Seaborne iron ore prices recovered from losses seen the previous day amid active portside trading on Wednesday April 22.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $85.04 per tonne, up $0.67 per tonne 62% Fe low-alumina fines, cfr Qingdao: $86.66 per tonne, up $0.70 per tonne58% Fe fines high-grade premium, cfr Qingdao: $67.40 per tonne, up $0.82 per tonne. 65% Fe Brazil-ori...Read More
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 issues during the 2008 financial crash, sources told Fastmarkets. With a number of aluminium producers switching their value-added product production to primary aluminium and end-user demand increasingly weak due to Covid-19 shutdowns, storing...Read More
China's domestic rebar prices edged up on Wednesday April 22 amid a recovery in the futures market and increased trading in comparison with the past two days. Eastern China (Shanghai): 3,430-3,450 yuan ($483-488) per tonne, narrowed upward by 10 yuan per tonneNorthern China (Beijing): 3,430-3,460 yuan per tonne, widened upward by 10 yuan per tonne Rebar futures rose in tandem with the rising...Read More
China's domestic hot-rolled coil prices were largely stable on Wednesday April 22 amid increased trading activity, while exporters continued to wait for opportunities to sell their products abroad after other countries issued offers similar to theirs.DomesticEastern China (Shanghai): 3,290-3,320 yuan ($465-469) per tonne, widening downward by 10 yuan per tonneNorthern China (Tangshan): 3,240 yuan...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday April 22.Key drivers: Spot market sees thin trade but steady inquiries with buyers hoping to keep abreast of price changes in the context of supply cuts at CTT and Ambatovy, and upstream logistical pressures in Africa. Sellers...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday April 22.Key drivers Europe ferro-titanium market extends steady trend for a third consecutive week while supply worries support prices amid reduced production both within the continent and abroad. UK-based sources say domestic production has been cut up to as much as 20% from some furnaces due to reduced staffing levels while worke...Read More
Key data from the Wednesday April 22 pricing session in Shanghai.Key drivers Cobalt metal price drops in line with weak domestic futures market; cobalt prices on the Wuxi Stainless Steel Exchange wiped out the gains made earlier in the week, falling to a near one-month low.Market participants attributed...Read More
Hsikwangshan Twinkling Star Co, a major Chinese antimony producer, suspended production last week due to a fatal safety accident, giving antimony suppliers in the country the confidence to raise offer prices on expectations of reduced supply, market participants told Fastmarkets. The Lengshuijiang-headquartered company ceased production soon after the accident that caused one death and could be of...Read More
China's Zhejiang Yongjin Metal Technology plans to build a stainless steel cold-rolling mill in Thailand as part of a joint venture with Foshan Lianhongyuan Stainless Steel, the company said on April 20. The company is in the process of obtaining approvals from the relevant authorities and...Read More
The European charge and high carbon ferro-chrome benchmark has jumped by 13 cents, or 12.9%, to $1.14 per lb for the second quarter of 2020. The settlement is announced every quarter by Merafe Resources, which operates a chrome joint venture with trader-miner Glencore in South Africa. The benchmark is settled via negotiations between a leading South African ferro-chrome producer and a major Europe...Read More
The Covid-19 pandemic could nudge Chinese steelmakers toward using more electric-arc furnaces (EAF) to produce steel, market sources say.This is especially due to the huge market uncertainty caused by the ongoing global economic crisis. EAF-based production could offer mills - most of which are still heavily reliant on blast furnaces (BFs) - the flexibility they need in such circumstances to reduc...Read More
Vietnam's Formosa Ha Tinh Steel Corp will not announce its monthly offer prices for its steel supply for the first time in history."The company will engage in private price negotiations with individual customers based on their demand and inventory levels," a source told Fastmarkets on Wednesday April 22.Formosa Ha Tinh Steel Corp is one of two major blast furnace-based producers in Vietnam, togeth...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 commod...Read More
U.S. equity index futures were slightly higher this morning. S&P 500 futures were up 5points in pre-opening trade.Index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EDT. Consensus was 4.300 million versus 5.245 million last week. Actual was 4.427 millionTarget (TGT $106.84) is expected to open higher after reporting higher than consensus sam...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 21 that are worth another look.The lockdowns imposed due to the Covid-19 pandemic were offering automotive manufacturers a rare opportunity to take a step back and to re-evaluate their long-term strategies, the chief executive officer of Eurasian Resources Group has said.Italian long steel producer Alfa Acciai Group has resum...Read More
Miners are cautious about a full ramp-up in production even as Peru's Covid-19 pandemic-related state of emergency is expected to lift after Sunday April 26.An immediate ramp-up to pre-quarantine levels will not be possible for small to mid-size miners in Peru, a producer told Fastmarkets, given that restrictions on the movement of people as well as logistical disruptions are expected to continue...Read More
Tantalum prices have found support due to tightness of supply and concerns about obtaining material during the continued lockdowns in central African countries imposed to control the spread of the Covid-19 pandemic.Prices have been moving up over the past month, with buyers struggling to find cheap prompt units due to the increased worries about the future availability of material, market sources...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 21 that are worth another look.The lockdowns imposed due to the Covid-19 pandemic were offering automotive manufacturers a rare opportunity to take a step back and to re-evaluate their long-term strategies, the chief executive officer of Eurasian Resources Group has said.Italian long steel producer Alfa Acciai Group has resum...Read More
A summary of base metals premiums from across the globe for the week to Tuesday April 21.Please click...Read More
Glencore's Mopani Copper Mine in Zambia could continue to operate under certain conditions after the company's decision to shut the mine led to strong opposition from the the country's government.A company statement, dated Monday April 20, said that the mining operations could restart if an agreement were reached between government officials and Glencore, but did not give details of the necessary...Read More