Weakness persisted in the seaborne coking coal market on Thursday June 27 despite news of a suspension of mining activity at a mine in Queensland, Australia.An August-loading cargo of a top Australian brand was sold to an end user in southern China at $200 per tonne cfr China, according to various sources.A shipment of premium low-vol hard coking coal was heard offered at $198 per tonne cfr China,...Read More
Carpentaria Resources expects its planned high-grade iron ore product to find interest among buyers in the Middle East while the latter looks to diversify supply options for pellet feed, managing director Quentin Hill said during an investor briefing this week."There is a supply gap in terms of both quality and quantity in the Middle East and with only three companies accounting for bulk of the su...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials.Latest transaction: iron oreIron ore Rio Tinto, Beijing Iron Ore Trading Center (Corex), 170,000 tonnes of 61% Fe Pilbara Blend fines, traded at $113.80 per tonne cfr China, laycan July 13-22.Vale, Corex, 190,000...Read More
Eastern China's hot-rolled coil prices widened upward on Thursday June 27 amid fluctuations caused by movements in the futures market.DomesticEastern China (Shanghai): 3,900-3,950 yuan ($567-574) per tonne, widening upward 30 yuan per tonneNorthern China (Tianjin): 3,840-3,850 yuan per tonne, unchangedMarket participants in Shanghai rushed to buy at 3,830-3,850 yuan per tonne in the morning after...Read More
China's rebar prices regained some upward momentum on Thursday June 27 on early gains in the futures market.Domestic Eastern China (Shanghai): 3,940-3,980 yuan ($573-579) per tonne, up 30-40 yuan per tonneNorthern China (Beijing): 3,800-3,840 yuan per tonne, up 30-40 yuan per tonneRebar futures rose to a high of 4,095 yuan per tonne in the morning, which led traders in the spot market to take thei...Read More
Import prices for stainless steel in East Asia experienced an uptick over the past week amid a recovery in the nickel market, though downstream demand remained soft.The three-month nickel contract on the London Metal Exchange ended Wednesday June 26's official trading session at $12,430-12,440 per tonne, up $480-485 per tonne from a week earlier.The increase came amid supply disruptions arising fr...Read More
The Chinese domestic cobalt metal price fell by 3.1% in the midweek pricing session due to sluggish demand during the traditionally weak consumption season causing suppliers to compete fiercely for limited inquiries in the spot market. Fastmarkets assessed the Chinese domestic cobalt metal price at 220,000-250,000 yuan per tonne ($12.85-14.61 per lb, less China-VAT) on Wednesday June 26, down...Read More
European steelmakers voiced their concerns over the future viability of the UK steel industry, should the UK leave the European Union on October 31 without a deal, at the European Steel association's (Eurofer) European Steel Day in Brussels on Wednesday June 26.A "no deal" Brexit would mean the UK would leave the EU, and all related agreements and bodies, without a transition period. No preferenti...Read More
Domestic stainless steel prices in China kept rising over the past week on increasing demand and a strengthening of the nickel market.The Fastmarkets MB domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,100-14,500 yuan ($2,050-2,108) per tonne including value-added tax for the week ended Wednesday June 26, up by 100-150 yuan per tonne from a...Read More
Monday is a federal statutory holiday celebrating the dominion of Canada.Pre-opening Comments for Friday June 28thU.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for May Personal Income was an increase of 0.3% versus a gain of 0.5% in Apr...Read More
Aluminium producer Alcoa announced Wednesday June 26 that it has amended its joint venture with Saudi Arabian producer Ma'aden for Alcoa to divest a 25.1% stake in a rolling mill.The joint venture between Ma'aden and Alcoa was created in 2009 and comprises of the Ma'aden Bauxite and Alumina company, the Ma'aden Aluminium Company, and the Ma'aden Rolling Company. Alcoa will transfer its 25.1%...Read More
The three-month nickel price on the London Metal Exchange rallied at the close of trading on Wednesday June 26, climbing by 1.4% to close at its highest level since April amid a continued drawdown in the LME's dwindling supply. The nickel price closed trading at $12,490 per tonne, climbing from an intraday low of $12,235 per tonne while total volumes traded breached 10,000 lots for the first time...Read More
Continued tin flows onto the London Metal Exchange, up 50% this month, exerted downward pressure on global premiums in the week to Tuesday June 25. An eroding backwardation in exchange forward spreads makes stockholders uncertain whether to hold or sell tin. US premium holds, but reports of declining demand echo other regions. China premium unchanged with no incentive for traders to i...Read More
Aluminium producer Alcoa announced Wednesday June 26 that it has amended its joint venture with Saudi Arabian producer Ma'aden for Alcoa to divest a 25.1% stake in a rolling mill.The joint venture between Ma'aden and Alcoa was created in 2009 and comprises of the Ma'aden Bauxite and Alumina company, the Ma'aden Aluminium Company, and the Ma'aden Rolling Company. Alcoa will transfer its 25.1%...Read More
A 10-week decline in low-grade manganese ore prices stalled on Friday June 21 and Chinese port ore prices have been rebounding dramatically from 2019 lows reached in early June. Fastmarkets' 37% manganese ore index, cif Tianjin held at $5.26 per dry metric tonne unit (dmtu) on Friday. Fastmarkets' China port index for 37% manganese ore increased by 2.30 yuan to 47.50 yuan per dmtu (equiv...Read More
Cobalt metal prices continued to weaken on Wednesday June 26 with the first half of the week seeing consumers postpone all but essential buying, leaving sellers to cut their offers to entice sales. Fastmarkets' assessment of the price for standard-grade cobalt was at $13.75-14.35 per lb, in-warehouse, on Wednesday June 26, down from $13.85-14.50 per lb on June 21. Fastmarkets' assessment of the pr...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The price of mesh-quality wire rod in Europe fell by ?,?5 per tonne week on week following the drop in ferrous scrap prices, sources told Fastmarkets on Wednesday June 26.Fastmarkets' weekly domestic price assessment for mesh-quality wire rod in Northern Europe was ?,?500-510 ($569-581) per tonne delivered on Wednesday, down from ?,?505-515 per tonne delivered on June 19.Fastmarkets' daily Turkish...Read More
UK aluminium alloy producers have been forced to close smelters or partially cease production as a confluence of weakening automotive sector demand for material, sluggish regional gross domestic product (GDP) growth and tariff uncertainty continues to push LM24 ingot prices lower. Market participants have reported rumors that three prominent UK secondary aluminium smelters have ceased operations w...Read More
Key data from the Fastmarkets' Wednesday June 26 pricing session in Europe.Key drivers The European ferro-titanium price fell for the fifth consecutive week after six weeks of stability. Demand has been quieter since an initial bout of short-covering in mid-April when major European producer FE Mottram stopped production after a fire damaged its UK plant.FE Mottram aims to restart production aroun...Read More