The value added tax (VAT) rate in Saudi Arabia will increase to 15% - from the current 5% - in effect from July 1, the Saudi Arabian Ministry of Finance announced on Monday May 11.The country had initially imposed 5% VAT from January 1, 2018 alongside the United Arab Emirates (UAE) - forthe first time in the history of the two countries.Saudi Arabia's Ministry of...Read More
Fastmarkets will host a steel webinar with the Singapore Exchange (SGX) on Tuesday May 19 that covers the latest developments and outlook for the industry.The two-hour webinar from 3-5pm Singapore time will delve into price analyses and market outlook by Fastmarkets' editorial and research teams. These will include the impact of Covid-19 on steel supply chains, developments and the outlook for Chi...Read More
Here are five Fastmarkets stories you might have missed on Monday May 11 that are worth another look.A second wave of Covid-19 infections will hit the global commodities markets even harder than the initial outbreak, market sources told Fastmarkets on May 11.The London Metal Exchange will not rush back into trading on the open outcry ring and is happy with the effectiveness of the current ele...Read More
Singapore energy trader ZenRock engaged in "dishonest practices", according to court filings made by HSBC to seek to remove the company's management and appoint auditor KPMG in charge. Court documents seen by Fastmarkets detail what HSBC describes as "a series of highly dishonest transactions," where ZenRock used the same cargo of crude oil to obtain at least two, but potentially several, lots of...Read More
The three-month lead price on the London Metal Exchange continued to climb into the closing session on Monday May 11, climbing by more than 1.6% to its highest level in three weeks, while steady buying in zinc futures kept the galvanizing metal's forward price above nearby support levels. The lead price closed at $1,671.50 per tonne on Monday afternoon, its highest closing price since April 20, wh...Read More
The latest data for the global manganese ore market for the week ended May 11, 2020.Read More
Here are five Fastmarkets stories you might have missed on Monday May 11 that are worth another look.A second wave of Covid-19 infections will hit the global commodities markets even harder than the initial outbreak, market sources told Fastmarkets on May 11.The London Metal Exchange will not rush back into trading on the open outcry ring and is happy with the effectiveness of the current ele...Read More
After 12 years at the helm and two global crises, the president and chief executive officer of the American Iron & Steel Institute (AISI) is setting sail to calmer seas. The former naval warfare officer and self-proclaimed "policy guy" sizes up his legacy in a one-on-one discussion with Jo Isenberg-O'Loughlin.As a boy, all Thomas J "Tom" Gibson ever wanted to do "was fly an airplane and be an astr...Read More
A second wave of Covid-19 infections will hit the global commodities markets even harder than the initial outbreak, market sources told Fastmarkets on Monday May 11.Five new infections have surfaced in the Chinese city of Wuhan where the outbreak first came to light, while 11 new cases have been recorded in Shulan city in Jilin province. And in the South Korean capital Seoul, the authori...Read More
The three-month lead price on the London Metal Exchange continued to climb into the closing session on Monday May 11, climbing by more than 1.6% to its highest level in three weeks, while steady buying in zinc futures kept the galvanizing metal's forward price above nearby support levels. The lead price closed at $1,671.50 per tonne on Monday afternoon, its highest closing price since April 20, wh...Read More
China's domestic rebar prices weakened on Monday May 11, with downstream buyers taking a wait-and-see approach following futures losses in the afternoon.DomesticEastern China (Shanghai): 3,480-3,510 yuan ($492-496) per tonne, down by 20-30 yuan per tonneA Shanghai-based trader said trading activity in the spot market thinned during the day in comparison with last week, with sentiment dampened by t...Read More
Seaborne iron ore prices were largely stable on Monday May 11 amid slower port trading activity, while the market saw a solid premium for June delivery cargoes and good demand from Chinese mills. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $88.61 per tonne, up $0.01 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $91.18 per tonne, up $0.26 per tonne. 58% Fe fines high-grade premium, c...Read More
Domestic prices for hot-rolled coil in Northern Europe have moved down slightly day on day on Monday May 11 amid a slow market, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was ?,?420 ($454.99) per tonne on Monday May 11, down by ?,?0.83 per tonne from ?,?420.83 per tonne on Thursday May 7. The index is down by ?,?3.13 per tonne week o...Read More
A second wave of Covid-19 infections will hit the global commodities markets even harder than the initial outbreak, market sources told Fastmarkets on Monday May 11.Five new infections have surfaced in the Chinese city of Wuhan where the outbreak first came to light, while 11 new cases have been recorded in Shulan city in Jilin province. And in the South Korean capital Seoul, the authori...Read More
Gold royalty company Franco-Nevada will fund up to $150 million of Solgold's Alpala project in Ecuador, the mine operator said on Monday May 11. The net smelters returns (NSR) agreement includes an initial $100 million to Solgold which will pay a perpetual 1% NSR interest. The total amount could increase by $50 million and to a 1.5% NSR interest rate within eight months. NSR is the amount of reven...Read More
US Midwest aluminium premiums have slumped in reaction to the ramifications of the spread of Covid-19. The US aluminium market has been hit hard by the Covid-19 pandemic and is expected to remain challenged for much of this year. The extent of the impact will depend upon factors including how long it will take for demand from the major end-use markets to recover and what the mills' supply response...Read More
The London Metal Exchange three-month lead price increased during morning trading on Monday May 11, with a fresh cancellation of some 14,025 tonnes prompting a 1.5% price incline, while steady buying allowed copper futures also to improve. LME lead's outright price was recently at $1,670 per tonne, climbing from an intra-morning low of $1,641 per tonne, while turnover was moderate with just over 1...Read More
Nickel briquettes will be allowed for delivery on the Shanghai Futures Exchange from October 16 for contracts for November delivery onwards, the Exchange announced on Friday May 8.The announcement, however, did not specify designated delivery warehouses or the rate of premium and discount applied to delivery warehouses at different locations, and will be separately specified an...Read More
The London Metal Exchange will not rush back into trading on the open outcry ring and is happy with the effectiveness of the current electronic pricing model, chief executive officer Matthew Chamberlain said."The LME will be adopting a very staged and cautious return to its office, given the effectiveness of our work at home practices," Chamberlain said, speaking in video format on May 7 on the LM...Read More
Sentiment in the Commonwealth of Independent States' (CIS) export billet market improved over the weekend amid ongoing demand from China as well as increasing scrap costs, sources said.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS was $345 per tonne on May 11, up by $9 from Thursday May 7. Several cargoes of Ukraine-origin billet totaling 90,000 tonnes were sold to C...Read More