The markets have been under steady pressure for so long that the combination of good news about Hong Kong, with the withdrawal of the extradition bill, and reports that high level US-China trade talks will resume in October, have been enough to lead a relief rally. This saw the three-month base metals prices on the London Metal Exchange rise by an average of 2.4% on Wednesday September 4.The rally...Read More
Export prices for Chinese stainless steel rose over the past week after Indonesia said it would bring forward a ban on nickel ore exports to the end of this year.Indonesia's plan to expedite the ban, which was initially scheduled for 2022, will only be finalized once re-elected president Joko Widodo is sworn into office for a second term in October.The price of nickel on the London Metal Exchange...Read More
With the exception of nickel and lead, base metals prices on the Shanghai Futures Exchange were up during the morning trading session on Thursday September 5, with the complex buoyed by improved risk sentiment following an easing of geopolitical tensions and softer dollar.Investors' appetite for risk has grown following favorable geopolitical events overnight that saw Hong Kong withdraw a controve...Read More
While US interest in flat steel imports picked up somewhat in August, spurred by expectations of price increases for domestic flat-rolled products in early 2020, prices for imported flat steel remained unchanged amid increased uncertainty in the overall market outlook."Interestingly, imports have come back last week, probably [because] customers are looking at something for January," one Midwest t...Read More
Brazilian vehicle production fell by 7.3% year-on-year in August 2019, with export volumes to Argentina continuing to decline and the domestic market weakening, automotive manufacturers' association Anfavea said on Thursday September 5.The country produced 269,809 units during the month, compared with 291,099 units in August last year, when there was one more working day in the month. Volumes rose...Read More
Prices in Southeast Asia's steel billet market fell to their lowest level since June 2017 on Thursday September 5, in response to plunging ferrous scrap prices in the bellwether Turkish market.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was $250.21 per tonne on September 4, its lowest since February 2017. The index was down by $12.30 per tonne da...Read More
China's domestic hot-rolled coil prices continued to rise on Thursday September 5 on declining inventory levels, which encouraged mills to raise their export offers.DomesticEastern China (Shanghai): 3,690-3,700 yuan ($516-517) per tonne, up 10-20 yuan per tonneNorthern China (Tangshan): 3,640 yuan per tonne, narrowing upward 10 yuan per tonneA domestic steel consultancy said that spot markets arou...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, plate, sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
Seaborne iron ore prices stayed rangebound around $90 per tonne cfr on Thursday September 5 after holding above that mark earlier in the week, while increased trading activity was heard for Brazilian Blend fines (BRBF).Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90.18 per tonne, down by $1.14 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $90.57 per tonne, down by $1.14 per tonne.6...Read More
Seaborne coking coal prices fell on Thursday September 5, with the quantum of decline leaving some market participants stunned.Fastmarkets indicesPremium hard coking coal, fob DBCT: $149.09 per tonne, down $6.18 per tonne Premium hard coking coal, cfr Jingtang: $169.26 per tonne, down $0.08 per tonneHard coking coal, fob DBCT: $134.01 per tonne, unchangedHard coking coal, cfr Jingtang: $153.26 per...Read More
Trading activity in China's domestic rebar market picked up on Thursday September 5 due to an open arbitrage window between physical and futures prices. Domestic Eastern China (Shanghai): 3,650-3,680 yuan ($510-514) per tonne, up 20 yuan per tonneNorthern China (Beijing): 3,640-3,660 yuan per tonne, up 30-40 yuan per tonneA gap of about 200 yuan per tonne between spot prices in eastern China and t...Read More
Prices for cobalt metal, salts and intermediates rebounded in August, sparked by lower prices that encouraged restocking and momentum stemming from anticipated tightness after Glencore announced it will close its Mutanda copper-cobalt mine in the Democratic Republic of the Congo (DRC) by the end of this year.Price movesBenchmark cobalt prices rebounded firmly in August amid expectat...Read More
China's leading stainless steel mills - Taiyuan Iron & Steel (Tisco), Tsingshan Group and Baosteel - have taken diverse approaches to their September tender prices for high-carbon ferro-chrome, Fastmarkets heard on Thursday September 5.Tisco has raised its tender price by 50 yuan ($7) per tonne month-on-month to 6,100 yuan ($852) per tonne, while Tsingshan and Baosteel have rolled over their price...Read More
Domestic stainless steel prices in China rebounded over the past week on news that Indonesia would expedite a ban on the export of nickel ore. Fastmarkets' price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 15,200-15,800 yuan ($2,131-2,216) per tonne including value-added tax for the week ended Wednesday September 4,...Read More
What difference a few days makes, with base metals and broader, non-haven, markets looking considerably more upbeat recently, with copper prices on Thursday September 5 reaching levels last seen in early August - that after just two-days of gains. That said, the metals are consolidating this morning.This risk-on move has seen gold, the Japanese yen and outright benchmark United States 10-year trea...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade.Index futures were virtually unchanged following release of the August Employment report at 8:30 AM EDT. Consensus for August Non-farm Payrolls was a drop to 159,000 from 164,000 in July. Actual was 130,000. Consensus for August Unemployment Rate was unchanged from July at 3.7%. Actual wa...Read More
(The opinions expressed here are those of the author, acolumnist for Reuters.) * Zinc stocks, price and time-spreads:* China's refined zinc imports: By Andy Home LONDON, Sept 5 (Reuters) - Where's the zinc surplus?The zinc market has been trading the supply surplus storysince April, the London price falling from theyear-to-date high of $2,958 per tonne to Monday's three-year lowof $2,190.True, bro...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday September 4.Please click...Read More
The three-month zinc price on the London Metal Exchange topped gains at the close of trading on Wednesday September 4, appreciating by almost 5% to close at its highest level since August 5, while the copper outright price closed at a two-week high. The three-month zinc contract ended the day's trading at $2,310 per tonne, closing above the nearby resistance level for the first time since early Au...Read More
Ahead of Fastmarkets' Battery Materials Europe conference in Amsterdam, find out what our industry experts think are the key drivers in the market and what's on the horizon. Fastmarkets will host a free web seminar on Wednesday September 18 at 3pm London time to discuss recent market moves in the battery raw materials sector. Click here to register for the webinar. Date Wednesday September 18, 201...Read More