China's domestic rebar prices dropped on Thursday February 27 on surging inventories despite a gradual improvement in the country's logistic sector.Eastern China (Shanghai): 3,420-3,450 yuan ($487-492) per tonne, down 30 yuan per tonne Northern China (Beijing): 3,370-3,410 yuan per tonne, down 10 yuan per tonneMost transportation restrictions that had been imposed in various part of the country to...Read More
Key data from the February 27 pricing session in London. Key drivers: Spot market reportedly tight, especially for alloy-grade units, with material held in tight hands. Spot activity has been reasonably thin while market awaits greater clarity on the economic and demand impact of...Read More
Cobalt hydroxide payables have stabilized over the past week, with buyers taking a more hesitant approach to restocking against an uncertain backdrop for cobalt consumption and prices in the coming months. Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China was unchanged at 67-69.5% of the standard-grade cobalt price (low-end) on February 26. Payables had been rising steadily si...Read More
Deliveries of battery raw materials from Chinese producers to consumers in South Korea and Japan are continuing as usual despite a recent surge in the number of people infected by the novel coronavirus (2019-nCoV) in the latter two countries, Fastmarkets understands. Major exporters of battery precursor materials in China told Fastmarkets this week that they have not been requested by their custom...Read More
The Chinese cobalt sulfate price softened in Fastmarkets' midweek assessment after some suppliers cut their offers to lock in profits amid concerns of a waning market in March.Fastmarkets assessed the price for cobalt sulfate 20.5% Co basis, exw China at 56,000-58,000 yuan ($7,953-8,238) per tonne on Wednesday February 26, widening downward by 1,000 yuan per tonne from 57,000-58,000 yuan per tonne...Read More
Growing fears in recent days that the novel coronavirus (2019-nCoV) epidemic is becoming a pandemic have given global equity markets a reality check and base metals that had initially reacted more than equities are now down less than equities, so may have some catching up to do.The Dow Jones Industrial Average in pre-market trading on Friday February 28, is indicated at 25,190, which means it is d...Read More
U.S. equity index futures were lower again this morning. S&P 500 futures were down 32 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for January Personal Income was an increase of 0.3% versus a gain of 0.1% in December. Actual was an increase of 0.6%. Consensus for January Personal Spending was an increase of 0.3...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 26 that are worth another look.China's steel industry has faced difficulties in production and sales since the first working day after the Lunar New Year holiday due to the novel coronavirus (2019-nCoV) outbreak, which has led to some 78,000 infections and close to 2,700 deaths in the country so far.Metal and ferro-alloy...Read More
Chinese nickel premiums increased in the week to Tuesday February 25, along with one in the United States, but European premiums remained flat, near a perceived bottom, sources told Fastmarkets.China's nickel premiums rise on falling arbitrage loss between Shanghai and London exchanges The floor lifts slightly for US nickel briquette premiums European nickel premiums stay low, reflecting...Read More
Global tin premiums were steady in the week to Tuesday February 25, despite poor demand and with rising stock volatility turning the focus on delivery incentives amid a large inflow into LME warehouses in Los Angeles. European market questions LA inflows US sentiment improves Asia demand in question Fresh inflows puzzle European tin market; premiums steadyIn Europe, Fastmarkets assessed the tin 99...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 26 that are worth another look.China's steel industry has faced difficulties in production and sales since the first working day after the Lunar New Year holiday due to the novel coronavirus (2019-nCoV) outbreak, which has led to some 78,000 infections and close to 2,700 deaths in the country so far.Metal and ferro-alloy...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday February 26.Key drivers: Quiet ferro-titanium business in late February has not encouraged cheaper offer prices, with European suppliers expecting renewed demand for quarterly settlements in March and keen to hold their sales prices until then. 40 tonnes of alloy business has been reported to...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 26 that are worth another look.China's steel industry has faced difficulties in production and sales since the first working day after the Lunar New Year holiday due to the novel coronavirus (2019-nCoV) outbreak, which has led to some 78,000 infections and close to 2,700 deaths in the country so far.Metal and ferro-alloy...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday February 26.Key drivers: Quiet ferro-titanium business in late February has not encouraged cheaper offer prices, with European suppliers expecting renewed demand for quarterly settlements in March and keen to hold their sales prices until then. 40 tonnes of alloy business has been reported to...Read More
The Turkish steel mills have continued to be largely silent in the deep-sea scrap markets to try to restrict the upward trend in prices, sources said on Wednesday February 26.The mills were very active in the deep-sea scrap markets in the period February 4-24, booking at least 22 cargoes totaling more than 700,000 tonnes. As a result, scrap import prices into Turkey have been climbing since the be...Read More
Base metals prices were for the most part weaker this morning, Wednesday February 26, weighed down by further weakness from global equity markets that have in recent days been shaken from their complacency.The latest retreat in equities was partly fueled by the US Centers for Disease Control and Prevention warning Americans to prepare for the spread of the novel coronavirus (2019-nCoV) in the Unit...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 26 that are worth another look.China's steel industry has faced difficulties in production and sales since the first working day after the Lunar New Year holiday due to the novel coronavirus (2019-nCoV) outbreak, which has led to some 78,000 infections and close to 2,700 deaths in the country so far.Metal and ferro-alloy...Read More
Domestic prices for hot-dipped galvanized coil (HDG) have narrowed upward in Northern Europe over the past week, supported by strong demand and an absence of imported alternative material, sources told Fastmarkets on Wednesday February 26.Fastmarkets' weekly price assessment for steel HDG, domestic, exw Northern Europe, was ?,?580-600 ($630-652) per tonne ex-works on February 26, compared with ?,?...Read More
The mood in the European hot-rolled coil market has been bullish amid a lack of competitive import offers and domestic mills' good order books, sources told Fastmarkets on Wednesday February 26.Northern EuropeFastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe was at ?,?483.71 ($525.29) per tonne on Wednesday February 26, down by ?,?0.27 per tonne day on day from ?,?...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 26 that are worth another look.China's steel industry has faced difficulties in production and sales since the first working day after the Lunar New Year holiday due to the novel coronavirus (2019-nCoV) outbreak, which has led to some 78,000 infections and close to 2,700 deaths in the country so far.Metal and ferro-alloy...Read More