London Metal Exchange copper futures fell toward the 5pm close on Thursday August 13, failing to stabilize above the level of $6,400 per tonne.The LME's 3-month copper price closed at $6,256 per tonne, down by $176 per tonne from Wednesday's close, to the lowest since last Friday.Tumbling three-month prices have exacerbated a backwardation in the nearby forward curve. The cash/three-month spread w...Read More

The Turkish deep-sea scrap import market remained quiet on Thursday August 13, with mills preferring to wait for some movement in the domestic and export finished long steel sectors, sources told Fastmarkets. Steel mills in the country have booked a number of cargoes in recent weeks, with the latest transactions for HMS 1&2 (80:20) from the US and Baltic Sea done at $285 per tonne cfr.There were s...Read More

Sentiment in the copper scrap market in the United States has turned gloomy, with some saying that the typical summer doldrums have set in and with generally high exchange prices making discounting necessary."[It's] a combination of still-reduced manufacturing output in the US, soft demand from Europe and a strong market value near $3 [per lb]," one consumer said. "The market has typically slid in...Read More

Several mining companies in the Democratic Republic of Congo (DRC) will join a meeting with the government next week to lobby for their right to continue selling copper concentrate overseas, Fastmarkets has learned. The meeting would take place in the DRC capital city of Kinshasa on August 20. "At least now the DRC government is willing to listen," a copper miner source said. Miners in the biggest...Read More

Aluminium producer Alcoa has reached an agreement with the workers' representatives for the San Cipri??n aluminium smelter in Spain to extend the deadline of the formal consultation period for collective dismissals to September 28, 2020, the company announced on Thursday August 13.The extension will include a process intended to evaluate a potential sale of the aluminium smelter to GFG Alliance, w...Read More

Aluminium producer Rusal said global primary aluminium demand was down 6.6% to 30.3 million tonnes in the first half of 2020, with Covid-19 lockdowns halting most economies globally throughout the period. Although it estimates there was a decrease in demand in most regions of the world, the producer sees room for a rebound in the second half of 2020, it said in its first-half earnings report publi...Read More

The London Metal Exchange has unveiled a package of sustainability proposals including new aluminium and steel scrap contracts, a spot trading platform and LMEpassport - a new digital register for physical metals data. The spot trading platform is focusing initially on aluminium but is open to other metals. The first stage of LMEpassport is targeting electronic certificates of analysis (CoAs) for...Read More

Brazilian imports of both flat and long steel products decreased year on year in July amid lower demand for imported material in the country and increased import prices.Imports of flat steel products totaled 78,953 tonnes during the month, down by 11.9% from the 89,595 tonnes a year earlier, according to figures from the Brazilian economy ministry.Imports of cold-rolled coil from China reache...Read More

Prices for steel reinforcing bar (rebar) in the United States held steady while domestic mills said overall market conditions will sustain satisfactory volumes with import purchases inhibited by overseas cost trends.Rebar traders reported some of the tightest margins in their careers, while export scrap costs discouraged Turkish rebar providers from offering more competitive prices. US market part...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesBMC board chairman Valery Kazikayev said the company had started "capital development including stripping of Udokan deposit in order to provide access to minable minerals from the surface".Read More

Domestic prices for hot-rolled coil in Northern Europe inched up day on day on Thursday August 13 and prices will continue to recover, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was calculated at ?,?417.84 ($491.51) per tonne on Thursday August 13, up by ?,?0.12 per tonne from ?,?417.27 per tonne on Wednesday.The index was also up by ?,?2...Read More

Imported billet and domestic rebar prices in Egypt rose in the week to Thursday August 13 because of increasing production costs and improved market sentiment compared with previous weeks. Global steel prices have been increasing because of higher feedstock costs. Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $276.12 per tonne...Read More

Markets across the board were in consolidation mode this morning, Thursday August 13, with metals and Asian-Pacific equities mixed, while pre-market major western equity index futures were weaker.Traders seem to be waiting to see if US Congress can agree on a pandemic recovery fund and how the United States-China trade talks go this weekend when they review the phase one trade deal.* High volumes...Read More

Turkish billet prices have gone up over the past week in response to increasing imported scrap costs, sources said on Thursday August 13.Suppliers in the Commonwealth of Independent States (CIS) have raised their billet offers by around $5 per tonne to $420-425 per tonne cfr Turkey, however, customers in Turkey were still looking for prices below $410 per tonne, Fastmarkets was told.Therefore, Fas...Read More

Turkish domestic long steel prices have increased over the past week due to rising scrap costs, a weakening lira and firm market demand, sources said on Thursday August 13.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey was 3,810-3,870 lira (524-532) per tonne on Thursday, up from the last week's 3,670-3,770 lira per tonne ex-works, including 18% VAT.Lon...Read More

Cisco (CSCO), a Dow Jones Industrial Average stock moved below $43.30 completing a double top pattern. The company lowered fiscal first quarter guidance. Micron (MU), a NASDAQ 100 stock moved below $47.10 setting an intermediate downtrend.The stock was downgraded by Deutsche Bank from Buy to Hold. Target price was reduced from $48 to $40. Pre-opening Comments for Thursday August 13thU.S. equity in...Read More

A summary of Swedish state-owned iron-ore producer LKAB's financial results for the second quarter - April 1-June 30 - of 2020.In brief LKAB attributes its decreased earnings for the second-quarter period to lower prices for highly upgraded iron ore products.Fastmarkets's iron ore index for 62% Fe fines, cfr Qingdao averaged $93.52 per tonne in the second quarter 2020, down from $100.92 per tonne...Read More

Prices for mid-grades of iron ore went down on Thursday August 13 with the expectation of an easing of the cargo congestion at ports in China, sources have told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $121.38 per tonne, down by $0.13 per tonne.62% Fe low-alumina fines, cfr Qingdao: $120.55 per tonne, down by $0.45 per tonne.58% Fe fines high-grade premium, cfr Qingdao: $...Read More

Prices for bulk cargoes of steel scrap imported to Bangladesh jumped over the last seven days following two fresh deals from the United States West Coast, sources told Fastmarkets on Thursday August 13.Market participants said that Bangladeshi mills have booked at least four bulk scrap cargoes over the last three weeks, with three different mills purchasing material.One deal was closed for 8,000 t...Read More

Seaborne coking coal prices declined across the board on Thursday August 13 except for premium hard coking coal in the fob market, where market sources said trading was relatively active. Fastmarkets indicesPremium hard coking coal, fob DBCT: $104.99 per tonne, up $0.57 per tonne Premium hard coking coal, cfr Jingtang: $114.87 per tonne, down $0.99 per tonneHard coking coal, fob DBCT: $85.02 per t...Read More