Australian iron ore major Rio Tinto and China's steel giant Baoshan Iron & Steel (Baosteel) have completed their first paperless, yuan-denominated iron ore deal, underlying both the increasing digitization of iron ore trades and importance of the Chinese currency, DBS Bank, which was one of the enablers of the deal, said on Tuesday May 12.The trade was done through Contour, an open trade finance n...Read More
Queues to remove metal from London Metal Exchange-approved warehouses were mostly non-existent at the end of April, according to latest LME data. There was only one queue across the whole LME network: at Istim's warehouses in Port Klang, Malaysia. The waiting time to take aluminium out of Istim warehouses in Port Klang was 26 as of the last working day in April 2020. This compares with a waiting t...Read More
Global nickel premiums were flat in the week to Tuesday May 12 amid subdued spot trade, despite optimism for commercial restarts in major global economies after the pandemic, sources said.Shanghai Futures Exchange to allow delivery of nickel briquettes, while China premiums staticMore inquiries fail to enliven spot business, keeping US premiums flatEuropean nickel premiums hold despite restart opt...Read More
Key data from the pricing session in London on Wednesday May 13. Key drivers Market sources are indicating a slight uptick in inquiries for summer or fourth-quarter delivery, although the spot market remains relatively thinly traded. Weak demand is keeping...Read More
Spot-market prices for cobalt sulfate in China have risen this week on better sentiment after an inquiry for a large tonnage emerged last Friday, although the logistics restraints on the movement of cobalt raw materials remained.Fastmarkets assessed the price of cobalt sulfate, 20.5% Co basis, exw China, at 44,000-45,000 yuan ($6,194-6,335) per tonne on Wednesday May 13, up by 1.1% from 43,000-45,...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...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 20 points in pre-opening trade.Index futures were virtually unchanged following release of Weekly Initial Jobless Claims at 8:30 AM EDT. Consensus was 2.7 million versus 3.169 million last week. Actual was 2.980 millionCisco gained $0.94 to $42.89 after reporting higher than consensus fiscal third quarter earnings. Th...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 12 that are worth another look.Workers at ArcelorMittal Spain are preparing a series of token strikes in response to the company's decision to apply a new plan for temporary layoffs (known as ERTE), sources told Fastmarkets on May 12.Troubled oil trader ZenRock owes at least $615 million to banks, suppliers and customers, it sa...Read More
Aluminium premiums in Europe, the United States and Asia were mostly steady week-on-week on Tuesday May 12, with the gradual restart of industries in various parts of the world having little immediate effect.Rotterdam P1020 premiums flat while Italy premium ticks upwardUS Midwest premium unchanged despite automotive industry restartsAsia premiums flat in quiet market.Italy premium ticks upwardThe...Read More
Teck Resources is starting to increase the number of workers active at its Quebrada Blanca Phase 2 (QB2) project in northern Chile but is still uncertain when it will be able to resume normal activities at the site. Around 1,100 employees are now active at the project, according to Don Lindsay, chief executive officer of the Canada-based company, noting that employment at the site had dropped...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 12 that are worth another look.Workers at ArcelorMittal Spain are preparing a series of token strikes in response to the company's decision to apply a new plan for temporary layoffs (known as ERTE), sources told Fastmarkets on May 12.Troubled oil trader ZenRock owes at least $615 million to banks, suppliers and customers, it sa...Read More
Advanced Metallurgical Group (AMG) has reported a 56% decrease in earnings before interest, taxes, depreciation and amortization (Ebitda) for the first quarter of 2020 amid a decline in metal prices across its entire portfolio and depressed market conditions resulting from the Covid-19 pandemic.The Amsterdam-listed group generated Ebitda of $22.3 million in January-March, a drop from $50.4 million...Read More
Teck Resources is starting to increase the number of workers active at its Quebrada Blanca Phase 2 (QB2) project in northern Chile but is still uncertain when it will be able to resume normal activities at the site. Around 1,100 employees are now active at the project, according to Don Lindsay, chief executive officer of the Canada-based company, noting that employment at the site had dropped...Read More
The recovery of zinc metal prices is set to continue with stronger Asian demand outpacing supply cuts, and there are no expectations for a review of annual zinc treatment charges (TCs) due to the Covid-19 pandemic, Nexa Resources chief executive officer Tito Martins said on Tuesday May 12."We are seeing a market adjustment in Asia," Martins told analysts and investors in the company's first-quarte...Read More
Zambia has temporarily closed its border crossing with Tanzania at Nakonde to all but essential goods in an effort to curb an increase in Covid-19 cases in the area, according to a notice from the Zambia Revenue Authority.The crossing forms part of a key trucking route for copper and cobalt being shipped out of Dar es Salaam in Tanzania, much more so recently since the lockdown in South Afric...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 12 that are worth another look.Workers at ArcelorMittal Spain are preparing a series of token strikes in response to the company's decision to apply a new plan for temporary layoffs (known as ERTE), sources told Fastmarkets on May 12.Troubled oil trader ZenRock owes at least $615 million to banks, suppliers and customers, it sa...Read More
Low inventories should help limit stock builds in copper, zinc and nickel that may materialize due to the decline in demand resulting from the Covid-19 pandemic, according to the chief executive officer of Glencore. The company estimates that 4% of global copper supply for this year forecast prior to the virus has been lost due to shutdowns and cuts created by the virus, excluding smelting/refinin...Read More
Most domestic ferrous scrap prices in the Mexican steelmaking regions of Monterrey and Baj?-o increased week on week after reduced availability of material led some mills to accept higher offers in order to secure supply.Low scrap availability led one mill in Mexico's Bajio manufacturing hub to announce a price increase of around 100-200 pesos last week. Other scrap buyers avoided announcing...Read More
Turkish steel producers have continued to book deep-sea market scrap for late-June shipments at steady prices, sources said on Tuesday May 12.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 15,000 tonnes of HMS 1&2 (80:20) at $251 per tonne, 6,000 tonnes of shredded at $256 per tonne and 6,000 tonnes of bonus at $261 per tonne cfr. ...Read More
Canada-based ferro-titanium producer Metalliage has restarted ferro-titanium production at its Quebec-based plant, almost seven weeks after it shut operations due to the Covid-19 pandemic. The company is reopening after local authorities in the Canadian province on April 5 extended its original shutdown of all non-essential businesses to May 4. The plant has been shut since the provincial governme...Read More