The inter-merchant spot market for light iron scrap in the UK dropped by more than 23% in the week to Friday March 27, after a fall of almost 19% the previous week, and now stands at its lowest level since September 2016.The slump follows a collapse in demand for steel from car makers in the UK and Europe, with many car makers suspending output until further notice. Much of the UK's steel producti...Read More
The effects of the Covid-19 pandemic kept Turkish steel mills away from the deep-sea scrap market at the end of the week, while several mills and re-rollers shut down or cut production, sources told Fastmarkets on Friday March 27.The coronavirus outbreak has brought domestic steel trade to a near halt in Turkey, which led some mills to stop buying scrap from both local and overseas suppliers."I he...Read More
Import prices for ferrous scrap in Taiwan have fallen to a three-and-a-half-year low amid the spread of the Covid-19 coronavirus across all parts of the United States, the key supplier, where sellers have been trying to offload material to Asia quickly ahead of further price falls.Talk of prices plunging in the major Turkish import market also caused many buyers to hold back from trading in the we...Read More
Seaborne iron ore prices dipped on Friday March 27 amid mounting concerns that steel production cuts outside China and the subsequent drop in demand for raw materials will lead to the diversion of cargoes to Chinese ports.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $86.36 per tonne, down $0.41 per tonne 62% Fe low-alumina fines, cfr Qingdao: $87.02 per tonne, down $0.62 per t...Read More
Seaborne coking coal prices saw limited movement on Friday March 27, with market participant sentiment outside China decidedly bearish while those in China took a different view. Fastmarkets IndicesPremium hard coking coal, fob DBCT: $153.44 per tonne, up $0.41 per tonnePremium hard coking coal, cfr Jingtang: $158.03 per tonne, down $0.22 per tonneHard coking coal, fob DBCT: $139.89 per tonne, dow...Read More
Eastern China's hot-rolled coil prices continued to fall on Friday March 27 on thin trading. Exporters too reported thin trading amid the availability of cheaper cargoes from other countries such as India.DomesticEastern China (Shanghai): 3,330-3,350 yuan ($470-473) per tonne, down 20 yuan per tonneNorthern China (Tangshan): 3,280 yuan per tonne, unchangedA Shanghai-based trader said sellers in th...Read More
Base metals' stocks in Shanghai Futures Exchange-approved warehouses all fell over the week to Friday March 27, with lead, in particular, registering the biggest outflows. Lead stocks in Shanghai Futures Exchange-approved warehouses slumped by 38% to 13,969 tonnes in the week to Friday March 20. The outflow mainly came from the Guangdong...Read More
The three-month tin price on the London Metal Exchange was higher during morning trading on Friday March 27, with prices supported by a cancellation of 700 tonnes out of LME-registered warehouses in Port Klang, while zinc futures showed signs of improvement. Tin's underlying price on the LME was recently seen at $14,310 per tonne, up from a morning low of $13,970 per tonne. Turnover was moderate a...Read More
Rebar importers outside China have been asking lower prices due to the decrease in billet prices in the international market, while China's domestic rebar prices were flat on Friday March 27 amid steady trading.Eastern China (Shanghai): 3,470-3,500 yuan ($490-495) per tonne, unchanged Northern China (Beijing): 3,380-3,400 yuan per tonne, unchangedThe weak futures led to lower buying interest in sp...Read More
Markets are looking quite mixed this morning, Friday March 27, with most Asian-Pacific equity indices up, the pre-market Dow Jones Industrial Average (DJIA) down by 1.1%, while base metals prices on the London Metal Exchange and Shanghai Futures Exchange are up and gold is down from recent highs.It is not surprising the markets are mixed as it is confusing that the DJIA rallied by 6.4% on Thursday...Read More
Base metals prices on the Shanghai Futures Exchange were all up at the close of morning trading on Friday March 27, with the complex buoyed by positive performances in equity markets overnight and this morning.The $2-trillion economic stimulus package approved by the United States Senate late on Wednesday and expectations of a coordinated response from Group of 20 (G20) nations to combat the Covid...Read More
First Solar - the world's leading manufacturer of solar power modules - is continuing operations at its main sites in the United States, Malaysia and Vietnam despite Covid-19 virus restrictions on industrial activity in all three countries.First Solar is focused on the cadmium telluride photovoltaic market, a subdivision of the thin-film solar industry. The US-headquartered company said on Th...Read More
Fastmarkets is proposing to increase the pricing frequency of its cobalt hydroxide payable indicator, min 30% Co, cif China, to twice weekly from weekly.The cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt price (low-end), is currently published weekly, on Wednesdays.Following an initial consultation with the market, and a review of typical...Read More
Key data from the Friday March 27 pricing session in Shanghai.Key drivers The cobalt metal price took a break from its persistent downturn amid the supply disruptions following the 21-day lockdown in South Africa, which started midnight on Thursday March 26. Producers have attempted to raise offers while traders continued to destock...Read More
An overview of the Chinese minor metals markets and the reasons for their latest price moves.Read More
The price of stainless steel in the European domestic market increased this week with producers anticipating shortages following the closure of all production sites in Italy, sources told Fastmarkets on Friday March 27. On March 21, the Italian government issued a decree closing all non-essential production operations in the country, including steelmaking. Following this, many mills elsewhere in E...Read More
Prices in Southeast Asia's steel billet market have plunged over the past week, tracking losses seen in the bellwether Turkish ferrous scrap import market amid the fallout from the Covid-19 pandemic. Fastmarkets' daily price assessment for steel billet, import, cfr Southeast Asia, which mainly looks at 120-150mm 5sp grade billet sold into Manila, was $380-385 per tonne on Friday March 27, down $5...Read More
ZINCMINI CARRY TIPS ZincMini Carry Tips – Buy ZincMini APRL at CMP 144.05 Add more if price Near 143 with SL 141.90 for Target 145.90 – 146.90 – 147.80 (CARRY) Read More
LEADMINI TIPSLeadMini Tips – LeadMini Sell Call 225a given at 132.80 Almost near to 1st Target 131.40. CMP 131.50. Profit of 1.3 x 2 lot = 2.60 PointsCALL ID 225a : LeadMini Tips - SELL LeadMini April at CMP 132.80 for Target tomorrow 131.40 - 130.40 with SL Above price 134.05. Risk Taker trade 2 lots Read More
COPPER TODAYCopper Today – Copper April Buy Call 225f given at price 376.20 CMP 377.70. Low risk taker book 1.5 Points / Rs 3750 Per lot. Risk Taker Hold as per tipsCALL ID 225f : Intraday Copper Tips - BUY Copper April at CMP 376.20 for Target 378.50 - 379.90 with SL below price 373.90 Read More