Iranian steel billet producers came to the market this week with offer prices that were lower than those heard before the holiday last week to mark the end of Ramadan, amid reduced demand in both foreign and domestic outlets.Billet was on offer from the Middle Eastern country for delivery in August at $390-395 per tonne fob Iranian ports in the week ended Wednesday June 12. This was down from offe...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday June 12.Please click...Read More
The lead market in the United States is set to tighten due to the impact of Nyrstar declaring force majeure on lead supply contracts from its Port Pirie smelter in Australia, although US lead premiums are steady for now.In Shanghai, zinc premiums continued to fall due to low demand. European zinc premiums remained moribund despite mass cancellation of special high grade zinc ingots from local LME...Read More
Zinc's three-month price on the London Metal Exchange stayed above $2,500 per tonne at the close of trading on Wednesday June 12, with the moderate volumes traded indicating continued buying interest despite the cash/three-month spread being in a sizeable backwardation.The galvanizing metal showed a little more than 8,000 lots exchanged by the close, with total volumes valued at around $100 millio...Read More
South32's decision to review the future of its manganese alloy assets comes as little surprise to fellow manganese alloy producers because they are likely to be considering similar options. The review, which could result in the divestment of the assets, reflects a wider predicament affecting alloy producers struggling with historically high ore prices and a subdued market for their own product. So...Read More
The London Metal Exchange has decided on a dispute over when the load-in, load-out (LILO) rule should have been activated, ruling in favor of warehouse company Istim. People familiar with the situation said that the warehousing firm had been found to have acted vigorously and without delay in its dealings with Glencore at its warehouses in Port Klang, Malaysia, following large cancellations of alu...Read More
The temporary truce on tariffs between China and the United States could be over, injecting a new round of uncertainty into the global financial markets and suspending hopes that a resolution to the countries' trade impasse was likely.US President Donald Trump has threatened to raise the tariff on $200 billion-worth of Chinese imports to 25% from 10% by Friday May 10. He also said that the US may...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday June 12.Please click...Read More
Zinc's three-month price on the London Metal Exchange stayed above $2,500 per tonne at the close of trading on Wednesday June 12, with the moderate volumes traded indicating continued buying interest despite the cash/three-month spread being in a sizeable backwardation.The galvanizing metal showed a little more than 8,000 lots exchanged by the close, with total volumes valued at around $100 millio...Read More
Global tin premiums were flat across the board in the week ending Tuesday June 11, with market volatility and continued fresh inflows absorbing broadly weak demand ahead of the seasonally subdued summer months, while nearby spread tightness deters spot business. European market participants question possible tin concentrate shortage US merchants report oversupplied market Weak demand caps Asian ti...Read More
An overview of the noble alloys markets and the reasons for any price moves.Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The Chinese cif Shanghai nickel premium rose on an open import arbitrage window on Tuesday June 11, while premiums in the European and United States markets continued to trade flat week on week amid market illiquidity. The open arbitrage window on June 10 pushes up cif Shanghai premium on seaborne Nornickel plate cargoes European premiums continue to trade flat on seasonal illiquidity, macro-inspi...Read More
Global tin premiums were flat across the board in the week ending Tuesday June 11, with market volatility and continued fresh inflows absorbing broadly weak demand ahead of the seasonally subdued summer months, while nearby spread tightness deters spot business. European market participants question possible tin concentrate shortage US merchants report oversupplied market Weak demand caps Asian ti...Read More
London-based commodities broker Sucden Financial has appointed Rafael Caporale as head of its new LME Options Market Making divison, the company announced in a Wednesday June 12 press release.Mr Caporale will be responsible for both the establishment and running of a dedicated options trading team within Sucden Financial, the London...Read More
Chilean state-owned copper producer Codelco significantly improved its rate of production during April, with copper output falling by just 6.4% compared with the same month of last year, data from the country's copper commission, Cochilco, showed on Monday June 10.Codelco produced 129,700 tonnes of copper in April, compared with 138,600 tonnes in the same month a year earlier. In March, the compan...Read More
PT Freeport Indonesia (PT-FI) will start work on the construction of a copper smelter in Indonesia in mid-2020, a spokesperson for the company said on Wednesday June 12. The project forms part of an agreement between Freeport-McMoRan and the Indonesian government signed last December committing PT-FI to build a new smelter in Indonesia within...Read More
ArcelorMittal, the world's largest steelmaker, is developing a transformation plan for its Belval and Differdange long steel sites in Luxembourg, a company spokeswoman told Fastmarkets in the week beginning Monday June 10.The plan will affect the sales and maintenance departments, Luxembourg labor minister Dan Kersch told a parliamentary committee in the country last week."The project does not inv...Read More
Domestic prices for hollow steel sections in both Northern and Southern Europe moved up this week on higher feedstock costs and increased offer prices at mills, sources told Fastmarkets on Wednesday June 12.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was ?,?620-640 ($702-724) per tonne delivered on Wednesday, up from ?,?600-6...Read More
Prices for rebar produced and delivered in Southern Europe remained unchanged on Wednesday June 12 amid limited trading activity, market participants told Fastmarkets."Nothing has changed and steel producers don't want to sell at a cheaper price," a trader in Italy said.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe was ?,?495-515 ($560-583) per tonne delivered on...Read More