Emirates Global Aluminium (EGA) has signed a new contract with Vietnamese state-owned company Vinacomin for the supply of alumina to the United Arab Emirates until 2023. The agreement means EGA will continue to buy up to 300,000 tonnes per year of alumina from Vinacomin. This deal extends an agreement that EGA and Vinacomin signed in late 2017 which was due to expire at the end of this year. https...Read More
The three-month nickel price on the London Metal Exchange improved during morning trading on Tuesday March 10, recouping losses made in Monday's decline in a 3% rally, while the rest of the complex followed higher. Nickel's outright price on the LME was recently at $12,920 per tonne, climbing from a morning low of $12,570 per tonne.Turnover in nickel was high this morning, with more than 5,000 lot...Read More
Prices for hot-rolled coil in the United States have rebounded following a steep drop at the beginning of the week, but prices remain closer to the $29-per-hundredweight ($580-per-short-ton) level than the $30-per-cwt level that characterized the spot market just a week ago.Fastmarkets' daily steel hot-rolled coil index, fob mill US, was calculated at $28.89 per hundredweight ($577.80 per ton) on...Read More
The recent extension of the 2019-nCoV coronavirus quarantine area to all of Italy has resulted in trading activity falling to nearly zero and has caused some minor disruptions to deliveries, sources told Fastmarkets on Tuesday March 10.But production has not been affected by the tougher measures, market participants said.On March 9, Italian authorities ordered a lockdown of whole country in an att...Read More
Domestic prices for hot-rolled coil in Northern Europe have dropped day on day following a decline in import offers and the risks related to the 2019-nCoV coronavirus outbreak in Italy, sources told Fastmarkets on Tuesday March 10.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?481.07 ($549.54) per tonne on Tuesday, down by ?,?3.55 per tonne day on day fr...Read More
Customers in some of the major outlet markets for CIS-origin steel slab have reduced their bids significantly in the past week due to the drop in demand and uncertainty in the global market caused by the spread of the 2019-nCoV coronavirus.No indications of fresh offers were heard from CIS producers on Tuesday March 10 because mills were said to be assessing the market.A source in Italy expected n...Read More
A summary of full year 2019 financial results for German metals distributor Kl??ckner & Co SE. In brief: The company cites falling steel prices and weak demand for a drop in earnings. Shipments and sales both fell across all segments of the business. Full year 2019 results Earnings before interest, taxes, depreciation and amortization (Ebitda)...Read More
Ferrous scrap market participants in the United States are steeling themselves for the likelihood of a pricing downturn in April, due to a multitude of uncertain economic and geopolitical conditions threatening the market outlook. Domestic steel mills successfully limited the pricing upside during the March trade - unanimously holding their ground on a $10-per-gross-ton increase on prime scrap whi...Read More
Turkish steel producers have continued to hold back from the deep-sea scrap market despite shrinking stock levels because of the firm prices being asked, sources said on Tuesday March 10.There have been no new bookings so far this month, but suppliers were keeping their offers steady.Offers of HMS 1&2 (80:20) from the US remained at $280 per tonne cfr, while offers of similar material increased by...Read More
Seaborne premium hard coking coal prices fell on Tuesday March 10, amid bearish sentiment caused by volatility in global financial markets and, more specifically, due to cuts in domestic coke prices in China. Fastmarkets indicesPremium hard coking coal, fob DBCT: $157.29 per tonne, down $1.36 per tonnePremium hard coking coal, cfr Jingtang: $166.66 per tonne, down $2.78 per tonneHard cok...Read More
The seaborne iron ore market has been bolstered on Tuesday March 10 amid concerns over supply constraints from Brazil and positive expectation for steel demand in March and April. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $92.09 per tonne, up $4.13 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $93.40 per tonne, up $4.13 per tonne58% Fe fines high-grade premium, cfr Qing...Read More
The publication of Fastmarkets China Domestic Coking Coal price estimate for Monday March 9 was delayed due to an administrative error. The Fastmarkets pricing database, MInD, has since been updated. Below are the details of the price.Price name: MB-COA-0001 Hard coking coal domestic China spot market , Shanxi-origin, delivered Tangshan Quality:Volatile matter: 75 Y value: >16 Ash: <=11.5 Su...Read More
China's domestic hot-rolled coil market stopped falling on Tuesday March 10 on strengthening downstream demand, with prices in the eastern region holding steady while those in the north edging up.DomesticEastern China (Shanghai): 3,490-3,500 yuan ($503-504) per tonne, unchangedNorthern China (Tangshan): 3,290-3,310 yuan per tonne, up 10 yuan per tonneDownstream demand is picking up with more manuf...Read More
China's domestic rebar prices picked up on Tuesday March 10 on a pick-up in trading activity due to rising futures.Eastern China (Shanghai): 3,410-3,440 yuan ($491-495) per tonne, up 40 yuan per tonne Northern China (Beijing): 3,270-3,310 yuan per tonne, up 10 yuan per tonneMore transactions were concluded during the day compared with Monday, with rebar futures charting big gains, sources said.End...Read More
Base metals prices were up across the board this morning, Tuesday March 10, on expectations that central banks and governments will step in to stop the rout. This follows Monday's slump across a broad set of assets that saw the base metals on the London Metal Exchange down by an average of 4.3% at their lows, oil futures slump by more than 35%, the Dow Jones Industrial Average Index (DJIA) off by...Read More
Beijing has taken measures to resuscitate its sluggish logistics sector by cutting port fees in a bid to encourage businesses to increase their import and export activities.Chinese Premier Li Keqiang announced measures on March 3 during a State Council meeting to reduce several port fees. Port construction duties have been suspended until June 30. The port construction duty is a levy on businesses...Read More
Base metals were mixed this morning, Wednesday March 11, while the pre-market Dow Jones Industrial Average Index (DJIA) was off by 700 points, this after a 1,167-point rise on Tuesday.Markets were disappointed that US President Donald Trump did not announce concrete stimulus/support measures on Tuesday, but measures are still expected in the United States sometime soon and the Wednesday’s ann...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 85 points in pre-opening trade. Index futures responded to disappointment that the U.S. Administration did not offer a fiscal package after the close yesterday as had been expected. U.S. equity index futures were virtually unchanged following release of the February Consumer Price Index at 8:30 AM EDT. Consensus was u...Read More
Here are five Fastmarkets stories you might have missed on Monday March 9 that are worth another look.Market sources have been puzzled by the gradual upward trend in China's steel prices after the novel coronavirus (2019-nCoV) broke out in a big way after the Lunar New Year holiday.Soci?(C)t?(C) le Nickel (SLN) resumed operations and ore shipments at its Thio mine in New Caledonia on March 9, a sp...Read More
Three-month base metals prices on the London Metal Exchange, with the exception of aluminium, closed down in the afternoon session on Monday March 9 while problems arising from the 2019-CoV coronavirus continued to weigh on global economies and demand for commodities."There was no shortage of negative developments over the weekend while recently-affected economies took drastic measures to limit th...Read More