Key data from the April 1 pricing session in London. Key drivers Benchmark metal prices continue to come under pressure from the spread of the Covid-19 virus, its dampening effect on the global economy and weakening demand from lockdowns on...Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 1 that are worth another look.Spain's Ministry of Industry, Trade & Tourism has finally confirmed the steel industry is considered "essential" and can continue operating, albeit at a slower pace, the Spanish steel distributors association, UAHE, said on April 1.Arconic Inc has completed its separation into two standalone co...Read More
Thomas Hodge is the new head of London Metal Exchange average price trading at commodity broker Sucden Financial, the company said in a notice on Wednesday April 1. A specialist in quantitative approaches to trading, Hodge joins from base...Read More
South Africa's 21-day lockdown aimed at curbing the spread of the Covid-19 virus has highlighted the cobalt market's dependence on the shipping route out of Durban. South Africa entered the lockdown - initially for three weeks - on Thursday March 26, creating uncertainty over loading at ports, including Durban, which is frequently used for the shipment of Democratic Republic of the Congo-mined cob...Read More
The three-month copper price on the London Metal Exchange was lower at the close of trading on Wednesday April 1, with price action shedding some $133.50 per tonne against moderate volumes, while continued inflows saw aluminium futures dip below nearby support.Copper's outright price on the LME closed at $4,800 per tonne on Wednesday afternoon, climbing from an intraday low of $4,769 per tonne, wh...Read More
Fastmarkets will suspend the publication of the first Live Futures Report of the day from Monday April 6. The first Live Futures Report of the day is currently published during the morning session of the Shanghai Futures Exchange. Fastmarkets will continue to publish the Morning View, which references both London Metals Exchange and SHFE base metals contracts, equities and foreign exchange markets...Read More
Seaborne iron ore prices managed to stay above $80 per tonne cfr on Wednesday April 1 despite weakening from a day earlier amid a softening rebar market in China.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $82.49 per tonne, down $0.83 per tonne 62% Fe low-alumina fines, cfr Qingdao: $83.80 per tonne, down $0.28 per tonne58% Fe fines high-grade premium, cfr Qingdao: $71.48 per tonne, do...Read More
The latest forecast from Fastmarkets' team of analysts is ready to view.Aluminium: Downside momentum maintainedThe aluminium price has continued to decline, with LME cash even falling below the $1,500 per tonne mark at the start of this week. Downside pressure and momentum remains in the short term while ex-China demand plummets amid auto production line closures and while smelters resist capacity...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.As oil price stumbles, outlook for welded markets weakensIn February, oil prices, already hit by the economic slowdown in Asia, turned lower on the failure of OPEC+ to reach an agreement on production cuts. This was enough to shake oil markets, but the collapse of global demand due to the pandemic has driven Brent below $30/...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.This month's key ferro-alloy forecast highlights:While the ferro-alloy industry's initial response to the Covid-19 outbreak was marked by rising prices primarily in response to supply-side concerns, focus has now shifted somewhat. As Chinese activity slowly returns to more normal levels, for alloys with a strong Chinese produ...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Coronavirus continues to shape scrap markets but tighter supply may partly offset lower demandWe have downwardly revised our ferrous scrap price forecasts for the following few months and, as a result, for the whole year of 2020, with the Covid-19 outbreak outside China stalling the markets. The Fastmarkets' daily benchmark...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Having first hit Asia during early 2020, the Covid-19 viral outbreak is now having an even bigger impact on European countries and the US. Widespread lockdown measures have been put in place on people and industry, and economic activity has slowed markedly.For now, stainless steel markets in Europe and the US are yet to show...Read More
Iranian steel billet producers have returned to the market after the Nowruz break for the country's new year celebrations, and they had new offer prices despite a state of semi-lockdown in the country due to the Covid-19 pandemic.The country's major billet producer, Khouzestan, issued a tender for 30,000 tonnes of billet scheduled for delivery in May, and claimed to have sold it at $350 per tonne...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
Arconic Inc has completed its separation into two standalone companies, with one focused on aerospace and transportation, and the other on aluminium sheet, extruded and architectural products. The names of the two companies are Howmet Aerospace Inc, the new name for Pittsburgh, Pennsylvania-headquartered Arconic Inc; and Arconic Corp, according to statements issued on Wednesday April 1.Howmet...Read More
The three-month copper price on the London Metal Exchange was lower at the close of trading on Wednesday April 1, with price action shedding some $133.50 per tonne against moderate volumes, while continued inflows saw aluminium futures dip below nearby support.Copper's outright price on the LME closed at $4,800 per tonne on Wednesday afternoon, climbing from an intraday low of $4,769 per tonne, wh...Read More
The South African port authority is looking to reserve Durban port for the shipment of essential goods only, revoking a separate statement by the country's maritime authority to allow processing of metals cargoes during the 21-day lockdown, Fastmarkets has learned. The Transnet National Ports Authority, TNPA, insisted on April 1 that the current arrangements for usage of the busiest port in sub-Sa...Read More
Fastmarkets will suspend the publication of the first Live Futures Report of the day from Monday April 6. The first Live Futures Report of the day is currently published during the morning session of the Shanghai Futures Exchange. Fastmarkets will continue to publish the Morning View, which references both London Metals Exchange and SHFE base metals contracts, equities and foreign exchange markets...Read More
Teck Resources has suspended its 2020 production guidance due to the high degree of uncertainty associated with the Covid-19 pandemic and has reduced production at its Highland Valley Copper (HVC) operations to 80-85% of normal levels. The cut follows Teck's implementation of a temporary slowdown of operations and reduction of crews by up to 50% of regular levels at HVC from March 25. The measures...Read More
Thomas Hodge is the new head of London Metal Exchange average price trading at commodity broker Sucden Financial, the company said in a notice on Wednesday April 1. A specialist in quantitative approaches to trading, Hodge joins from base...Read More