Here are five Fastmarkets MB stories you might have missed on Wednesday October 2 that are worth another look.Estimated arbitrage opportunities between Southeast Asian warehouses and the US Midwest were little changed in September, on a steady US aluminium market.The US copper cathode premium fell to its lowest level since July 2018 due to weakened demand and United States-China trade war concerns...Read More
Aluminium market participants are bracing themselves for the possibility of a large aluminium delivery into London Metal Exchange warehouses.More than 29,000 tonnes of aluminium was delivered into LME warehouses on Wednesday October 2 across Singapore and Gwangyang. This was in addition to 11,000 tonnes delivered into Singapore on October 1.But it is Port Klang, Malaysia, that is attracting the at...Read More
The price of aluminium ingots in the United Kingdom fell to its lowest in three years in the week to Wednesday October 2 while aluminium scrap grades in the region continued to weaken.Fastmarkets assessed the price of aluminium scrap and foundry LM24 gravity diecasting ingot, delivered consumer UK at ?1,200-1,240 ($FIGURE) per tonne on October 2, down from ?1,240-1,280 per tonne the previous wee...Read More
Rotterdam in-warehouse nickel cathode and briquettes premiums plummeted in the week to Tuesday October 1 while Shanghai in-warehouse and cif premiums continued descending amid the widest ever backwardation in the London Metal Exchange cash/three-month nickel spread. European premiums hit two-to-three-year lows with an unprecedented wide backwardation in the cash/three-month nickel spread causing p...Read More
The US copper cathode premium fell to its lowest level since July 2018 due to weakened demand and United States-China trade war concerns in the week to Tuesday October 1, while sufficient stocks kept European market activity - and the premium - subdued. US cathode premium hits 15-month low on dampened sentiment. Rotterdam copper premium unchanged due to thin spot business opportunities. US...Read More
Prices for domestic wire rod across Europe remained unchanged on Wednesday October 2, with many market participants focusing on the more active rebar sector, sources told Fastmarkets this week. "Demand for wire rod is not so good, there's not a lot moving. It makes sense to leave it alone [and] wait for a potential recovery," said one Southern European producer, adding that his company had&nb...Read More
Steel H-beam prices in Europe moved down this week following ongoing feedstock price falls and minimal levels of trading, sources told Fastmarkets on Wednesday October 2 Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?550-590 ($599-644) per tonne on October 2, down from ?,?560-600.Market participants reported lower beam prices this week and said th...Read More
Prices for hollow steel sections in the European domestic market were unchanged this week although feedstock costs continued to decline, sources told Fastmarkets on Wednesday October 2.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?585-600 ($638-654) per tonne on Wednesday, flat week on week.The market continued to struggle with low de...Read More
Iranian export steel billet prices slipped in the week to Wednesday October 2 after several sales were agreed at prices lower than those in earlier deals.Producers tried to resist the downtrend, referring to large-volume billet sales to China in previous weeks and to the current reduced availability of material."Iranian mills were not willing to accept even $350 per tonne fob several days ago, but...Read More
Stainless steel scrap prices in the United States have continued to soften as inventories grow amid lackluster demand at the consuming stainless steel mills."There is no need to push stainless prices with the uncertainty in the stainless scrap markets today and in the short-term future," one major processor said. "It's not like it used to be where prices could be calculated. Today, it's more about...Read More
US ferrous scrap export prices have shown resilience in a fresh sale to Turkey, which was concluded at steady prices compared with the prior deal.An East Coast shipper sold a 40,000-tonne cargo on Wednesday October 2, priced at $226 per tonne for 33,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap, and at $231 per tonne for 7,000 tonnes of shredded scrap. A similar cargo was sold to T...Read More
Turkish steel producers have booked more deep-sea scrap cargoes for November shipment, although prices remained fairly stable, sources said on Wednesday October 2.A long steel mill in the Marmara region booked a US cargo, comprising 32,000 tonnes of HMS 1&2 (80:20) at $226 per tonne and 7,000 tonnes of bonus at $231 per tonne cfr.The price was similar to that of a US cargo traded on October 1...Read More
The seaborne coking coal market was quiet on Wednesday October 2, with participants awaiting the return of Chinese buyers to gauge the direction of price movements.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 Jingtang: $134.07 per ton...Read More
Seaborne iron ore prices remained flat on Wednesday October 2, with the market largely muted amid the week-long public holiday in China from October 1-7.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $98.38 per tonne, unchanged.62% Fe Pilbara Blend fines, cfr Qingdao: $92.91 per tonne, unchanged.62% Fe low-alumina fines, cfr Qingdao: $91.72 per tonne, unchanged.58% Fe fines...Read More
Spot activity for both zinc and lead remained minimal in the week to Tuesday October 1, while premiums across other global markets were left unchanged. Zinc premiums in Europe and the United States are unchanged this week while zinc's three-month price on the London Metal Exchanage remains stable and most of the market is well covered by long-term deliveries.LME zinc's forward curve is contracting...Read More
The London Metal Exchange three-month aluminium price was trading down by 0.5% at around $1,730 per tonne during morning trading on Wednesday October 1.Concurrently, a significant 29,000-tonne inflow of material into LME-approved Asian warehouses suppressed the light metal's three-month price.17,000 tonnes of metal entered the Gwangyang, South Korea warehouse, while a lesser 12,350 tonnes flowed i...Read More
Weak manufacturing purchasing managers' index (PMI) data out across major economies on Tuesday October 2 dampened the tone across most markets, with money rotating into havens. That said, the situation in the United States is still looking mixed - the IHS Markit manufacturing PMI edged up to 51.1, from 51, so still shows expansion, while the ISM reading fell to 47.8, from 49.1. In addition, U...Read More
An overview of the minor metals markets and their latest price moves.Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday October 2.Key drivers A drop in the ferro-titanium price to $4.40-4.80 per kg delivered this week from $4.60-4.90 per kg last week reflects quiet consumer buying interest and only low levels of trading at lower prices. Consumers in the steel sectors have been slow to return to the market since the seasonal summer lull, both for prom...Read More
The following Fastmarkets minor metals prices changed on Wednesday October 2:Minor metalsAntimony max 100ppm Bi, in-whs Rotterdam $/tonne: $5,950-6,200 per tonne from $5,950-6,175Antimony...Read More