Mining corporation Barrick is eyeing potential alternative processors for concentrates produced at its Lumwana copper mine in Zambia while it waits for a third-party smelter to resume operations after a major refurbishment.The refurbishment was to one of the third-party smelters that processes a portion of the copper concentrate produced at Lumwana. It was expected to be completed by the end of th...Read More
The London Metal Exchange three-month nickel price shed 1% from the previous day's close to trade at around $16,285 per tonne during the morning session on Thursday October 17, with the weakness coming despite further drawdowns leaving LME nickel stocks at 88,302 tonnes - the lowest since December 2012. "Nickel has started to fall, on the one hand reflecting the lack of buyers in the physical mark...Read More
The London Metal Exchange's cash-settled alumina futures contract, which is settled against a basket of prices that includes Fastmarkets' index, traded for the first time on Thursday October 17. Ten lots traded at $284 per tonne for November 2019. There were also two separate trades on the January 2020 contract at $294 per tonne for 10 lots each. The trades concluded between 8:18 and 8:23am London...Read More
China's top copper smelters have agreed to raise the price floor for fourth-quarter treatment and refining charges (TC/RCs) by 20% from the prior quarter, sources familiar with the matter told Fastmarkets on Thursday October 17.The fourth-quarter price floor was set at $66 per tonne/6.6 cents per lb, up from $55/5.5 cents in the third quarter. The increase follows six consecutive weeks of rises in...Read More
The price for imported steel reinforcing bar in the United States nosedived following confirmed offers and deals heard for European-origin material, while the price for US domestic rebar narrowed downward, Fastmarkets has learned. Fastmarkets' assessment for steel rebar, import, cfr Houston was at $517-535 per short ton on Wednesday October 16, down by 9.7% from $575-590 per short ton two weeks ea...Read More
While prices for most flat-rolled steel imports into the United States declined on Wednesday October 16, moving in step with fast-falling domestic prices, the lower prices were not sufficient to generate much interest from buyers.Market chatter has centered on Turkey in recent weeks, with some sources expecting that the United States and Turkey would soon reach a trade deal. Instead, US Presi...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 $369 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
Here are five Fastmarkets MB stories you might have missed on Tuesday October 15 that are worth another look.China's sustained presence as a buyer in Southeast Asia's spot billet market has been boosting prices in the region, sources told Fastmarkets.An oversupply of manganese ore weighed on seaborne manganese ore prices cif China, causing some producers to make multiple lower offers to attra...Read More
Seaborne coking coal prices were steady on Thursday October 17, with market participants in China indicating that import restrictions at Chinese ports had become less stringent.Fastmarkets indicesPremium hard coking coal, fob DBCT: $150.73 per tonne, down $0.87 per tonnePremium hard coking coal, cfr Jingtang: $164.76 per tonne, up $0.51 per tonneHard coking coal, fob DBCT: $123.13 per tonne, uncha...Read More
Seaborne mid-grade iron ore prices continued to stay below the $90 per tonne mark on Thursday October 17. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $87.06 per tonne, down $0.80 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $86.10 per tonne, down $0.80 per tonne.62% Fe low-alumina fines, cfr Qingdao: $85.84 per tonne, down $0.54 per tonne.58% Fe fines high-premium,...Read More
BHP has reported a 9.6% year-on-year drop in metallurgical coal output in the three months to September, a period during which fob Australia prices for premium hard coking coal fell amid Chinese import restrictions and weak demand outside of China.The miner produced 9.35 million tonnes of met coal during the period, which also marked a 21% quarter-on-quarter drop, it said on Thursday October 17. B...Read More
Domestic prices for steel wire rod across Europe continued to stagnate over the past week, with the possibility of a weakening of the market leaving participants uncertain whether to make purchases, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe was ?,?440-450 ($486-497) per tonne on Wednesday October 16, unchang...Read More
Turkish steel mills continued to stay away from the deep-sea scrap markets awaiting clarity in the finished steel markets, sources said on Wednesday October 16.Late on Monday October 14, US president Donald Trump said he would impose a 50% tariff on imports of steel from Turkey in response to its military actions in Syria.Following the news, Turkish steel mills suspended their bookings o...Read More
Domestic prices for ferrous scrap in Italy have declined over the past month in line with a fall in international scrap values, sources told Fastmarkets on Wednesday October 16.Fastmarkets' monthly price assessment for steel scrap, No E3 (old thick scrap), domestic, delivered mill Italy, was ?,?200-205 ($220-226) per tonne in the middle of October, compared with ?,?210-230 per tonne in the middle...Read More
Seaborne mid-grade iron ore prices, as represented by Fastmarkets' index for iron ore 62% fines, cfr Qingdao, fell below the $90 per tonne mark on Wednesday October 16 for the first time since September 3, due to a rapid downturn in the futures markets.Fastmarkets' iron ore indices62% Fe fines, cfr Qingdao: $87.86 per tonne, down $5.14 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $...Read More
China's hot-rolled coil prices continued to fall on Thursday October 17, with sentiment hurt by a continual weakening of rebar futures despite a drop in inventory levels for the flat steel product.DomesticEastern China (Shanghai): 3,500-3,510 yuan ($493-495) per tonne, down 20-30 yuan per tonneNorthern China (Tangshan): 3,500 yuan per tonne, down 20 yuan per tonneMills lowered their offers in the...Read More
Domestic rebar prices in eastern China continued to trend downward on Thursday October 17 amid weakening end-user demand.Domestic Eastern China (Shanghai): 3,620-3,640 yuan ($510-513) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,570-3,600 yuan per tonne, unchangedTrading houses in eastern China were actively selling rebar on expectations that supply in the region would increase...Read More
Stainless steel prices in China continued to rise over the past week on higher production costs due to elevated nickel prices.Prices for the alloying metal had remained at relatively high levels following the recent move by Indonesia to bring forward its ban on nickel ore exports to 2020 from 2022."Stainless steel prices have maintained an uptrend despite the recent dip in nickel prices because mi...Read More
Base metals on the Shanghai Futures Exchange gave a largely subdued performance during the morning trading session on Thursday October 17, amid persistent macroeconomic uncertainty that continues to weigh on the complex.A general sense of uncertainty and bearishness in global markets is keeping investors cautious this morning, with the SHFE base metals exhibiting mixed movements as a result.Factor...Read More
British ferro-alloys producer FE Mottram, the biggest producer of ferro-titanium in Europe, has restarted production after a fire damaged its plant in April, according to an industry source. The company had intended to restart production in the third quarter of this year. FE Mottram, which is owned by Belgium-based ferro-alloys and metals trader Metraco, stopped production at its plant in She...Read More