Zijin Mining Group's share of Canadian company Ivanhoe Mines will increase to 13.88% following the completion of a private share purchase and sale transaction, positioning Zijin Mining and Citic Metal as the two largest shareholders, Ivanhoe said on Tuesday October 8.Citic Metal Africa and Robert Friedland, currently the two main shareholders in Ivanhoe, have agreed to sell a portion of their shar...Read More
The Rotterdam in-warehouse premiums for nickel cathode and briquette have continued to decline in the week ending Tuesday October 8.Short position holders were reported to be eager to avoid the elevated holding costs associated with the persistent, wide backwardation in the London Metal Exchange cash/three-month nickel spread, which was around $101 per tonne on Tuesday, by delivering material back...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
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
China's hot-rolled coil prices weakened on Tuesday October 8 after the market resumed trading following the country's Golden Week amid expectations of rising supply.DomesticEastern China (Shanghai): 3,610-3,620 yuan ($505-506) per tonne, down 10 yuan per tonneNorthern China (Tangshan): 3,560 yuan per tonne, down 20 yuan per tonneSellers lowered their prices in response to a declining futures marke...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 hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, plate, sheet and other flat steel products.Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic,...Read More
Mexican scrap prices were largely stable this week, with buyers trying to apply previously announced price cuts while waiting for further movements.Market participants were holding off on committing to additional price adjustments until October settlements were completed in the United States' main markets.News of $40-per-gross-ton reductions in prime scrap prices in Chicago for...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
Seaborne coking coal prices remained steady on Tuesday October 8 despite the return of Chinese buyers after the country's Golden Week, with most of them waiting for offers to emerge to gauge the direction of the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $146.08 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $159.70 per tonne, unchanged Hard coking coal, fob DBCT: $...Read More
Shanghai-bonded copper stocks fell to a four-year low at the start of October as higher in-warehouse premiums in Shanghai and a profitable import arbitrage between London and Shanghai boosted buying interest for bonded warrants.Zinc inventories in the Shanghai bonded zone were lower due to higher customs clearance volumes during the busy September and October period, while nickel stocks rose on th...Read More
The three-month copper price on the London Metal Exchange was higher during morning trading on Tuesday October 8, holding above nearby support levels amid high turnover, while nickel futures shed 1.1% despite continued stock outflows.Copper's outright price was recently seen trading at $5,710 per tonne, maintaining support above its nearby $5,700-per-tonne support level. Turnover was high over the...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
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
U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points in pre-opening trade. Investors were encouraged by news that China has committed to purchase $10 billion in agricultural products if a U.S./China trade agreement is reached. Johnson & Johnson dropped $2.85 to $128.99 following a jury decision that awarded $8 billion against the company.Verizons added $0.2...Read More
The three-month aluminium price on the London Metal Exchange was higher at the close of trading on Monday October 7, topping a broadly lackluster base metals complex amid low turnover, while zinc's benchmark cash/three-month spread narrowed over the afternoon.Aluminium futures closed at $1,746 per tonne in the afternoon, climbing from an intraday low of $1,714 per tonne, while some 10,100 lots wer...Read More
The three-month nickel price on the London Metal Exchange moved higher during morning trading on Monday October 7, with prices buoyed by a continued draw on the exchange's falling inventory. Nickel's outright price was recently seen trading at $17,775 per tonne, edging closer to the $18,000-per-tonne resistance level, a price not seen since September 13. Volumes traded were particularly thin over...Read More
China is still on holiday this morning, Monday October 7, and quiet trading has resulted in fairly mixed prices across the metals and broader markets. We expect activity to pick up when China's markets reopen on Tuesday, but with United States-China trade talks scheduled for Thursday and Friday, trading is likely to be nervous. Markets quiet with China on holiday for Golden Week until Tuesday...Read More
Antimony found support again in Europe over the week ended Friday October 4, with some traders reportedly achieving higher prices in Rotterdam.Fastmarkets assessed the price of antimony, MMTA standard grade II, in-warehouse Rotterdam, at $6,000-6,300 per tonne on Friday, up by 1.8% per tonne from the previous assessment. Despite the absence of Chinese market participants during the week-long...Read More