Optimism among China's hot-rolled coil exporters led to them resisting the pressure to lower their prices on Thursday July 18 despite a retreat in the domestic market.DomesticEastern China (Shanghai): 3,880-3,900 yuan ($564-567) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,840-3,860 yuan per tonne, widening downward by 10 yuan per tonneSpot prices weakened across the country with t...Read More
China's domestic rebar market lost its upward momentum on Thursday July 18 amid declining futures, with expectations of a supply drop ahead of the country's National Day celebrations in October providing some support.Domestic Eastern China (Shanghai): 3,970-4,000 yuan ($577-582) per tonne, down 10 yuan per tonneNorthern China (Beijing): 3,900-3,930 yuan per tonne, unchangedSteelmaking restrictions...Read More
Nickel's three-month price on the London Metal Exchange increased during morning trading on Thursday July 18, with its price action continuing to ascend amid a continued drawdown of LME stocks. Reaching an intra-morning high of $14,910 per tonne, nickel futures are now making a significant approach toward $15,000 per tonne, a level it has not surpassed since June 2018.Turnover in nickel remained h...Read More
Turkey's Kar Madencilik has started producing primary pure magnesium metal (grade min 99.95%) at a smelter rented from Esan Eczacibasi, now called Kar Magnesium Smelter. Kar Madencilik entered an agreement to rent the smelter in February 2018 for a period of 10 years. The smelter, covering a 30,000 square meter closed area and consisting of seven different units, stopped production at the end of 2...Read More
Misplaced optimism seems to be driving gains in the London Metal Exchange's three-month nickel price, especially amidst weak global economic growth and ongoing trade tensions between the United States and China; granted there is growing concern over nickel supply from Indonesia but this remains a long-term play.Fresh global economic jitters, escalating US-China trade tensions negatively affect equ...Read More
Key data from the Wednesday July 17 pricing session in Shanghai.Key driversThe price of cobalt metal in China stabilized this week amid rising spot buying interest following a wave of speculative buying on the Wuxi Stainless Steel Exchange in the week ended July 12. The price of cobalt metal in China's domestic market fell to a multi-year low,...Read More
Domestic stainless steel prices in China picked up over the past week following a strengthening of the nickel market.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 14,700-14,900 yuan ($2,137-2,166) per tonne including value-added tax for the week ended Wednesday July 17, up 400-600 yuan per tonne fro...Read More
Comments from US Federal Reserve officials overnight appeared dovish after New York Federal Reserve president John Williams stressed at the annual meeting of the Central Bank Research Association that “it is better to take preventative measures than to wait for disaster to unfold”. With the market already pricing in a 25-basis-point cut in the central bank’s benchmark interest rate...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade. Microsoft jumped $4.08 to $140.50 after reporting higher than consensus fiscal fourth quarter earnings. JP Morgan raised its target price to $155 from $145.Boeing gained $7.68 to $368.79 despite announcing a $4.9 billion write off. Boeing also announced plans to relaunch its 737 Max aircr...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday July 17.Please click...Read More
Nickel's three-month price on the London Metal Exchange continued its uptrend at the close of trading on Wednesday July 17, appreciating by 3% to surpass $14,400 per tonne and trade at its highest level in a year.The metal's futures price traded at an intraday low of $13,900 per tonne during Asian trading hours, before climbing to an intraday high of $14,460 per tonne during the European trading d...Read More
Tin premiums across all global locations were flat in the week ending Tuesday July 16, with the metal's volatile three-month price and weakening demand picture capping spot liquidity. Some say weak European demand is weighing on sales, premiums. US market illiquid; premiums hold, despite pressure from aggressive new suppliers. Weak demand kept Chinese tin premiums unchanged.Low prices, supportive...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday July 17 that are worth another look.China's top copper concentrate buyers are in a fix. On Thursday July 18, the historically powerful China Smelter Purchase Team will gather for a quarterly meeting that traditionally is an arena for members to share information on trade flows and maintenance schedules, and to set a quarterly...Read More
China's top copper concentrate buyers are in a fix.On Thursday July 18, the historically powerful China Smelter Purchase Team (CSPT), which comprises purchasing managers from the country's 10 top-rated state-backed copper smelters, will gather in Hunchun city for their quarterly meeting.Traditionally, the forum is an arena for members to share information on trade flows and maintenance schedules,...Read More
Global alumina prices have plummeted over the past two months in June and July due to poor demand and a surplus of excess cargoes in the market.Alumina prices in Western Australia, Brazil and China are all down over 15% since May and close to their lowest level in over two years. This is a stark contrast to this time last year, when alumina prices were trading close to record highs following strik...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Key data from Fastmarkets' Wednesday July 17 pricing session in Europe:Key drivers The ferro-titanium market moved down amid a decline in spot demand for ferro-titanium for the past couple of months in response to a weakening European steel market, which is likely to remain quiet over the summer. The ferro-titanium market is close to its floor, according...Read More
Turkish steel mills continued to stay away from the deep-sea scrap market on Wednesday July 17, because of the sluggish finished steel demand, sources told Fastmarkets.After booking a UK cargo at $288 per tonne cfr for HMS 1&2 (80:20), the mills have stayed out of the market despite still needing to buy more cargoes for August deliveries."The steel producers in Turkey need to buy scrap for August...Read More
Trade negotiations between the United States and China following a meeting between the countries' leaders on the sidelines of the Group of 20 (G20) summit in Japan at the end of last month have not progressed as well as investors had hoped. Instead, relations between the world's two largest economies remain frosty following a report that China will sanction US firms that sell weapons to Taiwan. In...Read More
A multi-year low in the cobalt metal price in China triggered the speculative buying witnessed over the week to July 12, which is likely to be followed by restocking activity in the spot market, Fastmarkets learned.Fastmarkets' assessment of the price for cobalt 99.8% Co min, ex-works China was at 210,000-230,000 yuan ($12.27-13.43 per lb, minus China VAT) per tonne on Friday July 12, down nearly...Read More