Turkish steel mills stayed away from deep-sea scrap purchases on Thursday May 7 due to weak finished long steel demand in the country's export markets, sources said.Steel producers in Turkey have avoided the deep-sea markets since the end of last week, when a steel mill in the Iskenderun region booked a European cargo at $236 per tonne cfr for HMS 1&2 (80:20) and $246 per tonne cfr for bonus, send...Read More
Brazil-based steelmaker Gerdau expects the level of long steel sales in North America and the gap between ferrous scrap costs and finished steel prices to remain stable during the second quarter, when compared with January-March figures.Gerdau chief executive officer Gustavo Werneck said the current spread was $422 per short ton in North America, an increase of $20 from the levels seen in Jan...Read More
Steady buying of the three-month zinc contract on the London Metal Exchange took the price above $2,000 per tonne on Thursday May 7 for the first time since March 11. Zinc's outright price on the LME was recently at $2,008.50 per tonne, building on gains made over Wednesday afternoon, while turnover was high at some 4,000 lots exchanged by 10am London time. This comes despite well-stocked LME zinc...Read More
A summary of Hong Kong Exchanges & Clearing's (HKEX) results for the first quarter of 2020. In brief: Revenue and other income was 7% lower than the first quarter of 2019. Core business revenue was up 19% year on year, driven by a 20% increase in headline average daily trading volume (ADV), which yielded an increase in trading and clearing fees. Profit attributable to shareholder...Read More
Broader markets were mixed this morning, Thursday May 7 after Wednesday's employment data in the United States knocked market confidence, but with a barrage of data expected today and Friday, the market is braced for a reality check. Not, all the data released so far has been bad though; the all-important Chinese trade data for April showed a surprise 3.5% rise in exports compared w...Read More
Charles Li, chief executive of Hong Kong Exchanges and Clearing Ltd (HKEX) will not seek reappointment at the end of his current contract, the exchange announced on Thursday May 7.It means Li will leave his role as CEO of HKEX, which owns the London Metal Exchange, in October 2021.Li confirmed his full commitment to continuing to lead the organization until that date, or earlier, should a...Read More
Cobalt trade log including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per lb on an in-warehouse (in-whs) basis. Delivered prices are netted back.Fastmarkets prices Click here for Fastmarkets' price assessment for cobalt, standard-grade, in-whs Rotterdam, $ per lb.Click here for Fastmarkets' price assessment for cobalt, alloy-grade, in-whs Rotterdam,...Read More
Key data from Fastmarkets' pricing session in London on Thursday May 7.Key drivers Cobalt metal prices remained under pressure from weak demand, trading at levels last seen in August 2019, according to Fastmarkets data. Sellers have steadily reduced their offers in order to lock-in scarce spot sales, although prices were not yet considered...Read More
The Potos?- zinc and lead mining region in Bolivia will remain closed until at least May 31, according to a recent announcment by its mayor, Luis Alberto L??pez.The announcement, reported in regional newspaper El Potos?-, was an extension of previous guidelines and included mining. Industry in the area has been locked down since late March because...Read More
A summary of Canadian minor metals and specialty chemicals producer 5N Plus fiscal results for the first quarter of 2020. In brief: 5N Plus improved net earnings due to expansion into products with higher value-added content, but revenue was down as a result of relatively lower metal prices for the period. Overall sales volumes were higher year on year. Mandatory plant shutdowns ordere...Read More
A summary of stainless steel producer Aperam's results for the first quarter of 2020.In brief Sales, shipments and adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) were down year on year due to the coronavirus-driven downturn.The company reported a "seasonally...Read More
The spot copper concentrate market continued to trade at lower treatment and refining charges (TC/RCs) in the week to Thursday May 7. Fastmarkets' copper concentrates TC/RC index, cif Asia Pacific dropped to $50.4 per tonne / 5.04 cents per lb on Thursday and is now down by 23.3% month on month from $65.70 per tonne / 6.57 cents per lb on April 3. Deals reported to Fastmarkets show Chinese s...Read More
The European Commission (EC) might start an anti-dumping case into imports of hot-rolled coil originating from Turkey, market sources told Fastmarkets on Thursday May 7.European steel association Eurofer has lodged a complaint with the EC, alleging that HRC has been exported from Turkey at dumped prices."In April 2020, a new [anti-dumping] investigation was opened into HRC from Turkey," ArcelorMit...Read More
The European Commission (EC) might start an anti-dumping case into imports of hot-rolled coil originating from Turkey, market sources told Fastmarkets on Thursday May 7.European steel association Eurofer has lodged a complaint with the EC, alleging that HRC has been exported from Turkey at dumped prices."In April 2020, a new [anti-dumping] investigation was opened into HRC from Turkey," ArcelorMit...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 22 points in pre-opening trade. Index futures were virtually unchanged following release of the U.S. employment report at 8:30 AM EDT. Consensus for April Non-farm Payrolls was a drop to 22.000 million from 701,000 in March. Actual was 20.500 million. Consensus for the April Unemployment Rate was a jump to 16.0% from 4...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 6 that are worth another look.Mining operations at Anglo American's Grosvenor coal mine in Queensland, Australia, have been suspended following an incident on the afternoon of Wednesday May 6, which led to its evacuation.Stainless steel prices in China were largely unchanged in the week to May 6, with market participants in t...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 6.Please click...Read More
The United States nickel briquette premium dipped at the top end of the range in the week to Tuesday May 5, pushed lower by increased selling momentum at lower levels, while nickel premiums in Europe and China remained flat.?EUR? Virus-weakened demand pushed US briquettes premiums lower?EUR? China public holidays and a lack of arbitrage opportunities kept regional premiums unchanged?EUR? Lack...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 6 that are worth another look.Mining operations at Anglo American's Grosvenor coal mine in Queensland, Australia, have been suspended following an incident on the afternoon of Wednesday May 6, which led to its evacuation.Stainless steel prices in China were largely unchanged in the week to May 6, with market participants in t...Read More
Ailing silicon producer Ferroglobe will delay filing its 2019 annual report by up to six weeks as a result of the Covid-19 pandemic, the company announced last week."With the uncertainties created by the Covid-19 pandemic and potential implications for Ferroglobe's operating environment and financial results, the company continues to prepare financial scenarios for the near term, which its externa...Read More