The three-month copper price on the London Metal Exchange had declined by the close of trading on Thursday September 26, below the $5,800-per-tonne resistance level while turnover was thin against an ascending US dollar index. Copper's outright price on the LME closed at $5,722 per tonne - its lowest level since September 3 - while volumes traded were light with just over 11,100 lots exchange...Read More
Traded volumes and open interest have remained high for the CME's aluminium premiums futures contracts even after spot market volatility eased this year, Sean Kessler, manager of metals products at the Chicago Mercantile Exchange said on Wednesday September 25. Speaking at Fastmarkets' International Aluminium conference in Athens, Greece, Kessler said sustained high volumes during current quieter...Read More
Physical iron ore prices strengthened on Thursday September 26 following gains in the futures market.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90.91 per tonne, up by $0.57 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $91.30 per tonne, up by $0.57 per tonne.62% Fe low-alumina fines, cfr Qingdao: $89.45 per tonne, up by $1.79 per tonne.58% Fe fines high-premium, cfr Qingdao: $80....Read More
Steel billet prices in the CIS region decreased slightly in the week ended Thursday September 26 after last week's rebound, because of the resumed softening of scrap prices in Turkey.Several billet cargoes were reported sold to Asia and Egypt at prices of less than $360 per tonne fob Black Sea, Fastmarkets learnt.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $357 per tonne...Read More
Turkish rebar and wire rod export prices have gone down further over the past week amid falling imported scrap values and limited demand, sources said on Thursday September 26.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) export, fob main port Turkey was $395-402 per tonne on Thursday, down from $400-410 per tonne fob on actual weight basis last week.The steel producers in...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday September 26 that are worth another look.Traded volumes and open interest have remained high for the CME's aluminium premiums futures contracts even after spot market volatility eased this year, Sean Kessler, manager of metals products at the Chicago Mercantile Exchange said on Wednesday September 25.China's domestic stainless...Read More
Global lead producer and recycler Eco-Bat Technologies announced a slew of promotions on Thursday September 26, including naming Jimmy Herring as both the president and chief executive officer. Prior to this new appointment, Herring was Eco-Bat's chief financial officer and managing director of the Germany office. Herring will continue to hold the post of managing director in Germany when he takes...Read More
Alumina prices are at a two year low and market participants at Fastmarkets' International Aluminium conference in Athens, Greece, are downbeat for the rest of the year, adding that the price floor had been lowered for alumina. Market sources gathering at the annual event on September 23-25 have reported continued offers for significant volumes of alumina they "just don't need" and expect demand b...Read More
Major aluminium producers and Japanese buyers are closer to reaching a premium settlement for their fourth-quarter aluminium supply after further deals were concluded at a premium of $97 per tonne to main Japanese ports (MJP), Fastmarkets learned on Thursday September 26. Confirmed deals amounting to just above 16,000 tonnes have been reported to Fastmarkets as of Thursday following some initial d...Read More
The three-month copper price on the London Metal Exchange consolidated during morning trading on Thursday September 26, trading just below the $5,800-per-tonne resistance level despite more than 65,000 tonnes of LME-registered cathode booked for removal this week. Volumes traded in the red metal were moderate over Asian trading hours, with just over 2,100 lots exchanged as at 9am London time. Pric...Read More
Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama rose by 5.6% month on month in August, according to data released by major Japanese trading house Marubeni Corp on Thursday September 26.Total aluminium stocks at the three ports totaled 326,100 tonnes at the end of August compared with 308,800 tonnes at the end of July. It is the third consecutive monthl...Read More
European domestic prices for heavy steel plate have moved down across the region over the past week due to low buying activity, sources told Fastmarkets on Thursday September 26."The market is slow and buyers expect prices to decline further," a representative of a European mill said. "Generally, the outlook is gloomy, because the situation in coil products across Europe is also pessimistic."Price...Read More
Import prices for steel billet in Egypt fell in the week ended Thursday September 26, amid lower offer and deal prices from the Commonwealth of Independent States.Buyers were reluctant to book material because of uncertainty about the possible imposition of safeguard duties.The Supreme Administrative Court of Egypt has repeatedly postponed its decision on the possible re-imposition of safeguard du...Read More
The price of billet produced in Turkey has gone down over the past week in line with falling seaborne scrap costs, while import billet prices remain stable, sources said on Thursday September 26.Fastmarkets' weekly price assessment for steel billet export, fob main port Turkey was $355-360 per tonne on Thursday, down from $370-380 per tonne fob last week.A steel mill in the Iskenderun region was h...Read More
The United Arab Emirates' biggest producer Emirates Steel and second biggest producer Conares Steel have both decreased their rebar prices, effective from Thursday September 26, Fastmarkets has learned.Emirates Steel is now offering rebar at 1,737 dirhams ($472) per tonne ex-works, down from 1,953 dirhams...Read More
Domestic long steel prices in Turkey have softened over the past week due to falling imported scrap costs and reduced demand, sources said on Thursday September 26.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was TRY2,750-2,780 ($483-488) per tonne on Thursday, narrowing downward from last week's TRY2,750-2,820 per tonne ex-works.The domestic rebar...Read More
Current seaborne market conditions have prompted Vale to cut its iron ore pellet production guidance for 2019 to 43 million tonnes from 45 million tonnes previously, the Brazilian mining company said on Thursday September 26. This is the second reduction in the company's iron ore pellet production guidance, following a cut from 60 million tonnes in July. The guidance for overall iron ore and pelle...Read More
The Turkish steel mills have continued to book deep-sea scrap for November shipments, keeping prices fairly stable, sources said on Thursday September 26.A steel mill in the Izmir region booked a Baltic Sea cargo on Thursday, comprising 30,000 tonnes of HMS 1&2 (80:20) at $223.50 per tonne and 5,000 tonnes of bonus at $233 per tonne cfr.Another steel mill in the Marmara region also booked a Baltic...Read More
Physical iron ore prices strengthened on Thursday September 26 following gains in the futures market.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90.91 per tonne, up by $0.57 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $91.30 per tonne, up by $0.57 per tonne.62% Fe low-alumina fines, cfr Qingdao: $89.45 per tonne, up by $1.79 per tonne.58% Fe fines high-premium, cfr Qingdao: $80....Read More
Seaborne coking coal prices were largely steady on Thursday September 26, with participants still holding out for clearer factors that could determine the direction of the market.Premium hard coking coal, fob DBCT: $133.60 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $153.59 per tonne, down $0.39 per tonneHard coking coal, fob DBCT: $122.50 per tonne, unchangedHard coking coal, cfr...Read More