Eurasian Resources Group (ERG) is in the process of placing its Chambishi refinery in Zambia on care and maintenance, the company confirmed to Fastmarkets. "We have taken the difficult decision to suspend operations at Chambishi Metals due to the shortage of both copper and cobalt concentrate feedstock material. It was not possible to locate appropriate feedstock in Zambia. We are in the process o...Read More
Samancor Chrome plans to reduce annual chrome ore and ferro-chrome production by 29% and 20% respectively due to poor market conditions, it said on Thursday January 23. South Africa's largest ferro-chrome producer provided the update days after confirming proposals to restructure and retrench staff at its mining and smelting operations. It had also warned in December that production cuts were...Read More
Copper scrap buyers in the United States are concerned that an increase in US exports to China could pressure discounts in the second half of 2020, leading to a "relatively flat discount" throughout the year.China has renamed copper scrap with a content range of 94-99.9% and that meets certain impurity thresholds, to copper renewable materials.The classification change from the world's l...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.The Canadian Dollar at U.S.76.20 cents was virtually unchanged at following release of November Canadian Retail Sales at 8:30 AM EST. Consensus was an increase of 0.6% versus a revised decline of 1.1% in October. Actual was an increase of 0.9%.Intel jumped $3.13 to $63.32 after reporting h...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday January 22.Please click...Read More
Copper premiums were largely flat ahead of the lunar new year holiday in the main consumer territory of China. But premiums did make some small gains in Shanghai and a barrage of stocks begun to hit London Metal Exchange warehouses on Tuesday January 21.US spot copper premiums stable after reaching multi-year highs last weekFresh inflows into Rotterdam fuel supply-demand woes in EuropeShanghai cif...Read More
The three-month copper price on the London Metal Exchange was lower at the close of trading on Wednesday January 22, settling at a six-week low against strong trading volumes, while a 2.3% decline in zinc saw it close below nearby support levels.Copper's underlying price on the LME closed at $6,108 per tonne, down by a further $52 per tonne from Wednesday's closing price of $6,160 per tonne, while...Read More
An overview of the minor metals markets and their latest price moves.Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday January 22.Key driversPrices in the ferro-titanium and titanium scrap markets were steady in the third week of January, a level the markets have maintained since December 18. The number of deals done over the week were down from the week prior, although suppliers are keen to hold their offer prices against an expected increase in de...Read More
Turkish steel producers continued to stay away from the deep-sea scrap market, while simultaneously trying to secure short-sea material for their urgent needs, sources said on Wednesday January 22.Mills have been quiet in the deep-sea markets since the middle of last week when the prices fell sharply.Prices in the deep-sea scrap markets fell by around $15 per tonne late last week, after a ste...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday January 22.Key driversPrices in the ferro-titanium and titanium scrap markets were steady in the third week of January, a level the markets have maintained since December 18. The number of deals done over the week were down from the week prior, although suppliers are keen to hold their offer prices against an expected increase in de...Read More
A summary of Antofagasta's production and sales results for the fourth quarter and full year of 2019, and full-year production guidance for 2020. The company saw its copper output decrease in the fourth quarter against the corresponding period in 2018, amid protests in Chile, a strike at the Antucoya unit, and lower copper content in ores. Activities at mines were normalized and were now in line w...Read More
Broader markets rebounded in Asia on Wednesday January 22, after Tuesday's coronavirus scare, but the metals look fairly limp ahead of the Lunar New Year holiday - especially copper that also saw London Metal Exchange stocks rise by 33% yesterday.Asian equities are firmer led by a 1.2% rise in the Hang Seng.European equities open firmer too - suggesting virus scare may not be a headwind for now.Ba...Read More
Domestic prices for hot-rolled coil increased over the past week in Southern Europe due to a lack of competitive import offers and a slight recovery in demand, sources told Fastmarkets on Wednesday January 22.Fastmarkets' weekly price assessment for steel hot-rolled coil, domestic, ex-works Southern Europe, was ?,?445-460 ($494-510) per tonne on January 22, up by ?,?10 per tonne week on week from...Read More
China's hot-rolled coil market continued to be quiet on Wednesday January 22, with participants slowing down or suspending operations before the upcoming Chinese New Year holiday, while concerns have emerged over post-holiday demand due to the spread of a mysterious respiratory virus that has claimed several lives.DomesticEastern China (Shanghai): 3,860-3,880 yuan ($559-562) per tonne, unchan...Read More
Global steel trader Stemcor has been sold to China's Cedar Holdings for $150 million, a source with knowledge of the matter told Fastmarkets on Wednesday January 22."Once the transaction is completed, Stemcor's banking and finance facilities will increase considerably and its business will grow further," the source said.Cedar Holdings is a privately-owned commodities business headquartered in Guan...Read More
The price of steel rebar in the Northern European domestic market was confirmed at higher levels this week in a delayed reaction to higher scrap prices in December, sources told Fastmarkets on Wednesday January 22. Last week a mill claimed to have achieved higher prices with some of its customers, and this week these higher figures were heard across the market. Yet the increases may be short-lived...Read More
Hollow steel sections prices in Europe moved up again this week, with prices for hot-rolled coil feedstock material continuing to rise and EU import quotas moving closer to expiry, market sources told Fastmarkets on Wednesday January 22.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?620-640 ($688-710) per tonne on Wednesday, up from ?,...Read More
The price of steel H-beams in Northern Europe widened upwards on Wednesday January 22 as mills continued their campaign of price increases, told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe was ?,?550-580 ($610-644) per tonne on January 22, up from ?,?550-570 per tonne on January 15."Prices have moved up rapidly [and] there could b...Read More
Turkish steel producers continued to stay away from the deep-sea scrap market, while simultaneously trying to secure short-sea material for their urgent needs, sources said on Wednesday January 22.Mills have been quiet in the deep-sea markets since the middle of last week when the prices fell sharply.Prices in the deep-sea scrap markets fell by around $15 per tonne late last week, after a ste...Read More