Automotive manufacturers in Europe have announced temporary production shutdowns at sites across the continent because of the problems being created by the measures taken by governments to restrict the spread of the 2019-nCoV coronavirus pandemic.On Wednesday March 18, BMW, Toyota and Jaguar-Land Rover listed their sites that were intended for closure, while previous shutdowns included Groupe PSA,...Read More
Steel billet import prices in Egypt fell in the week to Thursday March 19, but there was no resulting pick-up in demand, sources told Fastmarkets.The spread of the novel coronavirus (2019-nCoV) in Egypt has caused trade to decrease significantly, and many offices have been closed, sources told Fastmarkets.As of March 19 there were 210 confirmed infections in Egypt, with si...Read More
Prices in the Commonwealth of Independent (CIS) export billet market slumped on Thursday March 19 following the sharp drop in import steel scrap prices in Turkey a day earlier.Russia's Abinsk Electric Steel Works offered billet at $360-365 per tonne fob Black Sea, against $390-392 pertonne heard earlier in the week, while other CIS-based mills adopted a 'wait-and-see' mode."We are not offering at...Read More
The Turkish deep-sea scrap import market was quiet on Thursday March 19, despite a sharp decrease in prices the day before, sources have told Fastmarkets.On March 18, a steel mill in the Marmara region booked a Canadian cargo, comprising 18,000 tonnes of HMS 1&2 (90:10), 20,000 tonnes of shredded and 12,000 tonnes of plate and structural (P&S) scrap, at an average price of $255 per tonne cfr.Marke...Read More
Prices for bulk ferrous scrap cargoes imported into Bangladesh have fallen over the past week amid a deterioration in international scrap prices and heightened disruption created by the 2019-nCoV coronavirus pandemic, market sources told Fastmarkets on Thursday March 19.Bangladesh has provided a rare bright spot for bulk scrap sellers over recent weeks, with a strong local steel market and high co...Read More
Seaborne premium hard coking coal prices showed little movement on Thursday March 19 while concerns about the global economic outlook persisted, although one trade involving a premium mid-vol cargo pushed the premium hard coking coal cfr China index up.Fastmarkets indicesPremium hard coking coal, fob DBCT: $163.15 per tonne, down $0.76 per tonnePremium hard coking coal, cfr Jingtang: $168.05 per t...Read More
Seaborne iron ore prices dropped on Thursday March 19, though uncertainty about supply persisted and the futures prices on the Dalian Commodity Exchange regained some losses made earlier in the morning. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $91.36 per tonne, down $0.35 per tonne 62% Fe low-alumina fines, cfr Qingdao: $92.37 per tonne, down $0.83 per tone58% Fe fines high-grade pr...Read More
Fastmarkets announces the launch of import ferrous scrap prices for the markets of Bangladesh and South Korea.These new price assessments, and accompanying written content, will significantly boost Fastmarkets' coverage of the Asia ferrous scrap complex, providing subscribers with accurate pricing data together with detailed and insightful market commentary.After undertaking an extensive consultat...Read More
Physical trading for copper in China has ground to a halt after the tumbling copper price on the Shanghai Futures Exchange (SHFE) startled the market, Fastmarkets heard.Copper, a bellwether for the global economy, lost its cool following the rout across global financial markets amid the coronavirus (2019-nCoV) fallout. SHFE copper rapidly fell to the daily down limit after it opened on Thursday Ma...Read More
The three-month copper price on the London Metal Exchange was lower during morning trading on Thursday March 19, with selling pressure and high turnover prompting a further 1% decline, while a fresh inflow of some 46,475 tonnes of aluminium saw the light metal top the losses over the morning. Copper's outright price on the LME was recently seen at $4,687.50 per tonne, up from a morning low of $4,3...Read More
The London Metal Exchange has approved Minara cobalt briquettes produced at Glencore's Murrin Murrin nickel-cobalt operations in Australia for delivery against the exchange's physically settled cobalt contract.Murrin Murrin produces about 3,000 tonnes per year of cobalt briquettes. The LME suspended brand-listing fees for new cobalt brands in March last...Read More
While risk-off dominates and even though governments are prepared to throw money at the financial system and into economies and households, the likelihood is that more factories will close, household spending will fall, as will demand for raw materials, but there may be some dead cat bounces along the way.Partial and full lockdowns will hopefully mean the novel coronavirus (2019-nCoV) is brought u...Read More
The plummeting of share prices among companies in the battery supply chain due to the 2019-nCoV coronavirus pandemic is reversing the gains achieved after China's announcement of its policy on electric-vehicle subsidies, indicating weak sentiment toward the market.Lithium and cobalt commodity prices have largely been resilient to volatility since the outbreak of the coronavirus pandemic.Benchmark...Read More
The board of the Minor Metals Trade Association (MMTA) and the directors of Metal Events Ltd have postponed the annual conference scheduled for April in Charleston, in the US state of South Carolina, due to concerns over the spread of the 2019-nCoV coronavirus, the trade group said on Thursday March 19.The three-day convention will now be held April 14-16, 2021, in Charleston. The original dates w...Read More
The fall in cobalt hydroxide payables has accelerated over the past week on increasing concerns about a slowdown in the global economy and electric vehicle (EV) production due to the global spread of the novel coronavirus (2019-nCoV). Fastmarkets' cobalt hydroxide payable indicator fell to 65-68% against the standard-grade cobalt price (low-end) on Wednesday March 18, down 2.2% from 67-69% on...Read More
The European Commission is to set provisional anti-dumping duties on hot-rolled stainless steel imports from Indonesia, China and Taiwan on April 12.The provisional duties relate to an investigation started on August 12, 2019, following a complaint lodged two months earlier by the European Steel Association Eurofer.The investigation applies to "flat-rolled products of stainless...Read More
China's domestic stainless steel prices and export prices for stainless steel cold-rolled coil fell over the past week due to weakened demand, while a decline in the cost of nickel also put prices under pressure. The London Metal Exchange three-month daily official nickel price was $11,505-11,510 per tonne on Wednesday March 18, down by $975 per tonne or 7.8% from $12,480-12,485 per tonne a week e...Read More
Asian Pacific equity indices are firmer this morning, Friday March 20, as are many of the base metals and all of the precious metals. But given that the worst no doubt lies ahead in terms of weaker demand for non-household consumables in Europe and the United States, the current upturn in prices may be a countertrend move or a two-thirds-of-the-way-down pause.We say two thirds of the way down beca...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 51 points in pre-opening trade.Today is Quadruple Witching Day, the last trading day for March index and equity listed options and futures. The Canadian Dollar was unchanged at U.S. 70.03 cents following release of January Canadian Retail Sales at 8:30 AM EDT. Consensus was an increase of 0.3% versus a gain of 0.2% in...Read More
ALUMINI COMMODITYAlumini Commodity – Alumini Buy Hold Call 2218 given at 135.10 (136.10+135.10+134.10) Triggered SL at price 133.40. Total 1.7 Points SL per lotTIPS ID 2218 : Alumini Tips - Buy Alumini March at CMP 136.10 Add more Buy at price 135.10 & 134.50 with SL 133.40 for Target 138.90 - 139.90 - 141 Read More