Movements in base metals prices on the London Metal Exchange were mixed at the close of trading on Monday April 15, with continued weakness in the US dollar index doing little to spur buying activity while low volumes continued to indicate risk-aversion.The three-month nickel price fell to its lowest level since March 28 in the afternoon, dipping to $12,860 per tonne before closing at $12,991 per...Read More
Seaborne iron ore prices went through corrections on Monday April 15, while prices for high-grade products remained robust, Fastmarkets has heard.MB 62% Fe Iron Ore Index: $95.42 per tonne cfr Qingdao, down by $1.05 per tonne.MB 62% Fe Pilbara Blend Fines Index: $94.20 per tonne cfr Qingdao, down by $1.54 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $98.57 per tonne cfr Qingdao, up by $0.25 per...Read More
China's hot-rolled coil prices bounced back on Monday April 15, with domestic gains continuing to encourage steelmakers to raise their export offers.DomesticEastern China (Shanghai): 4,000-4,020 yuan ($597-600) per tonne, up 30-40 yuan per tonneNorthern China (Tianjin): 3,930-3,950 yuan per tonne, up 10-20 yuan per tonnePrices in Shanghai rose significantly during the day, with most transactions t...Read More
Peruvian copper mine Las Bambas restarted concentrates transportation to the Matarani port on April 13 after operations normalized following the end of a two-month roadblock, major shareholder MMG said on Monday April 15. Since the blockade ended, Las Bambas began restoring critical supplies and increasing staff numbers to resume normal operations, MMG added The mine entered an agreement with the...Read More
Zinc mining output in Kazakhstan is expected to augment the world's production figures ex-China in 2019 and beyond, a representative from the International Lead & Zinc Study Group (ILZSG) said on Monday April 15. The Obruchevskoe, Shalkiya and Zhairem mining facilities in Kazakhstan will have total capacity to produce 355,000 tonnes per year of zinc-contained when they open between 2019 and 2021,...Read More
Here are five Fastmarkets MB stories you might have missed on Monday April 15 that are worth another look.Rusal intends to start an aluminium rolling mill in Kentucky, a key region for US aluminium production, with US holding company Braidy Industries Inc, the Russian aluminium producer said. Rio Tinto has committed $302 million of additional capital to advance its Resolution Copper...Read More
Junior miner New Century Resources plans to bolster its large-scale tailings operation in Australia, which reprocesses zinc and lead, through the use of advanced technology and logistics, the company told delegates at Fastmarkets' International Lead & Zinc conference on Monday April 15.The Century mine, located in the state of Queensland about 250km northwest of Mount Isa, is an open-pit mine whic...Read More
The US copper market started the week lower on Monday April 15 despite a softer dollar and optimism that the red metal will remain in deficit throughout 2019. The copper price for May settlement on the Comex division of the New York Mercantile Exchange dipped by 2.70 cents to $2.9190 per lb. The contract has been unable to set a solid price direction over the past few weeks with prices rising and...Read More
Lundin Mining has signed an agreement with Yamana Gold to buy the open-pit copper and gold Chapada mine in the Brazilian Midwest state of Goi??s for up to $1.03 billion, the miners said on Monday April 15.Cash payments will total $800 million, with an additional $125 million in effect over five years depending on gold prices, as well as $100 million more whether the mine chooses to build a pyrite...Read More
Gerdau will lay off 100 workers at its special steel unit in Pindamonhangaba city, in Brazil's southeastern S??o Paulo state, due to the weak performance of the Brazilian automotive industry, according to the company."Gerdau confirms negotiations with the union to conduct a layoff program at its Pindamonhangaba works, starting in April," the Brazilian steelmaker said.Supply to clients wi...Read More
Plate prices in the United States have remained on even ground in what has proven to be the longest period of stability for plate since late 2018.Fastmarkets AMM's price assessment for cut-to-length plate has been unchanged at $46 per hundredweight ($920 per short ton) since March 22, or roughly three-and-a-half weeks.The domestic plate price has not held steady for that long since November-Decemb...Read More
China's hot-rolled coil prices bounced back on Monday April 15, with domestic gains continuing to encourage steelmakers to raise their export offers.DomesticEastern China (Shanghai): 4,000-4,020 yuan ($597-600) per tonne, up 30-40 yuan per tonneNorthern China (Tianjin): 3,930-3,950 yuan per tonne, up 10-20 yuan per tonnePrices in Shanghai rose significantly during the day, with most transactions t...Read More
Egypt has imposed a temporary additional duty on imports of rebar and billet, effective from Monday April 15. The duty is 25% for rebar imports, and between 3% and 15% for billet imports. The duty for billet is as follows: If the cost, insurance and freight (cif) price is below $450 per tonne, the safeguard duty will be the maximum 15%. If the cif price is between $450 and below $470 per tonne, th...Read More
Vietnamese buyers of HRC booked at least two cargoes of imports over the past week while waiting for a major mill in the Southeast Asian country to issue its offers for materials shipped and delivered in June.Market sources widely expect Formosa Ha Tinh Steel Corp to raise its offers due to recent price increases for iron ore.Of the two transactions, one consisted of a 10,000-20,000-tonne cargo fr...Read More
Buyers in Singapore's spot rebar market are finding Turkish materials the most economical at the moment, sources told Fastmarkets MB.A major steel producer in Turkey sold a 50,000-tonne cargo, which consisted of 35,000 tonnes of rebar and 15,000 tonnes of coiled debar - to Singapore last week. Fastmarkets MB's import price assessment for rebar in Southeast Asia - which mainly looks at cargoes of t...Read More
China's rebar prices rebounded on Monday April 15 after market participants' outlook for demand in the next few months improved following the release of the latest data from the property sector. Domestic Eastern China (Shanghai): 4,060-4,110 yuan ($606-613) per tonne, up 40 yuan per tonneNorthern China (Beijing): 4,000-4,030 yuan per tonne, up 30-40 yuan per tonneThe housing market in first-tier C...Read More
Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
There were six key points for delegates of the minor metals community to take away from a busy week of meetings in Edinburgh, Scotland, for the Minor Metals Trade Association (MMTA) Conference on April 9-11.1. Sentiment in minor metals remains gloomy...While global uncertainty and oversupply continued to weigh on minor metals price sentiment in 2019, with prices for some materials at multi-year lo...Read More
Turkish steel mills had a quiet start to the week in the deep-sea scrap markets, but market participants are expecting more bookings for May deliveries, sources said on Monday April 15.There were no new deep-sea transactions done on Monday, but mills continued to negotiate on May cargoes for lower prices, Fastmarkets heard. Some traders reported that mills were bidding for US-origin HMS 1&2 (80:20...Read More
Turkish domestic auto bundle scrap prices have increased over the past week, while domestic ship scrap prices moved downwards on a weak lira, sources said on Monday April 15.Fastmarkets' weekly price assessment for domestic auto bundle (DKP-grade) scrap in Turkey was TRY1,730-1,870 ($300-325) per tonne delivered on Monday, compared with TRY1,695-1,870 per tonne last week. The slight change in the...Read More