Prices for mesh-quality wire rod in Europe continued to fall this week after a drop in finished mesh product prices, sources told Fastmarkets on Wednesday May 22.Fastmarkets' assessment of the price of domestic mesh-quality wire rod in Southern Europe was ?,?500-520 ($558-580) per tonne delivered on May 22, down by ?,?15 per tonne from ?,?515-535 per tonne on May 15."The wire rod market is very de...Read More
Domestic prices for hollow steel sections in Europe were unchanged this week as the market considered mill proposals to increase prices despite further falls in feedstock costs, sources told Fastmarkets on Wednesday May 22.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?600-630 ($669-703) per tonn...Read More
The quietness in the deep-sea scrap markets has continued because market participants were still looking for clarity in the export markets for finished products such as rebar, sources said on Wednesday May 22.After the United States reduced its tariff on steel imports from Turkey to 25%, from 50%, on May 17, Turkey was again in a position to supply to the US market.But scrap suppliers pulled back...Read More
Iron ore prices continued their uptrend on Wednesday May 22 with the Fastmarkets MB 62% Fe Iron Ore Index rising to more than $105 per tonne cfr China.MB 62% Fe Iron Ore Index: $105.78 per tonne cfr Qingdao, up by $3.75 per tonne.MB 62% Fe Pilbara Blend Fines Index: $103.97 per tonne cfr Qingdao, up by $3.75 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $108.26 per tonne cfr Qingdao, up by $2.50...Read More
Chinese domestic rebar prices rose on Wednesday May 22, but participants voiced concerns that a seasonal drop in demand may soon push down prices. Domestic Eastern China (Shanghai): 4,070-4,100 yuan ($592-597) per tonne, up 20-30 yuan per tonneNorthern China (Beijing): 3,970-4,020 yuan per tonne, up 20 yuan per tonneRebar futures ran above Tuesday's settlement price of 3,845 yuan per ton...Read More
Import prices for stainless steel in East Asia have declined over the week ended on May 22 because of limited buying interest amid the heightened trade tensions between China and the United States.China declared that it would impose duties on $60 billion worth of US goods from June 1 in retaliation to US president Donald Trump's announcement that the US would raise tariffs on $200 billion worth of...Read More
Domestic prices for hollow steel sections in Europe were unchanged this week as the market considered mill proposals to increase prices despite further falls in feedstock costs, sources told Fastmarkets on Wednesday May 22.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?600-630 ($669-703) per tonn...Read More
Troubled UK long steel producer British Steel has been placed into compulsory liquidation following an order from the UK high court, the UK official receiver, part of the UK's Insolvency Service, said on Wednesday May 22."The company in liquidation is continuing to trade and supply its customers while I consider options for the business. Staff have been paid and will continue to be employed," a st...Read More
Glencore AG has signed an agreement to supply cobalt feedstock and financing to recommission the First Cobalt refinery in Ontario, Canada.The memorandum of understanding could result in annual production of roughly 2,000-2,500 tonnes of cobalt in sulfate from the plant, which is North America's only primary cobalt refinery.Glencore will evaluate making a loan to fund the capital requirements to re...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 22.Read More
The price for rebar produced and delivered in Southern Europe remained unchanged on Wednesday May 22, amid continuing weak demand, market participants told Fastmarkets.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe was ?,?500-510 ($559-569) per tonne delivered on Wednesday, unchanged from May 8."We are just hoping for the market to remain stable as the demand situa...Read More
The three-month copper's price on the London Metal Exchange fell by 1.3% at the close of trading on Wednesday May 22, with price pressure emerging from resurging trade tensions between the United States and China, while dollar strength is limiting commodity investment. Volumes were moderately high for the red metal by the close, totalling more than 18,000 lots traded, the most since May 13. Follow...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday May 22 that are worth another look.A consortium of commodities companies and financial institutions is planning to launch an inventory management system focused on the use of blockchain and other digital methods to manage the post-trade processing of transactions for metal commodities.The liquidation order issued by the g...Read More
The three-month copper's price on the London Metal Exchange fell by 1.3% at the close of trading on Wednesday May 22, with price pressure emerging from resurging trade tensions between the United States and China, while dollar strength is limiting commodity investment. Volumes were moderately high for the red metal by the close, totalling more than 18,000 lots traded, the most since May 13. Follow...Read More
Iron ore prices continued their uptrend on Wednesday May 22 with the Fastmarkets MB 62% Fe Iron Ore Index rising to more than $105 per tonne cfr China.MB 62% Fe Iron Ore Index: $105.78 per tonne cfr Qingdao, up by $3.75 per tonne.MB 62% Fe Pilbara Blend Fines Index: $103.97 per tonne cfr Qingdao, up by $3.75 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $108.26 per tonne cfr Qingdao, up by $2.50...Read More
Copper premiums in Shanghai dropped over the week ended on Tuesday May 21, with a slew of deals for SX-EW cathodes at low levels, while the spike in premiums in the United States may not last if key smelters return to the market.?EUR? Shanghai premiums drop down to two-year lows?EUR? US premiums pushed down while Comex copper trades at a small discount to the London Metal Exchange?EUR? European pr...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Copper's fundamentals mean prices should be higher but much depends on the outcome of the US-China trade dispute, according to an executive at ED&F Man Capital Markets. Keith Gwozdz, vice president of metals at the LME brokerage firm, said that there are three potential outcomes when talks between the countries resume at the G20 summit of governments and central bank governors in Japan (June 28-29...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday May 22 that are worth another look.A consortium of commodities companies and financial institutions is planning to launch an inventory management system focused on the use of blockchain and other digital methods to manage the post-trade processing of transactions for metal commodities.The liquidation order issued by the g...Read More
A consortium of commodities companies and financial institutions is planning to launch an inventory management system focused on the use of blockchain and other digital methods to manage the post-trade processing of transactions for metal commodities.The system, known as Forcefield, will be supported by technology from Accenture and has backing via a memorandum of understanding from ABN Amro, Angl...Read More