The queue for aluminium at London Metal Exchange-approved warehouses in Port Klang, Malaysia, operated by Istim has almost halved over the past month to 121 days as of the end of March. This is down from the 229-day queue registered at the end of February, according to LME data released on Wednesday April 10. The extended wait for deliveries originally built up due to mass cancelations of LME alum...Read More
A pick up in demand has effected universal upward pressure on nickel premiums in the United States, with increased liquidity in the European full-plate market pushing premiums up, while all Chinese premiums were trading flat amid the closed import window.Premiums tick up in fairly brisk US tradeUS premiums moved up for both nickel briquettes and 4x4 cut-cathodes in a busy domestic spot market, wit...Read More
The European domestic price of mesh-quality wire rod remained flat week on week on Wednesday April 10, with continued price stability expected over the coming weeks, market participants told Fastmarkets.Fastmarkets' weekly domestic price assessment for mesh-quality wire rod in Northern Europe was unchanged at ?,?535-550 ($603-620) per tonne delivered on Wednesday."We have filled our order books fo...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday April 10 that are worth another look.Electric vehicles will shift to using solid-state batteries using lithium metal in the long term, but requisite developments in the manufacturing process mean batteries with liquid electrodes will remain in use until at least the late 2020s, DCDB Group managing partner Emily...Read More
Three major global trends could together create a need for more than 100 million tonnes of copper between now and 2040, transforming the market, according to the chief executive officer of Atlantic Copper.These trends were urbanization and household electrification, a changing energy mix, and the use of electric vehicles, Javier Targhetta told CRU's 18th World Copper conference in Santiago, Chile,...Read More
Fastmarkets' alumina index fob Australia dropped 2% on April 10 from the previous day, due to a slight easing of tightness in the market. The daily fob Australia alumina index fell to $402 per tonne on Wednesday April 10 from $411.29 per tonne the previous day and 3.6% lower week on week from $417.29 per tonne. Key drivers Index pushes lower after a deal for Australian alumina was concl...Read More
Zambian villagers will be able to pursue mining giant Vedanta Resources in the United Kingdom in a case involving lost income due to water pollution, the UK Supreme Court decided in a ruling on Wednesday April 10. The Supreme Court dismissed an appeal from Vedanta Resources and its Zambian subsidiary Konkola Copper Mines (KCM) that would have ensured the case proceed in Zambia, a company statement...Read More
The Comex copper price inched lower in morning trading on Wednesday April 10 with a stronger dollar and lack of fresh data weighing on the base metals complex. The copper price for May settlement on the Comex division of the New York Mercantile Exchange dipped by 1.05 cents to $2.9235 per lb. "While we view copper's fundamentals as likely to tighten in the second half of the year, continued sellin...Read More
The queue for aluminium at London Metal Exchange-approved warehouses in Port Klang, Malaysia, operated by Istim has almost halved over the past month to 121 days as of the end of March. This is down from the 229-day queue registered at the end of February, according to LME data released on Wednesday April 10. The extended wait for deliveries originally built up due to mass cancelations of LME alum...Read More
Latin America's apparent steel use is expected to grow by 2.80% in 2019, despite weaker demand in Argentina, according to regional steel association Alacero.Apparent steel consumption is expected to reach 68.90 million tonnes in 2019, up from 67 million tonnes in 2018, Alacero said."We see a recovery in Latin America's steel consumption, albeit slower than we previously expected," Alacero's g...Read More
Iranian steel billet and slab export prices fell in the week to Wednesday April 10 with new deals reported, but prices could soon rise in the wake of widespread flooding across the country.No production cuts have been confirmed by steel mills as yet, a trader told Fastmarkets, but he said the floods would be a reason for price increases. However, whether or not Iran's...Read More
Steel H-beam prices in Northern and Southern Europe dropped in the past week on the back of falling feedstock costs and weaker trading conditions, sources told Fastmarkets on Wednesday April 10. Fastmarkets' weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe widened downward by ?,?5 per tonne to ?,?595-635 ($670-716) per tonne delivered on Wednesd...Read More
The price range for rebar produced and delivered in Northern Europe has remained unchanged week on week amid continued cautious buying activity among end-users, sources told Fastmarkets on Wednesday April 10.Fastmarkets' weekly price assessment for domestic rebar in Northern Europe was ?,?535-550 ($603-620) per tonne delivered on Wednesday, unchanged from April 3."I don't think the price will rise...Read More
The stainless steel scrap market in the United States continued to inch up slightly for the 300-series grades with buying becoming more difficult due while participants wait for higher prices."Seems like the market is looking for some more push in either direction before moving again," one US dealer source said."Quiet buying week with people at [the Institute of Scrap Recycling Industrie...Read More
Turkish steel mills continued to make deep-sea scrap purchases at a slow pace this week, while prices were going down, sources said on Wednesday April 10.A steel producer in the Marmara region booked a United States cargo, comprising 32,000 tonnes of HMS 1&2 (80:20) at $306 per tonne cfr, 6,000 tonnes of shredded at $311 per tonne and 2,000 tonnes of bonus at $316 per tonne cfr, late on April 9.Th...Read More
The vice president for marketing materials at BHP, Vicky Binns, has decided to leave the company after 10 years, industry sources said. Binns, a 35-year veteran in the industry, will step down from her role in Singapore at the end of September and return to Australia, where she had previously worked for the Macquarie Group and Merrill Lynch. She...Read More
Seaborne iron ore prices continued to slide on Wednesday April 10, while the seaborne spot market remained subdued with no open tenders being issued by the major miners.MB 62% Fe Iron Ore Index: $94.61 per tonne cfr Qingdao, down $0.24 per tonne. MB 62% Fe Pilbara Blend Fines Index: $93.73 per tonne cfr Qingdao, down $0.24 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $96.57 per tonne cfr Qingd...Read More
Uncertainties continue to linger in the seaborne coking coal spot market, with most participants still keeping away from the premium hard coking coal segment due to a divergence between offers and bids.While offers for premium hard coking coal have stayed largely stable at $200-204 per tonne cfr China, bids from end users have emerged around $190-195 per tonne cfr, various sources told Fastmarkets...Read More
Japanese ferrous scrap is expected to be more competitive against materials from the United States' west coast after the Kanto Tetsugen tender price plunged on Wednesday April 10, market sources told Fastmarkets MB.The cooperative of scrap dealers in Japan's most-industrialized region concluded its April export tender of H2-grade scrap at ?23,300 ($209) per tonne fas Tokyo Bay, down ?1,710 per t...Read More
China's domestic rebar prices dropped slightly on Wednesday April 10 due to softer demand. Domestic Eastern China (Shanghai): 4,000-4,050 yuan ($596-603) per tonne, down 50-70 yuan per tonneNorthern China (Beijing): 3,940-3,980 yuan per tonne, down 10-20 yuan per tonneBuyers have been cutting their procurement rates since Tuesday due to recent price increases. They continued to limit their purchas...Read More