Prices for deep-sea bulk cargoes of ferrous scrap in Bangladesh have stayed largely flat over the past week amid a continued standoff between mills and suppliers, sources said on Thursday April 23.More stability in the Turkish import scrap market, a plunge in the price of crude oil and the continuation of Covid-19 pandemic lockdown restrictions in Bangladesh were three reasons highlighted by marke...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.The recent decline in Chinese scrap prices - to their lowest in a couple of years - even as demand rises, suggests that Chinese scrap supply is increasingly sufficient. In terms of scrap demand, the question is more about price attractiveness. Mini-mills were reducing demand in February, largely because steel margins on scra...Read More
Seaborne coking coal prices fell across the board on Thursday April 23, with steel mills outside of China grappling with poor downstream conditions and turning to metallurgical coal sellers as a result, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $120.36 per tonne, down $3.66 per tonnePremium hard coking coal, cfr Jingtang: $129.23 per tonne, down $6.47 per tonneHard coking...Read More
The price for high-grade seaborne iron ore from Brazil moved up on Thursday April 23, with market participants attributing the rise to persistently strong portside prices for such material, and improving but still constrained supply.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $84.46 per tonne, down by $0.58 per tonne.62% Fe low-alumina fines, cfr Qingdao: $86 per tonne, down by $0.66 pe...Read More
The three-month tin price on the London Metal Exchange was the standout performer during morning trading on Thursday March 23, clearing resistance at $15,100 per tonne, while steady buying in nickel futures over the morning also pushed its price higher. Tin's outright price on the LME was recently at $15,190 per tonne, an incline of more than 2% from Wednesday's closing price of $14,860 per tonne....Read More
Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange are firmer this morning, Thursday April 23, but the price pullbacks in recent days have questioned the robustness of the earlier rebounds. Oil futures' dip into negative territory raised concerns, especially in financial markets, because it meant there was no longer a finite amount of risk in holding the commodity....Read More
United States Antimony Corp (USAC), a producer of antimony metal and antimony trioxide, has announced a net loss in 2019 of $3.6 million in an earnings call with investors to review its financial performance over the year.In brief USAC reported a net loss of $3.6 million in 2019, compared with net income of $873,225 in the 2018 financial year. The weak performance was attributed to a drop in sales...Read More
China's domestic and export prices for stainless steel moved up amid rising raw material costs.Rising nickel futures on the London Metal Exchange led to an increase in the prices for nickel pig iron, a major raw material for producing stainless steel in China, sources said. The three-month nickel contract on the London Metal Exchange ended the official trading session on Monday at $12,334 per tonn...Read More
China's Zhejiang Yongjin Metal Technology plans to build a stainless steel cold-rolling strip mill to supplement its production facilities, the company said earlier this week.Location: Lanxi city, Zhejiang provinceCapacity: 125,000...Read More
China's aluminium alloy ADC12 export price to Japan rebounded on Wednesday April 22 after six straight weeks of decline, with producers citing tightening scrap feedstock supply. Fastmarkets assessed the aluminium ingot ADC 12 spot (MJP), cfr Japan price at $1,390-1,400 per tonne on Wednesday, up from $1,370-1,380 per tonne a week earlier. The price had been steadily falling since mid-February...Read More
Base metals prices were mixed this morning, Friday April 24, after markets had to absorb weak flash purchasing managers’ index (PMI) data on Thursday, especially in the services sector where readings were 11.7 in the European Union and 27 in the United States, while manufacturing readings were also weak. Broader markets were for the most part weaker this morning with losses seen in Asian-Paci...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 21 points in pre-opening trade. Index futures responded to news that the House of Representatives passed a bill to support workers during the coronavirus pandemic.Index futures were virtually unchanged following release of March Durable Goods Orders at 8:30 AM EDT. Consensus was a drop of 11.9% versus a gain of 1.2% in...Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 22 that are worth another look.The Covid-19 pandemic could nudge Chinese steelmakers toward using more electric-arc furnaces (EAF) to produce steel, market sources say.Aluminium stocks on the London Metal Exchange continue to rise and there is now a lack of warehouse space in key Asia locations in a situation that mirrors i...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday April 22.Please click...Read More
The three-month copper price on the London Metal Exchange was the standout performer at the close of trading on Wednesday April 22, with its price action breaching nearby resistance at $5,100 per tonne, while nickel futures lost ground over the day. Copper's outright price on the LME closed at $5,126 per tonne on Wednesday afternoon, climbing from an intraday low of $4,973 per tonne, while turnove...Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 22 that are worth another look.The Covid-19 pandemic could nudge Chinese steelmakers toward using more electric-arc furnaces (EAF) to produce steel, market sources say.Aluminium stocks on the London Metal Exchange continue to rise and there is now a lack of warehouse space in key Asia locations in a situation that mirrors i...Read More
Glencore' Katanga Mining subsidiary has cut its 2020 cobalt production guidance to 26,000 tonnes of cobalt contained in concentrates and hydroxides but has retained its copper guidance at 270,000 tonnes. The company had previously said it would produce 29,000 tonnes of cobalt this year. Katanga, which operates its 75%-owned subsidiary Kamoto Copper Company (KCC) in the Democratic Republic of Congo...Read More
Swiss commodities trader Glencore is to privatize its Katanga operations in the Democratic Republic of the Congo (DRC) and have it delisted from the Canadian bourse.Glencore, which currently owns 99.5% stake, will buy the rest of the shares of the Toronto-listed Katanga Mining Ltd, according to a statement issued by the company on Wednesday April 22.Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 22 that are worth another look.The Covid-19 pandemic could nudge Chinese steelmakers toward using more electric-arc furnaces (EAF) to produce steel, market sources say.Aluminium stocks on the London Metal Exchange continue to rise and there is now a lack of warehouse space in key Asia locations in a situation that mirrors i...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More