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 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 European Commission has imposed anti-dumping duties on imports of hot-rolled stainless steel products originating in China, Taiwan and Indonesia into the European Union, it announced on Tuesday April 7.The provisional duties relate to an investigation started on August 12, 2019, following the European Steel Association Eurofer's complaint lodged two months earlier.The investigation applies to,...Read More
China Certification & Inspection Group's (CCIC) Japanese unit has suspended operations after Prime Minister Shinzo Abe declared a state of national emergency in major areas of Japan in response to the spreading Covid-19 virus, Fastmarkets learned. On Tuesday April 7, the Japanese government announced a month-long national emergency in Tokyo, Osaka, Fukuoka and four other prefectures.CCIC Japa...Read More
An overview of the noble alloys markets and the reasons for any price moves.Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.U.S. equity index futures moved higher following release of economic news at 8:30 AM EDT. The Federal Reserve announced a $2.3 trillion lending program to support the business community. Consensus for Weekly Initial Jobless Claims was a drop of 5.0 million versus a drop of 6.648 million la...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed this morning, Thursday April 9, as were Asian-Pacific equity indices. Markets seem to be consolidating after a show of strength earlier in the week, which was fueled by reports that business activity was ramping up and some of the Covid-19 hotspots in Europe were showing some early signs of peaking. While the...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 7 that are worth another look.The second quarter of 2020 will be one of volume survival due to massive capacity cuts in scrap, billet and long steel products globally amid Easter and Ramadan holiday periods and during efforts to contain the coronavirus, the International Rebar Producers & Exporters Association (Irepas) said o...Read More
Hong Kong trading house Noble Group Holdings will close its base metals and rare earths trading desks as part of widespread board-mandated staffing cuts, informed sources told Fastmarkets. Noble's board is said to have agreed on a directive for a major cut to headcount across the business, with traders informed that they would be let go on Monday and Tuesday this week. "They are blaming Covid-19 b...Read More
Three-month base metals prices on the London Metal Exchange were trading in positive territory at the close on Tuesday April 7, bolstered by reports that daily-reported Covid-19 cases were abating, giving rise to a spate of short-covering. Other market participants attributed today's gains to a risk-off rally induced by China's gradual return to market amid a fresh slew of supply disruptions to ke...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 7 that are worth another look.The second quarter of 2020 will be one of volume survival due to massive capacity cuts in scrap, billet and long steel products globally amid Easter and Ramadan holiday periods and during efforts to contain the coronavirus, the International Rebar Producers & Exporters Association (Irepas) said o...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 7 that are worth another look.The second quarter of 2020 will be one of volume survival due to massive capacity cuts in scrap, billet and long steel products globally amid Easter and Ramadan holiday periods and during efforts to contain the coronavirus, the International Rebar Producers & Exporters Association (Irepas) said o...Read More
Glencore-owned Mopani Copper Mines is to transition its operations to care-and-maintenance status from Wednesday April 8 but will continue to process on-site material at the associated Zambian smelter and refinery until further notice.Mopani cited the repercussions of the Covid-19 pandemic along with a weaker copper price for the decision, which it made after a number of meetings with government m...Read More
Hong Kong trading house Noble Group Holdings will close its base metals and rare earths trading desks as part of widespread board-mandated staffing cuts, informed sources told Fastmarkets. Noble's board is said to have agreed on a directive for a major cut to headcount across the business, with traders informed that they would be let go on Monday and Tuesday this week. "They are blaming Covid-19 b...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 7 that are worth another look.The second quarter of 2020 will be one of volume survival due to massive capacity cuts in scrap, billet and long steel products globally amid Easter and Ramadan holiday periods and during efforts to contain the coronavirus, the International Rebar Producers & Exporters Association (Irepas) said o...Read More
Hong Kong trading house Noble Group Holdings will close its base metals and rare earths trading desks as part of widespread board-mandated staffing cuts, informed sources told Fastmarkets. Noble's board is said to have agreed on a directive for a major cut to headcount across the business, with traders informed that they would be let go on Monday and Tuesday this week. "They are blaming Covid-19 b...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 7 that are worth another look.The second quarter of 2020 will be one of volume survival due to massive capacity cuts in scrap, billet and long steel products globally amid Easter and Ramadan holiday periods and during efforts to contain the coronavirus, the International Rebar Producers & Exporters Association (Irepas) said o...Read More
Prices for plate and structural scrap and for No1 busheling increased week on week in the Mexican steelmaking regions of Monterrey and Baj?-o, while other scrap grades remained stable because of reduced material generation and expectations about the April scrap trade in the United States.Fastmarkets' assessment of the steel scrap No1 heavy melt, consumer buying price, delivered mill Monterrey ...Read More
Turkish deep-sea scrap import prices have gone up strongly, as expected, with news of fresh cargo deals, sources said on Tuesday April 7.A steel mill in the Iskenderun region booked a European cargo, comprising 10,000 tonnes of HMS 1&2 (75:25) at $235 per tonne, 20,000 tonnes of shredded at $243 per tonne, 4,000 tonnes of a mixture of HMS 1 and plate and structural scrap (P&S) at $248 per tonne, a...Read More
First Quantum Minerals has put its Cobre Panama operation into care and maintenance following orders from the government to suspend activities to prevent the spread of the Covid-19 pandemic. Mining and processing operations will be halted, but the company said it is expected that the port and power plant will continue operations to supply electrical power into the Panama national grid as well as t...Read More