Initial offers for fourth-quarter supply of aluminium to main Japanese ports (MJP) are at a premium of $230 per tonne to the London Metal Exchange cash price, market participants told Fastmarkets on Tuesday August 24.The unconfirmed offer from this producer is 28.9% higher than the cif MJP premium for the third quarter, which settled at $172-185 per tonne.For the fourth quarter of last year,...Read More

A summary of the financial and performance results for China Molybdenum for the first half of 2021, published on Monday August 23.In briefRevenue from the company's mining and processing business totaled 84.82 billion yuan ($13.07 billion) in the first half of 2021, up by 81.45% year-on-year. Net profit was 2.41 billion...Read More

Prices for hot-rolled coil in the United States were virtually unchanged while order flow slowed on Tuesday August 24, with mills still discerning their next round of spot pricing and service centers reluctant to restock at current levels. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $96.55 per hundredweight ($1,931 per short ton) on August 24, little-changed from...Read More

Sales volumes from Brazilian flat-rolled steel distributors were down by 24.01% on an annual basis in July 2021, due to clients increasing their direct purchases from steelmakers, national distributors' association Inda said on Tuesday August 24.Many clients that traditionally bought directly from mills had resorted to buying from distributors during the Covid-19 pandemic, because steelmakers were...Read More

McEwen, through his Evanachan investment corporation, bought four million shares to acquire a 18.6% stake in McEwen Copper, as the cornerstone investor in the newco.Read More

Steel billet prices in key Asian import markets have continued to edge down in recent days amid weaker demand, sources told Fastmarkets on Tuesday August 24.Chinese ferrous futures gained ground on Monday and Tuesday after last week's crash, but the reaction from the physical spot market for steel billet has so far been limited, with bids from Chinese buyers still far below the offer prices.O...Read More

Prices for hot- and cold-rolled steel sheet and heavy plate in Russia's Central Federal District around Moscow continued to fall in the week ended Monday August 23, sources have told Fastmarkets.Hot-rolled sheet and heavy plate prices decreased by 3-5% week on week, while the drop for cold-rolled sheet prices was more pronounced at 10% week on week.Opinions varied about why this happened. One trad...Read More

"We are excited to have identified, only 35m below CD-058's hole current level at 441m, the corrected position of the Cabacal West conductor, being directly below a new copper-zinc sulphide VMS feeder system," CEO and president Dr Adrian McArthur said."Holes CD-038, and historical hole AMCD-15-006 (which was terminated above the conductor's position) both show mineralisation overlying CD-058's con...Read More

The new inferred resource contains 426 million tonnes grading 0.367% copper in the oxidised zone containing an estimated 3.45 billion pounds of copper potentially amenable to heap leaching.Read More

Mexican ferrous scrap prices have trended lower, with more consumers applying price cuts to all grades.In recent weeks, scrap buyers announced weekly price cuts of 200 pesos ($10) per tonne, but sellers were resisting lower prices. Last week, lower prices were found to be more widespread, especially for obsolete grades. After succeeding in reducing prices for obsolete grades, buyers have been anno...Read More

Turkish steel mills continued to stay away from the deep-sea scrap import markets for the second working day of the week amid limited finished steel sales, market participants told Fastmarkets on Tuesday August 24.The most recent deep-sea trade was reported at the end of the week to August 20, when a steel mill in the Iskenderun region booked a United States cargo composed of 20,000 tonnes of HMS...Read More

Seaborne coking coal prices maintained their upward trend in the cfr China market amid continuous supply tightness on Tuesday August 24. The fob market increased amid stable buying interest, sources said.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $386.83 per tonne, up $5.10 per tonne Hard coking coal, cfr Jingtang: $356.68 per tonne, up $3.78 per tonne Premium hard coking...Read More

U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.Bank of Montreal advanced $0.81 to $129.53 after reporting higher than consensus fiscal third quarter earnings.Bank of Nova Scotia gained $0.30 to $80.53 after reporting higher than consensus fiscal third quarter earnings. Mosaic advanced $0.55 to $31.81 after announcing a $1 billion share...Read More

Iron ore prices largely increased on Tuesday August 24 with active trading at China's ports.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $146.13 per tonne, up by $9.42 per tonne62% Fe low-alumina fines, cfr Qingdao: $147.96 per tonne, up by $10.74 per tonne58% Fe fines high-grade premium, cfr Qingdao: $113.91 per tonne, up by $7.27 per tonne65% Fe Brazil-origin fines, cfr Qingdao: $166.1...Read More

Rising Chinese ferrous futures on Monday did little to raise steel scrap demand in China, sources told Fastmarkets on Tuesday August 24.Demand for importing steel scrap in China remains mutedBuying sentiment in Taiwan coolsSouth Korean demand for Japan high-grade scrap still highChinaThe market for steel scrap imported into China remained quiet on Tuesday despite gains in the steel futures markets...Read More

The spread between prices for 65% Fe iron ore and 62% Fe products have narrowed rapidly in recent weeks due to the former weakening at a faster pace than the latter.This has resulted in a mixed long-term outlook for high-grade fines, market sources told Fastmarkets.Narrowing spreadAs hints of the central Chinese government's intention of keeping this year's output from exceeding last year's began...Read More

Prices of hot-rolled coil in China's domestic market rose for the third straight day on Tuesday August 24 following a surge in futures while the Shanghai Futures Exchange ferrous complex rose.DomesticEastern China (Shanghai): 5,710-5,720 yuan ($881-883) per tonne, up by 20-50 yuan per tonneThe most-traded HRC contract on the SHFE surged by 140 yuan per tonne on Tuesday from the previous day's clos...Read More

China's domestic rebar market continued to push upward on Tuesday August 24, but the higher prices are weighing on buying interest. DomesticEastern China (Shanghai): 5,200-5,230 yuan ($802-807) per tonne, up by 60-70 yuan per tonneSpot prices rode the surge in the rebar futures market during the day, though this resulted in a slight drop in demand, sources said.Trading companies that actively...Read More

London Metal Exchange future contracts for tin and zinc had the most prominent increases on the morning of Tuesday August 23, after a small rally on Monday in which copper, aluminium and nickel rose over 2%; cancellations in LME warehouses continued for some metals.Following a 14,475-tonne cancellation on Monday, a further 9,000 tonnes of copper were cancelled in Busan (6,575 tonnes), Singapore (2...Read More

The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed...Read More