A summary of the financial results for Austrian steelmaking group Voestalpine for the first three quarters of its current business year 2019/20, covering the period from April 1 to December 31, 2019.In briefCompany cites economic slowdown and non-recurring items for lower earnings, as well as gradual dampening of economic sentiment throughout the year Economic environment...Read More
Expectations of robust steel mill restocking have been tempered by demand fears that have knocked iron ore prices by over 10% since before the holiday, but big questions remain about ex-China supply factors such as risks to Brazilian production.Supply and stocks The wider iron ore stock situation is key here: Concerns about seaborne supply resume. Heavy rainfall and mining issues a...Read More
Turkish steel mills have started to show more interest in deep-sea scrap cargoes following the latest drop in prices, sources said on Thursday February 6.A steel mill in the Iskenderun region booked a cargo from the United States, comprising 21,000 tonnes of HMS 1&2 (80:20) at $260 per tonne, 3,000 tonnes of shredded at $265 per tonne and 6,000 tonnes of bonus at $270 per tonne cfr. The previous U...Read More
Prices are steady so far since domestic supply constraints and disruptions to seaborne availability have been counterbalanced by demand-side weakness from lower steel output. Supply and stocks Containment measures for the virus have delayed the restart of domestic China coking coal mines after the Chinese New Year holiday, curbing domestic availability. Supply from Mongolia, that sells...Read More
Seaborne iron ore prices rose on Thursday February 6 amid concerns that a new cyclone will affect shipments from Western Australia, while Chinese port prices fell because of limited spot demand.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.17 per tonne, up by $1.86 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $82.50 per tonne, up by $2.35 per tonne. 62% Fe low-alumina fines, cfr...Read More
Seaborne coking coal market was largely quiet on Thursday February 6, although Canadian miner Teck Resources said it was expecting to sell fewer cargoes in the first three months of this year.Fastmarkets indicesPremium hard coking coal, fob DBCT: $150.65 per tonne, down $0.04 per tonnePremium hard coking coal, cfr Jingtang: $158.85 per tonne, down $0.21 per tonneHard coking coal, fob DBCT: $127.01...Read More
South Korean steelmaker Hyundai Steel reported an almost 70% decline in operating profits in 2019 amid tightening margins between its raw materials buying prices and steel sales prices.In brief Operating profit of 331.3 billion Won ($277 million) in 2019, down by 67.7% year on year. Consolidated sales of 20.55 trillion Won, down by 1.3% year on year. Profits fell more sharply than sales due to raw...Read More
China's hot-rolled coil prices continued to drop on Thursday February 6 on thin trading, which forced some mills to put more focus on exports to reduce inventories.DomesticEastern China (Shanghai): 3,570-3,580 yuan ($511-512) per tonne, down 20-30 yuan per tonneNorthern China (Tangshan): 3,270-3,280 yuan per tonne, narrowing downward by 20 yuan per tonneA Shanghai-based trader said he had sold sev...Read More
China's rebar prices were flat on Thursday February 6 amid inactivity, though some optimism emerged following the Chinese government's announcement of import duty cuts for certain products from the United States. Eastern China (Shanghai): 3,360-3,400 yuan ($481-487) per tonne, unchangedNorthern China (Beijing): 3,540-3,560 yuan per tonne, unchangedChina will halve its 5% and 10% tariffs on $75 bil...Read More
Weak demand for new energy vehicles (NEVs) in China is expected to hit domestic Chinese cobalt prices and could see Chinese demand for imported hydroxide fall. But, seaborne prices for processed materials could become tight because China is the world's largest processor of cobalt, some of which is exported. Supply and stocks Production halts (Mutanda) have caused concern about tightness, but...Read More
China imported 1,623 tonnes of cobalt metal in 2019, up 54.6% from 1,050 tonnes in 2018, according to official but unconfirmed data seen by Fastmarkets. Fourth-quarter shipments totaled 527 tonnes, up 24.3% from 424 tonnes in the third quarter and up eightfold from 58 tonnes in the fourth quarter of 2018. Chinese appetite for seaborne cobalt metal grew in 2019 due to a narrowing of the import arbi...Read More
Tight spot availability, mainly resulting from the extended Chinese New Year holiday, as well as transportation disruptions during the Wuhan coronavirus outbreak have underpinned the cobalt sulfate price in China. Fastmarkets' price assessment of cobalt sulfate 20.5% Co basis, exw China rose to 52,000-53,000 yuan ($7,456-7,600) per tonne on Wednesday February 5, up 4% from 50,000-51,000 yuan per t...Read More
Trade log for cobalt sulfate in China including transactions, bids and offers reported to Fastmarkets.Unless otherwise stated, all prices are yuan per tonne on an ex-works basis.Click here for Fastmarkets' price assessment for cobalt sulfate, Co 20.5% basis, China ex-works,...Read More
A summary of the financial results for Finnish stainless steelmaker Outokumpu for the fourth quarter and full 12 months of its 2019 financial year.In briefThe company noted the effects on its earnings of "exceptionally low deliveries across all business areas" and high nickel prices.High import volumes as a result of US trade wars were blamed for the struggles of the European market and the intens...Read More
Restricted access to ore already in ports presents the threat of alloy shutdowns, both of which could provide short-term price support for ore and alloy, but the accompanying ore stockbuild in ports is expected to offset gains longer term. Supply and stocks Ore supply from South Africa and Australia has not been much affected much by the coronavirus outbreak so far, although there are talks o...Read More
Most ferro-chrome smelters had covered their ore needs for this week and logistics disruptions are minimal between ports and many major smelters. But logistics disruptions are hitting mills as they seek alloy. Predictions of higher prices have not been realised so far. Supply and stocks Chrome ore inventories at the main ports of Tianjin, Qinzhou, Lianyungang and Shanghai: 3.12-3.42 million t...Read More
The broad-based rally across markets that started on Monday finally halted this morning and consolidation is setting in. And, given there is still so much uncertainty around the impact of the Wuhan coronavirus (2019-nCoV), a pause for reflection seems logical.This is especially so for the metals markets, with China such a big player on both the demand and supply side of the equation and where dema...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.Index futures were virtually unchanged following release of the January employment report at 8:30 AM EST. Consensus for January Non-farm Payrolls was 165,000 versus 145,000 in December. Actual was 225,000. Consensus for January Unemployment Rate was unchanged from December at 3.5%. Actual...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday February 5.Please click...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Wednesday January 5, breaching nearby resistance at $5,700 per tonne against strong turnover.And a positive close across the base-metals complex saw nickel futures make the greatest gains to settle above $13,000 per tonne.Copper's outright price on the LME closed at $5,722 per tonne on Wednesday afterno...Read More