 6,100 pesos ($279) per tonne on Tuesday June 9, while the steel scrap No1 heavy...Read More
Turkish deep-sea scrap import prices continued to rise on Tuesday June 9, with mills continuing to book more cargoes for July, sources told Fastmarkets.A steel mill in the Iskenderun region booked a European cargo, comprising 10,000 tonnes of HMS 1&2 (75:25) and 30,000 tonnes of a mixture of shredded, plate & structural (P&S) and busheling at an average price of $265 per tonne cfr.The cargo w...Read More
Seaborne iron ore prices eased on Tuesday June 9 amid announcements from the Dalian Commodity Exchange of efforts to stamp out market rumors and strengthen regulation. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $104.60 per tonne, down $1.07 per tonne 62% Fe low-alumina fines, cfr Qingdao: $107.30 per tonne, down $1.35 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $93.39 per...Read More
Seaborne coking coal prices fluctuated slightly on Tuesday June 9, with market participants uncertain whether policies would change and how soon demand would rebound, sources said. Fastmarkets indicesPremium hard coking coal, fob DBCT: $107.32 per tonne, down $1.02 per tonne Premium hard coking coal, cfr Jingtang: $116.33 per tonne, up $1.05 per tonneHard coking coal, fob DBCT: $87.25 per tonne, u...Read More