Export billet prices from Iran have surged in the week to Wednesday November 13 with mills starting sales of their January-rolling material, Fastmarkets has learnt.Last week, several cargoes of January-rolling billet were reported sold to traders within the range of $360-365 per tonne fob for further sale to Asian markets."There is very little tonnage left now from the January allocation,"...Read More
The stainless steel scrap market in the United States resumed its downward trek this week due to lower nickel prices, a weakening chrome market and slack demand, although the latter seems to have stabilized at least for now, sources said."We continue to be as conservative as possible with our buying prices because we have no confidence in the direction prices are heading," one domestic dealer sour...Read More
Turkish steel producers have continued their deep-sea scrap purchases for December deliveries at steady prices, sources said on Wednesday November 13.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $262 per tonne and 5,000 tonnes of bonus at $272 per tonne cfr.A Monday booking from...Read More
China is likely to turn into an exporter of ferrous scrap in the next decade and global scrap availability is expected to almost double by 2050, Edwin Basson, director general at the World Steel Association, said on Tuesday November 12.As the Chinese steel recycling sector develops the Asian country is set to generate more than it needs by the mid-2020s, he told a panel at Alacero's Latin American...Read More
Low demand for long steel products such as rebar was at the root of the problems facing the steel industry, according to the International Rebar Producers & Exporters Association (Irepas).The raw material for blast furnaces was becoming cheaper but the ferrous scrap used in electric-arc furnaces was getting more expensive, while the prices for both rebar and hot-rolled coil were increasing. This w...Read More
The spread between mid-grade and high-grade fines has continued to widen, with concerns over the glut in supply of the former and limited spot availability of the latter.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $81.03 per tonne, down $0.45 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $81.06 per tonne, down $0.45 per tonne.62% Fe low-alumina fines, cfr Qingdao: $8...Read More
China's rebar prices increased on Wednesday November 13 amid tightened supply caused by logistical bottlenecks, though market participants expect these to ease over the next few days.DomesticEastern China (Shanghai): 3,780-3,830 yuan ($539-547) per tonne, up 80-90 yuan per tonneNorthern China (Beijing): 3,640-3,670 yuan per tonne, up 10-20 yuan per tonneA trader in Shanghai said that a lot of carg...Read More
The three-month zinc price on the London Metal Exchange was down during the morning trading session on Wednesday November 13, slipping below further support levels despite a continued draw on LME stocks, while tin futures threatened a dip below $16,000 per tonne. Zinc's outright price on the LME was recently seen at $2,442 per tonne, continuing its downward trend after slipping below the $2,500-pe...Read More
Markets in general are under pressure following United States President Donald Trump's speech at the Economic Club of New York on Tuesday November 12, where he failed to provide any reassurance that a trade deal had been reached with China; indeed, Trump even threatened that tariffs would be "raised very substantially" if a deal was not reached.Gold prices and US treasuries rise while demand for h...Read More
Barring those for nickel, base metals prices on the Shanghai Futures Exchange fell during the morning trading session on Wednesday November 13 while investors awaited clarity on the first phase of a trade deal between China and the United States.Trade uncertainty continues to dictate the mood in markets this morning, with investors none the wiser on details of a possible agreement between China an...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 November 13. Key drivers Titanium scrap turnings prices were more or less steady, with some difference reported between northern and southern European markets. Both assessments fell by more than 2% week on week on November 6. Alloy price range held after widening higher last week, with sources indicating near-term...Read More
A cutback in chrome ore production is needed to rebalance the surplus affecting the ferro-chrome supply chain, delegates claimed at this week's ICDA Chromium 2019 conference in New Delhi, India.Following prolonged weakness in the metallurgical chrome ore and ferro-chrome markets this year, a number of participants have reduced their FeCr output in recent months, in an attempt to contain the amount...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Initial Jobless Claims was an increase to 215,000 from 211,000 last week. Actual was an increase to 225,000. Consensus for the October Producer Price Index was an increase of 0....Read More
A summary of base metals premiums from across the globe for the week to Tuesday November 12.Please click...Read More
The three-month nickel price on the London Metal Exchange improved at the close of trading on Tuesday November 12, climbing by around 0.5% on high turnover, while the rest of the base metals complex struggled to close in positive territory.Nickel futures settled at $15,660 per tonne at the 5pm close on Tuesday, improving from an intraday low of $15,385 per tonne. Turnover was high, with just under...Read More
The three-month nickel price on the London Metal Exchange continued to fall during morning trading on Tuesday November 12, with dip-buying yet to emerge against broadly high turnover across the complex. Nickel's outright price was recently at $15,410 per tonne, losing around 1% of Monday's closing price of $15,565 per tonne. Volumes traded in nickel were high over the morning, with some 4,300 lots...Read More
Chrome markets weakened again in China in the week ended Friday November 8 on subdued demand and pressure on smelters to generate cash before year-end. Imported ore and alloy prices down on thin demand Chinese spot ferro-chrome prices drop on suppliers' selling pressure Alloy prices hold in Japan, South Korea European alloy price range narrows upward US spot market on hold dur...Read More
Fastmarkets has corrected its weekly manganese ore 44% index, cif Tianjin, which was published incorrectly on Friday November 8 due to insufficiently verified data having been used in the calculation.The index was published as $3.75 per dry metric tonne unit (dmtu) on November 8.But one participant's data submission comprised an aggregated price and volume for several separate deals, the actual it...Read More
Cobalt hydroxide buyers' preference for spot and short-term procurement will persist, adding spot liquidity to the cobalt raw materials market next year, Fastmarkets understands. Chinese cobalt consumers demonstrated continued appetite to commit to long-term contracts during Antaike's annual International Nickel & Cobalt Conference in Yichang on November 5-6, which is an event where suppliers and...Read More