The broad availability of zinc warrants across Europe meant that physical premiums in the region were stable in the week to Tuesday February 18, while a similar abundance of Middle Eastern supply kept Indian lead premiums flat.Meanwhile, premiums in both the United States and China were steady over the week, with static demand limiting any changes in the latter, while the bulk of the US market was...Read More
Key data from the Wednesday February 19 pricing session in London.Key drivers The price for manganese flake in Europe fell for the first time this year after Chinese producers gradually returned to the global market.Several market participants booked material from China on a cif basis for late March/early April delivery at $1,800-1,950 per tonne. And with most market participa...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday February 19. Please click...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 19 that are worth another look.Chinese wire rod producers are keeping export offers stable on expectations of improved demand in April, market sources told Fastmarkets, which kept prices flat in the past week amid sparse trading.Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday February 19. Please click...Read More
The three-month aluminium price on the London Metal Exchange was lower at the close of trading on Wednesday February 15, with daily trading volumes hitting a three-month low against reduced open interest, while nickel failed to test nearby resistance.Aluminium's outright price on the LME closed at $1,720 per tonne on Wednesday afternoon, while trading ranges were narrow over the day with the light...Read More
Seaborne iron ore prices were rangebound on Wednesday February 19 amid a murky short-term outlook for demand.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90 per tonne, down $0.18 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $89.33 per tonne, down $0.18 per tonne.62% Fe low-alumina fines, cfr Qingdao: $91.16 per tonne, down $0.04 per tonne.58% Fe fines high-premium, cfr Qingdao: $7...Read More
Domestic prices for heavy steel plate in Europe moved down over the past week due to limited trading activity, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe was ?,?490-500 ($530-541) per tonne on Wednesday February 19, down by ?,?10 per tonne from ?,?500-510 per tonne ex-works a week earlier.That assessment is based on deals and...Read More
The three-month aluminium price on the London Metal Exchange was lower at the close of trading on Wednesday February 15, with daily trading volumes hitting a three-month low against reduced open interest, while nickel failed to test nearby resistance.Aluminium's outright price on the LME closed at $1,720 per tonne on Wednesday afternoon, while trading ranges were narrow over the day with the light...Read More
Chinese importers could be able to buy United States' copper and aluminium scrap without the current 25% tariffs from July, China's Ministry of Finance Customs Department said in a notice on Tuesday February 18.Copper and aluminium scrap are among 696 products listed by the ministry that can have tariffs exempted. Importers can apply for exemptions starting from March 2, 2020.As part of a tit-for-...Read More
Nickel premiums in all regions continued to hold firm in the week to Tuesday February 18, after slack demand for nickel tempered spot market liquidity.United States' nickel spot trade slowed having enlivened in previous weeks while appetites wane over the first quarterNovel coronavirus (nCoV-2019) shutdowns continue to hamper spot deals in China, with arbitrage losses further muting tradeEuropean...Read More
One of China's largest copper smelters has locked in a major deal for supply at a time of reduced demand due to a virus-led logistics lockdown in the country.China Copper, owner of Yunnan Copper's Ningde and Chifeng smelter, bought 120,000 tonnes of clean copper concentrates for the first half of this year from a major trading house at a treatment charge (TC) of more than $70 per tonne, a source w...Read More
Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama fell 2.8% month on month at the end of January 2020, according to data released by major Japanese trading house Marubeni Corp. Total aluminium stocks at the three ports totaled 305,200 tonnes on January 31, down by 8,800 tonnes or 2.8% from the end of December, figures released on Tuesday February 18 show...Read More
Hot-rolled coil prices in the United States have remained relatively stable over the past week, although longer lead times are likely not driven by increased demand. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $28.93 per hundredweight ($578.60 per short ton) on Wednesday February 19, almost unchanged from the previous day's $28.98...Read More
Wire rod prices in the United States are stable after February's scrap decline halted the upward trajectory recorded over the past three months, but extended lead times and increased demand have sparked optimism among market participants. Fastmarkets' price assessment for steel wire rod (low carbon) industrial quality, fob mill US was at $31-32 per hundredweight ($620-640 per short ton) on Tuesday...Read More
Despite poor performance in most flat-rolled steel products, prices for Galvalume products continued to move up steadily because of strong demand, extended lead times at domestic mills and expectations that ferrous scrap prices may rise in the next month, sources said."We think Galvalume is the strongest product of all flat-rolled products right now," one Gulf Coast steel buyer source said. "The [...Read More
Latin American steel group Ternium showed a decline in its earnings before interest, taxes, depreciation and amortization (Ebitda) of 49% year-on-year in the fourth quarter of 2019, amid a reduction in steel prices in North America in the second half of the year.Ebitda came to $263 million in October-December 2019, down from $513 million in the corresponding period a year before, Ternium said late...Read More
The price of steel mesh-quality wire rod in the European domestic markets was unchanged this week with most market participants focusing on trading steel rebar instead, sources told Fastmarkets on Wednesday February 19.In addition, the influence on wire rod prices exerted by prices for ferrous scrap, the feedstock material, was unclear because lower monthly European scrap prices contrasted with ri...Read More
Domestic steel rebar prices in Europe were largely unchanged this week, with participants saying on Wednesday February 19 that the market was caught between lower monthly European scrap costs but rising daily Turkish scrap prices.The differing scrap price trajectories had led to confusion over where rebar prices would move, sources said. The monthly European scrap prices represent the price of mil...Read More
The United States' ferrous scrap export market to Turkey was quiet on Wednesday February 19, but signs from other countries suggest more upside ahead in cargo sales.A Baltic sale concluded to Turkey on February 19 included an 80:20 mix of No1 and No2 heavy melting scrap (HMS) at $279 per tonne. The Baltic material sells at a $5-per-tonne discount to that from the US.Based on th...Read More