Weak spot demand for foundry alloy pushed the premium in the United States to a two-year low and the premium in Germany to an all-time low on Friday October 11.European premium 'depression' continuesPrimary aluminium foundry alloy premiums throughout Europe fell, with poor fundamentals continuing to fuel the downtrend.Fastmarkets assessed the aluminium wheel alloy silicon 7 ingot premium, ddp Germ...Read More
The following Fastmarkets non-ferrous European free market scrap prices changed on Friday October 11:Aluminium ingotAluminium pressure diecasting ingot...Read More
The three-month zinc price on the London Metal Exchange was higher at the close of trading on Thursday October 10, nearing the $2,400 per tonne resistance level against a continued drawdown of LME stocks, while copper breached nearby resistance amid moderate turnover.Zinc's outright price closed at $2,388 per tonne in the afternoon, its highest price since August 1, while volumes traded were high...Read More
Vedanta's Skorpion zinc refinery will shut for four months from November due to a lack of local concentrate feed, the company told Fastmarkets on Thursday October 10. Skorpion is an integrated zinc mining and smelting operation located in Namibia, which produced 90,000 tonnes of refined zinc in 2018. It had been scheduled to produce 130,000 tonnes in 2020. But the smelter will soon not have enough...Read More
The connection between physical demand fundamentals and futures price action has broken, say market participants, pointing to nickel stocks on the London Metal Exchange at an 11-year low and the benchmark cash/three-month spread in a backwardation of over $160 per tonne. There have been unprecedented daily drawdowns of LME nickel stocks, which are at their lowest since 2008 at 102,696 tonnes on Th...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday October 10 that are worth another look.The queue to remove metal from London Metal Exchange-approved warehouses operated by H&M Metal in Busan, South Korea rose to 30 days at the end of September, according to the latest LME data.New customs declaration procedures could be put in place by European Union member states if the Uni...Read More
Vedanta's Skorpion zinc refinery will shut for four months from November due to a lack of local concentrate feed, the company told Fastmarkets on Thursday October 10. Skorpion is an integrated zinc mining and smelting operation located in Namibia, which produced 90,000 tonnes of refined zinc in 2018. It had been scheduled to produce 130,000 tonnes in 2020. But the smelter will soon not have enough...Read More
Switzerland-based miner-trader Glencore revealed on Thursday October 10 that chief executive officer Ivan Glasenberg holds an 8.3% shareholding in the company in its first disclosure of his stake since 2013.The miner-trader, which is the world's largest for metals, said on Thursday that the company's share buyback scheme had left long-time CEO Glasenberg with 9% of voting rights in the company and...Read More
Switzerland-based miner-trader Glencore revealed on Thursday October 10 that chief executive officer Ivan Glasenberg holds an 8.3% shareholding in the company in its first disclosure of his stake since 2013.The miner-trader, which is the world's largest for metals, said on Thursday that the company's share buyback scheme had left long-time CEO Glasenberg with 9% of voting rights in the company and...Read More
Coal industry billionaire Hans Mende joined the board of Jupiter Mines on Wednesday October 9 as a non-executive director, the Australian Stock Exchange-listed mining company has announced.Mende is co-founder and executive chairman of AMCI Group, a substantial shareholder...Read More
Any hopes the United States might relax its sanctions on Turkish steel exports appear to have been scuppered after Turkey launched an air and ground assault on Kurdish-held northern Syria. On Wednesday October 9, Turkey launched 'Operation Peace Spring' east of the Euphrates River in northern Syria to secure its borders, after the US army retreated from the region. And on Thursday, the head of the...Read More
New customs declaration procedures could be put in place by European Union member states if the United Kingdom ultimately leaves the bloc with no agreement in place (a "no-deal Brexit"), an industry association told Fastmarkets this week.This would cause months of congestion affecting UK-origin scrap cargoes although no long-term disruption was expected for the UK's metals recycling sector, worth...Read More
Trade log for battery-grade lithium carbonate in China including trades, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per tonne on an ex-works China basis. Delivered prices are netted back. Fastmarkets prices Click here for Fastmarkets price assessment for lithium carbonate 99.5% Li2CO3 min, battery grade, spot price range exw China, yuan/tonne. Fastmarkets lith...Read More
China's hot-rolled coil prices were largely unchanged on Thursday October 10 because although demand was robust, some participants were bearish on the price outlook after some buyers started selling imported goods from Russia.DomesticEastern China (Shanghai): 3,590-3,600 yuan ($502-503) per tonne, unchangedNorthern China (Tangshan): 3,540 yuan per tonne, unchangedSpot prices were stable even thoug...Read More
Turkish domestic prices for rebar and wire rod have gone up over the past week, while the country's lira weakens against the US dollar, sources said on Thursday October 10.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey, was TRY2,790-2,800 ($477-478) per tonne on Thursday, up from the TRY2,730-2,780 per tonne of last week.Steel mills in the Izmir region...Read More
Any hopes the United States might relax its sanctions on Turkish steel exports appear to have been scuppered after Turkey launched an air and ground assault on Kurdish-held northern Syria. On Wednesday October 9, Turkey launched 'Operation Peace Spring' east of the Euphrates River in northern Syria to secure its borders, after the US army retreated from the region. And on Thursday, the head of the...Read More
Prices for steel rebar in Egypt fell in the week to Thursday October 10, while imported steel billet prices increased, sources have told Fastmarkets.Egyptian rebar producers reduced their prices on September 30 and October 9.The reason for these falls was that Egypt's prime minister last week announced a reduction in the cost for natural gas, to $5.50 per BTU from $7.00 per BTU. This will substant...Read More
The Turkish steel mills have fallen quiet in the deep-sea scrap markets following political developments that have raised concerns in the market, sources said on Thursday October 10.The most recent confirmed transaction was done from the United States on October 9. A Turkish steel producer booked a cargo comprising 23,000 tonnes of HMS 1&2 (80:20) at $233 per tonne and 17,000 tonnes of shredded at...Read More
Any hopes the United States might relax its sanctions on Turkish steel exports appear to have been scuppered after Turkey launched an air and ground assault on Kurdish-held northern Syria. On Wednesday October 9, Turkey launched 'Operation Peace Spring' east of the Euphrates River in northern Syria to secure its borders, after the US army retreated from the region. And on Thursday, the head of the...Read More
Seaborne iron ore prices rebounded on Thursday October 10 following a big decline a day earlier, thanks to gains in the futures markets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $93.68 per tonne, up by $2.62 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $94.23 per tonne, up by $3.89 per tonne.62% Fe low-alumina fines, cfr Qingdao: $92.08 per tonne, up by $2.33 per tonne.58% Fe fi...Read More