U.S. equity index futures moved higher this morning. S&P 500 futures advanced 22 points in pre-opening trade.The Canadian Dollar added 0.14 to U.S. 75.35 cents after Canada's July Consumer Price Index was released at 8:30 AM EDT. Consensus was an increase of 0.2% versus a drop of 0.2% in June. Actual was an increase of 0.5%. On a year-over-year basis, CPI increased at a 2.0% rate versus consen...Read More
Nickel's three-month price on the London Metal Exchange was lower at the close of trading on Monday August 19, dipping below the $16,000-per-tonne support level amid a broadly low turnover across the complex, while a steady uptick in lead lead gains over the afternoon. Closing at $15,920 per tonne, nickel's futures price failed to close above its nearby support level after breaching the mark last...Read More
Imperial Metals has completed the sale of a 70% stake in its wholly-owned Red Chris copper and gold mine in British Columbia, Canada to Newcrest Mining, creating a joint venture with Newcrest as the operator.The deal, initially announced in March, aims to use Melbourne, Australia-based Newcrest's block-caving expertise to mine the deep resource beneath the current open pits and exploit high grades...Read More
Xinjiang Xinfa Aluminium, a subsidiary of Xinfa Group, was heard to have closed 500,000 tonnes of aluminium production operational lines at its plant in Xinjiang province, China due to an incident at its electrical transformer on August 18, sources told Fastmarkets on Monday August 19.The total closure period is said to last at least three months while other sources have heard that the production...Read More
Europe's high carbon ferro-chrome market dropped by over 4% to its lowest level in more than ten years amid weak demand, while the UG2 chrome ore index fell on aggressive bidding. European alloy price at lowest since May 2009 Chrome ore prices weaken in China Domestic and imported alloy prices hold in China Alloy prices hold in East Asia US price holds amid inactivity The E...Read More
Fastmarkets published its cif Tianjin and fob Port Elizabeth manganese ore indices later than scheduled on Friday August 16 because of a technical issue. The following prices were published in Fastmarkets' price book later than scheduled: Manganese ore 37% Mn, fob Port Elizabeth, $/dmtu Manganese ore 44% Mn, cif Tianjin, $/dmtuManganese ore index 37% Mn, cif Tianjin, $/dmtuThe Fastmarkets price bo...Read More
Xinjiang Xinfa Aluminium, a subsidiary of Xinfa Group, was heard to have closed 500,000 tonnes of aluminium production operational lines at its plant in Xinjiang province, China due to an incident at its electrical transformer on August 18, sources told Fastmarkets on Monday August 19.The total closure period is said to last at least three months while other sources have heard that the production...Read More
The price of antimony softened in both the European and Chinese markets in the week ended Friday August 16, while the markets reacted to the news that the last of the antimony materials held by the defunct Fanya Metal Exchange will be auctioned later this month.EuropeIn Europe, Fastmarkets assessed the price of antimony, MMTA standard grade II, in-whs Rotterdam, at $5,750-6,000 per tonne on Friday...Read More
The Turkish steel producers have started what was expected to be another quiet week because of the sluggish demand for finished long steel during the summer holiday period, sources said on Monday August 19.The Turkish market and those in other Middle Eastern territories were closed August 12-15 for the Islamic Eid al-Adha celebrations, and many market participants were also away for summer holiday...Read More
Domestic auto bundle (DKP-grade) scrap prices in Turkey have fallen over the past seven days because of the weak finished steel market, sources said on Monday August 19.A number of steel mills in the country have reduced their buy prices for the material by TRY20-40 ($4-8) per tonne.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,550-1,...Read More
Imperial Metals has completed the sale of a 70% stake in its wholly-owned Red Chris copper and gold mine in British Columbia, Canada to Newcrest Mining, creating a joint venture with Newcrest as the operator.The deal, initially announced in March, aims to use Melbourne, Australia-based Newcrest's block-caving expertise to mine the deep resource beneath the current open pits and exploit high grades...Read More
A wave of risk-on is flowing through broader markets this morning, Monday August 19, on expectations that central banks will provide stimulus going forward to cushion moves toward recession.The problem is that while this may provide some relief to markets, it is only being done because the global economy is slowing and that is bad for commodity demand.Asian equites are in positive territory, led b...Read More
Flat-rolled steel import prices were pressured further in South America during the week to August 19 on the continuing downtrend in Chinese flat steel prices and amid new discounted deals and offers in the region.There were reports of short selling in the market, while weak demand prompted more aggressive offers, according to sources. The Galvalume market was still the most dynamic in the flat-ste...Read More
China's hot-rolled coil prices gained some more strength on Monday August 19 on news of a revamp in interest rates as well as tighter steelmaking restrictions in the country's northern region.DomesticEastern China (Shanghai): 3,730-3,740 yuan ($530-531) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,730 yuan per tonne, up 10 yuan per tonnePrices in Shanghai rose as high as 3,740 yuan...Read More
High-carbon wire rod prices in the United States have fallen due to weaker market conditions, while cold-heading quality (CHQ) wire rod defied similar downward pressure to post gains alongside higher raw material costs. Fastmarkets assessed steel wire rod (high carbon), fob mill US, at $37 per hundredweight ($740 per short ton) on Friday August 16, down by 1.3% from $37.50 per cwt one month a...Read More
Egypt's Administrative Court has once again postponed its session to discuss the country's import safeguard duties, but did not indicate any reason for the delay, Egyptian sources told Fastmarkets on Sunday August 18.The session had originally been scheduled for August 4 but was postponed to August 17. It will now be held on August 24.In April, Egypt imposed a temporary additional import duty on r...Read More
China's domestic rebar prices increased on Monday August 19 amid rising futures stimulated by plans unveiled by the central Chinese government to lower borrowing costs for companies.Domestic Eastern China (Shanghai): 3,700-3,730 yuan ($525-530) per tonne, up 30 yuan per tonneNorthern China (Beijing): 3,620-3,640 yuan per tonne, up 10 yuan per tonneChina will implement "market-oriented reform measu...Read More
The Turkish steel producers have started what was expected to be another quiet week because of the sluggish demand for finished long steel during the summer holiday period, sources said on Monday August 19.The Turkish market and those in other Middle Eastern territories were closed August 12-15 for the Islamic Eid al-Adha celebrations, and many market participants were also away for summer holiday...Read More
Domestic auto bundle (DKP-grade) scrap prices in Turkey have fallen over the past seven days because of the weak finished steel market, sources said on Monday August 19.A number of steel mills in the country have reduced their buy prices for the material by TRY20-40 ($4-8) per tonne.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,550-1,...Read More
Seaborne iron ore prices retreated on Monday August 19 amid lingering pessimism reflected by futures losses.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $88.40 per tonne, down by $1.17 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $88.78 per tonne, down by $1.17 per tonne. Fastmarkets' index for iron ore 62% Fe low-alumina fines, cfr Qingdao: $88...Read More