With the exception of tin, base metals prices on the Shanghai Futures Exchange were up during the morning trading session on Thursday October 24.As was the case on Wednesday, nickel led the charge higher. The most-traded December nickel contract on the SHFE climbed to 131,900 yuan ($18,644) per tonne as at 10.08am Shanghai time, up by 1,930 - or 1.5% - from Wednesday's close of 129,970 yuan per to...Read More
Data insights, analysis and key market themes dominating discussions in the antimony market ahead of annual negotiations during LME Week 2019.See also:FOCUS: Fanya auctions give momentum to minor metals prices after years of overhangChina Minmetals wins auction for entire Fanya antimony stock for $76mln SPMP's Oman project produces first antimony metal after multiple delaysFOCUS: Five factors...Read More
Key data from the Wednesday October 23 pricing session in Shanghai. Key drivers Chinese cobalt metal price softens on slow spot activity, while tight supply of certain domestic brands has eased amid profit-taking.The cobalt tetroxide price in China was unchanged, though lower offers emerged after prices for downstream lithium cobalt oxide (LCO) battery materials...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.Amazon dropped $107.98 to $1672.80 after reporting lower than consensus third quarter earnings.Intel gained $1.90 to $54.13 after reporting higher than consensus third quarter revenues and earnings. JP Morgan raised its target price to $68 from $64.Verizon added $0.67 to $61.25 after reportin...Read More
The three-month copper price on the London Metal Exchange rose to its highest level in more than a month at the close of trading on Wednesday October 23 amid positive forward spreads, while tin futures underperformed in a 2% decline over the afternoon. Copper's three-month price closed at $5,881 per tonne this afternoon, its highest level since September 13, with just over 16,000 lots of metal exc...Read More
Buyers in all regions stayed on the sidelines in the week to Tuesday October 22 amid London Metal Exchange nickel price and spread volatility. European market sees little spot trade on weak demand. US nickel premiums flat, with scrap substitution dampening primary metal demand. Asian nickel remains at a discount versus a premium. Brief contango fails to tempt European buyers Rotterdam...Read More
The Southeast Asian lead premium rose by 4.2% week on week on increased spot interest, with market participants suggesting an uptick in automotive sales as a key tailwind; meanwhile, global zinc premiums were unchanged amid stagnant spot demand and tight forward spreads. Southeast Asian lead premium rises on renewed buyer interest US, Asian zinc premiums flat on low spot interests Eur...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday October 23 that are worth another look.Taseko Mines Limited is in the process of seeking a listing on the Main Market of the London Stock Exchange (LSE), with approval anticipated prior to the end of 2019.Chilean iron ore and long steel producer Compa???-a de Acero de Pac?-fico (CAP) was forced to reduce production from some o...Read More
Two of Codelco's divisions are operating at minimum rates or have been completely halted due to a general strike in Chile, the state-owned copper producer said on Wednesday October 23.Trade federations representing workers of both the state-run producer and private copper companies decided to join a nation-wide standstill in response to governmental measures taken to counter violent demonstra...Read More
The global refined copper balance will switch from a deficit this year to a surplus next year on an expansion in Chinese refining capacity and a slowdown in global economic growth, the International Copper Study Group (ICSG) said on Wednesday October 23.The world is forecast to produce 25.3 million tonnes of refined copper next year, up 4.2% from this year's expected global output, the group said&...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday October 23. Key drivers Ferro-titanium market stability extended for a third week despite only low volumes reported sold. Only one truckload of ferro-titanium was reported being sold at $4.50 per kg delivered, duty-paid. Alloy suppliers are looking to start negotiations for deliveries on longer-term agreements as s...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday October 23. Key drivers Ferro-titanium market stability extended for a third week despite only low volumes reported sold. Only one truckload of ferro-titanium was reported being sold at $4.50 per kg delivered, duty-paid. Alloy suppliers are looking to start negotiations for deliveries on longer-term agreements as s...Read More
The Turkish steel mills have extended their silence in the deep-sea scrap markets and are now focused on the markets for billet and finished long steel, sources said on Wednesday October 23.The mills in Turkey have been very active in scrap purchasing so far this month, booking at least 16 cargoes. They went quiet in the deep-sea markets at the end of last week after booking almost 500,000 tonnes...Read More
A summary of Antofagasta's production results for the third quarter of 2019 following the company's results report released on Wednesday October 23.IN BRIEF: Antofagasta's group copper production for the third quarter of 2019 was recorded at 197,000 tonnes, a drop of 0.8% against the previous quarter. Group copper production for the first nine months of 2019 climbed to 584,200 tonnes, a rise...Read More
Rio Tinto is planning to step into the lithium industry in the United States following the booming prospects for the new energy vehicles (NEVs) sector. Rio Tinto will pilot the production of lithium salts following a study to extract lithium from waste rock at their borates mine in the Mojave Desert in California, the company said. Should the pilot scheme succeed in producing its forecast 10 tonne...Read More
Domestic hot-rolled coil prices in Northern Europe have been stable over the past week, while prices in the south declined by ?,?5 per tonne over the period, sources told Fastmarkets on Wednesday October 23.Although the prices have not changed significantly, the market remains under downward pressure from poor demand.Northern EuropeDomestic prices for HRC in the north of Europe have been stab...Read More
Chinese mills raised their domestic offers on Wednesday October 23, though buyers in the eastern region put up some resistance against them, resulting in a smaller price rise in comparison with those in the northern region.DomesticEastern China (Shanghai): 3,500-3,520 yuan ($494-497) per tonne, widening upward by 10 yuan per tonneNorthern China (Tangshan): 3,500 yuan per tonne, up 20 yuan per tonn...Read More
China's plate producers lowered their export prices over the past week amid fierce competition from Japanese and South Korean sellers.Fastmarkets' price assessment for December shipments of steel heavy plate export, fob China main port was $443-450 per tonne for the week ended Tuesday October 22, down $10-12 per tonne from $455-460 per tonne a week earlier.A trader based in eastern China said he h...Read More
Chilean iron ore and long steel producer Compa???-a de Acero de Pac?-fico (CAP) was forced to reduce production from some of its iron ore operations in the week to Wednesday October 23 amid widespread anti-government protests in the country.CAP's 75%-owned mining subsidiary, Compa???-a Minera del Pac?-fico (CMP), had partial interruptions to operations at one of its iron ore pellet plants and at t...Read More