China's stainless steel sellers cut their prices over the past week following the reduction of the country's value-added tax rates. Fastmarkets MB's domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,400-14,800 yuan ($2,145-2,205) per tonne including VAT for the week ended Wednesday April 3, down 100 yuan per tonne from a week earlier.The VAT...Read More
Three-month base metals prices on the London Metal Exchange were mixed during morning trading on Friday April 5, while trading has been quiet due to a public holiday in China. Nickel and tin were both up by 0.2%, aluminium was down by 0.3% and the rest were either unchanged or either side of unchanged – with copper flat at $6,450 per tonne.Prices for the red metal are holding up relative...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade. Index futures moved higher following release of the March Employment Report at 8:30 AM EDT. Consensus for March Non-farm Payrolls is an increase to 170,000 from 20,000 in February. Actual was 196,000. Consensus for March Unemployment Rate is unchanged from February at 3.8%. Actual was unc...Read More
A crimp in London Metal Exchange zinc supply continues to fuel price action above $2,900 per tonne on Wednesday April 3, while a small contango in the copper nearby spread is contributing to increased buying. The three-month zinc price continues to trade near the $3,000 per tonne mark. The metal's cash/three-month spread was recently in a backwardation of $70 per tonne, with the current spread hea...Read More
The estimated arbitrage for shipping aluminium from warehouses in Asia to the United States narrowed in March following a large rise in US river barge prices and slightly softer aluminium premiums in the region. The cost to ship metal via barge from New Orleans up the Mississippi and Ohio rivers to Owensboro have increased around $5 per tonne to nearly $21.50 per tonne. "Spot barge rates are the s...Read More
Weak demand pushed European premiums down in the week ended Tuesday April 2 even though restored Indonesian supply is less than before; meanwhile, overseas firms sold aggressively into the United States bringing down the premiums there and China's tin market saw no change. European low-lead premium drops 10% week on week. Bargain tin was available in Baltimore after US suppliers were underc...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Turkish steel producers continued to stay away from the deep-sea scrap markets due to domestic political instability and weak demand for finished steel, sources said on Wednesday April 3.The lowest offer for HMS 1&2 (80:20) was heard at $315 per tonne cfr from a Baltic Sea supplier but the mills did not want to pay any higher than $305 per tonne, Fastmarkets was told.The mills were also waiting fo...Read More
Three-month base metals prices on the London Metal Exchange were firmer during morning trading on Wednesday April 2, up by an average of 0.4% - further evidence of a recovery in China's economy seems to be providing support.Nickel once again led the way with a 0.7% rise on Wednesday, with the metal's three-month price recently quoted at $13,255 per tonne, up from Tuesday's close at $13,165 per ton...Read More
Trade log for cobalt sulfate in China including transactions, bids and offers reported to Fastmarkets MB. Unless otherwise stated, all prices are yuan per tonne on an ex-works basis.The cobalt sulfate, Co 20.5% min, China ex-works, adjustment to the low-grade cobalt low-end price at Co 20.5% basis is on a $ per lb basis.Fastmarkets MB prices Click here for Fastmarket MB's price assessment for coba...Read More
Demand for flat steel in Turkey failed to improve in March and most prices went downward, with demand unlikely to improve significantly in April, market participants told Fastmarkets on Wednesday April 3.Local producers have filled their order books until late May, they added.The price decreases in March were because of the weak demand in both local and export markets.Mayoral elections were held a...Read More
China's hot-rolled coil market was largely steady on Wednesday April 3, though exporters have started to adopt different strategies amid domestic prices gains and weak demand from abroad.DomesticEastern China (Shanghai): 3,880-3,890 yuan ($577-579) per tonne, up 20 yuan per tonneNorthern China (Tianjin): 3,790-3,810 yuan per tonne, unchangedPrices in Shanghai rose during the day, even though tradi...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday April 3 that are worth another look.The United States' non-ferrous scrap export market was mixed in January, with shipments of aluminium scrap rising while those of copper scrap fell slightly compared with the same month last year.In base metals, the estimated arbitrage for shipping aluminium from warehouses in Asia...Read More
The price range for rebar produced and delivered in Northern Europe widened downward by ?,?5 per tonne amid sluggish demand and cautious buying activity, sources told Fastmarkets on Wednesday April 3.Fastmarkets' weekly price assessment for domestic rebar in Northern Europe was ?,?535-550 ($599-616) per tonne delivered on Wednesday, down from ?,?540-550 per tonne delivered on March 27."There has n...Read More
The price for rebar produced and delivered in Southern Europe has fallen by ?,?5-30 per tonne over the past week due to softer demand, market participants told Fastmarkets on Wednesday April 3.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe fell to ?,?485-515 ($543-577) per tonne delivered on Wednesday, down from ?,?515-520 per tonne delivered on March 27."The Spanish ma...Read More
Turkish steel producers continued to stay away from the deep-sea scrap markets due to domestic political instability and weak demand for finished steel, sources said on Wednesday April 3.The lowest offer for HMS 1&2 (80:20) was heard at $315 per tonne cfr from a Baltic Sea supplier but the mills did not want to pay any higher than $305 per tonne, Fastmarkets was told.The mills were also waiting fo...Read More
Physical iron ore prices shot up further above the $90-per-tonne-cfr mark on Wednesday April 3 amid bullish sentiment reflected in derivatives markets. MB 62% Fe Iron Ore Index: $93.08 per tonne cfr Qingdao, up $3.19 per tonne. MB 62% Fe Pilbara Blend Fines Index: $92.20 per tonne cfr Qingdao, up $3.19 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $95.60 per tonne cfr Qingdao, up $3.46 per tonn...Read More
Trading activity was subdued in Iran in the week ended Wednesday April 3, due to national and religious holidays in the country to celebrate the Iranian new year on March 21.Most producers were expected to return to the market on March 30, sources told Fastmarkets, adding that prices were expected to fall in line with the downtrend in the major global markets.A cargo of Iranian slab was heard book...Read More
Demand for flat steel in Turkey failed to improve in March and most prices went downward, with demand unlikely to improve significantly in April, market participants told Fastmarkets on Wednesday April 3.Local producers have filled their order books until late May, they added.The price decreases in March were because of the weak demand in both local and export markets.Mayoral elections were held a...Read More
China's rebar prices moved up on Wednesday April 3 in both its domestic and export markets in response to heightened expectations of a drop in iron ore supply upstream.Domestic Eastern China (Shanghai): 3,900-3,950 yuan ($580-588) per tonne, up 50 yuan per tonneNorthern China (Beijing): 3,900-3,940 yuan per tonne, up 40 yuan per tonneFerrous futures, including the rebar contract, rose across the b...Read More