The D? 1/4 sseldorf wire and tube fair has been postponed due to the spread of the novel coronavirus (2019-nCoV), the fair organizer, Messe D? 1/4 sseldorf, said on Saturday February 29.The international trade fair for wire, cable, tube and pipe industries was due to take place on March 30 to April 3. "We are following the recommendation of the crisis management team of the German government to ta...Read More
Global gross domestic product (GDP) growth and dry bulk trade are both facing uncertainty due to the spread of the novel coronavirus (2019-nCoV), though Chinese government stimulus measures are likely lend much-needed support, iron ore miner Rio Tinto said last week. "We are currently evaluating the impact of the Covid-19 [disease], which could create significant uncertainty for our business in th...Read More
The China Council for the Promotion of International Trade (CCPIT) has issued 1,615 force majeure certificates to businesses in China affected by the novel coronavirus (2019-nCOV) outbreak.Local exporters that applied for the force majeure "legal shield" cover over 30 different sectors, according to a CCPIT announcement on its website on February 26. The legal provision is traditionally used...Read More
The D? 1/4 sseldorf wire and tube fair has been postponed due to the spread of the novel coronavirus (2019-nCoV), the fair organizer, Messe D? 1/4 sseldorf, said on Saturday February 29.The international trade fair for wire, cable, tube and pipe industries was due to take place on March 30 to April 3. "We are following the recommendation of the crisis management team of the German government to ta...Read More
Global gross domestic product (GDP) growth and dry bulk trade are both facing uncertainty due to the spread of the novel coronavirus (2019-nCoV), though Chinese government stimulus measures are likely lend much-needed support, iron ore miner Rio Tinto said last week. "We are currently evaluating the impact of the Covid-19 [disease], which could create significant uncertainty for our business in th...Read More
Here are five Fastmarkets stories you might have missed on Monday March 2 that are worth another look.The China Council for the Promotion of International Trade (CCPIT) has issued 1,615 force majeure certificates to businesses in China affected by the novel coronavirus (2019-nCOV) outbreak.The price of European aluminium ingot 226 continued to climb on Friday February 28 due to strong domesti...Read More
Publication of Fastmarkets' assessment of blister copper refining charges (RCs) for February was delayed by a reporter error.The copper blister 98-99% RC, spot, cif China, is normally published on the last trading day of the month.The price should therefore have been published on Friday February 28. It was instead published on Monday March 2. The price was $135-145 per tonne in the latest assessme...Read More
Spot trading interest in copper intermediate products has surged among Chinese smelters who are eager to make up for copper output lost during the coronavirus (2019-nCoV)-led logistics lockdown in February. Logistics operations are resuming across Chinese provinces and copper production has picked up, leading to several thousand tonnes of blister copper reported as being sold into the country. Fas...Read More
Seaborne prices for both high- and-low grade manganese ore fell in the week ended Friday February 28 amid falling portside ore and alloy prices and a weakening of sentiment.Fastmarkets' manganese ore index, 37% Mn, cif Tianjin, was $4.32 per dry metric tonne unit (dmtu) on Friday, down by $0.14 per dmtu or 3.1% week on week.The corresponding index for manganese ore 37% Mn, fob Port Elizabeth, fell...Read More
Here are five Fastmarkets stories you might have missed on Monday March 2 that are worth another look.The China Council for the Promotion of International Trade (CCPIT) has issued 1,615 force majeure certificates to businesses in China affected by the novel coronavirus (2019-nCOV) outbreak.The price of European aluminium ingot 226 continued to climb on Friday February 28 due to strong domesti...Read More
Copper futures on the London Metal Exchange rose by more than 1% on Monday March 2 as part of a global rally across asset classes.LME 3-month copper was trading at $5,700 per tonne at the exchange's 5pm close, up by $65 per tonne from the close on the preceding Friday.Gains across the base-metals complex came as other asset classes made big gains after a broad collapse toward the end of last week....Read More
Seaborne coking coal prices were stable on Monday March 2, as most market participants in China adopted a wait-and-see approach on seaborne coking coal buying.Fastmarkets indicesPremium hard coking coal, fob DBCT: $162.39 per tonne, up $0.34 per tonnePremium hard coking coal, cfr Jingtang: $168.54 per tonne, up by $0.01 per tonneHard coking coal, fob DBCT:...Read More
Seaborne iron ore prices surged on Monday March 2, boosted by expectations that stimulus measures from the Chinese government, following weak manufacturing data, will lend much-needed support to the country's economic growth and specifically the commodities sector.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $88.93 per tonne, up $4.97 per tonne.62% Fe low-alumina fines, cfr Qingdao: $90....Read More
CIS export slab export prices fell in the week to Monday March 2, with deals being done at lower prices and the size of the discount varying depending on the final destination, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel slab, export, fob Black Sea, CIS, was $405-420 per tonne on March 2, down by $5-10 per tonne week on week.A 50,000 cargo of Ukraine-origin slab was rep...Read More
Copper futures on the London Metal Exchange rose by more than 1% on Monday March 2 as part of a global rally across asset classes.LME 3-month copper was trading at $5,700 per tonne at the exchange's 5pm close, up by $65 per tonne from the close on the preceding Friday.Gains across the base-metals complex came as other asset classes made big gains after a broad collapse toward the end of last week....Read More
China's metals inventories could more than double in the first quarter of 2020, according to a JP Morgan research note published on Thursday February 27.The note also said that stockpiles of copper were expected to build up to about 2.5 times the average seasonal first-quarter volume seen over the past five years, because of sustained production and a lack of downstream demand."In metals, Chinese...Read More
The China Council for the Promotion of International Trade (CCPIT) has issued 1,615 force majeure certificates to businesses in China affected by the novel coronavirus (2019-nCOV) outbreak.Local exporters that applied for the force majeure "legal shield" cover over 30 different sectors, according to a CCPIT announcement on its website on February 26. The legal provision is traditionally used...Read More
Cesco Santiago, one of the biggest annual events for the copper industry, has been canceled, organisers confirmed to Fastmarkets. "Both the World Copper Conference organized by CRU and Cesco Dinner will not take place this year," the organization said in a press release dated Monday March 2 after confirming by phone. The organization had been under pressure to at least delay the event because many...Read More
China's official manufacturing purchasing managers index (PMI) slumped to 35.7 in February from 50 previously, but despite this the base metals are up across the board this morning, Monday March 2, and Asian equity indices are for the most part firmer too. The buoyancy seems to stem from expectations that central banks will continue to pump liquidity into their economies to cushion the economic bl...Read More
Domestic prices for hot-rolled coil in Europe were fairly stable day on day on Monday March 2, buoyed by a continued lack of competitive import offers, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?484.55 ($534.22) per tonne on Monday March 2, down by ?,?0.35 per tonne day on day from ?,?484.90 per tonne on February 28.The index...Read More