Dafydd Davies has joined TradeCloud as marketing executive to expand its presence in Europe and the Americas, the company said on Wednesday May 29.Launched in October 2017, TradeCloud is a digital metals trading platform where producers, consumers and traders can meet to exchange information, negotiate contracts and...Read More
The three-month copper price on the London Metal Exchange continued to edge lower during morning trading on Thursday May 30, reaching its lowest level since September 2018 after more than 29,000 tonnes was delivered into LME-registered warehouses across Asia and Europe. Volumes traded in the red metal were high over the morning, with more than 6,500 lots exchanged as of 9:25am London time, indicat...Read More
Market focus is on escalating trade tensions this morning, Thursday May 30, with participants concerned about what the United States might do if China cuts exports of rare earth minerals to the former.This has led to further risk-off which is hitting Asian equities this morning, although base metals are, for now, in positive territory while they consolidate the previous day's losses.Market partici...Read More
Base metals prices on the Shanghai Futures Exchange were broadly down during morning trading on Thursday May 30, with investors' appetite for risk damped by increasing US-China trade tensions following media reports that China may restrict its rare earths exports to the United States."A flurry of Chinese media reports have suggested Beijing may cut of exports of rare earth metals. China dominates...Read More
ArcelorMittal is planning a 70-day stoppage at one of the blast furnaces in its Tubar??o facility in Brazil's southeastern Esp?-rito Santo state, the company told Fastmarkets MB on Thursday May 30.The stoppage is scheduled for the second half of the year, according to ArcelorMittal. Sources expect maintenance works at the facility to start by September at the latest.The No2 blast furnace has...Read More
Prices for most flat-rolled steel imports into the United States have continued to slide while prices for certain domestic flat-rolled products have reached new lows.In a market where prices for domestic products have trended lower than those for their imported counterparts, at least in near term, importers may find little appetite to be aggressive in the US market."[There's] not much to talk abou...Read More
The Mexican government has begun to unblock some of the frozen bank accounts owned by steelmaker Altos Hornos de M?(C)xico (Ahmsa), the company said late on Wednesday May 29."This will allow the company to resume normality in its financial transactions with suppliers and clients, and also ensure the pay packets of its 20,000 workers," Ahmsa said.The company also said that its operations were not a...Read More
Turkish domestic long steel markets remained quiet ahead of a week-long public holiday and due to a strengthening lira, which made buying more expensive, sources said on Thursday May 30. Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,330-3,400 ($553-564) per tonne ex-works, narrowing downward from last week's TRY3,330-3,420 per tonne. The domestic rebar price in th...Read More
Sluggish demand for Turkish rebar and wire rod exports continued this week, despite the halving of import tariffs in the United States, prompting steel mills to reduce their offer prices, sources told Fastmarkets on Thursday May 30.Steel producers in Turkey tried to increase their offers last week following news the US had cut its import tariff on Turkish steel to 25%, but there was no upturn in d...Read More
Eduardo Bartolomeo will remain Vale's chief executive officer for the next two years, the Brazilian mining company said on Thursday May 30.Bartolomeo has been acting as CEO since March, when former top executive Fabio Schvartsman stepped down, at first on an interim basis. But Vale's board of directors voted on May 23 to keep Bartolomeo in the position until 2021.Schvartsman resigned...Read More
The Turkish deep-sea scrap market has fallen quiet again after mills failed to sell finished long steel products to the United States even though that country has now removed its extra tariff on Turkish steel, sources said on Thursday May 30.The mills did return to the market for a short buying spree late last week, after the US reduced its import duty on Turkey-origin products to the pre-existing...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 oreVale, tender, 60,803 tonnes of 64.15% Fe Pellet Feed Carajas, traded...Read More
Seaborne iron ore prices dipped on Thursday May 30 following losses in the futures and steel markets, and amid concerns over narrower profit margins at Chinese steelmakers.MB 62% Fe Iron Ore Index: $103.87 per tonne cfr Qingdao, down by $2.31 per tonne.MB 62% Fe Pilbara Blend Fines Index: $102.35 per tonne cfr Qingdao, down by $2.31 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $107.66 per tonne...Read More
The seaborne coking coal spot market softened further on Thursday May 30, with offers falling even lower.A cargo of premium low-vol hard coking coal was offered at $205 per tonne cfr China during the day, down $3 per tonne from a day earlier, sources told Fastmarkets. Sellers were still indicating offers for top Australian brands at around $210-212 per tonne cfr China, which Chinese market partici...Read More
Surging iron ore prices have narrowed steelmaking margins in China, though the country's long steel producers are unlikely to lower their prices anytime soon to stimulate sales, sources told Fastmarkets MB this week.Market participants estimated at the start of this week that rebar producers' gross profits had fallen below 500 yuan ($72) per tonne, compared with 700-800 yuan per tonne in early May...Read More
China's domestic prices for hot-rolled coil softened further on Thursday May 30 amid limited trading activity, with high inventory levels leaving market sources expecting further drops.DomesticEastern China (Shanghai): 3,960-3,970 yuan ($573-574) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,870-3,890 yuan per tonne, down 10 yuan per tonneLosses in the futures market put pressure on...Read More
China's rebar prices were unchanged on Thursday May 30 despite declining futures, with the stability cutting mills' need to look to the export market.Domestic Eastern China (Shanghai): 3,990-4,030 yuan ($577-583) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,920-3,960 yuan per tonne, narrowed down 10 yuan per tonneBuyers procured at steady rates in the morning before rebar future...Read More
Antimony prices in both Chinese and European markets have dropped significantly so far this year due to weak demand and bearish sentiment caused by factors led by rising trade tension between China and the United States, the world's two largest economies. Fastmarkets' European and Chinese antimony prices have fallen by more than 15% and 21% respectively in the year to date. Fastmarkets presents th...Read More
Cobalt prices fell in the first half of the week after slow consumer demand and strong discounts on long-term contracts incited aggressive offers from sellers. Fastmarkets price assessment for standard-grade cobalt in-warehouse Rotterdam was $15.35-16.10 per lb on Wednesday May 29, down from $16-16.55 per lb at the end of last week. Alloy-grade prices settle...Read More
Key data from the Wednesday May 29 pricing session in Shanghai. Key drivers The Chinese cobalt salts market, which includes cobalt sulfate and tetroxide, continued to soften on sluggish demand, which is partially due to the fact that battery cathode materials manufacturers have broadly fed on tolled products. Meanwhile, excessive stocks consumers had built up in early April when the co...Read More