The Turkish steel mills continued to shy away from deep-sea scrap purchases at the beginning of this week, expecting lower prices soon, sources said on Monday June 29.The mills in Turkey booked only two deep-sea cargoes last week, which totaled 67,500 tonnes.Producers have been keeping their deep-sea scrap purchases at a low level because of the limited demand and, therefore, falling prices for lo...Read More

Brazilian aluminium consumption was likely to show a two-digit percentage decrease in 2020 amid the restrictions enforced in the country to combat the Covid-19 pandemic, the president of local aluminium association Abal, Milton Rego, told Fastmarkets on Friday June 26.The country consumed 1.49 million tonnes of aluminium products last year, according to data from Abal. But since the pandemic hit B...Read More

Russian miner Nornickel has reported another industrial incident in the Norilsk region of Siberia - an overflow at the Talnakh concentrator, which the company said on Sunday June 28 presents "no threat of waste leakage.""The company is cooperating with Russia's ecology watchdog Rosprirodnadzor and the ministry of emergency situations to monitor the situation and assess whether any damage has occur...Read More

Steady buying over the afternoon brought the three-month zinc price on the London Metal Exchange higher at the close of trading on Monday June 29, eradicating the metal's morning price weakness, while nickel futures topped gains despite minimal volume traded on the day. Zinc's outright price on the LME closed at $2,061.50 per tonne, climbing from an intraday low of $2,020 per tonne, while turnover...Read More

Huaxing alumina refinery, in Shanxi province of northern China, has closed one alumina production line following an equipment accident, several sources told Fastmarkets on Monday June 29. It could take 20-30 days to return the production line to full operation, removing around 50,000-80,000 tonnes of alumina supply from the Chinese domestic market over the period, according to market estimates. Hu...Read More

Poor physical aluminium market conditions have forced people to store excess metal, pushing total aluminium stocks on the London Metal Exchange to more than 1.6 million tonnes.Aluminium stocks rose by 2.9% last week, up for a seventh consecutive week, with inventories now sitting at their highest level since April 2017.Current on-warrant stock levels now stand at 1.6 million tonnes - 108% higher t...Read More

The three-month copper price on the London Metal Exchange consolidated higher during morning trading on Monday June 29, although it remained firmly below the $6,000 per tonne threshold. Copper's outright price on the LME was recently at $5,956.50 per tonne, up from a morning low of $5,924 per tonne, but firmly below the $6,000 per tonne threshold, despite spiking above the resistance level on Frid...Read More

Prices for domestic and imported merchant bar quality (MBQ) steel in the United States again remained flat this month while market participants reported that demand was rising, although only modestly in some locations. Fastmarkets' monthly price assessment for steel bar 2 x 2 x 1/4 -inch angle merchant products, fob mill US was $33.80 per hundredweight ($676 per short ton) on Friday June 26, unc...Read More

Prices for steel plate in the United States weakened for the first time since early May after mills grew slightly more flexible on post-hike pricing in an effort to book enough orders to find destinations for the current pace of rollings.But participants emphasized that pricing stability remains the prevailing theme in the plate market. They credit the plate mills' two rounds of price-increase ann...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe agreement paves the way for the government to fund and construct a power plant at Tavan Tolgoi.In February, Rio and Turquoise Hill submitted a feasibility study to the government for a US$924 million power plant.Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe parties have agreed to work towards finalising...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe smelter produced 321,000 tonnes of copper in 2018. In addition to reducing copper production, the decision will also reduce the production of sulphuric acid which is used to leach copper at other operations.The suspension follows less than a week after Codelco suspended work on projects at its Chuquicamata division to prevent t...Read More

Hot-rolled coil prices in the United States have slipped below $24 per hundredweight ($480 per short ton) on stagnant demand and high inventory levels.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $23.70 per cwt ($474 per ton) on Monday June 29, a 1.3% decline from $24 per cwt on Friday June 26 and off by 4.9% from $24.92 per cwt a week earlier on June 22. Inputs we...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe final environmental impact assessment (EIS) for the road was filed with the Bureau of Land Management at the end of March and Trilogy was hoping for a record of decision within Read More

Egypt consumed 312,000 tonnes of rebar in May 2020, 35.36% less than the 482,700 tonnes consumed in May 2019, Egyptian sources told Fastmarkets.This is the lowest rebar consumption figure for the last ten years, sources noted. Comparatively, Egypt consumed 452,800 tonnes of rebar in April 2020, sources said.If consumption continues to fall at this rate, market sources expect the country's annual r...Read More

China's domestic hot-rolled coil prices fell on Monday June 29 amid thin trading resulting from floods in various parts of the country.DomesticEastern China (Shanghai): 3,710-3,730 yuan ($524-527) per tonne, down 10-20 yuan per tonneA Shanghai-based trader said that floods and heavy rain across the country had let to a weakening of HRC demand.Local media reported last Saturday that floods across 2...Read More

(Updates prices) By Peter Hobson LONDON, June 29 (Reuters) - Supply disruption in topproducer Chile, solid demand in top consumer China and dwindlingstockpiles kept copper prices near five-month highs on Monday. Benchmark copper on the London Metal Exchange (LME)was up 0.1% at $5,963 a tonne at 1615 GMT, close to Friday'speak of $6,006.The metal used in power and construction has risen by about35%...Read More

Asian-Pacific equities and pre-market European equity index futures were weaker this morning, Monday June 29, but base metals prices were for the most part firmer. * Nikkei led on the downside this morning with losses of 2.21%.* Covid-19 surges in some southern US states, with 2.5 million confirmed cases reported in the country.* Profits in China’s industrial sector showed growth of 6% year o...Read More

U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.Boeing added $12.30 to $182.31 after the FAA indicated that test flights on the 737 Max aircraft are set to start today.Gap Stores gained $0.63 to $12.70 after Deutsche Bank raised its target price from $13 to $15.Square added $1.45 to $105.75 after KeyBanc Capital increased its target pr...Read More

Turkish domestic scrap prices have gone down over the past week in line with the latest downturn in imported deep-sea scrap values, sources said on Monday June 29.Several steel producers decreased their domestic buy prices for both auto bundle and shipbreaking scrap last week.Long and flat steelmaker ??olakoglu cut its buy price for auto bundle scrap by 60 lira per tonne to 1,885 lira ($275) per t...Read More

Seaborne premium hard coking coal prices were largely stable on Monday June 29 due to a lack of trading, but most market participants expect hard coking coal prices to climb in line with the earlier increase in premium hard coking coal prices.Fastmarkets indicesPremium hard coking coal, fob DBCT: $113.57 per tonne, down $0.22 per tonne Premium hard coking coal, cfr Jingtang: $122.81 per tonne, dow...Read More