The Comex copper price staged a modest rebound in US morning trading on Tuesday April 16 with the market waiting for a new catalyst to sustain solid price direction. The copper price for May settlement on the Comex division of the New York Mercantile Exchange rebounded 0.35 cents to $2.9385 per lb. The contract has been unable to set solid price momentum over the past few weeks with prices rising...Read More
Seaborne iron ore prices continued to follow the downward trend on Tuesday April 16, while the seaborne spot market remained thin. MB 62% Fe Iron Ore Index: $94.78 per tonne cfr Qingdao, down $0.64 per tonne. MB 62% Fe Pilbara Blend Fines Index: $93.56 per tonne cfr Qingdao, down $0.64 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $96.70 per tonne cfr Qingdao, down $1.87 per tonne. MB 58% Fe Pr...Read More
Dutch trade union FNV is preparing to take legal action to fight Tata Steel Europe against the sale of the Segal hot-dipped galvanizing (HDG) line in Belgium, which was proposed as part of Tata's move to form a joint venture with ThyssenKrupp, the union told Fastmarkets on Tuesday April 16."We have an agreement with Tata Steel authorized by Tata Steel [Group] that all assets of Tata Steel Netherla...Read More
Turkish steel producers resumed their deep-sea scrap purchases on Tuesday April 16 at slightly higher prices, but it was still unclear in which direction the market was moving, sources said.A steel mill in the Iskenderun region booked a European cargo late on April 15, comprising 17,500 tonnes of HMS 1&2 (75:25) and 7,500 tonnes of bonus at an average price of $308 per tonne cfr.The cargo was sche...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday April 16 that are worth another look.Increasing demand for graphite cathode for new energy vehicles (EV) and its cheaper price compared with synthetic graphite is turning the attention of the market to the price of flake graphite, delegates at Fastmarkets' Battery Materials Conference in Shanghai heard last week. Engelhart Commo...Read More
The copper market in the United States stands out for global investors amid a backdrop of soft European and Chinese demand while American buyers grow more confident moving into the second quarter - one of the busiest times of the year, when construction demand peaks and the premium market normally gets a bump."In general, people look like [they are] more optimistic on copper prospects for the futu...Read More
Aluminium scrap markets in the United States are showing some signs of wear, with steady scrap availability outpacing spot demand and dragging some prices lower."I'm hearing there's lots of scrap available, had a couple wild offers thrown at me that we can't take advantage of at this time," one US consumer said, noting strong inventory positions.The strong inventories combined with growing scrap f...Read More
Copper concentrate treatment and refining charges (TC/RCs) for Asia Pacific fell to their lowest in at least six years, squeezed by the smelter consumption ramp-ups and against a backdrop of tightening supply.Fastmarkets' cif Asia-Pacific spot copper concentrate TC/RC index was calculated at $62.10 per tonne/6.21 cents per lb on April 15, down from $66.70 per tonne/6.67 cents per lb in late M...Read More
Fastmarkets has published its monthly ferro-nickel cif China premium later than scheduled on Tuesday April 16 because of a reporter error. The premium assessment for ferro-nickel with 26-32% nickel content cif China was assessed, as per our methodology, on March 25 but not published until today. The date of publication has been amended to March 25 to reflect the date the assessment took place...Read More
Novolipetsk Steel (NLMK), Russia's largest steelmaker, doubled its sales of steel slab to third parties in the first quarter of 2019 on reduced demand from the group's European companies and the effects of import duties in the United States, the company announced on Tuesday April 16.Slab sale volumes to third parties rose to 1.12 million tonnes in January-March 2019, from 569,000 tonnes in 2018, N...Read More
The market for hot-rolled coil (HRC) exports from the Commonwealth of Independent States (CIS) remained soft during the week ended Monday April 15 on low bids in the key outlets, while cold-rolled coil (CRC) was almost unchanged on lower availability.Fastmarkets' weekly price assessment for CIS-origin exports of HRC was $485-495 per tonne fob Black Sea on April 15, down from $500-515 per...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have remained stable over the past week, with levels of demand low but consistent, Fastmarkets heard on Tuesday April 16.Demand among end-users has been weak, so buyers were unwilling to place orders for large tonnages, sources told Fastmarkets.Stock levels were low in both countries so, if prices were to start...Read More
The Commonwealth of Independent States export slab price slid by mid-April on pressure from the weakening finished flat-steel market in both the CIS and the global market due to subdued buying activity, Fastmarkets learned.Recent slab offers from CIS to Turkey were heard at $500 per tonne cfr, equivalent to $485 per tonne fob Black Sea, while the latest sales to Europe were all finalized at the sa...Read More
Chinese steel mills are ignoring low bids from overseas buyers on expectations of continued strength in China's domestic market over the remainder of April, sources told Fastmarkets MB this week.Expectations of a supply drop have also improved sentiment in the spot market.Steel prices in China have been on an upward climb since the end of the Lunar New Year. Domestic hot-rolled coil prices in east...Read More
China's domestic rebar market participants had mixed reactions toward futures losses on Tuesday April 16. Domestic Eastern China (Shanghai): 4,050-4,130 yuan ($604-616) per tonne, widened by 10-20 yuan per tonne on both endsNorthern China (Beijing): 4,040-4,060 yuan per tonne, up 30-40 yuan per tonneRebar futures fell during the day, market participants responded to it differently. Some of them co...Read More
Seaborne iron ore prices continued to follow the downward trend on Tuesday April 16, while the seaborne spot market remained thin. MB 62% Fe Iron Ore Index: $94.78 per tonne cfr Qingdao, down $0.64 per tonne. MB 62% Fe Pilbara Blend Fines Index: $93.56 per tonne cfr Qingdao, down $0.64 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $96.70 per tonne cfr Qingdao, down $1.87 per tonne. MB 58% Fe Pr...Read More
The cfr China segment of the seaborne premium hard coking coal market picked up some strength on Tuesday April 16 after a steelmaker snapped up several available cargoes.A Panamax shipment of a top Australian brand that is on its way to China was sold at $203.50 per tonne cfr China, both counterparties confirmed to Fastmarkets on Tuesday April 16.A Capesize shipment of premium mid-vol hard coking...Read More
Australian miner Rio Tinto has reduced its 2019 iron ore production guidance to 333-343 million tonnes, from 338-350 million tonnes, 100% basis, as estimated at the end of fourth quarter of 2018.The lower production guidance was due to a slower ramp up and ongoing disruptions to shipments caused by weather and other disruptions, the miner said. Most of Rio Tinto's iron ore output originates from t...Read More
A summary of Rio Tinto's production results for the three months ended March 31, 2019, as well as its full-year production guidance.In brief Iron ore production at the company's Pilbara operations in Western Australia totaled 67 million tonnes (100% basis) in January-March 2019, 9% lower than the same period of 2018 after production was disrupted by tropical cyclone Veronica in March and a fire at...Read More
Engelhart Commodities Trading Partners (ECTP) moved closer to exiting London Metal Exchange warehousing operations on Tuesday April 16, with the sale of its European sheds and stocks to Dutch logistics company Kloosterboer.The purchaser is well known for its juice-processing facilities but as yet has only a small presence in the metals markets."Kloosterboer is now especially active in fruit juice,...Read More