China's domestic hot-rolled coil prices strengthened on Monday September 30 amid more stringent production curbs, though market participants are wary about them falling after the Golden Week.DomesticEastern China (Shanghai): 3,620-3,630 yuan ($508-510) per tonne, up 20 yuan per tonneNorthern China (Tangshan): 3,580 yuan per tonne, up 60 yuan per tonnePrices gained after sentiment picked up in resp...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
Delegates at the 19th China Steel and Raw Materials conference organized by China Iron and Steel Association (CISA) were cautiously optimistic about demand for iron ore and steel prices after the week-long holiday in the country, starting October 1.The optimism stems from expectations that restocking demand will support prices for iron ore after the holidays, with the tight restrictions on steelma...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
Physical iron ore fines prices rose on Monday September 30 ahead of the week-long public holiday in China. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $93.38 per tonne, up $2.53 per tonne. 62% Fe Pilbara Blend fines, cfr Qingdao: $92.91 per tonne, up $1.67 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $91.72 per tonne, up $1.26 per tonne. 58% Fe fines high-grade premium, cfr Qingda...Read More
Chinese buying activity pushed up seaborne coking coal prices on Monday September 30, ahead of a week-long holiday to mark the country's 70th National Day.Premium hard coking coal, fob DBCT: $137.29 per tonne, up $4.56 per tonne Premium hard coking coal, cfr Jingtang: $159.70 per tonne, up $6.11 per tonneHard coking coal, fob DBCT: $121.25 per tonne, unchangedHard coking coal, cfr Jingtang: $134.0...Read More
Seaborne iron ore concentrate and pellet prices fell along with the wider market last week ahead of a week-long holiday in China from October 1.ConcentrateFastmarkets' weekly index for iron ore 66% Fe concentrate, cfr Qingdao stood at $96.45 per tonne last Friday September 27, down $4.06 per tonne from a week earlier.Fastmarkets' daily index for iron ore 65% Fe Brazil-origin fines, cfr Qingdao ave...Read More
The three-month nickel price on the London Metal Exchange was higher during morning trading on Monday September 30, buoyed by continued outflows and fresh cancellations, keeping exchange stocks at their lowest level since 2011.LME nickel's futures price was recently trading at around $17,375 per tonne, volumes traded were moderately high, with over 2,000 lots exchanged as of 9am London time. ...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
Base metals on the Shanghai Futures Exchange were mixed during the morning trading session on Monday September 30, the last trading day before China's National Day holiday on October 1-7. "The market has already entered the vacation mode as most market participants left late last week for the holiday," a Chinese broker told Fastmarkets. "Range-bound movement is expected to dominate today's ma...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
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
Fastmarkets outlines some of the key topics likely to dominate discussions at this year's Antimony Day, held by the International Antimony Association in Antwerp, Belgium on Tuesday October 1. How could increasing regulation affect the supply chain? Antimony trioxide use is undergoing regulatory scrutiny and could become subject to environmental or health regulatory requirements. Concerns of the e...Read More
The Chinese domestic spot ferro-silicon price ticked higher on tighter supply, while the export price dropped due to weak demand and aggressive international competition in the week ended Friday September 27. Chinese major suppliers cut production prompting higher offer pricesChinese export price diverged by falling due to low downstream demand Europe spot price dropped after some Q4 deals w...Read More
Australian government officials warned domestic aluminium producers to stem exports to the United States and avoid threatened tariffs, a diversion that has caused units to flood the already well-supplied Japanese market.The decline in Australia-US tradeflow comes after Australia, which is exempt from the 10% US Section 232 tariff, was reportedly warned by the United States to stop exporting units...Read More
Support from better Chinese PMIs This week got off to a positive start with both the official and Caixin manufacturing PMIs for China rebounding in September and also beating consensus expectations. But all eyes are now turning to US-China trade talks set to resume at a high level in October. Progress on this front, combined with better manufacturing data would boost base metal sentiment and price...Read More
Base metals prices supported by better than expected Chinese PMI data LME three-month base metals prices started this week a tad stronger. The positive sentiment in the complex was supported by a better than expected Chinese manufacturing PMIs, both of which beat expectations in September and rose from the August level. The official PMI nudged up to 49.8 while the Caixin PMI rose to 51.4. Speculat...Read More
Aluminium The LME three-month aluminium price remains under pressure on Tuesday October 1, testing to a fresh multi-year low of $1,713.50 per tonne, although there are signs of indecision at these levels. Momentum indicators suggest prices are attempting to stabilize. The stochastics fast line has turned higher, as has the RSI, which at 30 is approaching oversold territory. Having broken belo...Read More