Italy's Marcegaglia Group has acquired 100% of the equity in re-roller Palini & Bertoli, also located in Italy, from Russia's Evraz for ?,?40 million ($44 million), the purchasing company said on Wednesday December 4.Palini & Bertoli has capacity for 400,000 tonnes per year of heavy steel plate.After the acquisition, the capacity of Marcegaglia's steel...Read More
The Iranian export billet market has been rather quiet in the first week of December amid reduced availability of material for shipment in January, Fastmarkets has heard.This was due to successful sales to Africa, the Middle East and Asia in previous weeks as well as increased domestic demand."Local buyers were worried about the fluctuation [in the value] of the Iranian rial after fuel subsidy iss...Read More
The Turkish steel producers have continued their purchases of deep-sea market scrap for January shipments, while prices became even more firm, sources said on Wednesday December 4.A steel producer in the Iskenderun region booked a Baltic Sea cargo, comprising 17,000 tonnes of HMS 1&2 (95:5) at $290 per tonne cfr.Another steel mill in the Marmara region booked a European cargo, comprising 20,000 to...Read More
Seaborne prices edged up slightly on Wednesday December 4 amid gains in the futures market.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $89.06 per tonne, up $0.75 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $88.15 per tonne, up $0.75 per tonne.62% Fe low-alumina fines, cfr Qingdao: $88.63 per tonne, up $0.43 per tonne.58% Fe fines high-premium, cfr Qingdao: $76...Read More
Seaborne coking coal prices remained stable on Wednesday December 4, as expected by participants, with traded levels for premium mid-vol materials staying above $140 per tonne cfr China.Fastmarkets indicesPremium hard coking coal, fob DBCT: $136.80 per tonne, down $0.06 per tonnePremium hard coking coal, cfr Jingtang: $147.09 per tonne, down $0.51 per tonne Hard coking coal, fob DBCT: $1...Read More
Market participants have been surprised by the continued rise inAsian ferrous scrap prices, especially in the face of weak downstream demand. "Some people have been caught short and now have to purchase at higher prices after selling their cargoes previously," a trader in Vietnam told Fastmarkets on Wednesday December 4.Prices in Asia have been on an upward trend from early October, boosted by lim...Read More
China's hot-rolled coil exporters refused to lower their offers on Wednesday December 3 following price gains in the east of the country, although sources said domestic downstream demand was weakening.DomesticEastern China (Shanghai): 3,770-3,780 yuan ($533-534) per tonne, up 30 yuan per tonneNorthern China (Tangshan): 3,640 yuan per tonne, narrowing downward by 10 yuan per tonnePrices g...Read More
The three-month zinc price on the London Metal Exchange was higher during morning trading on Wednesday December 4, with its price action bolstered by the fresh cancelation of 2,325 tonnes in addition to a narrowing of the metal's benchmark cash/three-month spread backwardation. Zinc's outright price on the LME was recently seen trading at $2,240 per tonne, a gain of $38 per tonne against Tuesday's...Read More
Non-haven markets are generally under pressure after United States President Donald Trump said he was prepared to wait until after the 2020 US presidential election for a trade deal with China.This has dented sentiment, sending gold prices and the yen higher, while US treasury yields have weakened. Asian equities are weaker, led by a 1.6% fall in the Australia's ASX 200The yuan has weakened to 7.0...Read More
China's domestic rebar prices kept their downward trend on Wednesday December 4 as traders unloaded inventory. Eastern China (Shanghai): 3,970-4,000 yuan ($562-566) per tonne, down 20 yuan per tonne Northern China (Beijing): 3,700-3,740 yuan per tonne, down 10-20 yuan per tonneRising spot market inventory caused by weaker demand and high output led trading houses to urgently destock...Read More
With the exception of tin, base metals prices on the Shanghai Futures Exchange were down during the morning trading session on Wednesday December 4 after United States President Donald Trump said a trade deal with China may not come until after next year's presidential election."In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now a...Read More
An overview of the minor metals markets and their latest price moves.Read More
Cobalt trade log including business, bids and offers reported to Fastmarkets.Cobalt trade log including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per lb on an in-warehouse (in-whs) basis. Delivered prices are netted back. Fastmarkets prices Click here for Fastmarkets' price assessment for standard-grade cobalt, in-whs Rotterdam, $/lb.Click here for...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday December 4.Key drivers The scrap markets were down in the past week, with supply offer prices dropping against slowing demand in the run-up to year-end holidays. Metals producers typically run down their feedstocks in December, a time usually set aside for book-squaring, banking profits and settling accounts. The alloy market...Read More
Glencore has signed a six-year deal to supply cobalt hydroxide to South Korea-based electric vehicle (EV) battery maker SK Innovation, the Swiss miner-trader announced on Wednesday December 4.SK Innovation will purchase up to 30,000 tonnes of cobalt contained in hydroxide between 2020 and 2025. "This newly established partnership demonstrates the continuation of Glencore's cobalt hydroxide marketi...Read More
The Chinese government has approved a seventh round of copper scrap import quotas for this year at lower volumes compared with the previous batch, Fastmarkets has learned. The most recent quota has been set at 7,970 tonnes, the environment ministry said on Tuesday December 3. This is down by 28.3% from 11,110 tonnes issued in the sixth round of approvals last month. The latest quota brings th...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade. Index futures moved higher following release of the November Employment Reports at 8:30 AM EDT. Consensus for November Non-farm Payrolls was an increase of 183,000 versus an upwardly revised gain of 156,000 in October. Actual was a gain of 266,000. November Unemployment Rate was expected...Read More
Weak demand conditions and lingering backwardations in London Metal Exchange spreads damped most regional P1020A premiums on Tuesday December 3, including the main Japanese ports (MJP) premium, which fell to an all-time low.MJP premium falls to all-time lowRotterdam premium ticks downward on LME backwardationsBrazil premiums soften on poor demandUS Midwest premium steady on holiday pause.MJP spot...Read More
A summary of base metals premiums from across the globe for the week to Tuesday December 3.Please click...Read More
The three-month nickel price on the London Metal Exchange was lower at the close of trading on Tuesday November 3, with this morning's fresh cancelation of 1,326 tonnes doing little to negate selling pressure, while the metal's benchmark cash/three-month spread reached its widest level since July. Nickel's outright price on the LME closed at $13,375 per tonne this afternoon, softening by more than...Read More