The alumina price on a fob Australia basis has stabilized just below $280 per tonne in the week ending Friday October 18, after a flurry of deals over the past week. Fastmarkets calculated the benchmark daily alumina index, fob Australia at $278.25 per tonne on Friday, down from $277.14 per tonne on Thursday. It has hovered between $277 and 278 per tonne over the past week. Key drivers: ...Read More
Base metal stock movements in Shanghai Futures Exchange-approved warehouses were mixed in the week to Friday October 18, with lead stocks gaining the most in percentage terms, followed by copper while aluminium and zinc inventories fell marginally. Lead stocks rose by 25.2% or 3,936 tonnes in the seven days from October 11 to 19,558 tonnes. The largest inflow in lead inventories was registered at...Read More
China has approved a fifth round of copper scrap import quotas to allow an additional 57,365 tonnes of copper scrap into the country by the end of this year, the environment ministry said on Friday October 18. The latest quota, larger than the fourth round of 31,658 tonnes, but still smaller than the third one of 87,680 tonnes, brings the total volume of copper scrap imports allowed in the second...Read More
The London Metal Exchange three-month copper price was subdued during the morning trading session on Friday October 18 despite significant outflows and a large fresh cancelation of material.The LME three-month copper price recently traded up a marginal $5 per tonne - or 0.08% - at $5,744 per tonne compared with Thursday's close, failing to be supported by inventory movements.A net outflow of 6,700...Read More
Base metals prices on the Shanghai Futures Exchange were broadly up during the morning trading session on Friday October 18, after a possible Brexit deal and moderately bullish headlines on United States-China trade talks helped boost sentiment.Tin gave the best performance of the complex in terms of percentage gains, with market participants continuing to digest the news that China's Yunnan Tin C...Read More
US cold-rolled coil and galvanized base prices have fallen to their lowest point in three-and-a-half years, with prices for value-added products catching up to declines already seen in the hot-rolled coil market.Prices for both products have also declined for the fourth week in a row.Fastmarkets' weekly price assessment for steel cold-rolled coil, fob US mill, fell to $34 per hundredweight ($680 p...Read More
Export prices of Brazilian slab have fallen as renewed bids and a decrease in flat steel prices in the United States has led to lower sentiment.Fastmarkets' weekly price assessment for steel slab, export, fob main port Brazil, fell to $360-365 per tonne fob on Friday October 18, from $370-380 per tonne fob the previous week.The US market was quiet until last week, as buyers avoided committing to d...Read More
Indian local secondary steel billet prices rose by 400 rupees ($6) per tonne over the past week after a rise in finished long product prices and in expectation of production cuts by billet manufacturers, sources told Fastmarkets on Friday October 18.Fastmarkets' weekly price assessment for steel billet domestic, ex-works India, was up by 400 rupees per tonne to 26,600-26,800 rupees per tonne...Read More
Demand for flat steel was still soft in Turkey in the week ended Friday October 18 because of falling steel prices globally, but sentiment was better than in previous weeks because of the halting of a Turkish military operation in Syria.International politics have a significant bearing on trade in the region at the moment. US President Donald Trump has been widely criticized for his decision to wi...Read More
Turkish prices for hot-dipped galvanized coil (HDG) and pre-painted galvanized iron (PPGI) fell in the week ended Friday October 18, with demand remaining weak, sources have told Fastmarkets.International politics have a significant bearing on trade in the region at the moment. US President Donald Trump has been widely criticized for his decision to withdraw US forces from an area of northern Syri...Read More
Import prices for steel billet and rebar in the United Arab Emirates narrowed over the past week, with domestic rebar prices falling due to a lack of demand, sources said on Tuesday October 15. New domestic prices for rebar for the month were announced by the country's producers on September 26. Both Emirates Steel and Conares reduced their prices. Billet imports Billet bookings were made from Oma...Read More
Prices in the CIS steel billet export market climbed in the week to Thursday October 17 amid reduced availability following last week's sales to the Middle East and Asia (including to China).Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $360 per tonne on October 17, up by $5 per tonne day on day.Last week, at least one cargo CIS-origin billet was reported sold to Turkey la...Read More
Sentiment in the export pig iron market from southern Brazil has remained positive this week on stronger scrap prices and full order books, sources told Fastmarkets on Friday October 18.Fastmarkets' weekly price assessment for pig iron, export, fob port of Vitoria/Rio, Brazil, was $272-275 per tonne on October 18, down slightly from $275-280 per tonne a week before.Another sale of 60,000 tonnes of...Read More
Prices for ferrous scrap imported into India have moved up for the second week in a row following a series of deals completed at higher prices, sources told Fastmarkets on Friday October 18.Fastmarkets' calculation of the steel scrap, shredded, index, import, cfr Nhava Sheva, India, was $261.17 per tonne on Friday, up from $253.56 per tonne one week ago and $251.34 per tonne on October 4.Deals for...Read More
UK and mainland European alloy steel scrap prices fell in the week to Friday October 18, due to the decline in nickel costs and limited trading activity, sources told Fastmarkets this week.Fastmarkets' weekly price assessment for stainless steel scrap 18/8 solids, domestic, delivered merchants UK, was ?760-800 ($879-925) per tonne on October 18, down by ?20 per tonne from ?780-820 per tonne."De...Read More
Steady demand in China, reduced availability of material and a rebound in the cost of scrap all gave support to the market for pig iron exports from the Commonwealth of Independent States during the week ended Thursday October 17, Fastmarkets has heard.Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS, was $270-280 per tonne on October 17, widen...Read More
The whereabouts of minor metal stocks held by the now defunct Fanya Metals Exchange has been a weight on the outlook of minor metals prices and contract negotiations since the exchange collapsed in 2015. The whereabouts of minor metal stocks held by the now defunct Fanya Metals Exchange has been a weight on the outlook of minor metals prices and contract negotiations since the exchange collapsed i...Read More
Market participants in both China and Europe have been taking a wait-and-see approach to procurement in the run-up to the auctions of four cargoes of minor metals formerly held by the Fanya Metal Exchange. On October 11, Southwestern China's Kunming Intermediate People's Court announced germanium, gallium, tellurium and selenium stocks will be auctioned over a 24-hour period starting at 10am...Read More
Trading activity in the seaborne coking coal market was largely muted on Friday October 18, though reports emerged of a second-tier cargo being traded at a fixed price under a long-term contract.Fastmarkets indicesPremium hard coking coal, fob DBCT: $150.73 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $164.76 per tonne, unchangedHard coking coal, fob DBCT: $125.50 per tonne, up $2.3...Read More
China's hot-rolled coil prices slid further on Friday October 18 although demand was stable, amid dampened sentiment due to a weakening of the futures market.DomesticEastern China (Shanghai): 3,490-3,510 yuan ($493-495) per tonne, widened downward by 10 yuan per tonneNorthern China (Tangshan): 3,490 yuan per tonne, down 10 yuan per tonneA trader in Shanghai said that prices had weakened despite st...Read More