Over 90% of copper scrap products currently allowed into China could be eligible for renaming as recyclable copper raw materials next year, a senior representative of China Nonferrous Metals Industry Association's (CMRA) recycling metal branch told delegates at Asia Copper Week in Shanghai.Wang Ji-Wei, Secretary General of CMRA, said he is optimistic that the vast majority of current copper scrap...Read More
Spot business in the global copper markets was subdued in the week ended Tuesday November 19, with low buying interest pushing the Shanghai premiums lower, while both United States and European market participants are now turning their attention to long-term supply contract negotiations. Arbitrage loss, subdued buying appetite pressures Shanghai premium European market sees less tonnage in l...Read More
US Galvalume prices have fallen to multi-year lows, matching declines seen in other flat-rolled steel products, but appear poised for a rebound - or at least a stabilization - over the next month following a wave of mill price increases, sources said.Fastmarkets' monthly price assessment for steel coil Galvalume, fob mill US fell to $34.50 per hundredweight ($690 per short ton) on T...Read More
Domestic wire rod prices in the United States have risen following mid-November increase announcements from US mills, while imported wire rod prices have widened lower.Fastmarkets' assessment for steel wire rod (low carbon) industrial quality, fob mill US rose to $29-30 per hundredweight ($580-600 per short ton) on Tuesday November 19, up by 1.7% from $28.50-29.50 per cwt in mid-October but still...Read More
Russia's Magnitogorsk Iron & Steel Works (MMK) plans to increase its production of hot-rolled coil and pig iron over the next five years, chief executive officer Pavel Shilyaev said during the company's capital markets day at the London Metal Exchange on November 15.At the one-day event for investors and analysts, which also included a media briefing, MMK laid out its plans for reconstruction next...Read More
The stainless steel scrap market in the United States continues to disappoint, with prices falling further over the past week.It's "probably going to be a miserable remainder of 2019 for stainless steel scrap," one domestic dealer source said."Prices may not see any real opportunity for strength until January, when processors and mills [consumers] start looking to restock inventory," a s...Read More
Turkish steel producers have continued to book deep-sea scrap for December deliveries but only at a slow pace due to the limited demand for finished long steel products, with prices holding steady, sources said on Wednesday November 20.A steel mill in the Marmara region booked a Baltic Sea cargo on November 20, comprising 25,000 tonnes of HMS 1&2 (80:20) at $261 per tonne and 5,000 tonnes of bonus...Read More
Seaborne iron ore prices saw a slight uptick on Wednesday November 20, while some market participants are bracing for production restrictions due to bad weather and heavy pollution levels in north China.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $86.33 per tonne, up $0.53 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $86.36 per tonne, up $0.53 per tonne.62% Fe low-alumin...Read More
Steelmaking in electric arc furnaces (EAF) is already a good example of a waste-free circular economy since more than half of global steel output is being recycled, even if higher-quality materials are still produced from virgin materials and fossil-fueled processes, the president of the European Steel Technology Platform (ESTEP) said at a workshop in Bergamo, northern Italy last week. Carl de Mar...Read More
China continued to account for the bulk of the transactions in the seaborne coking coal market, with cargoes being traded in a tight price range.Fastmarkets indicesPremium hard coking coal, fob DBCT: $132.29 per tonne, up $0.38 per tonnePremium hard coking coal, cfr Jingtang: $144.07 per tonne, down $0.07 per tonneHard coking coal, fob DBCT: $120.70 per tonne, unchangedHard coking coal, cfr Jingta...Read More
The three-month price of aluminium traded on the London Metal Exchange was little changed during the morning session on Wednesday November 11 despite aninflow of 13,725 tonnes of the metal into exchange warehouses as of 9am on the same day. The LME three-month aluminium price traded up a marginal 0.4% from the previous day's close at $1,738 per tonne this morning despite the stock inflow, which wo...Read More
Aluminium premiums in Europe and the United States declined further in the week ended Tuesday November 19, with the market under increasing pressure from weak demand and the backwardation in London Metal Exchange spreads. Rotterdam duty-paid premium at lowest since FebruaryUS premium holds at 20-month low after end-of-week fallLow buying interest keeps premiums in Brazil steady MJP premiums uncha...Read More
China's hot-rolled coil prices continued to climb on Wednesday November 20 amid sustained demand.DomesticEastern China (Shanghai): 3,660-3,700 yuan ($521-527) per tonne, up 10-40 yuan per tonneNorthern China (Tangshan): 3,670 yuan per tonne, up 50-60 yuan per tonneIn Shanghai, HRC was sold at 3,660-3,670 yuan per tonne in the morning, but sellers raised these in the afternoon on seeing how strong...Read More
Base metals prices on the Shanghai Futures Exchange were mostly up during the morning trading session on Wednesday November 20, with the complex finding slight support from improved investor confidence following reports that China's central bank will loosen monetary policy to support economic growth. Market sentiment was somewhat upbeat this morning following overnight reports that the Chinese cen...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday November 20. Key drivers Both titanium scrap turnings prices fell in the past week amid slow trading in the alloys business. There are persistent differences reported between northern and southern European markets, with estimates below $0.80 per lb for low tin content grade from some sources. Both assessments fell by mor...Read More
Copper smelters will slow capacity expansions if market terms for copper concentrates fall to reflect a potential market deficit, Jiangxi Copper's Yuanfeng Xu said at Fastmarkets' Asia Copper Conference in Shanghai on Wednesday November 20."Right now [smelting] capacity is still increasing, so the future potential risk may come from the supply from the ore mining side," Xu, who is vice president o...Read More
Discouraging news from China over the “phase one” trade deal with the United States has led to less risk appetite, which for now is affecting the broader markets more than the metals, which were broadly firmer on Thursday November 21.Asian equities are weaker, led by a 1.5% decline in the Hang Seng, and US 10-year treasury yields fell as the outlook for a trade deal deteriorates. Ba...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was a drop to 215,000 from upwardly revised 227,000 last week. Actual was 227,000. Consensus for the November Philly Fed Index was an increase to 7.0 from 5.6 in Oc...Read More
The three-month nickel price traded on the London Metal Exchange continues to languish below $15,000 per tonne at the close on Tuesday November 19 while fresh inflows continue to pressure nickel futures. LME nickel stocks have fallen by 60% in just over two months to 66,174 tonnes from 166,680 tonnes on September 12 but the LME three-month nickel price has been on a general downtrend over the same...Read More
The three-month nickel price on the London Metal Exchange continued its downtrend during morning trading on Tuesday November 19, with price action coming under downward pressure from fresh inflows. Nickel's outright price was recently at $14,575 per tonne, while just over 2,000 lots were exchanged as of 9:15am London time. The metal's underlying price has been falling since reaching a 2019-high of...Read More