Here are five Fastmarkets MB stories you might have missed on Thursday January 30 that are worth another look.The Wuhan coronavirus will likely influence fundamentals in China's steel market and Chinese export trends in the near future, sources told Fastmarkets this week.Zinc's weak fundamentals are finally catching up with prices, after being softened by a selloff sparked by concerns about the co...Read More
Fitch Solutions forecast aluminium prices to average $1,850 per tonne in 2020, up from $1,812 per tonne last year, due to stronger manufacturing and easing trade tensions.Fitch Solutions expects the underlying aluminium price in the first half of 2020 to be only slightly higher than the 2019 average, since supply is projected to continue to outpace demand, the company said in its aluminium pr...Read More
Zinc's weak fundamentals are finally catching up with prices, after being softened by a selloff sparked by concerns about the coronavirus outbreak in China.London Metal Exchange 3-month zinc futures fell on Thursday January 30 to their lowest level since July 2016, trading at $2,182 per tonne, down by 10.5% since the market opened on January 22. Cash zinc prices on the bourse were down by 11.4% ov...Read More
The three-month nickel price on the London Metal Exchange was marginally higher during morning trading on Thursday January 30, supported by a fresh cancelation of 11,874 tonnes, while copper's downturn continued. Nickel's outright price on the LME was recently seen at $12,720 per tonne, with some 1,300 lots exchanged as of 9:20am London time. Nickel's price action has significantly weakened o...Read More
Trade disputes and geopolitical uncertainties had already made the prospects for global economic growth uncertain. A coronavirus has now added to the challenges facing financial markets.The epicenter of the virus is Wuhan, an important commercial hub in China that is home to 11.9 million people, including the country's largest student population. It is also a manufacturing hub, with around 500 fac...Read More
Fastmarkets published its Shanghai copper cathode premium assessments later than scheduled on Wednesday January 29 due to a technical error.The affected assessments are as follows:MB-CU-0403 - Copper grade A cathode premium, cif Shanghai, $/tonneMB-CU-0380 - Copper grade A cathode ER premium, cif Shanghai, $/tonneMB-CU-0384 - Copper grade A cathode SX-EW premium, cif Shanghai, $/tonneMB-CU-0405 -...Read More
Steel billet prices in the Turkish market have continued to slide in line with falling imported scrap values, sources said on Thursday January 30.Offers of billet from the Commonwealth of Independent States (CIS) slipped by another $5 per tonne to $405-410 per tonne cfr, with bids from Turkish producers down to $400 per tonne cfr.Fastmarkets' weekly price...Read More
Prices for steel billet imported into Egypt dropped again in the week ending Thursday January 30 amid weak demand, sources told Fastmarkets.Egyptian rebar producers were offering rebar at E ?9,650-10,000 ($610-632) per tonne ex-works including 14% VAT, unchanged since last week.Deals were heard at these prices.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar),...Read More
Iranian export steel billet and slab markets were slow in the week to Thursday January 30, with Chinese market participants still away for Lunar New Year and US sanctions undermining buying appetite. The steel billet index export, fob Black Sea, CIS slipped by $4 per tonne over the week, to $392 per tonne on January 30 amid weakening scrap prices. Fastmarkets' daily index for s...Read More
Turkish long steel export prices remained steady over the past week, with no immediate expectations of an upturn due to falling imported scrap costs, sources said on Thursday January 30.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) export, fob main port Turkey, was unchanged week on week at $425-430 per tonne on Thursday.Steel mills in the country were offering the materia...Read More
The Wuhan coronavirus will likely influence fundamentals in China's steel market and Chinese export trends in the near future, sources told Fastmarkets this week.Industry sources have sketched out a number of scenarios that may happen, especially if the situation becomes drawn out and restrictions on travel and transportation persist into the foreseeable future."If logistical restrictions continue...Read More
Japanese scrap prices continued to tumble this week, pushed down by disappointing demand in both the domestic and export markets, sources told Fastmarkets on Thursday January 30. "Steel mill production and demand in Japan is not so good, so scrap prices are decreasing, but scrap generation is also poor," one scrapyard source said "So even though the local mills' buying prices are falling, I don't...Read More
Heavy rainfall in the Brazilian southeastern state of Minas Gerais has caused interruptions for some railway operators transporting iron ore for exports, but the impact has been minimal, companies told Fastmarkets on Wednesday January 29.January 2020 has had the highest rainfall rate in 110 years, the Minas Gerais' state governor office said on Wednesday. Vale, the world's largest iron ore pr...Read More
Seaborne coking coal prices were unchanged on Thursday January 30, despite Australian miner Anglo American confirming a 'geotechnical issue at Moranbah North [mine in Queensland, Australia] during development works, which resulted in a roof fall incident.'Fastmarkets' indicesPremium hard coking coal, fob DBCT: $152.29 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $162.73 per tonne, u...Read More
Seaborne iron ore prices were down on Thursday January 30 while market participants further lowered estimates of physical transaction prices amid talk of steel production cuts in China and resulting concerns over the impact on mills' raw material procurement. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $84.94 per tonne, down $1.90 per tonne62% Fe low-alumina fines, cfr Qingdao: $86.55 p...Read More
John Meyer, Sergey Raevskiy and Simon Beardsmore of SP Angel clinched the top spot on the base metals leaderboard for the Apex fourth-quarter 2019 predictions, with an accuracy rating of 99.29%, while Rhona O'Connell of INTL FC Stone came top for precious metals with a rating of 99.26%.For steel raw materials, ABN Amro's Casper Burgering topped the leaderboard with a 97.44% accuracy score.Click on...Read More
A mixture of fears over supply disruptions amid the Wuhan coronavirus outbreak and low stocks in Rotterdam are giving European traders enough leverage to increase their offers substantially, which has already an effect on prices.Fastmarkets' manganese 99.7% electrolytic manganese flake, in-whs Rotterdam price assessment rose to $1,725-1,800 per tonne on January 29, up by 3.7% from $1,680- 1,720 pe...Read More
Mr. Vialoux is scheduled to appear by conference call on Michael Campbell's radio show broadcast this Saturday, February 1st at approximately 9:00 AM Vancouver time (Noon Toronto time). Contact through the internet is www.CKNW.comPre-opening Comments for Friday January 31stU.S. equity index futures were lower this morning. S&P 500 futures were down 14 points in pre-opening trade.Index fu...Read More
The spot markets for tin were quiet in the United States and Europe in the week ended Tuesday January 28, and especially in Asia, because of the holiday for the lunar new year which began on January 25 and has been extended into February because of the outbreak of a coronavirus infection in China.London Metal Exchange tin price falls sharply on coronavirus concerns in Asia, where markets are close...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday January 29.Please click...Read More