Chinese nickel premiums jumped to record highs, creating expectations that global premiums will follow them higher while metal is drawn to China from Europe. Arbitrage opportunities push up both Chinese nickel premiums European premiums hold up despite some supply being diverted to Asia US premiums steady but briquette business seen as weak Chinese premiums at highest everIn China, the in-warehous...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday June 19 that are worth another look.The United States Secretary of Commerce has joined the growing chorus of voices questioning the current method of setting the US Midwest aluminium premium. Chinese nickel premiums jumped to record highs, creating expectations that global premiums will follow them higher while metal is d...Read More
Prices for spent lead-acid batteries in the United States inched lower over the two weeks to Tuesday June 18, due to oversupply and weak demand at the beginning of the seasonal summer slowdown.Fastmarkets AMM assessed the price for whole lead-acid batteries delivered to smelters at $30-32 per hundredweight on June 18, down by 3.1% from $31-33 per cwt on June 4. This marks the price's lowest s...Read More
Zinc's three-month price on the London Metal Exchange was subdued at the close of trading on Wednesday June 19, drifting below the nearby $2,500-per-tonne support level after steady inflows and dwindling demand continue to pressure the galvanizing metal's outright price.Additionally, the metal's cash/three-month spread remains in a sizable backwardation - recently at $116.50 per tonne - placing th...Read More
Global tin premiums were flat across the week ending Tuesday June 18, despite easing nearby spreads prompting a slight uptick in spot business at lower premium levels in Europe, while supply concerns and a closed import window capped premium ranges in the United States and Asia.European premiums flat despite emergent downside pressureIn Europe, Fastmarkets assessed the premium for 99.9% standard-g...Read More
An increase in Northern European buyers' spot market activity improved zinc premiums in Europe this week, while the closed import arbitrage window is weighing on zinc premiums in China and the United States' lead and zinc spot markets were quiet. Northern European zinc consumers acquired units from the spot market this week, leading premiums to rebound from record low levels. A major Indian lead...Read More
The price of mesh-quality wire rod in Europe was unchanged this week in a stable and quiet market, sources told Fastmarkets on Wednesday June 19.Fastmarkets' weekly domestic price assessment for mesh-quality wire rod in Northern Europe was ?,?505-515 ($566-577) per tonne delivered on Wednesday, unchanged week on week. Demand has been quiet in the market this week while buyers anticipate an...Read More
Domestic prices for hollow steel sections in Northern and Southern Europe were unchanged this week, with market participants expecting increases in the coming weeks, sources told Fastmarkets on Wednesday June 19.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was ?,?620-640 ($695-717) per tonne delivered on Wednesday, stable week...Read More
Shipments of steel products from Iran remained unaffected by the conflict in the Gulf of Oman, which took place late last week, sources told Fastmarkets."We can still ship material," the country's major semi-finished steel producer told Fastmarkets.On June 13, two oil tankers (Norwegia-owned Front Altair and the Japan-owned Kokuka Courageous), reported an attack in the Gulf of Oman. Front Altair w...Read More
Brazilian steelmaker Usiminas is currently negotiating with local slab producers to feed its Cubat??o unit in the southeastern state of S??o Paulo, after having had to import the raw material from abroad so far in 2019, sources told Fastmarkets this week.Brazilian suppliers spent the first part of the year focused on exporting slab to the United States at higher prices than could be achi...Read More
Turkish steel producers have resumed their deep-sea scrap bookings after a short break of a day, but demand is expected to slow down, sources said on Wednesday June 19.A steel mill in the Iskenderun region booked a US cargo comprising 18,000 tonnes of HMS 1&2 (80:20) at $278.50 per tonne and 7,000 tonnes of shredded at $283.50 per tonne cfr. This compares with a deep-sea deal from this region on M...Read More
Vale expects to resume production through wet processing at its Brucutu mine in 72 hours, following a decision from the country's Superior Court of Justice that nullified a previous ruling impeding the use of a tailings dam, it said on Wednesday June 19. Capacity at the unit is around 30 million tonnes per year of iron ore, which was halted following an accident at another mine, C??rrego...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 oreRio Tinto, Global Ore, 170,000 tonnes of 62% Fe Pilbara Blend fines, traded at the July average of a 62% Fe index...Read More
Physical iron ore prices continued to advance on Wednesday June 19 amid big gains in the futures markets following amelioration of trade tensions between China and the United States.MB 62% Fe Iron Ore Index: $114.08 per tonne cfr Qingdao, up $1.80 per tonne. MB 62% Fe Pilbara Blend Fines Index: $112.88 per tonne cfr Qingdao,up $1.80 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $115.81 per tonn...Read More
Fastmarkets is proposing changes to a portion of the specifications of its fob Australia and cfr China hard coking coal indices to align with those for materials typically sold in this segment of the seaborne spot market.The proposed revisions are as follows: Coke strength after reaction (CSR): Base 62%; Minimum 57%Volatile matter: Base 21.5%; Range 18.5-27%Ash: Base 8%; Maximum 11%Sulfur: Base 0....Read More
Samarco - Vale and BHP's iron ore pellet joint venture - is likely to restart its operations in Brazil's southeastern Minas Gerais state in the second half of 2020.The restart will take place in "either the third or fourth quarter" of next year, according to Chris Barrington, the chief advisor to the International Iron Metallics Association (IIMA).He disclosed this in his presentation, The Global...Read More
The seaborne coking coal market regained its downward momentum on Wednesday June 19 with participants mostly fixated on their bearish outlook for prices.A July-loading cargo of branded materials was traded on the Global Coal trading platform at $195 per tonne fob Australia during the day, various sources confirmed.A shipment of premium mid-vol hard coking coal, also scheduled for loading in July,...Read More
A major Japanese steelmaker has settled its pulverized coal injection (PCI) price for April-June at $141 per tonne fob Australia with Australian producer Realm Resources for the low-vol PCI Foxleigh.This compares with the settlement at $142 per tonne that it paid for both the January-March quarter and the corresponding quarter last year. The Fastmarkets...Read More
Dovish comments from European Central Bank (ECB) president Mario Draghi combined with some positive US-China trade developments, in that US president Donald Trump said he will meet Chinese president Xi Jinping in late June, to prompt a recovery in equities and industrial metals prices on Tuesday June 18. Markets are now consolidating while they await direction from the conclusion of today's US Fed...Read More
Base metals prices were broadly steady to lower in morning trading on the London Metal Exchange on Wednesday June 19, with waning macroeconomic optimism weighing on commodities.Trading volumes across the complex were thin after bearishness resurfaced, reflecting weakening global economies and the unlikelihood of an imminent US-Sino trade deal.The LME three-month lead price held its ground, trading...Read More