Here are five Fastmarkets MB stories you might have missed on Thursday November 7 that are worth another look.Latin America's crude steel output fell 16% year on year in September to 4.69 million tonnes on high costs of iron ore and low global prices for finished products, according to regional steel association Alacero.The global nickel supply deficit is set to narrow to 20,000 tonnes of nickel u...Read More
Frank Feng has left his position as head of copper trading at Cliveden's Shanghai office and has been replaced by Sun Bing, Fastmarkets understands.Feng was head of copper trading at Cliveden's Shanghai office for almost three years. He had previously worked with...Read More
Galena Mining is looking to bring 90,000 tonnes of new lead production from its Abra mine in Australia to the market in 2022 and a continuation of current price levels for the metal would suit it 'just fine', its chief executive officer Alex Moleneux said."When we look at our outlook for the lead price we feel like where it is now is pretty reasonable over the long term horizon," Moleneux told Fas...Read More
The three-month copper price on the London Metal Exchange increased during morning trading on Thursday November 7, with its price action nearing the $6,000-per-tonne resistance level against a sizable turnover. The red metal's outright price on the LME was recently at $5,962 per tonne, with some 4,400 lots exchanged as of 9:20am London time. Supporting this, LME copper stocks were subject to...Read More
The global nickel supply deficit is set to narrow to 20,000 tonnes of nickel units next year, mainly due to a ramp up inIndonesian nickel pig iron (NPI) output, Beijing Antaike Information chief analyst Aidong Xu told delegates at a conference in Yichang, China.The figure is compared with a supply deficit this year that Xu projected at 40,000 tonnes and is despite the Indonesian ore expo...Read More
Brazilian apparent steel consumption is set to grow by 6-8% in 2020 if current gross domestic product (GDP) estimates are met, Gerdau's chief executive officer Gustavo Werneck said on Thursday November 7.The long-steel sector could rise faster because construction, its largest consumer, was hit harder during the country's recent economic crisis and has not yet started a significant recovery, the C...Read More
The price for steel rebar in Egypt decreased in the week ended Thursday November 7 even as imports costs for steel billet rose, sources told Fastmarkets.Egyptian rebar producers were offering rebar at E ?9,600-9,900 ($592-610) per tonne ex-works including 14% VAT, down from last week's E ?10,400-10,900 per tonne ex-works including VAT. Sales were made at E ?9,500-9,800 per tonne ex-works including...Read More
Trading activity in China's hot-rolled coil market thinned on Thursday November 7 while prices stayed flat, with sentiment dampened by rising output.DomesticEastern China (Shanghai): 3,540-3,550 yuan ($505-507) per tonne, unchangedNorthern China (Tangshan): 3,540 yuan per tonne, unchangedA trader in Shanghai said buying slowed during the day despite steady prices, with rising output resulting in s...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, plate, sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
China's domestic rebar prices edged up further on Thursday November 7 on declining inventory levels, though the futures market registered a drop on a pessimistic outlook.Eastern China (Shanghai): 3,730-3,760 yuan ($532-536) per tonne, up 10 yuan per tonneNorthern China (Beijing): 3,650-3,670 yuan per tonne, up 10 yuan per tonnesRebar inventory levels in the spot markets of major Chinese cities wer...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transaction: billetBillet Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, beams and other long steel products. Latest transaction: rebarRebar East China, domestic,...Read More
Physical iron ore prices weakened further on Thursday November 7 amid losses in derivatives markets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.17 per tonne, down $0.30 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $83.20 per tonne, down $0.09 per tonne.62% Fe low-alumina fines, cfr Qingdao: $82.05 per tonne, down $0.81 per tonne.58% Fe fines high-premium, cfr Qi...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials.Latest transaction: iron oreIron oreBeijing Iron Ore Trading Center (Corex), 170,000 tonnes of 62% Fe Pilbara Blend fines, sold at $83.20 per tonne cfr China, laycan December 2-11.Vale, Global Ore, 100,000 tonnes of 65% Fe Iron Ore Carajas, traded at $92.70 per to...Read More
Buyers outside China have emerged in the seaborne coking coal market this month, with a Japanese buyer said to have returned to the market for premium products on Thursday November 7.Fastmarkets indicesPremium hard coking coal, fob DBCT: $132.57 per tonne, down $0.72 per tonnePremium hard coking coal, cfr Jingtang: $146.12 per tonne, down by $0.04 per tonneHard coking coal, fob DBCT: $121.70 per t...Read More
Reports from the United States that the signing of a partial trade deal with China may be delayed until December has deflated recent enthusiasm; a trade deal, or even a partial trade deal, is still illusive - this has been going on for 16 months now.News of the delay seems to have put the brakes on across markets with the base metals trading either side of unchanged with no major moves, while equi...Read More
Chinese stainless steel prices dropped over the past week amid a drop in the nickel market, though participants are not too pessimistic for the former for the next week. The three-month nickel contract on the London Metal Exchange ended Wednesday November 6's trading session at $16,325-16,330 per tonne, down $525 per tonne from a week earlier. The most-traded December nickel contract on the Shangh...Read More
Barring those for nickel and tin, base metals prices on the Shanghai Futures Exchange were all down during the morning trading session on Thursday November 7.The broad-based weakness follows news that United States President Donald Trump and his Chinese counterpart Xi Jinping may not be able to sign a partial trade deal until December. The two sides had initially been expected to meet at the Asia-...Read More
Key data from the Wednesday November 6 pricing session in London. Key drivers The price for manganese flake in Europe edged down this week with several buyers able to book material in Rotterdam at cheaper levels close to $1,650 per tonne. Offers at $1,700 per tonne were turned down. The price has been under pressure on...Read More
Key data from Wednesday November 7 pricing session in Shanghai and London. Key drivers Cobalt hydroxide payables dropped at the start of November after suppliers cut their offer prices to encourage spot buying; spot trade has been slow since China's Golden Week holidays in early October. Chinese consumers have either stood on the sidelines or made aggressive bids (based on refinery net...Read More