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
Here are five Fastmarkets MB stories you might have missed on Wednesday January 22 that are worth another look.China's export plate prices gained last week as mills raised their offers amid a stronger US dollar, but the market has been quiet this week ahead of the upcoming Lunar New Year holiday.European aluminium premiums edged up this week despite the backwardation seen in nearby London Metal Ex...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
The lead arbitrage window has shut after briefly opening in the week to January, while the LME three-month zinc spread remains backwardated, keeping spot trading minimal and premiums unchanged, except for in Italy, Fastmarkets was told.Lead arbitrage window shut this week after last week, making imports to Asia less profitable to weigh on Indian spot premiumThe London Metal Exchange on-warrant lea...Read More
From coronavirus to spread plays, the copper market is seeing recent London Metal Exchange stock deliveries as driven by anything other than supply and demand. LME physical stock reporting shows that 74,475 tonnes of copper cathodes were delivered into exchange warehouses globally since Monday January 20. Inflow of 40,125 tonne in Rotterdam on Tuesday was the largest single inflow to the city's sh...Read More
Nickel premiums in the United States were little changed to slightly weaker in the week ended Tuesday January 21, while the uncut cathode premium in Europe rose amid increased activity over the period.US cut cathode premium creeps lower.European uncut cathode premium benefits from increased activity.Chinese premiums unchanged in quiet conditions.US cut cathode premium edges lowerSpot nickel premiu...Read More
Galvalume prices in the United States strengthened further in January, with the market betting that better weather conditions in the first quarter could keep demand strong.Fastmarkets' monthly price assessment for steel coil Galvalume, fob mill US rose to $38 per hundredweight ($760 per short ton) on Tuesday January 21, up 4.1% from $36.50 per cwt in mid-December and up 10.1% from $34.50 per cwt i...Read More
Hot-rolled coil prices in the United States have continued to hover around the $30-per-hundredweight ($600-per-short-ton) mark this week, while sources have said the market direction remains unclear.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $30.03 per cwt ($600.60 per ton) on Wednesday January 22, up by 1.1% from $29.69 per cwt on January 21 but down by 2.8...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
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
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
The seaborne coking coal market moved up marginally, with premium low-vol coking coal fetching prices around $153-154 per tonne fob Australia, sources said on Wednesday January 22.Fastmarkets indicesPremium hard coking coal, fob DBCT: $152.29 per tonne, up $0.06 per tonnePremium hard coking coal, cfr Jingtang: $162.73 per tonne, up $2.60 per tonneHard coking coal, fob DBCT: $127.01...Read More
Seaborne iron ore prices were rangebound on Wednesday January 22 amid limited overall activity in the market.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $96.68 per tonne, down $0.12 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $95.72 per tonne, down $0.12 per tonne.62% Fe low-alumina fines, cfr Qingdao: $97.86 per tonne, up $0.03 per tonne.58% Fe fines high-premium, cfr...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
Any upward momentum in the London Metal Exchange three-month copper price was capped in the morning session on Wednesday January 22 by a significant 34,250 tonne fresh inflow of the red metal into LME-approved sheds as of 9am on the same day.The three-month copper price was trading around $1,633.50 per tonne this morning, down 0.4% from the previous day's afternoon kerb close, after a second sizea...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
Base metals prices on the Shanghai Futures Exchange were up across the board at the close of morning trading on Wednesday January 22, with the complex clawing back some of the losses registered earlier this week."The ongoing coronavirus in China along with expectations of slower economic growth in the country has stirred up some risk-off sentiment, so the base metals have been on a largely downwar...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
High-carbon ferro-chrome spot import prices in Japan and South Korea largely shrugged off higher offers resulting from fresh strength in the domestic Indian ferro-chrome market. Fastmarkets' fortnightly price assessment for ferro-chrome, high carbon, 57-65% Cr, cif dup Japan stood at $0.67-0.70 per lb on January 16, unchanged since December 19 when the price fell to a 44-month low. Fastmarket...Read More