Daye Nonferrous has maintained its mission to construct a brand new copper smelting facility despite the uncertain outlook for commodity demand and price volatility, Fastmarkets understands.The Hubei-based company officially started the construction of a 400,000 tonne-per-year 'double flash' copper smelter on Tuesday May 12.A ceremony was held on the day, joined by representatives of its parent co...Read More
The London Metal Exchange three-month base metals prices were pinned down on Thursday May 14 morning, largely due to continued risk-off sentiment related to the coronavirus outbreak, while a fresh 60,050-tonne inflow pressured the LME copper price. LMe copper's underlying price was recently at $5,186 per tonne, sliding from an intra-morning high of $5,235.50 per tonne, while turnover was moderate...Read More
With some clusters of Covid-19 infections emerging after the lifting of lockdowns, there is less hope that a 'V'-shaped rebound is sustainable and as a result markets were on a back foot this morning, Thursday May 14, especially broader markets, while the base metals were consolidating.Asian-Pacific and pre-market major western equity indices were weaker this morning.Chinese finance minister Liu K...Read More
Hot-rolled coil prices in the United States have continued to hold in a range of $24-25 per hundredweight ($480-500 per short ton) while mills seek to hold the line on finished steel prices in the face of higher input costs.Fastmarkets' daily steel hot-rolled coil price, fob mill US was calculated $24.28 per cwt ($485.60 per ton) on Thursday May 14, down by 0.5% from $24.39 per cwt on Wednesd...Read More
ArcelorMittal Kryvyi Rih, Ukraine's major long steel producer, has decommissioned the first section of its blooming plant as a part of a strategy for sustainable development, the company said on Thursday May 14.The equipment had been in operation since 1958, and its launch was followed a few years later by the second section being installed. Combined, the two sections had capacity for 8 million to...Read More
With domestic flat-rolled steel mills holding firmly to higher prices, some market participants said that foreign suppliers could return to the US market.Domestic sheet mills announced price increases of $50-60 per short ton on April 30 and May 1, right around the time when US hot-rolled coil prices crashed below $22 per hundredweight ($440 per ton). As a result of those increases, Fastmarket...Read More
Italian steel producers were continuing to run at reduced capacities in the week to Thursday May 14 despite the easing of the country's Covid-19-pandemic lockdown, with stainless steelmaker Acciai Speciali Terni (AST) planning to suspend production later this month.Italian industry has been gradually resuming its operational activities since May 4, but most producers were still at reduced capacity...Read More
ArcelorMittal has postponed the temporarily idling of blast furnace (BF) No2 at its Fos-sur-Mer plant in France by about a month, market sources have told Fastmarkets.The decision has been taken because the steelmaker has orders to fulfil, trading sources said.ArcelorMittal's spokesperson confirmed that the plant continues to operateOriginally, the company had planned...Read More
The Turkish steel mills have continued to book deep-sea scrap cargoes for June shipments at largely steady prices, sources said on Thursday May 14.A steel mill in northern Turkey booked a Baltic Sea cargo, comprising 8,000 tonnes of HMS 1&2 (80:20) at $250 per tonne, 13,000 tonnes of shredded at $255 per tonne and 5,000 tonnes of bonus at $260 per tonne cfr, late on May 13.Following the news of th...Read More
The United Arab Emirates Ministry of Economy has announced a ban on exports of ferrous scrap for a period of four months starting on Friday May 15, 2020. The ban affects scrap under HS codes 720410, 720421, 720429, 720430, 720441, 720449 and 720450. The ministry did not give an official reason for implementing the export ban. But market participants in the UAE told Fastmarkets the decision was tak...Read More
Offer prices for bulk ferrous scrap cargoes to Bangladesh have increased over the past week after higher prices were paid elsewhere in Asia, but several buyers remained out of the market, sources told Fastmarkets on Thursday May 14.After hectic activity in March and April, the Bangladeshi import market for bulk cargoes has cooled significantly so far in May, with high scrap inventories in the coun...Read More
Seaborne iron ore prices stayed above $90 per tonne on Thursday May 14, supported by improving production levels and decreasing steel inventories in China, sources told Fastmarkets. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $92.17 per tonne, up $0.54 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $94.50 per tonne, up $0.14 per tonne. 58% Fe fines high-grade premium,...Read More
Seaborne coking coal prices were relatively stable on Thursday May 14, with trading muted after premium hard coking coal prices rebounded in the last few days, Fastmarkets heard. Fastmarkets indicesPremium hard coking coal, fob DBCT: $115.14 per tonne, down $0.03 per tonne Premium hard coking coal, cfr Jingtang: $123.16 per tonne, up $0.03 per tonneHard coking coal, fob DBCT: $87.56 per tonne, unc...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view. The iron-ore fines benchmark has remained strong after Brazil imposed lockdowns in several cities, sparking supply concerns in the market. Chinese industrial activity picked up in March and has remained stable since then, boosting the demand for iron ore. By the end of April, the average blast furnace utilization rates in C...Read More
China's domestic hot-rolled coil prices strengthened on Thursday May 14 amid support provided by steady demand from the infrastructure sector, sources said.DomesticEastern China (Shanghai): 3,420-3,430 yuan ($482-483) per tonne, up 30 yuan per tonneNorthern China (Tangshan): 3,390 yuan per tonne, up 40 yuan per tonneMarket sources reported robust trading during the day, with downstream buyers rush...Read More
China's domestic rebar prices were flat on Thursday May 14 amid a subdued market bracing itself ahead of the annual meetings of Chinese policymakers later this month.Domestic Eastern China (Shanghai): 3,460-3,490 yuan ($488-492) per tonne, unchanged While May 22 has been fixed for the annual meeting of the National People's Congress of the Communist Party of China in Beijing, that for the Chinese...Read More
China's stainless steel prices moved up over the past week on recent gains in the nickel market, but soft demand tempered expectations of any further increases.The three-month nickel contract on the London Metal Exchange ended its official trading session at $12,313 per tonne on May 7, up by $459 per tonne from $11,854 per tonne on May 5, the lowest point so far this month. The contract has shed s...Read More
Strategic & Precious Metals Processing's (SPMP) antimony and gold processing facility in Sohar, Oman, has sold 60 tonnes of antimony metal ingots for the first time, parent company Tri-Star Resources said in a release on Wednesday May 13.Tri-Star Resources considers it "an important step in the ramp-up of operations at SPMP," and expects the plant to be operating at 50% of capacity by the end of t...Read More
Cobalt metal prices in China continued to rise during the first half this week following strength in local cobalt futures, which are partially being supported by an upturn in the cobalt sulfate market and fresh buying interest from investors.Fastmarkets' price assessment for cobalt 99.8% Co min, ex-works China was 240,000-250,000 yuan ($33,839-35,249) per tonne on Wednesday May 13, up by 5,000 yua...Read More
Spot payables for cobalt intermediates moved higher in the first half of this week after buyers in Asia reviewed their nearby stock levels in the context of a slower-than-expected restart in shipping from South Africa, and border closures between Tanzania and Zambia. Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China edged higher to 62-64% of the standard-grade metal price (low...Read More