In a rare move, Japan has started selling steel billet to Southeast Asia amid diving scrap prices in the country's domestic market.Steel mills in the Tokyo area have started channeling shipments of the semi-finished product to Southeast Asia, where buyers are prepared to pay higher prices than Japanese re-rollers, market sources said.While the sale of Japanese billet to Southeast Asia is not unpre...Read More
Market participants seem to be waiting for something to provide direction and that impetus is likely to come from the testimony of the United States Federal Reserve chairman later today.Market participants are counting on Fed chairman Jerome Powell to remain accommodating when testifying to Congress, with high odds that the 'insurance cut' of 25 basis points will be implemented in its July Federal...Read More
China's hot-rolled coil prices fell amid weakening futures, with traders agreeing to sell cargoes with shorter lead times at a discount to those being offered by mills. DomesticEastern China (Shanghai): 3,890-3,900 yuan ($565-566) per tonne, down 30-40 yuan per tonneNorthern China (Tianjin): 3,830-3,840 yuan per tonne, down 10-20 yuan per tonneTransaction prices fell across the country even though...Read More
China's rebar prices were flat on Wednesday July 10, but pessimism was the order of the day during what is considered a weak time of the year for the country's steel market.Domestic Eastern China (Shanghai): 3,980-4,000 yuan ($578-581) per tonne, unchangedNorthern China (Beijing): 3,880-3,910 yuan per tonne, unchangedTraders in the spot market kept prices unchanged, at least for the time being, am...Read More
Base metals prices on the London Metal Exchange were mostly higher during morning trading on Wednesday July 10, with copper and zinc the strongest performers.The LME three-month copper price was up 1%, rebounding after a sharp sell-off yesterday. It was most recently trading at $5,883 per tonne, $60 per tonne higher than Tuesday's close price."Copper has managed to strengthen itself again above th...Read More
Base metals prices on the Shanghai Futures Exchange were on divergent paths in morning trading on Wednesday July 10 amid US dollar strength and macroeconomic uncertainties.The dollar index rose by 0.02 to 97.53 as at 9.40am Shanghai time, posing sell-off risk among investors. "Markets are less hopeful of a sharp interest rate cut this month, and trade war and Brexit concerns are back on the rise,"...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Fastmarkets minor metals prices changed on Wednesday July 10:Antimony max 100ppm Bi, in-whs Rotterdam $/tonne: $6,000-6,200 per tonne from $6,000-6,250Antimony MMTA standard grade II, in-whs Rotterdam, $/tonne: $5,950-6,150 per tonne from $6,000-6,200Cadmium 99.95% Bi min, cif global ports, cents/lb: 110-120 cents per lb from 112-122Cadmium 99.99%...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday July 10:Titanium scrapTurnings, unprocessed type 90/6/4, 0.5% Sn max, cif Europe, $/lb:...Read More
The Chinese central government has toned down its ambitious plan to ban all solid waste imports, including metal scrap, by the end of 2020 in its recently proposed revisions to the regulation on solid waste management. The country's National People's Congress announced on July 5 a proposed revision to the Law of the People's Republic of China on the Prevention and Control of Environmental Pollutio...Read More
China has announced a second round of copper scrap import quotas allowing a select list of importers to bring an additional 124,500 tonnes of copper scrap into the country during the second half this year, according to a statement on Wednesday July 10. The list, mainly comprising Guangdong and Zhejiang metal scrap importers, was compiled and released by the Center of China Solid Waste and Chemical...Read More
Although rate cut expectations encouraged the London Metal Exchange three-month base metals prices to move higher yesterday, they have started to weaken in early trading today, Thursday July 11, and been unable to attract follow-through buying. In his prepared remarks, Federal Reserve Chairman Gerome Powell last night noted that uncertainties since the June FOMC meeting continued to dim outlook an...Read More
U.S. equity index futures moved higher this morning. S&P 500 futures were up 4 points in pre-opening trade.Index futures slipped following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was 222, 000 versus 222,000 last week. Actual was 209,000. Consensus for the June Consumer Price Index was unchanged versus a gain of 0.1% in May. Actual was an increase of 0.3%. E...Read More
Base metals prices on the London Metal Exchange were mostly directionless in afternoon trading on July 9 due to a stronger dollar index, up 0.13 to 97.50.This mixed consolidation in LME three-month prices has been broadly attributed to weak Chinese equities data and waning macro optimism in anticipation of a United States Federal Open Markets Committee decision on interest rates, expected on July...Read More
Sinking product prices across the copper value chain are eroding processing margins for custom copper smelters, causing uncertainty as well as driving investments and consolidation in the industry. An unprecedented expansion of Chinese copper smelting capacity has triggered lower concentrate treatment and refining charges (TC/RCs), cathode premiums and sulfuric acid prices, all key sources of smel...Read More
Base metals prices on the London Metal Exchange were broadly rangebound during morning trading on Tuesday July 9, with a steady appreciation of the US dollar index capping commodity investment. Continuing its price decline, the three-month zinc futures contract moved away from the $2,400-per-tonne resistance level, hitting an intra-morning low of $2,363 per tonne. The galvanizing metal's pric...Read More
Sinking product prices across the copper value chain are eroding processing margins for custom copper smelters, causing uncertainty as well as driving investments and consolidation in the industry. An unprecedented expansion of Chinese copper smelting capacity has triggered lower concentrate treatment and refining charges (TC/RCs), cathode premiums and sulfuric acid prices, all key sources of smel...Read More
Tharisa increased its chrome concentrate production by 8.2% in the three months to June 30 from the previous quarter, the South African miner said. Chrome concentrate production reached 334,000 tonnes, up from 308,700 tonnes in the previous quarter but down from 376,300 tonnes in the second quarter of 2018. The miner secured an average...Read More
Fastmarkets has made changes to the specification of its cobalt hydroxide payable indicator - namely, to widen the payment window. Following a one-month consultation period that ended on Friday July 5, Fastmarkets has amended the payment window to include trades agreed on the basis of the following month's average metal price (M+1). Previously, the payment window only included trades agreed on the...Read More
Turkish mills have resumed their deep-sea scrap purchases for August shipments after a short break in negotiations, sources said on Tuesday July 9.A steel mill in the Iskenderun region booked a UK cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $288 per tonne cfr.This compared with the most recent deep-sea cargo sold at $298.50 per tonne cfr for HMS 1&2 (80:20) from the Baltic Sea region on...Read More