The complexities of international iron ore supply and Chinese steel mill demand have encouraged market participants to increase use of derivative contracts. As the one-year anniversary approaches of the launch of Singapore Exchange's (SGX) 65% Fe iron ore derivative contract, it is clear that the contract is fulfilling its purpose of providing the market with a seamless price risk management tool....Read More
Chinese spot copper premiums hit 10-month highs in September, but market participants doubt the uptrend can last and expect a drop in the annual benchmark premium for 2020. Fastmarkets' copper grade A cathode premium, cif Shanghai reached a peak of $65-82 per tonne on September 5 during the Antaike conference in the Chinese city of Qiqihar, the highest since November 2018. The premium stood at $65...Read More
Low refined nickel stocks and a looming ban on exports of nickel ore from Indonesia are two factors creating a bullish nickel market, according to participants at the seventh Asian Nickel Conference held in Jakarta in mid-September. Low refined nickel stocks at exchange-listed warehouses and the unlikelihood that huge amounts of nickel ore will be stockpiled at Chinese ports ahead of a ban on expo...Read More
The three-month price of lead on the London Metal Exchange was the standout performer at the close of trading on Friday October 4, settling at its highest level in 13 months despite low turnover, while nickel continued to trend higher over the afternoon.Lead futures closed at $2,160 per tonne on Friday, gaining by 1.6% over the afternoon while some 3,200 lots were exchanged by the close, lower tha...Read More
Trading activity in the seaborne coking coal market remained muted on Friday October 4, the fourth day of China's Golden Week to mark its 70th National Day.Premium 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: $123.13 per tonne, unchangedHard coking coal, cfr...Read More
A very simplistic summary of the LME's approach to responsible sourcing is that it uses the Organization for Economic Co-operation & Development(OECD) red flag scheme and a phased introduction of transparency, but Matthew Chamberlain is keen to explain the "two big philosophical pillars behind it."The first is about establishing the LME's role in delivering responsible sourcing. "There are some in...Read More
The increasing consumption of scrap and a potential shift toward the electric-arc furnace (EAF) steelmaking route from the basic oxygen furnace (BOF) route in China are medium- to long-term threats to demand for steelmaking raw materials, while in the near team coking coal import volumes will continue to be affected by iron ore procurement strategies.This was the basis of Fastmarkets research team...Read More
Iron ore prices fell sharply in the second half of November after climbing through October, with prices for higher-grade material pioneering the decline.Fastmarkets MB daily benchmark for 65% Fe fines dropped by 22% by Monday November 26 after peaking on October 29. The 62% Fe iron ore index declined by 16% over the period, as some Chinese steelmakers started to seek larger volumes of cheaper ores...Read More
The steel scrap sector in the United States still depends on exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London.This dependence persists despite the changes in the international markets created by the US' imposition of its Section 232 tariffs on imports of steel products, metals analyst Le...Read More
An overview of the battery raw materials markets and their latest price moves.Read More
The recovery seen earlier this week in Turkish deep-sea scrap import prices was short-lived and they went down to their previous levels in the latest transactions heard on Friday October 4.A Turkish steel mill in the Marmara region booked a UK cargo, comprising 18,000 tonnes of HMS 1&2 (80:20) at $223.50 per tonne cfr.Another steel mill in the Izmir region booked a US cargo at $228.50 per tonne cf...Read More
Brazilian mining company Vale expects to ramp up mine production at its On??a Puma nickel project in the northern state of Par?? throughout the first half of 2020 and reach 100% capacity by July, it said in a presentation to analysts and investors on Wednesday October 2. The smelter at the site will not depend on the restart of mining operations, however, because it will be fed by stocked nickel o...Read More
Canadian mining company Strongbow's investment in the South Crofty tin mine in Cornwall - an internationally famous tin mine in the south-west of England, with a long heritage - is for the long term, reports Hassan Butt.South Crofty is expected to deliver about 5,000 tonnes per year of tin when it becomes fully operationalSTRONGBOWThe South Crofty tin mine was once a centerpiece of the economy in...Read More
Spot terms for processing copper concentrates rose at an accelerated pace in the first week of October on improved concentrates availability, while smelters are well covered with contractual deliveries and miners are eager to sell more volumes via tender.Fastmarkets' benchmark copper TC/RC index cif Asia Pacific rose to $54.1 per tonne/ 5.41 cents per lb on Friday October 4. The index, which track...Read More
London Metal Exchange chief executive Matthew Chamberlain spoke to Metal Market Magazine editor Richard Barrett about how he almost missed the opportunity to advise Hong Kong Exchanges & Clearing on its acquisition of the bourse.Matthew Chamberlain joined the London Metal Exchange in 2012, having previously advised Hong Kong Exchanges & Clearing on the acquisition of the LME while working for bank...Read More
A very simplistic summary of the LME's approach to responsible sourcing is that it uses the Organization for Economic Co-operation & Development(OECD) red flag scheme and a phased introduction of transparency, but Matthew Chamberlain is keen to explain the "two big philosophical pillars behind it."The first is about establishing the LME's role in delivering responsible sourcing. "There are some in...Read More
A recurring theme throughout the multiple consultations undertaken on Matthew Chamberlain's watch to make progress along the London Metal Exchange's strategic pathway has been a goal of creating fairness between different types of member and market user with differing goals and agendas of their own. Does Chamberlain think that the exchange has achieved the right balance between the differing aims...Read More
Flat steel import prices were caught once again in the continuous global downtrend during the past week, as market participants await for Chinese offers to resume after the Golden Week and material from other origins was sold at lower levels.Fastmarkets assessed the price for steel hot-rolled coil import, cfr main ports South America, at $465-490 per tonne on Friday October 4, down from $480-500 p...Read More
Brazilian slab export prices fell this week amid widespread pessimism and buyers' low expectations.Fastmarkets' weekly price assessment for steel slab, export, fob main port Brazil, was at $370-380 per tonne fob on Friday October 4, down $30 per tonne from $400-410 per tonne fob a week earlier.Regular offers were at $375-380 per tonne fob aimed at the US market, according to market participants.Pr...Read More
The latest attempt by steel mills in Brazil to impose an increase in the domestic price of rebar has managed to stop a previous freefall seen in late September, although the rise that was implemented was smaller than was intended, Fastmarkets heard on Friday October 4.Fastmarkets' latest price assessment for steel reinforcing bar (rebar), domestic, monthly, delivered Brazil, was 2,165-2,300 Reais...Read More