Brazilian miner Vale is operating at capacity for 340-345 million tonnes per year of iron ore production following the restart of its Brucutu mine and partial resumption at Vargem Grande, ferrous director Marcelo Spinelli told analysts and investors during a conference call on Thursday August 1.Meanwhile, the company is working with Brazilian mining agency ANM to further increase output through dr...Read More
Brazilian miner Vale reported adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) down by 20.05% year-on-year in the second quarter of 2019, in a statement late on Wednesday July 31.The fall in earnings was because of provisions made to pay reparations for a tailings dam disaster, although these were partially compensated by higher iron ore prices.Vale's adjusted Ebitd...Read More
Low-price transactions amid "panic selling" drove down market levels for premium hard coking coal on Thursday August 1. Deals were concluded at $169-170 per tonne cfr China for premium mid-vol brands late on July 31, while another trade involving similar materials took place at $167 per tonne cfr on Thursday, according to sources. Those compared with a trading level of $180 per tonne cfr heard for...Read More
Seaborne iron ore prices fell on Thursday August 1, tracking a downtrend in the futures market.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $115.68 per tonne, down $1.47 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $114.18 per tonne, down $1.47 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $115.88 per tonne, d...Read More
Fastmarkets is extending until August 31 the consultation period for its proposal to launch a daily containerized steel scrap cfr Vietnam assessment.Fastmarkets made this decision because responses to the original consultation so far could not definitively define the liquidity of a daily spot market and its suitability for a daily price assessment.The proposed specification is as follows:Assessmen...Read More
The iron ore market continued to trend upward in July, with prices for 62% Fe materials rising to $120-per-tonne levels, which have not been seen since February 2014. Steady demand for steel products sustained prices for iron ore, and even production curbs in China's steelmaking hub of Tangshan implemented last month to improve air quality did not reverse the direction of the market, several sourc...Read More
Stainless steel prices in East Asia declined over the past week with demand remaining sluggish after producers raised their offers in response to a strengthening nickel market.For instance, Yieh United Steel Corp (Yusco) and Tang Eng Iron Works - two major mills in Taiwan - announced at the end of July that they would increase their offers for grade 304 stainless hot-rolled and cold-rolled product...Read More
China's hot-rolled coil exporters lowered their offers on Thursday August 1 amid a declining domestic market.DomesticEastern China (Shanghai): 3,810-3,820 yuan ($553-555) per tonne, down 20 yuan per tonneNorthern China (Tangshan): 3,810 yuan per tonne, down 10 yuan per tonneSpot prices dropped even though mills kept their official ex-works prices steady, with trading activity reported as being thi...Read More
Weakening demand coupled with declining futures weighed on China's rebar prices on Thursday August 1. Domestic Eastern China (Shanghai): 3,880-3,920 yuan ($562-568) per tonne, down 20-40 yuan per tonneNorthern China (Beijing): 3,820-3,850 yuan per tonne, widened downward by 10 yuan per tonneRebar demand in the construction sector continued to drop due to bad weather. Rain has been forecast over la...Read More
Three-month base metals prices on the London Metal Exchange were predominantly lower during morning trading on Thursday August 1, with zinc futures topping losses with a 2% price drop. The US Federal Reserve's decision to cut interest rates by 25 basis points for the first time in a decade on Wednesday led investors to reduce risk-exposure, with commodity prices selling off as a result. Zinc's thr...Read More
Key data from the Wednesday July 31 pricing session in Shanghai and London. Key drivers Cobalt hydroxide payables recover slightly in the second half of July alongside a slight recovery in cobalt sulfate prices in the last week of the month. Greater optimism in China comes from falling standard grade cobalt prices, which eases production margins. Inquiries and business both...Read More
China's imports of manganese ore from Ghana in the first half of 2019 overtook imports of Australian ore, Chinese customs figures show. China imported 2.58 million tonnes of ore from Ghana in the January-June this year compared with 2.39 million tonnes of Australian ore. In the same period of 2018, China imported 1.26 million tonnes of manganese ore from Ghana and 2.27...Read More
Advanced Metallurgical Group (AMG) reported a 53% year-on-year drop in second-quarter earnings before interest, tax, depreciation and amortization (ebitda) because of declines in vanadium and chrome prices.The Amsterdam-listed group's ebitda came in at $23.8 million, a drop from $50.7 million in the second quarter of 2018.It attributed the drop in ebitda mainly to the group's critical materials bu...Read More
Equities sold off after the US Federal Open Market Committee (FOMC) suggested that its rate cut was simply a mid-cycle adjustment rather than the start of monetary easing.Metals followed them lower but better Chinese manufacturing purchasing managers' index (PMI) data may provide support.The US Dow Jones Industrial Average closed down by 1.23%China's Caixin PMI climbed to 49.9 in July from 49.4 in...Read More
Russian steel and vanadium producer Evraz's sales of final vanadium products in the second quarter rose by 29.7% on a quarterly comparison to 3.27 million tonnes, the company said in a trading update on Wednesday July 31. This was up from 2.52 million tonnes of pure vanadium produced in the first quarter of 2019. But sales were down 10.4% in the first half of 2019 to 5.78 million tonnes from 6.46...Read More
Steady demand failed to sustain the upward momentum for domestic stainless steel prices in China over the past week amid softening nickel futures.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 14,700-15,000 yuan ($2,135-2,179) per tonne including value-added tax for the week ended Wednesday July 31,...Read More
Sentiment in financial markets has weakened further after US president Donald Trump announced the United States will impose a 10% tariff on $300 billion of Chinese goods from September 1. This sent equities scurrying for cover with the Nikkei, Hang Seng and CSI 300 off by an average of 2.2% on the morning of Friday August 2. The Dow Jones Industrial Average closed down by 1.05%. Gold prices r...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 14 points in pre-opening trade.Index futures were moved lower following release of economic news at 8:30 AM EDT. Consensus for U.S. July Non-farm Payrolls was a drop to 165,000 from 224,000 in June. Actual was a slip to 164,000. Consensus for the July Unemployment Rate was a slip to 3.6% from 3.7% in June. Actual was...Read More
Zinc premiums dipped in Europe but were flat elsewhere, reflecting the onset of the summer slowdown, although US demand for lead and zinc is reportedly improving. SHG zinc premiums drop in Antwerp, backwardation in forward curve re-emerges Cash/three-month spread swings to $13 backwardation vs contango last week Some US lead buyers picking up tonnages at low numbersNorth European premiums down, ba...Read More
The three-month nickel price on the London Metal Exchange climbed by 1.4% at the close of trading on Wednesday July 31, shaking off downward momentum emanating from an expected US Federal Reserve interest rate cut and subsequent dollar incline. Nickel futures closed at $14,490 per tonne on Wednesday, climbing from an intraday low of $14,255 per tonne while just over 7,000 lots of metal traded over...Read More