The United States' ferrous scrap export market faces negative pressure after a Canadian sale to Turkey at a steep drop, while East Coast docks begin an aggressive plan to lower buying prices more frequently than weekly and West Coast docks starve for material due to inbound flows halting in some areas. A Canadian exporter sold a cargo on Wednesday March 18 that includes a 90:10 mix of No1 and No2...Read More
Turkish steel producers resumed their deep-sea scrap bookings for April shipment cargoes with prices down sharply, sources said on Wednesday 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.Market sources cal...Read More
Reductions to shipping and port fees comprise the latest weapon for Chinese steel exporters amid their country's efforts to cushion the effects of the 2019-nCoV coronavirus outbreak.China has halved the oil pollution compensation fees and canceled port construction charges for all vessels entering or leaving the country, in a move to soothe the economy further, the state council announced on Monda...Read More
Japanese export prices for ferrous scrap have fallen for the third consecutive week, with market conditions expected to deteriorate further in the short term, trading sources told Fastmarkets on Wednesday March 18.Fastmarkets' price assessment for steel scrap H2 export, fob main port Japan, settled at ?22,000-22,500 ($206-210) per tonne on Wednesday, down by ?500 per tonne week on week from last...Read More
Seaborne coking coal prices were stable on Wednesday March 18, with trading activity muted.Fastmarkets indicesPremium hard coking coal, fob DBCT: $163.91 per tonne, up $0.17 per tonnePremium hard coking coal, cfr Jingtang: $166.77 per tonne, down $0.93 per tonneHard coking coal, fob DBCT: $145.01 per tonne, down $1 per tonneHard coking coal, cfr Jingtang: $152.50 per...Read More
Seaborne iron ore prices were up on Wednesday March 18, with Brazilian-origin high-grade fines finding traction among buyers in China.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $91.71 per tonne, up $0.51 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $93.20 per tonne, up $0.81 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $80.43 per tonne, up 0.64 per ton...Read More
Operations at Vale's iron ore distribution and blending center at the Teluk Rubiah Maritime Terminal in Malaysia, could be suspended until March 31, market sources told Fastmarkets on Wednesday March 18. The miner confirmed the news late in the evening in Singapore."Vale could temporarily halt, starting on Saturday, its distribution center in Malaysia until March 31. Vale is communicating with the...Read More
Nickel briquette premiums fall in the United States on declining spot demand, while all Chinese premiums rose on better arbitrage opportunities and European premiums were flat amid little trade in the week to Tuesday March 17.US briquette premiums slip while the World Health Organization declared Covid-19 a global pandemic on Wednesday March 10.Premiums rise in China, where the novel coronavirus (...Read More
Global zinc and lead premiums held firm in the week to Tuesday March 17 following the dent to physical appetites stemming from the global spread of novel coronavirus (2019-nCoV) while Asian markets began a partial recovery.Partial restarts in China enlivened spot demand for material, but this is yet to manifest in regional zinc and lead premiums.Automaker shutdowns have dented US' zinc and lead de...Read More
The London Metal Exchange three-month copper price was trading down 4.7% during the morning session on Wednesday March 18, with a second day of inflows into LME-approved global warehouses continuing to heap pressure on prices. Some 15,000 tonnes of copper was put back into global sheds as of 9am this morning - 8,800 tonnes of which arrived into Rotterdam while the remaining 6,200 tonnes was s...Read More
Despite massive rescue packages announced by governments around the world, equity indices are still falling - as are most of the base metals - this morning, Wednesday March 18.But we are starting to production halts emerge in the metals, so both the demand and supply sides of the supply/demand equation are now likely to be reined in. Although with economic activity in Europe slowing, demand is lik...Read More
Transport disruptions and dampened demand due to the novel coronavirus (2019-nCoV) pandemic kept aluminium premiums steady throughout the world over the past week, while the contango in the three-month/cash price spread on the London Metal Exchange encouraged market participants to hold on to metal.Illiquidity persisted amid lockdowns across Europe keeping premiums unchangedAsian markets waiting f...Read More
Cobalt sulfate prices fell below 50,000 yuan ($7,131) per tonne on Wednesday March 18, with the rapid spread of the novel coronavirus (2019-nCoV) outside China exacerbating concerns over slower growth in global electric vehicle (EV) production. Fastmarkets' price assessment for cobalt sulfate 20.5% Co basis exw China, dropped to 47,000-49,000 yuan per tonne on Wednesday March 18, down 5.8% from 50...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday March 18.Key drivers Firm production at ferro-titanium plants supports alloy and titanium scrap prices against similar demand in end-user markets. Titanium scrap prices steady against strong alloy production. Market sources expect little change near term ahead of a...Read More
The feasibility study for an expansion of the currently idled First Cobalt cobalt refinery in Canada continues despite the novel coronavirus (2019-nCoV) outbreak, with a restart in the fourth quarter under consideration.The company is contemplating an initial recommissioning of the refinery in partnership with commodities miner and marketer Glencore before expanding production as early as the seco...Read More
Auryn Resources Inc, which is developing the Sombrero copper-gold project in southern Peru, has halted work after recalling all personnel from the field due to the novel coronavirus (2019-nCoV) pandemic, the company said. The decision was made prior to the Peruvian government mandating a temporary two-week border lockdown, with all work at public institutions also suspended for 15 days. "Such disr...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
U.S. equity index futures were lower this morning. S&P 500 futures were down 72 points in pre-opening trade. The New York Stock Exchange announced a move to start fully electronic trading on Monday. Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the March Philly Fed Index was 10.0 versus 36.7 in February. Actual was -12.7. Consensus for...Read More
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
LEADMINI TIPS TODAYLeadMini Tips Today – LeadMini Sell Call 2213 given at 136.90 Achieved 1st 135.90 & 2nd Target 135.40. CMP 135.20. profit of 1.5 x 2 lot = Rs 3000TIPS ID 2213 : Intraday Leadm Tips - SELL 2 lot LeadM at CMP 136.90 for Target 135.90 - 135.40 with SL Above price 138.05 Read More