Here are five Fastmarkets stories you might have missed on Wednesday April 8 that are worth another look.World trade will fall by more this year than during the downturn brought on by the global financial crisis of 2008-09 as the impacts of the Covid-19 pandemic are felt.The fate of the steel world continues to hang in the balance: Numerous scrapyards have stopped operations, blast furnaces around...Read More
The Covid-19 pandemic may have just sealed the fate of already-struggling aluminium smelting capacity. At under $1,500 per tonne, aluminium cash prices on the London Metal Exchange are at levels last seen in 2015 and not far shy of the lows seen during the 2008-09 financial crisis. Estimates are that as much as half the world's smelters are now under water, meaning cuts and/or closures are inevita...Read More
The lockdown in South Africa has sparked a sharp rise in seaborne manganese ore prices in China, whereas the chrome ore market has lagged behind due to different end uses, slower portside price movements and high stocks. South Africa has been under a nationwide lockdown since Thursday March 26, implemented to prevent the spread of the Covid-19 virus. The country's metals and mining operations...Read More
The fate of the steel world continues to hang in the balance: Numerous scrapyards have stopped operations, blast furnaces around the world have stopped and aggressive offers by traders for Russian and Indian supply have pushed prices down further. In the Asia hot-rolled coil market, for example, Russian and Indian material is expected to remain the lowest-priced supply in the spot market for...Read More
Spot cobalt hydroxide deals are being concluded on a fixed-price basis while buyers and sellers seek to shield themselves from market volatility expected to come from measures taken to curb the global spread of the coronavirus.News late last month that South Africa would enter a 21-day lockdown created uncertainty over the supply of cobalt hydroxide in the coming weeks and months. About 65% of the...Read More
The three-month copper price on the London Metal Exchange was lower at the close of trading on Wednesday April 8, withstanding a large inflow of 44,000 tonnes and closing above nearby support levels, while nickel was the only metal to close higher over the day.Copper's outright price on the LME closed at $5,002.50 per tonne on Wednesday afternoon, falling by less than 1% from an intraday high of $...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday April 8.Please click...Read More
Spot appetite for zinc and lead were weak across different regional markets this week while respective lockdowns adversely affect industrial activities including steelmaking and battery manufacturing, sources said on Tuesday April 7.Some zinc producers in Europe maintained operations to fill up on lost output from Latin America, while spot appetite for zinc ingots remained minimal Two major batter...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: OversoldAluminium has been the hardest hit base metal over the past week, after relentless selling pressure took it to fresh multiyear lows while its LME peers generally consolidate or try to rebound. Aluminium is seeing far less in the way of supply restraint or disruptions than the other metals. But this market...Read More
Market activity in the European hot-rolled coil market has been poor due to the effects of the measures taken to control the spread of the Covid-19 pandemic, sources told Fastmarkets on Wednesday April 8.Import prices have decreased further over the course of this week, but domestic prices have been largely stable in Northern Europe, with only a few deals done.Fastmarkets' daily steel hot-rolled c...Read More
The three-month copper price on the London Metal Exchange was lower at the close of trading on Wednesday April 8, withstanding a large inflow of 44,000 tonnes and closing above nearby support levels, while nickel was the only metal to close higher over the day.Copper's outright price on the LME closed at $5,002.50 per tonne on Wednesday afternoon, falling by less than 1% from an intraday high of $...Read More
Lead and zinc scrap prices continued to decline this week while scrap supply slowed due to reduced reduced peddler and industrial volumes and smelting demand also lessened following auto-manufacturer shutdowns and a general economic slump."We're trying to talk to as many of the yards as we can each day to see what is changing, but most are remaining open only to manage their industrial accounts. N...Read More
Liberty House Group has received European Commission (EC) approval to purchase Aleris Corp's facility in Duffel, Belgium, eliminating the last regulatory hurdle for Novelis' acquisition of Aleris."With the European Commission's approval of the buyer, Novelis has now received all regulatory clearances and will move expeditiously to close the acquisition of Aleris," Novelis said...Read More
Chile reported an 8% year-on-year increase in copper production during February, because heavy rains and lower output from the Chuquicamata mine had severely reduced volumes in 2019, state copper commission Cochilco said on Tuesday April 7.Chilean copper output totaled 448,300 tonnes in February 2020, from 415,200 tonnes in the corresponding month last year. Most of the largest mines in the countr...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday April 8.Please click...Read More
Hot-rolled coil prices in the United States dropped further amid quiet market activities, but some are hoping that prices could be nearing a floor and that the market could improve in May, according to sources.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $24.38 per hundredweight ($487.60 per short ton) on Wednesday April 8, down by 1.2% from $24.68 per cw...Read More
Steel consumption among the member-nations of the Gulf Co-operation Council (GCC) was likely to decrease significantly because of curfew orders imposed in several countries.Saudi Arabia announced a 24-hour curfew in the cities of Riyadh, Tabuk, Dammam, Dharan and Hofuf, and in the provinces of Jeddah, Taif, Qatif and Khobar, commencing on the night of April 6.The same measures were also imposed on...Read More
Prices for hollow steel sections in Europe widened this week with trading activity remaining slow ahead of the long Easter weekend break, sources told Fastmarkets on Wednesday April 8.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?590-610 ($641-663) per tonne on Wednesday, widening downward by ?,?5 per tonne from ?,?595-610 per tonne o...Read More
The Commonwealth of Independent States (CIS) export billet price inched up by $3 per tonne day on day on Wednesday April 8 after new bookings came to light, sources said.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS was $340 per tonne fob Black Sea on Wednesday, up from $337 per tonne a day earlier.The rise followed a sale of Ukraine-origin billet to Egypt at $340 per tonn...Read More
The Turkish deep-sea scrap import markets went quiet again after the strong rebound earlier in the week, with supplies tighter because of the Covid-19 pandemic, sources said on Wednesday April 8.Scrap import prices have gone up strongly amid reduced availability of material in the deep-sea market, caused by the closing of scrapyards to control the pandemic and the subsequent decreased collection v...Read More