Africa-origin copper shipments were facing delays as long as two months amid a lack of vessel space and increased numbers of stoppages of port operations, industry sources told Fastmarkets on Friday May 14.Three sources with copper shipments departing Zambia and Democratic Republic of Congo said that the arrival dates of their cargoes at destinations across Asia and Europe have been postponed from...Read More
London-based commodities, energy and financial markets brokerage firm Marex plans to list on the main segment of the London Stock Exchange, it said on Friday May 14. Marex announced its intention to float on Friday, in the midst of a broad-based commodity price rally that has taken copper and iron ore prices to all-time highs. It is one of nine Category I members on the London Metal Exchange,...Read More
Indian steel producer JSW has reported a 5% drop month-on-month in crude steel production in April 2021, as a result of diverting oxygen supplies to hospitals to help treat coronavirus infections, the company has said in an announcement via the Bombay Stock Exchange.Capacity utilization was lower month-on-month in April due to prioritizing supplies of liquid oxygen for medical purposes over steel...Read More
Base metals prices on both the LME and SHFE were mainly weaker this morning, Friday May 14, and seem to have got some downward momentum, even though broader markets have seen a buy-the-dip mentality emerge.* Asia-Pacific equities rebounded on Friday* US treasury yields eased as United States Federal Reserve officials stuck to their view that inflationary pressures will be transitory* Metals could...Read More
Domestic prices for hot-rolled coil in Europe were largely stable on Friday May 14 after a substantial rise the previous day, but sentiment in the market remained bullish, sources told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?1,088.75 ($1,315.04) per tonne on Friday, down by just ?,?1.96 from ?,?1,090.71 per tonne on Thursday.The...Read More
The price paid to export steel billet from the Commonwealth of Independent States (CIS) fell by Friday May 14 after bids from customers in China declined on pressure from falling rebar futures, sources said.The most-traded October rebar futures contract closed at 5,641 yuan ($873.95) per tonne on Friday, down by 274 yuan per tonne from a day earlier.Falling future prices influenced current domesti...Read More
Steel rebar prices in Poland jumped during the week to Friday May 14, supported by strong end-user demand and limited supply, with the uptrend expected to sustain in the short-term, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Poland was 3,220-3,350 zloty ($856-891) per tonne on Friday, up from 2,970-3,020 zloty per tonne last week....Read More
Steel wire rod producers in Poland were largely staying away from the market and holding back new offers, while secondary-market prices skyrocketed, pushed by limited supply, good demand and a general European uptrend, Fastmarkets heard on Friday May 14.Fastmarkets' weekly price assessment for steel wire rod (drawing quality), domestic, delivered Poland, was 3,250-3,400 zloty ($864-904) per tonne...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade.Equity index futures moved lower following release of April Retail Sales at 8:30 AM EDT. Consensus was an increase of 1.0% versus a gain of 9.7% in March. Actual was unchanged. Excluding auto sales, consensus was an increase of 0.9% versus a gain of 0.6% in March. Actual was down 0.8%.Wal...Read More
Brazilian consumption of ferrous scrap has been higher in the first half of 2021 and is expected to maintain similar levels until the end of the year, Clineu Alvarenga, president of national ferrous scrap association Inesfa, told Fastmarkets on Thursday May 13.Long steel producers have their order books into the second half and positive prospects until December, Alvarenga said. Those steelmakers u...Read More
The pig iron export market in Brazil remained strong during the week to Friday May 14, but its growth was restricted by fluctuations in the price of iron ore, according to sources.Fastmarkets' price assessment for pig iron, export, fob port of Vitoria/Rio, Brazil was $590-610 per tonne on Friday, up $15-20 from $575-590 per tonne last week.Offers from the south of Brazil increased to $620-630 per...Read More
Prices for inter-merchant light iron scrap in the UK increased to a nine-year peak over the week ended Friday May 14, driven by tight supplies and strong domestic and export demand, sources have told Fastmarkets. Fastmarkets' latest price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK was ?160-175 ($225-246) per tonne on Friday, compared with ?150-165 per...Read More
Turkish steel mills remained absent from the deep-sea market on Friday May 14 as a result of the post-Ramadan Eid al-Fitr holiday, sources told Fastmarkets.Turkey began the religious holiday on the afternoon of May 12 and it will continue until May 15, with market activity expected to resume on Monday May 17.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Tu...Read More
Prices for shredded steel scrap imported into South Asia jumped in the week to Friday May 14 following a large increase on the international scrap market, sources have told Fastmarkets.IndiaFastmarkets calculated its steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $510.55 per tonne on Friday, up from $478.96 per tonne one week earlier.Just one deal was heard at $510 per tonne this...Read More
Iron ore prices fell sharply on Friday May 14 amid concerns over weakened steel demand, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $208.79 per tonne, down by $28.78 per tonne62% Fe low-alumina fines, cfr Qingdao: $211.19 per tonne, down by $28.81 per tonne58% Fe fines high-grade premium, cfr Qingdao: $179.29 per tonne, down by $27.93 per tonne65% Fe Brazil-origin fines, cf...Read More
Base metals, with the exception of tin and zinc, registered an increase in inventories at Shanghai Futures Exchange-registered warehouses during the week to Friday May 14, with lead up the most in percentage terms, at 22%.Lead stocks totaled 77,220 tonnes on Friday, up by 13,899 tonnes from 63,321 tonnes a week ago. The largest inflow was at Zhejiang Tianchuan warehouse, Zhejiang province, where v...Read More
Seaborne coking coal prices surged up in both the cfr and fob markets on Friday May 14 due to increased buying interest and positive market sentiment in both markets. Prices for seaborne pulverized coal injection (PCI) material continued to increase in the cfr market in the week to May 14, due to persistent supply tightness and relatively good demand, but remained largely stable in the fob market...Read More
China's domestic rebar prices tumbled further on Friday May 14 amid falling futures and weaker demand, shedding some of Monday's big gains. Prices in eastern China ended the week 350-360 yuan per tonne higher while those in the north are up by 630-640 yuan per tonne week on week.DomesticEastern China (Shanghai): 5,780-5,800 yuan ($896-900) per tonne, down by 120-130 yuan per tonneNorthern China (B...Read More
Copper dipped to its lowest price in a week during morning trading on Friday May 14, with aluminium also continuing to soften, while a slowdown in China's economic stimulus has dampened the bullish sentiment seen earlier in the week.The three-month copper price was at $10,245 per tonne at 9am on Friday, down from $10,342 per tonne at the close on Thursday. After hitting an all-time high of $10,767...Read More
Base metals prices on both the LME and SHFE were mainly weaker this morning, Friday May 14, and seem to have got some downward momentum, even though broader markets have seen a buy-the-dip mentality emerge.Asia-Pacific equities rebounded on Friday US treasury yields eased as United States Federal Reserve officials stuck to their view that inflationary pressures will be transitoryMetals could final...Read More