Positive headlines regarding continuing US-China trade talks have fueled a recovery in global risk sentiment so far on Friday March 29, subsequently providing support to three-month base metals prices on the London Metal Exchange. Nickel and zinc led the complex higher, both up by 0.8%, while copper followed close behind with a gain of 0.7%. Lead, tin and aluminium saw more moderate increases...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade. Index futures responded to U.S. government comments that trade negotiations with China are "going well". The Shanghai Composite Index jumped 3.2%.Index futures were virtually unchanged following release of February Personal Income at 8:30 AM EDT. Consensus for February Personal Income wa...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday March 27. Please click...Read More
Aluminium's three-month price on the London Metal Exchange was up by 1.3% at the close of trading on Wednesday March 27, closing once again at more than $1,900 per tonne although the volumes traded remained moderate, topping the complex at just over 12,000 lots changing hands.The light metal's three-month price fell to less than $1,900 per tonne at Tuesday's close, after trading above that mark si...Read More
Improving end-user demand boosted the US premium for 4x4 nickel cut cathode in the week ended Tuesday March 26, but European market participants were bearish leading to a flat market, and China was quiet due to a closed import window. US cut cathode premium moves up again European traders deterred by LME nickel contango China's trade mostly domestic, partly to avail of recent tax cuts U...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday March 27 that are worth another look.The new London Metal Exchange cash-settled alumina contract will help the exchange to retain its top spot as the global reference for the aluminium industry, according to LME business development analyst Antonio Masiero. While the market moves away from pricing alumina as a percentage of th...Read More
The alumina market could move into a surplus once Norsk Hydro's Alunorte refinery in Brazil increases its capacity and market tightness is alleviated, according to research by Fastmarkets analysts.The refinery, in Brazil's northern state of Par??, has been operating at 50% of its annual capacity since March 2018 due to environmental issues, but could reach 75-80% of capacity within two months of r...Read More
The new London Metal Exchange cash-settled alumina contract will help the exchange to retain its top spot as the global reference for the aluminium industry, according to LME business development analyst Antonio Masiero.Speaking at the Fastmarkets Bauxite & Alumina Conference in Miami on Wednesday March 27, Masiero said that, while the market moves away from pricing alumina as a percentage of the...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
China's new energy vehicle (NEV) subsidies in 2019 will only be payable for electric vehicles with higher driving range and energy density, while the value of the subsidy will be reduced by 50% to a maximum of 25,000 yuan ($3,725) per vehicle produced. China's Ministry of Industry and Information Technology (MIIT) released the new subsidy policy for 2019 on Tuesday March 26, which shows another re...Read More
The Turkish steel producers returned to the deep-sea scrap markets in the middle of this week and booked four cargoes, sources said on Wednesday March 27.A steel mill in Northern Turkey booked a US cargo, comprising 15,000 tonnes of HMS 1&2 (95:5) at $328 per tonne, 15,000 tonnes of shredded at $331 per tonne and 3,000 tonnes of bonus at $335 per tonne cfr.Another steel mill in the Marmara region...Read More
Chinese industrial profits were down by 14% in January-February compared with a year ago, marking the biggest fall since 2011. The data paints a worrying picture while the negative economic impact from China's deleveraging activities in 2018, as well the bitter US-China trade war, continue to take a heavy toll on major industrial sectors.The overnight release of this data put base metals prices un...Read More
China's new energy vehicle (NEV) subsidies in 2019 will only be payable for electric vehicles with higher driving range and energy density, while the value of the subsidy will be reduced by 50% to a maximum of 25,000 yuan ($3,725) per vehicle produced. China's Ministry of Industry and Information Technology (MIIT) released the new subsidy policy for 2019 on Tuesday March 26, which shows another re...Read More
Domestic prices for hot-rolled coil (HRC) dropped in Southern Europe due to slow trading, sources told Fastmarkets. Fastmarkets' weekly price assessment for domestic HRC in Southern Europe was ?,?460-480 ($520-542) per tonne ex-works on Wednesday March 27, down from ?,?480-490 per tonne ex-works a week earlier. Italian steelmakers were reported to offer HRC at ?,?460-465 per tonne ex-works to...Read More
China's hot-rolled coil prices dipped on Wednesday March 27 amid subdued sentiment, with market participants expecting supply to pick up with the lifting of winter production restrictions in April.DomesticEastern China (Shanghai): 3,850-3,860 yuan ($573-575) per tonne, narrowing downward 10 yuan per tonneNorthern China (Tianjin): 3,790-3,800 yuan per tonne, down 10 yuan per tonneTrading activity w...Read More
Export prices for Chinese steel plate remained flat over the week ended Tuesday March 26, with offer prices changing slightly but few buyers making bids.Fastmarkets MB's export price assessment for May shipments of commercial-grade, chromium-added plate was $545-550 per tonne fob on March 26, unchanged from the preceding week.Hebei Puyang Iron & Steel continued to offer material at $550-555 per to...Read More
The European price of mesh-quality wire rod stayed flat on Wednesday March 27, while producers remained confident that prices would improve soon on the basis of solid fundamentals.Fastmarkets' weekly domestic price assessments for mesh-quality wire rod for both Northern and Southern Europe stayed at ?,?535-550 ($604-621) per tonne delivered on Wednesday, with another very quiet week...Read More
The price for rebar produced and delivered in Southern Europe remained flat on Wednesday March 27, while export prices narrowed higher on business toward the top of the range.Fastmarkets' weekly price assessment for export rebar in Southern Europe narrowed upward to ?,?470-490 ($531-554) per tonne fob main ports on Wednesday from ?,?460-490 per tonne previously, while the price assessment for dome...Read More
Domestic prices for hollow steel sections in Northern Europe narrowed this week, while market participants failed to agree on the likely future direction of prices, sources told Fastmarkets on Wednesday March 27.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe narrowed by ?,?5 per tonne at the low end of the range o...Read More
The Turkish steel producers returned to the deep-sea scrap markets in the middle of this week and booked four cargoes, sources said on Wednesday March 27.A steel mill in Northern Turkey booked a US cargo, comprising 15,000 tonnes of HMS 1&2 (95:5) at $328 per tonne, 15,000 tonnes of shredded at $331 per tonne and 3,000 tonnes of bonus at $335 per tonne cfr.Another steel mill in the Marmara region...Read More