The 65% Fe iron ore derivative contract offered by the Singapore Exchange (SGX) registered record levels of traded volume in September 2019, with the contract seeing participation from a diverse set of stakeholders in the iron ore value chain.Traded volume stood at 2.26 million tonnes last month, up from 2.12 million tonnes in July when the previous record was set, according to SGX data.September...Read More
The three-month copper price on the London Metal Exchange was lower during morning trading on Tuesday October 1, falling below nearby support levels amid high turnover. Recently trading at around $5,653 per tonne, copper's outright price was down by around 1.2% from Monday's closing price of $5,725 per tonne. Volumes traded in copper over the morning were moderately high, with some 4,700 lots...Read More
Broader markets are seeing some relief buying in the morning of Tuesday October 1 after the United States stepped in to ease fears of escalating trade tensions by denying plans to prevent Chinese companies from listing their shares on US markets, but metals remain under pressure. The economic news remains depressing: South Korea's exports registered 10 months of declines and a Bank of Japan survey...Read More
Prices of cobalt metal, salts and hydroxide continued their upward momentum in September, while the chemical prices outperformed amid strong demand incited by concerns of supply tightness following the news on Glencore's Mutanda mine closure in early August. Price moves The rally in the benchmark cobalt price slowed in September with aggressive trader stockpiling drying up, amid limited restocking...Read More
The manganese flake - or electrolytic manganese - market is likely to diverge when demand for battery materials exceeds supply and sends prices soaring, Goran Djukanovic, analyst at Aluminium Insider, said at Fastmarkets Battery Material Europe conference in Berlin on September 26-27.The market could split into two grades, depending on whether it could be used as a raw material to produce batterie...Read More
The European charge and high carbon ferro-chrome benchmark has dropped 2 cents to $1.02 per lb for the fourth quarter of 2019. The settlement is announced every quarter by Merafe Resources, which operates a chrome joint venture with trader-miner Glencore in South Africa. The benchmark is a forward-looking price for the coming quarter and some market participants see the small quarter-on-quarter de...Read More
Fastmarkets published its China copper scrap discount price later than scheduled on Monday September 30 due to a technical issue during the price discovery process.The following price was published in Fastmarkets' price book later than scheduled: Copper scrap No2 copper (birch/cliff) imported into China 94-96%, LME/Comex discount, cif China, US cents/IbFor more information on or to provide feedbac...Read More
The three-month zinc price on the London Metal Exchange was higher at the close of trading on Monday September 30, climbing up by some 2.5% amid moderately high turnover, while lead futures were similarly stronger over the afternoon. Zinc's outright price closed at $2,376 per tonne on Monday afternoon, its highest closing price since August 1, while volumes traded were at their highest since Septe...Read More
The benchmark alumina price in the Pacific region has fallen to a fresh two-year low and below $290 per tonne for the first time since May 25, 2017. Fastmarkets' daily alumina index, fob Australia fell to $289.13 per tonne on Monday September 30, from $290.40 per tonne on Friday September 27. The index is down 27% from the start of the 2019 and by 42% year on year from $500 per tonne on Septe...Read More
Treatment charges (TCs) for lead concentrates rose to three-year highs late in September when smelters in China trimmed output ahead of national holidays and a negative arbitrage ratio remained in place for imports, while zinc TCs have also narrowed.The loss on bringing refined lead into China - which traded around a range of 700-2,000 yuan ($98-281) per tonne over September - and a slump in deman...Read More
Here are five Fastmarkets MB stories you might have missed on Monday September 30 that are worth another look.The European Commission has made a number of changes to its existing regime of safeguard measures concerning 26 steel product categories, it said on Thursday September 26. At the same time, the appointment of a European chief trade enforcement officer was welcomed by the steel and alu...Read More
Refining charges for imported blister copper went down in China in September because of unusually tight availability in the spot market, with only minimal volumes coming from Zambian producer Konkola Copper Mines (KCM) and local producers limiting their primary smelting activities due to record-low treatment charges for copper concentrates.The refining charges (RCs) for the intermediate product of...Read More
Manganese ore producers reduced their offer prices to attract business in the week ended Friday September 27 after buyers either delayed or cut their bids prior to China's week-long National Day holiday (October 1-7). Low demand softens seaborne and port manganese ore markets Weak buying interest weighs on alloy in China Alloy sellers in India lower offer prices Alloy prices in...Read More
Key data from the pricing sessions in London and Shanghai for the week ended Friday September 27. Europe Key drivers European prices for grade-4-4-1 and grade-5-5-3 silicon were unchanged amid low spot liquidity and little business concluded within the range. During the week, small volumes of grade-5-5-3 silicon exchanged hands at the top end of the published range at around ?,?1,500 (...Read More
Key data from the pricing sessions in Asia and Europe in the week to Friday September 27. China Key driversThe price for antimony, MMTA standard grade II, ddp China rallied further after domestic suppliers increased offer prices on noticing growing buying interest ahead of the week-long National Day holiday in China (October 1-7).A few antimony producers held off from offering in anticipation...Read More
Turkish steel producers have continued to book deep-sea scrap for November shipments at the beginning of this week, with prices fairly stable, sources said on Monday September 30.A steel mill in northern Turkey booked a Baltic Sea cargo on Monday, comprising 12,000 tonnes of HMS 1&2 (80:20), 15,000 tonnes of shredded and 2,000 tonnes of bonus at an average price of $226 per tonne cfr.Market partic...Read More
Turkish domestic auto bundle scrap prices have gone down over the past week amid further softening of imported scrap values, but ship scrap prices were largely stable, sources said on Monday September 30.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,300-1,430 ($228-251) per tonne on Monday, down from last week's TRY1,340-1,450 per ton...Read More
The markets are surprisingly upbeat this morning, Monday September 30, due to improvements in Chinese manufacturing purchasing managers' index (PMI) data, offsetting reports the White House is looking at the possibility of preventing Chinese companies from listing in the United States, which will no doubt raise the rhetoric over trade talks. China's Caixin manufacturing PMI climbed to 51.4 from 50...Read More
Discussions and negotiations for cobalt supply in 2020 quickly got under way after Glencore announced it will close its Mutanda mine in the Democratic Republic of Congo at the end of the year.The action to take 25,000 tonnes per year of cobalt (contained in hydroxide) out of the market has fundamentally changed the supply picture for next year. Prices for cobalt metal, intermediates and salts all...Read More
In light of market feedback, Fastmarkets is amending its proposal to change the specifications of its two cobalt hydroxide price assessments and extending the consultation period by one week to allow for any final feedback.Per the original specification amendment consultation notice, Fastmarkets proposes to tighten the chemical specification of its two cobalt hydroxide assessments by adding additi...Read More