Base metals prices were mostly slightly up on the LME but weaker on the SHFE this morning, Thursday September 30, but overall the markets seem to be consolidating while they await big-picture developments.China's power rationing weighs on the official manufacturing purchasing managers index (PMI)The Thursday economic agenda is busyUS dollar rallying stronglyBase metalsAfter price weakness on Wedne...Read More
China's domestic rebar prices gained more strength on Thursday September 30 amid tight supply, ending the month with a sharp increase of around 13% in the eastern region and 14% in the north. Domestic Eastern China (Shanghai): 5,900-5,930 yuan ($902-908) per tonne, up by 60-70 yuan per tonneNorthern China (Beijing) weekly assessment: 5,700-5,740 yuan per tonne, up by 220 yuan per tonnePrices in ea...Read More
London Metal Exchange prices were largely unchanged on the morning of Thursday September 30, with tin and aluminium the standout performers for the month. A strong US Dollar Index, which was at its highest level since September 2020 on Wednesday at 94.43 and just slightly lower on Thursday morning, has been one of the factors keeping metal prices steady. "And increased uncertainty in China ab...Read More
Spot prices for hot-rolled coil in China moved within a tight range on Thursday September 30 on thin trading ahead of a week-long holiday to mark the country's National Day.DomesticEastern China (Shanghai): 5,740-5,770 yuan ($888-893) per tonne, narrowed by 10 yuan per tonne from 5,730-5,780 yuan per tonneNorthern China (Tangshan): weekly assessment: 5,720-5,740 yuan per tonne, narrowed upward by...Read More
Fortescue Metals Group (FMG) has confirmed that the death of one of its employees had resulted in a suspension of its 75-million-tonnes-per year Solomon Hub iron ore mine in Western Australia, according to the company.The fatality resulted from a ground collapse at the mining site,...Read More
Seaborne iron ore prices increased on Thursday September 30, after reports of a fatality at Fortescue Metals Group's (FMG) Solomon Hub in Western Australia, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $119.23 per tonne, up $5.10 per tonne62% Fe low-alumina fines, cfr Qingdao: $121.94 per tonne, up $6.92 per tonne58% Fe fines high-grade premium, cfr Qingdao: $91....Read More
China is stepping up measures to ensure there is enough electricity supply for heavy industries amid ongoing power restrictions in various parts of the country.The National Development & Reform Commission (NDRC) will look into allowing more thermal coal imports and higher domestic production of the raw material to increase electricity generation rates, a spokesman for the commission said at a pres...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 29 that are worth another look....Read More
The suspension of activity in the vicinity of the Xingu dam in Vale's Mariana iron ore complex has been partially revoked, allowing the associated railway to resume activities, the Brazilian company said on Thursday September 30.The Regional Labor Superintendence (SRT) had issued an order to partly reverse the suspension of operations to allow the resumption of transportation along the Vit??ria-Mi...Read More
Mills in Bangladesh have dipped into the containerized import scrap market for a handful of bookings at largely stable prices, sources told Fastmarkets on Thursday September 30.Bangladesh books small tonnage in containersChina import market activity thin ahead of holidayPrices in Taiwan weaken after restocking endsBangladeshSteelmakers in Bangladesh booked a handful of deals for containers of heav...Read More
* Rare earth mine output quota for 2021 at 168,000 T vs 140,000 T in 2020 * Full-year smelting and separation quota at 162,000 T vs 135,000 T in2020 * Tight heavy rare earth supply to persist while Myanmar border shut-analyst (Adds analyst comment) By Tom Daly Sept 30 (Reuters) - China hiked its annual rare earth output quotas onThursday by 20% year-on-year to their highest levels on record, as it...Read More
Base metals prices were mixed on the morning of Wednesday September 29 while they consolidated against a backdrop of numerous headwinds. Uncertainty has picked up regarding how high US treasury yields and the dollar will go and what will the fallout be if China's Evergrande starts defaulting on foreign-owned debt. China's power rationing set to hit metal production and manufacturing, and in turn s...Read More
Prices in the Indian import steel scrap market have dropped in recent days amid continued weak demand in the country, while power shortages are constraining Chinese scrap demand, market sources told Fastmarkets.Weak demand in India continues to pressure pricesChina's restrictions on power usage depress buying interests furtherTaiwan secures containerized scrap cargoes at $465 per tonne cfrIndiaPri...Read More
Turkish steel mills stepped away from the deep-sea scrap import market after booking a number of cargoes earlier in the week, sources told Fastmarkets on Wednesday September 29.Steelmakers booked at least three deep-sea cargoes earlier this week. A steel mill paid $426 per tonne cfr for Europe-origin HMS 1&2 (80:20), while another steel mill paid $434 per tonne for the same material from Venezuela...Read More
The US nickel briquette price hit a new all-time high; premiums in Asia and Europe remain unchanged. China premiums stable ahead of Chinese National Holidays US briquette hits new all-time high amid extreme shortage European premiums remain flat Shanghai premiums stable ahead of holidays The premiums on nickel cathodes imported into China remained stable in the week to Tuesday September 28,...Read More
China's power-cut policy has caused disruption in the battery raw materials supply chain and has brought uncertainty to the price of materials like nickel and cobalt, sources told Fastmarkets.The country started introducing power-consumption limits in some provinces in July 2021 due to power shortages following its carbon-reduction policy, and the curbs have been extended into more provinces and h...Read More
Chinese copper smelters are looking to buy concentrates for the fourth quarter of this year, citing better availability of spot materials. China's Copper Smelters Purchase Team (CSPT) set the fourth-quarter base price for treatment and refining charges (TC/RCs) at $70 per tonne/ 7 cents per lb on Wednesday September 29, sources told Fastmarkets. The price floor...Read More
An overview of the consumer electronics markets and their latest price moves in the week to Wednesday September 29.Janie Davies in London;...Read More
China's spot domestic ferro-chrome market jumped in the week ending Tuesday September 28 due to a supply shortage amid production disruptions.Fastmarkets assessed ferro-chrome, spot, 6-8% C, basis 50% Cr, ddp China at 11,100-11,500 yuan per tonne on Tuesday, up 1,100-1,200 yuan from 10,000-10,300 yuan per tonne on September 21. Last week, the assessment was rolled over from the previous week due t...Read More
Nickel was almost at a four-month low, while all prices on the London Metal Exchange declined on Wednesday September 29, pushed down by the continued uncertainty over demand given high energy prices and a US Dollar Index that was at its highest since November 2020.The US Dollar Index reached 94.28 on Wednesday, a near-one-year high and a 1.9% increase from 92.50 at the start of September. The...Read More