Chinese stainless steel export prices have increased, after producers returned from the Golden Week holiday to find production costs rising due to a surge in nickel prices, market sources told Fastmarkets this week.The three-month nickel contract on the London Metal Exchange has averaged $17,560 per tonne so far in October, compared with August's average of $15,661 per tonne. Market participants i...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday October 9:Aluminium scrapCommercial pure cuttings, delivered consumer UK, ?/tonne: ?820-860 per tonne from ?850-880Loose old rolled cuttings, delivered consumer UK, ?/tonne: ?540-560 per...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade. Investors are focusing on news from U.S./China trade talks that started today.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for the September Consumer Price Index was an increase of 0.1% versus a gain of 0.1% in August. Actual was unc...Read More
A summary of base metals premiums from across the globe for the week to Tuesday October 8.Please click...Read More
The London Metal Exchange three-month copper price fell by 0.6% at the close of trading on Tuesday October 8 to $5,682 per tonne compared with $5,722 per tonne the previous day despite a doubling of lots traded from this morning, with just shy of 16,500 lots having changed hands by the afternoon kerb. The red metal's LME three-month price has ignored a 4,800 tonne outflow from LME-approved warehou...Read More
A consortium including commodities brokerage Marex Spectron has launched a product monitoring the up-to-date operational status of up to 90% of the world's copper smelters using satellite technology. The SAVANT Global Copper Smelting Index is a partnership between Marex Spectron and geospatial intelligence company Earth-i, with development partly funded by the UK Space Agency via the European Spac...Read More
Chilean copper miner Antofagasta has requested the government to mediate discussions with the union of its flagship Los Pelambres mine, putting a brake on an imminent strike at one of the world's largest copper mines. The Los Pelambres union said on Monday October 7 that Antofagasta has requested mediation from the labor bureau of the Chilean government regarding a rejected remuneration package. T...Read More
Fastmarkets has amended the specifications of its two cobalt hydroxide price assessments to take account of chemical components, mine origin of material eligible for consideration, and publication frequency. Following a consultation, Fastmarkets has tightened the chemical specification of the cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt...Read More
Turkish steel mills continued to stay out of the deep-sea scrap markets on Tuesday October 8 with prices unchanged on a lack of fresh bookings, according to market sources. Market participants told Fastmarkets that mills in Turkey booked a lot of cargoes for November shipment and can now take a break and focus on finished steel markets. But market participants believe...Read More
Participants were expecting a stronger performance by the base metals on Tuesday October 8 following the reopening of Chinese markets, but futures prices on both the London Metal Exchange and Shanghai Futures Exchange have been mixed.On the LME, three-month copper, zinc and lead prices were firmer by an average of 0.5%, while nickel, tin and aluminium were down by an average of 1.1% - led by a 2.1...Read More
Poor demand continues to weigh on Indian silico-manganese prices. Indian silico-manganese prices now down for six weeks runningEuropean alloy prices hold steady in thin tradingManganese ore prices keep sliding on poor demand, plentiful supplyUS prices remain flat in inactive market. Indian silico-manganese export prices dropped for a sixth consecutive week due to persistent weak demand domesticall...Read More
Fastmarkets has amended the specifications of its two cobalt hydroxide price assessments to take account of chemical components, mine origin of material eligible for consideration, and publication frequency. Following a consultation, Fastmarkets has tightened the chemical specification of the cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt...Read More
Brazilian domestic flat steel prices fell in October, when discounts became more widespread and steelmakers were announcing price increases to try to reverse the trend.Fastmarkets' price assessment for steel hot-rolled coil, domestic, monthly, exw Brazil, was at 2,245-2,425 Reais ($546-590) per tonne on Friday October 4, down from 2,250-2,470 Reais per tonne on September 6.The assessment for&...Read More
Flat steel import prices into the United Arab Emirates and Saudi Arabia were stable this week on limited demand, sources told Fastmarkets on Tuesday October 8.Buyers were reluctant to book large tonnages before prices hit a market bottom and end-user demand begins to improve, they said. UAE Offer prices for hot-rolled coil (HRC) from China were heard at $450-460 per tonne cfr this week, with offer...Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil were unchanged during the week to Tuesday October 8 due to Golden Week - the week-long holiday to mark the country's 70th anniversary. Cold rolled coil Fastmarkets' weekly price assessment for steel cold-rolled coil (CRC), export, fob China, was $500-505 per tonne on Tuesday October 8, unchanged from September 24. No of...Read More
The import price for steel billet in the United Arab Emirates has narrowed over the past week and both import and domestic prices for rebar have fallen slightly, with demand for products only moderate, sources said on Tuesday October 8.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 i...Read More
China's domestic rebar prices moved down on Tuesday October 8 on heightened selling interest and weak futures on the first working day after the country's Golden Week. Domestic Eastern China (Shanghai): 3,740-3,780 yuan ($525-530) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 3,590-3,630 yuan per tonne, down 10 yuan per tonneStockists who built up their inventories late in Septembe...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, beams and other long steel products.Latest transaction: rebar, wire rodRebar East China, domestic, grade III 16-25mm...Read More
Turkish steel mills continued to stay out of the deep-sea scrap markets on Tuesday October 8 with prices unchanged on a lack of fresh bookings, according to market sources. Market participants told Fastmarkets that mills in Turkey booked a lot of cargoes for November shipment and can now take a break and focus on finished steel markets. But market participants believe...Read More
Physical iron ore prices rose on Tuesday October 8 on likely easing production restrictions in north China.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $94.77 per tonne, up $1.39 per tonne. 62% Fe Pilbara Blend Fines, cfr Qingdao: $94.05 per tonne, up $1.14 per tonne.62% Fe low-alumina fines, cfr Qingdao: $93.50 per tonne, up $1.78 per tonne. 58% Fe fines high-premium, cfr Qingdao...Read More