The three-month copper price on the London Metal Exchange fell over 1.5% during morning trading on Tuesday January 21, declining below nearby support at the $6,200-per-tonne level, while nickel futures similarly weakened. Copper's outright price on the LME was recently at $6,152 per tonne, a 1.7% drop since yesterday's close and more than $100 per tonne against high turnover. A fresh inf...Read More
The three-month nickel price on the London Metal Exchange was lower at the close of trading on Tuesday January 21, settling at its lowest price since December 10 against moderate turnover, while a fresh inflow of some 40,000 tonnes pushed copper futures lower.Nickel's outright price on the LME closed at $13,665 per tonne in the afternoon, settling at its lowest level for more than a month, while t...Read More
Domestic prices for hot-rolled coil in Northern Europe have jumped, with support coming from good order books at mills, solid demand and a lack of competitive import offers, sources told Fastmarkets on Tuesday January 21.Fastmarkets' daily steel HRC index domestic, ex-works Northern Europe, rose by ?,?13.93 per tonne day on day to ?,?463.41 ($513.95) per tonne on Tuesday, from ?,?449.48 per tonne....Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday January 21 that are worth another look.China's hot-rolled coil market was quiet on January 21, with producers suspending their operations before the Chinese New Year, while concerns have emerged over post-holiday demand due to the spread of a mysterious respiratory virus that has claimed several lives.SolGold chief executive off...Read More
Beginning in 2020, Fastmarkets will review its pricing methodologies and price specifications across all its Price Reporting Agency (PRA) divisions - Metals & Mining and Forest Products - on an annual basis rather than twice per year. The decision is in line with the International Organization of Securities Commissions (IOSCO) principles for PRAs, which sets out global standards for orderly and fa...Read More
Zinc and lead smelter Nyrstar has appointed Simon Dent, a longtime sales manager and trader, as its new head of commercial as of January 2020.The role will see Dent leading a commercial team that is responsible for all acid and byproduct...Read More
The three-month copper price on the London Metal Exchange fell over 1.5% during morning trading on Tuesday January 21, declining below nearby support at the $6,200-per-tonne level, while nickel futures similarly weakened. Copper's outright price on the LME was recently at $6,152 per tonne, a 1.7% drop since yesterday's close and more than $100 per tonne against high turnover. A fresh inf...Read More
Profit-taking ahead of the Lunar New Year holiday and nervousness over the outbreak of a new coronavirus in China have led to the market becoming more risk-off this morning, Tuesday January 21.Asian equities are weaker, led by a 2.7% decline in the Hang Seng.Hong Kong's credit rating was cut one position to Aa3 by ratings agency Moody's for its handling of the unrest in the country.Base metalsThre...Read More
With the exception of those for tin, base metals prices on Shanghai Futures Exchange were down at the close of morning trading on Tuesday January 21, with investor sentiment dampened after the International Monetary Fund (IMF) lowered its global growth forecasts for this year and the next.The IMF on Monday downgraded its forecast for global economic growth in 2020 to 3.3%, down from its previous e...Read More
Recent mill price hikes have continued to drive up high-carbon wire rod prices in the United States, while rising ferrous scrap costs have boosted cold-heading quality (CHQ) wire rod prices.Fastmarkets' assessment for steel wire rod (high carbon), fob mill US, rose to $35 per hundredweight on Friday December 20, up 2.9% from $34 per cwt one month earlier.Over the same pricing period, Fastmarkets'...Read More
Brazilian steelmaker Usiminas has announced a 10% average price increase for all flat-rolled products effective from March, the president of national steel distributors' association Inda, Carlos Loureiro, said on Tuesday January 21.A mismatch between current global and domestic prices, coupled with the rising cost of slab purchases, would justify the rise, Loureiro said in an announcement on Monda...Read More
Sales volumes from Brazilian flat steel distributors rose by 34.2% in December over the corresponding month in 2018, while purchases increased by 47.9% on the same basis of comparison, distributor association Inda said on Tuesday January 21.Sales in December totaled 253,200 tonnes, against 188,600 tonnes the year before, amid unusually high activity at the year-end, Inda data showed. Purchases cam...Read More
Hot-rolled coil export prices from the Commonwealth of Independent States (CIS) stabilized this week, with suppliers and buyers agreeing on a "workable price level", sources told Fastmarkets. Fastmarkets' weekly price assessment for steel HRC, export, fob Black Sea was $475-490 per tonne on Monday January 20, unchanged week on week.Ukraine-origin HRC was sold to Turkey at $490-495 p...Read More
A thaw in trade relations between the United States and China is lending broad support to commodity prices, with the yuan strengthening against the dollar.The Chinese currency was trading at 6.87 yuan to $1 on Tuesday January 21, down by 1.6% from a month earlier, and down by 3.8% from a peak reached in September 2019.The strength of the yuan against the dollar has been a barometer for US-China tr...Read More
Mexican scrap prices have increased, particularly in the country's northern region, with consumers maintaining low inventories of certain scrap products while the country's market catches up to past increases in the United States' scrap industry.In the region near the country's northern city of Monterrey, all five grades of scrap have increased, mainly due to the impact of recent price changes in...Read More
Turkish steel producers have continued to hold back from the deep-sea scrap markets, expecting prices to go even lower, sources said on Tuesday January 21.Prices in the deep-sea scrap markets fell by around $15 per tonne late last week, after a steel mill in the Izmir region booked a US cargo of 35,000 tonnes of HMS 1&2 (95:5) at $295 per tonne cfr late on January 15.This would have put the HMS 1&...Read More
Iron ore trading was quieter on Tuesday January 21, with Iron Ore Carajas (IOCJ) continuing to be the top performer in the run up to the week-long Chinese New Year holiday, which starts on Friday.62% Fe fines, cfr Qingdao: $96.80 per tonne, up $0.10 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $95.84 per tonne, up $0.10 per tonne.62% Fe low-alumina fines, cfr Qingdao: $97.83 p...Read More
The seaborne coking coal market kept steady on Tuesday January 21 even though Australian rail freight operator Aurizon flagged train cancellations following a derailment on Sunday January 19.Fastmarkets indicesPremium hard coking coal, fob DBCT: $152.23 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $160.13 per tonne, unchangedHard coking coal, fob DBCT: $127.01 per tonne, unchangedHa...Read More
China's hot-rolled coil market was quiet on Tuesday January 21, with producers suspending their operations before the Chinese New Year, 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 ($562-565) per tonne, unchangedNorthern China (Tangshan): 3,590 yuan per tonn...Read More
China's domestic rebar prices were flat amid weak demand on Tuesday January 21, though production costs provided some support to the market. Eastern China (Shanghai): 3,640-3,670 yuan ($528-533) per tonne, unchangedNorthern China (Beijing): 3,540-3,560 yuan per tonne, unchangedThe net profit of integrated mills - which are major rebar producers - has been hovering around 50 yuan per tonne in the p...Read More