Aluminium inventories in Shanghai-bonded warehouses had the sharpest drop aside from nickel after stocks were delivered to China on a persistently open arbitrage window, while stocks for copper and zinc continued rising amid no arbitrage opportunities and little activity.Aluminium stocks significantly down on persistent opening arbitrage window Fastmarkets assessed Shanghai-bonded aluminium stocks...Read More
Discussions between Chinese copper smelter Jiangxi Copper and Zambian producer Chambishi on annual blister copper refining charges (RCs) for 2021 are at their final stage, with both sides expecting a rise in terms, Fastmarkets has learned.Benchmark RCs for contractual supply of intermediate copper products in 2021 have still not been signed, sources said. Two sources close to the matter said...Read More
London Metal Exchange base metal price futures prices all declined in morning trading on Thursday December 31, with lawmakers in the United States still at loggerheads regarding additional stimulus for the economy there.While American citizens will each receive $600 as part of a stimulus package designed to boost the economy, provide funding for coronavirus jabs and prevent job losses, Senate Repu...Read More
The export steel billet market in the Commonwealth of Independent States fell quiet on Thursday December 31 amid a pre-holiday lull in the region and in consumer markets, sources told Fastmarkets.Although some major CIS millswere reported to still have February-shipment tonnages, the mills were not in a hurry to sell them, anticipating further price increases in January, several sources told Fastm...Read More
Indian mills are aiming to increase domestic hot rolled coil (HRC) prices by at least 3,000 rupees ($41) per tonne over the month of January, Fastmarkets heard on December 31.An official from an Indian mill said that current domestic HRC prices are at a discount of at least 4,000 rupees per tonne compared to the international prices of the commodity."We're aiming to achieve 55,000 rupees per tonne...Read More
Steel billet and reinforcing bar prices have increased again in Egypt for the week ended Thursday December 31, but demand remains weak due to the year-end lull in business, market sources told Fastmarkets.Market participants want to see the global direction of prices at the beginning of January before placing orders.Demand for rebar and billet has been slow in the country since the imposition of a...Read More
Flat steel prices in Turkey continued to increase in the week to Thursday December 31, but buying was weak because most buyers were busy with inventory calculations, sources told Fastmarkets.Additionally, hot-rolled coil (HRC) prices fell during the week in China because of weak trading, which created market concerns of whether global flat steel prices will follow, trading sources said.Fastma...Read More
Steel coated coil prices were unchanged in Turkey's local market over the week due to low demand during the last week of the year, sources told Fastmarkets on December 31.Most companies are busy with their 2020-end inventory calculations in the last week of the year, which is keeping participants away from the market, sources said.Additionally, many of Turkey's traditional export markets have been...Read More
China's rebar prices picked up on Thursday December 31 despite thin trading, with the government's call for output cuts in the new year lifting market sentiment.DomesticEastern China (Shanghai): 4,450-4,470 yuan ($682-685) per tonne, up by 20 yuan per tonneNorthern China (Beijing) weekly assessment: 3,950-4,000 yuan per tonne, down by 100-120 yuan per tonneA Shanghai-based trader said sellers ther...Read More
China's hot-rolled coil prices stabilized on Thursday December 31, benefitting from improved market sentiment after the government pledged to cut steel output in the coming year.DomesticEastern China (Shanghai): 4,530-4,570 yuan ($694-700) per tonne, up 20-40 yuan per tonneNorthern China (Tangshan) - weekly assessment: 4,430-4,480 yuan per tonne, down 190-340 yuan per tonneAlthough HRC prices in S...Read More
Gold ETN (GLD) moved above $177.87 setting a short term uptrend.'Tis the season for gold prices to move higher on a real and relative basis to near the end of February!Pre-opening Comments for Thursday December 31stU.S. equity index futures were mixed this morning. S&P 500 futures were down 2 points in pre-opening trade. Trading activity on North American equity markets is expected to be well...Read More
A liquidity crunch in India halted gains in the price of shredded steel scrap imported into India and Pakistan in the week to Thursday December 31, market sources told Fastmarkets.IndiaFastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India at $458.02 per tonne on Thursday, down by $3.61 per tonne week on week from $461.63 per tonne a week earlier.Offers were at $47...Read More
The premium for direct-reduced (DR) iron ore pellet for the fourth quarter of 2020 was unchanged at $24 per tonne, but it will double in the first quarter of 2021 with a possible downward correction in the second quarter of 2021, sources told Fastmarkets.Fastmarkets' iron ore DR-grade pellet premium to 65% Fe fines index, Middle East reference was $24 per tonne on Thursday December 31, u...Read More
The Turkish deep-sea ferrous scrap market continued to be quiet due to year-end holidays, sources said on Thursday December 31.The country's steel mills have been silent in the deep-sea markets since December 24, when a steel mill in the Marmara region booked a Baltic Sea cargo containing 30,000 tonnes of shredded scrap at $480 per...Read More
Fastmarkets has corrected its weekly iron ore implied pellet premium over 65% Fe Brazil-origin fines index, which was published incorrectly on Thursday December 31 due to a calculation error.Fastmarkets' weekly index for iron ore implied pellet premium over 65% Fe Brazil-origin fines, cfr Qingdao, $/tonne (MB-IRO-0150) should have been $39.93 per tonne, instead of $40.13 per tonne as it was previo...Read More
Fastmarkets has corrected its daily iron ore 65% Fe Brazil-origin fines index, which was published incorrectly on Thursday December 31 due to a calculation error.Fastmarkets' daily index for 65% Fe Brazil-origin fines, cfr Qingdao (MB-IRO-0009) should have been $173.70 per tonne, instead of $172.90 per tonne as it was previously published.Fastmarkets' pricing database, MInD, has been updated to re...Read More
Seaborne iron ore prices made a slight increase on Thursday December 31 despite a quiet trading day, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $160.47 per tonne, up $0.62 per tonne62% Fe low-alumina fines, cfr Qingdao: $161.42 per tonne, up $0.17 per tonne58% Fe fines high-grade premium, cfr Qingdao: $149.63 per tonne, up $1.05 per tonne65% Fe Brazil-origin fines, cfr Qi...Read More
Seaborne coking coal prices across the board were relatively flat on Thursday December 31 due to a lack of trading during the day while market participants said that Chinese authorities' policy on Australian coal remained a key factor influencing the 2021 spot market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $104.36 per tonne, down $0.03 per tonnePremium hard coking coal, cfr Jingtang...Read More
China's domestic stainless steel prices ticked up slightly in the week ended on Wednesday December 30 amid pre-holiday demand and stable nickel prices. The three-month nickel contract on the London Metal Exchange ended the official session on Wednesday at $16,838 per tonne, up by $91 per tonne from $16,747 per tonne a week earlier. DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (W...Read More
The rapid and significant falls in manganese ore prices in 2019 and 2020 have created 'frozen stocks', which are believed to have acted as a buffer for the ore market while also demonstrating some different characteristics over both years, sources told Fastmarkets.Fastmarkets' manganese ore index 37% Mn, cif Tianjin ended 2019 at $3.92 per dry metric tonne unit (dmtu), a decline of $2.19 per dmtu...Read More