Jeremy Goldwyn has left his role as managing director at Hong Kong-based emerging commodity and financial futures broker Bands Financial, he told Fastmarkets.Citing personal reasons for his departure, effective Wednesday January 15, Goldwyn thanked the management at Bands Financial for their support since joining them in 2017. "I would like to wish them good fortune and firmly believe they are uni...Read More
Global tin premiums remained flat in the week ended Tuesday January 14, with European market participants maintaining lackluster demand against strong availability of ingots across the region, while both the domestic markets in both the United States and China have shown a slow pickup in demand to start the year.Strong warrant availability cools European ingot demandUS market sentiment gains tract...Read More
The three-month price of lead on the London Metal Exchange was higher at the close of trading on Wednesday January 15, climbing by more than 2.5% to close at its highest level since November 2019 amid high turnover, while a similar upswing in nickel futures saw the price breach nearby resistance.Lead's outright price on the LME closed at $1,999 per tonne on Wednesday afternoon, its highest settlem...Read More
The London Metal Exchange will on February 1 introduce a reporting process that will increase transparency into levels of off-warrant stocks. The exchange announced the plans in November 2019 and aims to attract more metal back in LME sheds. It is controversial, but its passage into the LME rulebook on February 1 follows a consultation last year. Some market participants are now saying the LME sho...Read More
The domestic price of steel rebar in Northern and Southern Europe moved higher this week with mills trying to reflect the price rise in ferrous scrap in early December, which was yet to affect rebar prices, sources told Fastmarkets on Wednesday January 15. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe was ?,?475-490 ($529-545) per tonne...Read More
An overview of the noble alloys markets and their latest price moves.Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday January 15 that are worth another look.The Chinese steelmaking industry will focus on six key areas in 2020 to maintain its structured and orderly development, China Iron & Steel Association (Cisa) chairman Gao Xiangming said in a speech at a conference last weekend.Lower Chinese production is set to fuel supply deficits in As...Read More
Lead and zinc scrap prices remained relatively steady in the United States in the first half of January, but a combination of strained supply and firming lead prices on the London Metal Exchange gave battery prices a boost."It hasn't been terribly cold, so there aren't many batteries coming back in," one US-based consumer said, noting that with supply tightening, prices have increased. "They're ha...Read More
The lead premium increased in India on Tuesday January 14 with availability of Iranian lead reduced in line with the US-Iran trade tension, while both Southeast Asian and Italian zinc premiums rose for the first time since the first half of 2019. The Indian lead premium rose amid an open import arbitrage Southeast Asia zinc premium rose on pick-up in spot trading. Italian premium edges h...Read More
Lower Chinese production is set to fuel supply deficits in Asian aluminium markets in 2020, according to UC Rusal marketing head Roman Andryushin.During 2019, aluminium supply in Asia was not growing due to falling primary aluminium output in China, and this is set to continue this year, Andryushin told Fastmarkets in an interview."Several disruptions and continued reallocation of capacities still...Read More
Domestic prices for hot-rolled coil in Europe increased on Wednesday January 15, supported by a lack of competitive import offers and a seasonal recovery in demand, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was fairly stable at ?,?443.06 ($493.13) per tonne on Wednesday January 15, up by only ?,?0.36 per tonne from ?,?442.70 per to...Read More
The price of steel H-beams across Europe remained unchanged on Wednesday January 15, despite mill attempts to push through increases, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?550-570 ($612-634) per tonne on January 15, unchanged week on week."It's busy and there are price increases across product ranges," a distribut...Read More
Hollow steel sections prices in Europe moved up this week, following increases from producers, market sources told Fastmarkets on Wednesday January 15.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?600-630 ($668-701) per tonne on Wednesday, up from ?,?590-600 per tonne one week previously.Various section producers have created new pric...Read More
European producers of heavy steel plate have increased their offer prices despite limited trading activity, sources told Fastmarkets on Wednesday January 15.Plate prices in Europe, particularly in the south where the majority of plate producers are re-rollers, have been driven upward by higher slab costs.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe, wa...Read More
German steelmaker Salzgitter has downgraded its full 2019 earnings forecast, the company announced this week.The forecast was corrected due to "non-recurring writedowns" amounting almost ?,?200 million, Salzgitter said on Tuesday January 14.Salzgitter now expects its pre-tax loss for 2019 will be ?,?250-280 million ($278-312 million), having previously expected a pre-tax loss i...Read More
China's hot-rolled coil exporters kept their offers high on Wednesday January 15 although the domestic market weakened, with most of them having secured sufficient numbers of orders amid a strengthening yuan.DomesticEastern China (Shanghai): 3,860-3,890 yuan ($559-564) per tonne, widening downward by 20 yuan per tonneNorthern China (Tangshan): 3,590 yuan per tonne, down 10 yuan per tonnePrices in...Read More
The stainless steel scrap market in the United States has continued to show cautious optimism, with prices inching upward amid an easing in material flows. "The stainless train keeps rolling in the right direction," one dealer source said. "It certainly feels like there is some momentum building, but given our experience with stainless steel scrap in 2019, we are being cautious with raising our pr...Read More
Turkish steel producers continued to hold back from the deep-sea scrap markets in an attempt to push down prices while they struggled with weak demand and values for finished rebar, sources said on Wednesday January 15.The country's steel producers went through last week with only one deep-sea cargo bought, when a steel mill in the Marmara region booked a European cargo at an average price of $300...Read More
Seaborne coking coal prices were steady on Wednesday January 15, with market participants staying on the sidelines.Fastmarkets indicesPremium hard coking coal, fob DBCT: $155.26 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $160.87 per tonne, unchangedHard coking coal, fob DBCT: $125.01 per tonne, unchangedHard coking coal, cfr Jingtang: $135.76 per...Read More
The seaborne iron ore index was rangebound on Wednesday January 15 amid tepid demand from steelmakers in China.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $96.44 per tonne, down $0.59 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $95.48 per tonne, down $0.59 per tonne.62% Fe low-alumina fines, cfr Qingdao: $97.11 per tonne, down $0.42 per tonne.58% Fe fines high-premium, cfr Qingda...Read More