The three-month nickel price on the London Metal Exchange was the standout performer during morning trading on Friday April 17, pushing beyond the $12,000-per-tonne threshold for the first time in a month, while copper tested resistance at $5,200 per tonne. Nickel's outright price on the LME was recently at $12,035 per tonne, gaining $280 from Thursday's closing price of $11,764 per tonne and push...Read More
China's domestic hot-rolled coil prices were stable on Friday April 17 but trading activity fell, with market sentiment dampened by a drop in the country's gross domestic product in the first quarter - the first time in three decades.DomesticEastern China (Shanghai): 3,330-3,340 yuan ($470-472) per tonne, unchangedNorthern China (Tangshan): 3,260 yuan per tonne, unchangedA Shanghai-based trader sa...Read More
Key data from Fastmarkets' pricing session in London on Friday April 17.Key drivers Sellers were less inclined to demand a premium for alloy-grade units given slow activity in the spot market recently and headwinds from aerospace-industry closures. Alloy-grade prices were within $0.10 per lb of the standard-grade assessment on the low end. Market sources reported...Read More
An overview of the Chinese minor metals markets and the reasons for their latest price moves. Read More
The price of vanadium pentoxide in Europe jumped by more than 25% in the week ended Friday April 17 due to concerns over obtaining the material during the continued lockdown in South Africa. Fastmarkets assessed the vanadium pentoxide 98% V2O5 min, in-whs Rotterdam price at $6.90-7.45 per lb on Friday, up 25.3% from the previous week's assessment of $5.2-6.25 per lb and at a three-month high....Read More
Prices for ferrous scrap imported to South Korea only registered marginal gains over the week to Friday April 17, while mills refused to contemplate higher offer prices for deep-sea cargoes with only limited interest in Japan-origin material, Fastmarkets heard.Although export offer prices from the United States West Coast have ballooned over the past fortnight, low buying interest has meant that K...Read More
Ferrous scrap sellers in Taiwan are mostly withholding offers for containerized material from the United States due to the bullish outlook for spot prices, sources told Fastmarkets on Friday April 17.Fastmarkets' daily price assessment for containerized cargoes of steel scrap, HMS 1&2 (80:20), US material import, cfr main port Taiwan, was $215-218 per tonne cfr on April 17, up by $3 per tonne from...Read More
Vietnamese buyers balked at the high offer for a deep-sea bulk cargo of ferrous scrap this week, preferring to purchase cheaper Japanese material instead.A seller offered a 20,000-25,000-tonne bulk cargo of Australian heavy melting scrap (HMS) 1&2 (80:20) at $270-275 per tonne cfr Vietnam at the start of the week, which is $20-25 per tonne higher than last week's offer of $250 per tonne cfr amid b...Read More
Here are five Fastmarkets stories you might have missed on Thursday April 16 that are worth another look.Toyota plans further cuts to output at its automotive plants in Japan in response to the Covid-19 pandemic, but has also pledged to support ventilator producers in the fight against the rising infection and death rates.Chinese stainless steel producers have withheld their offers since late last...Read More
Mining operations in South Africa may now operate at a reduced capacity of not more than 50% during the country's lockdown and can apply to restart and increase production beyond this level, according to a government minister. Dr Nkosazana Dlamini Zuma, South Africa's minister of cooperative governance and traditional affairs, said approvals will come from the minister of mineral resources and ene...Read More
The three-month copper price on the London Metal Exchange was little changed at the close of trading on Thursday April 16, holding above nearby support levels despite a 10-day low in turnover, while aluminium futures continued to find support above the $1,500 per tonne threshold.Copper's underlying price on the LME closed at $5,138.50 per tonne, climbing by just over 0.5% from Wednesday's closing...Read More
Key pricing data from the pricing session for Fastmarkets' alumina index, fob Australia on Thursday April 16. Fastmarkets' daily alumina index, fob Australia was little changed from the previous day and steady from $225.40 per tonne a week prior. But the current index level remains 24% lower than a month ago. Key drivers: Fresh deal concluded on March 15 at $225 per tonne fob Australia with...Read More
The aluminium price on Shanghai Futures Exchange rose for a fourth consecutive day on Thursday April 16 in an active Chinese market. The aluminium front month contract on the SHFE touched a fresh one-month high of 12,110 yuan ($1,714.50) per tonne on April 16, up 150 yuan per tonne from Wednesday's close at 11,960 yuan per tonne. This followed an increase of 220 yuan per tonne the day prior,...Read More
Chinese stainless steel producers have withheld their offers since late last week and this has resulted in a recent surge in prices, multiple sources told Fastmarkets this week. Stainless steel mills including a major privately-held steelmaker resorted to a supply shock to arrest a rapid decline in prices after futile attempts to court customers with price discounts, a stainless steel trader in no...Read More
Here are five Fastmarkets stories you might have missed on Thursday April 16 that are worth another look.Toyota plans further cuts to output at its automotive plants in Japan in response to the Covid-19 pandemic, but has also pledged to support ventilator producers in the fight against the rising infection and death rates.Chinese stainless steel producers have withheld their offers since late last...Read More
The Covid-19 pandemic has rapidly hit global electric vehicle (EV) production and sales, and so the broadly anticipated reshuffle of China's EV battery supply chain is likely to speed up in 2020. Many already believed the EV subsidy policy in China that had been scheduled to end in December 2020 would squeeze out some companies in the EV battery supply chain, including producers of precursors, cat...Read More
Turkish steel mills have continued to book deep-sea scrap, leaving prices fairly stable on Thursday April 16.A steel mill in the northern Turkey booked a US cargo late on Wednesday, comprising 20,000 tonnes of HMS 1&2 (90:10) and 10,000 tonnes of plate and structural scrap (P&S) at an average price of $262 per tonne cfr. This would put the HMS 1&2 (80:20) price...Read More
Here are five Fastmarkets stories you might have missed on Thursday April 16 that are worth another look.Toyota plans further cuts to output at its automotive plants in Japan in response to the Covid-19 pandemic, but has also pledged to support ventilator producers in the fight against the rising infection and death rates.Chinese stainless steel producers have withheld their offers since late last...Read More
Mining operations in South Africa may now operate at a reduced capacity of not more than 50% during the country's lockdown and can apply to restart and increase production beyond this level, according to a government minister. Dr Nkosazana Dlamini Zuma, South Africa's minister of cooperative governance and traditional affairs, said approvals will come from the minister of mineral resources and ene...Read More
Metals prices are in limbo this morning, Thursday April 16, while participants weigh up the stark truth that the global economy is experiencing a slump in demand with the potential for a rebound given all the monetary and fiscal stimulus being thrown at economies around the world. The combination of poor data summed up by the United States' Empire State manufacturing index falling to -78.2 in Apri...Read More