Warrant traders dealing in zinc have reported a steady uptick in the metal's warrant premium levels over July, while an easing in the metal's cash/three-month spread suggests that there are more supportive financing conditions, although market participants remain reluctant to commit to purchases.So far in July, Fastmarkets' assessment of the zinc SHG min 99.995% warrant premium, in-whs North Europ...Read More
The London Metal Exchange has launched a consultation process on warehousing reforms that aims to attract higher stock levels, Matthew Chamberlain, LME chief executive, announced on Thursday July 25. The consultation began on Thursday and is open until September 2019. It includes changes to evergreen rent deals and the controversial queue-based rent capping (QBRC) rule as well as the introduction...Read More
A summary of Teck's production results for the first half year ended June 30, 2019, as well as its production guidance for 2019. The company's second-quarter zinc production declined by 4,000 tonnes year on year to 184,000 tonnes in the second quarter due to lower zinc grades in Antamina, while the Red Dog mine performed well over the quarter with zinc production at 158,000 tonnes and lead product...Read More
A summary of Eramet's production results for the first half of 2019. In brief Eramet hit new production records for nickel ore, manganese ores and alloys during the first half of 2019 though the company's earnings before interest, tax, depreciation and amortization (Ebitda) declined to ?,?307 million ($342 million) over the period, attributed to weak performance across the metals and mining...Read More
Nickel's three-month price on the London Metal Exchange was lower during morning trading on Thursday July 25, selling off by some 3.8% across European trading hours against weak economic data from the region. The metal's three-month price fell to an intra-morning low of $13,995 per tonne in this morning's session, down by just under 4% from Wednesday's closing price of $14,550 per tonne. The...Read More
Import prices for stainless steel in East Asia picked up some strength over the past week after a fire broke out at the Indonesia subsidiary of Chinese stainless steelmaker Tsingshan Holding Group, which has been supplying cargoes - often at a discount - to the region.The weekly Fastmarkets import price assessment for stainless steel cold-rolled coil, Asia grade 304 (2mm 2B), cif East Asian port w...Read More
The Brazilian steel association, A??o Brasil, has slashed its forecasts for steel production and consumption in 2019, because of a weak performance in the first half of the year, it said on Thursday July 25.Steel output was now expected to reach 35.55 million tonnes this year, growth of only 0.40% from the 35.41 million tonnes produced in 2018.This compared with the previous expectation for growth...Read More
The price of steel billet imported into Egypt fell in the week to Thursday July 25 on lower offers, with demand still poor due to continuing uncertainty over import duties."Offer prices have fallen but there are no bookings because of the ongoing uncertainty about safeguard duties," a local market source told Fastmarkets.In April, Egypt imposed a temporary additional import duty on rebar and...Read More
Domestic prices for heavy steel plate have been largely stable across Europe over the past week in the slow market, sources told Fastmarkets this week.Demand will decline further in August due to the traditional market slowdown over the summer period."The market is slow, which is normal at this time of the year," an Italian source said."Mills will try to increase offers [for plate] in Se...Read More
China's hot-rolled coil prices rebounded on Thursday July 25 in line with rising futures bolstered by expectations of stricter production curbs toward the end of the month.DomesticEastern China (Shanghai): 3,840-3,860 yuan ($558-561) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,840-3,850 yuan per tonne, up 10 yuan per tonnePrices rebounded amid an increase in trading activity in the...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, steel plate, steel sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
Seaborne iron ore prices pushed up on Thursday July 25, with firmer spot trades supporting the increases, sources told Fastmarkets. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $117 per tonne, up $2.03 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $116.92 per tonne, up $2.03 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr...Read More
Prices for seaborne cargoes of premium hard coking coal tumbled on Thursday July 25, with pervading pessimism taking hold of this segment of the market.An August-loading cargo of premium low-vol hard coking coal was traded at $185.50 per tonne cfr China during the day, sources said. This sent the Fastmarkets index for premium hard coking coal, cfr Jingtang to $184.16 per tonne, down $5.62 per tonn...Read More
Gains in the futures market failed to stimulate China's rebar prices on Thursday July 25, with sellers being under pressure to secure orders.Domestic Eastern China (Shanghai): 3,920-3,960 yuan ($570-576) per tonne, unchangedNorthern China (Beijing): 3,880-3,910 yuan per tonne, unchangedWeak demand attributed to bad weather over the past week resulted in rebar inventory levels at mills and the spot...Read More
There is some optimism in the markets because US-China trade talks are on the agenda again and expectations are running high for dovish talk from the European Central Bank (ECB) at its meeting later on Thursday July 25.Manufacturing purchasing managers' index (PMI) data out on Wednesday was generally negative, apart from a pick-up in Japan's figure.Asian equities are showing strength with China's...Read More
Key data from the Wednesday July 24 pricing session in Shanghai. Key driversThe price of cobalt metal in China is steady so far this week after narrowing upward on July 19 against a backdrop of aggressive speculative buying. But the number of spot trades fell despite active inquiries after investors took a more cautious stance following the increase in prices. Spot availability...Read More
Domestic stainless steel prices in China strengthened over the past week, though the past few days saw some of those gains being shed amid fluctuating 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 14,900-15,400 yuan ($2,166-2,239) per tonne including value-added tax for the week ended...Read More
With little changed in the big picture, markets continue to oscillate while they consolidate - US and European equity indices were lower on Thursday July 25 and most Asian equities were weaker this morning. London Metal Exchange lead price remains directional, other base metals are working sideways. US second-quarter GDP data out on Friday likely to set the tone.Base metalsVolume on the LME r...Read More
U.S. equity index futures moved higher this morning. S&P 500 futures were up 5 points in pre-opening trade.Index futures were virtually unchanged following release of U.S. second quarter real GDP at 8:30 AM EDT. Consensus is growth at a 2.0% rate versus growth at a 3.1% rate in the first quarter. Actual was growth at a 2.1% rate,Amazon dropped $21.32 to $1953.50 after reporting lower than cons...Read More
Base metals prices traded on the London Metal Exchange continued to capitalize on marginal gains made in the morning session on Wednesday July 24, with the pervading macro optimism and a weaker US dollar overshadowing modest turnover.Nickel rebounded 2.6% to close at $14,545 per tonne, retracing some the significant gains made last week when the three-month contract hit a $15,115-per-tonne high on...Read More