Aluminium stock levels on the London Metal Exchange have been steadily declining in 2021 to date and on-warrant stock levels now sit at their lowest since March 2020. After a number of cancellations and deliveries out this week, only 941,875 tonnes of aluminium are listed as on warrant - with the rest canceled and booked for delivery out. By comparison, on-warrant stocks were at well over 1.3 mill...Read More
Copper's three-month price rose slightly on the morning of Friday June 25, despite another day of inflows into LME warehouses, while the rest of the London Metal Exchange prices also edged upwards. The LME three-month price of copper was at $9,467.50 per tonne on Friday shortly after 9am, up from its Thursday closing price of $9,419 per tonne. The metal's Thursday price was 1.3% lower than We...Read More
China's Copper Smelters Purchase Team (CSPT) set the third-quarter base price for treatment and refining charges (TC/RCs) at $55 per tonne/5.5 cents per lb on Friday June 25, sources told Fastmarkets.The base price was agreed by CSPT's representatives at a meeting in Tongling, Anhui province on Friday. At the second quarter meeting, the CSPT did not reach an agreement on the...Read More
South American flat-rolled steel import prices either increased or were unchanged in the week to Friday June 25 due mostly to rising freight costs and more expensive deals, mostly with Japan and Brazil.Export allocation from China for shipment in August was limited because of recent cuts in value-added tax rebates and chatter of further reductions and potential new export taxes, market participant...Read More
Brazilian steel slab producers could benefit from the imposition by Russia of an export duty on shipments of steel and non-ferrous metals, market participants told Fastmarkets on Friday June 25.The decision could result in reduced availability of slab in the spot market, and bottlenecks in key consuming regions, they said.Fastmarkets assessed the price for steel slab, export, fob main port Brazil,...Read More
India-based Tata Steel has started national-level consultations to separate its businesses in the UK and the Netherlands, following a meeting with its European Works Council on Friday June 25, Fastmarkets has learnt.Separation of Tata Steel Europe into Tata Steel UK and Tata Steel Netherlands will allow the businesses to pursue different strategies, according to a company statement seen by Fastmar...Read More
Steel mills in India reduced the price of hot rolled coil exports to Southeast Asia by as much as $50 per tonne in the week to Friday June 25, with official offers down to $940-950 per tonne fob Indian ports.According to market participants, however, buyers in Southeast Asia are considering HRC prices closer to $880-890 per tonne fob Indian ports for mid-July- August shipment.Fastmarkets' price as...Read More
Two-time Vale president Eliezer Batista diesLeadershipLook beyond market approach to project valuations: van ZylLeadershipPerpetua's sustainable mining to bring only US antimony supplySPONSOREDperpetua resourcesArgentina: the future of uraniumSPONSOREDblue sky uraniumA new reserve estimate for Cerro Colorado - the main pit at Riotinto - showed proven and probable reserves of 186 Mt at 0.Read More
Hot-rolled coil prices increased in Turkish domestic and export markets during the week to Friday June 25, following the news that Russia could impose export duties, sources told Fastmarkets.Russia's economy ministry proposed that the government impose temporary export duties on ferrous and non-ferrous metals sold outside the Eurasian Economic Union (EAEU).Russia is one of the biggest flat steel e...Read More
Hot-dipped galvanized and pre-painted galvanized coil prices in Turkey were stable over the week to Friday June 25 while demand decreased, sources told Fastmarkets.The reason for decreasing demand was due to the upcoming summer slowdown in Europe over July and August as well as the fact that feedstock stock levels in Turkey are sufficient, sources said.Furthermore, the European Commissio...Read More
While copper and tin prices are showing some hesitancy on the London Metal Exchange, most of the other base metals are looking robust this morning, Friday June 25, and all the base metals in Shanghai are upbeat too.United States President Joe Biden has agreed a $1 trillion infrastructure deal, which should be good for metals because it focuses on upgrading roads, bridges and broadband network...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.Nike advanced $4.40 to $138.00 after reporting higher than consensus fiscal fourth quarter revenues and earnings. FedEx dropped $12.19 to $291.57 after reporting less than consensus fourth quarter results. KBE Bank ETF added $0.40 to $64.80 after 23 major U.S. banks easily passed their Fed...Read More
The Turkish steel mills remained mostly quiet in the deep-sea scrap import markets over the week ended Friday June 25, due to limited rebar export sales, while demand from Asia was supporting exporters on the US West Coast.Turkish mills ended the working week with a single cargo dealUS West Coast scrap export market strengthened with sales to BangladeshVietnamese buyers seek cargoes from US, Austr...Read More
European Metal Recycling (EMR) will commit to a net zero carbon emissions target across all three emission scopes, the company said on June 24.EMR aims to be carbon neutral by 2040 across scopes 1, 2 and 3 of relevant greenhouse gas emissions, and to provide its customers with traceability of its materials across the supply chain.EMR's goal is to reach net zero for indirect emissions created by th...Read More
Prices for shredded steel scrap imported into India and Pakistan have moved down over the past week on poor demand, sources told Fastmarkets on Friday June 25.Fastmarkets' calculation of the steel scrap shredded, index, import, cfr Nhava Sheva, India, was $524.57 per tonne on June 25, down from $531.17 per tonne on June 22 and $533.93 per tonne on June 18.Deal levels this week ranged widely, from...Read More
Relatively tight supplies and firm demand from major processors that sell product to steel mills supported the light iron market over the week to Friday June 25, with prices expected to hold firm into early July when consumers return for monthly delivery settlements for that month, sources have told Fastmarkets.Fastmarkets' price assessment for steel scrap 5C, loose old light, domestic, delivered...Read More
Interest rates remain chained at zero. Any slight increase remains one year distant - at minimum - and likely two years distant.Meantime, the Federal Reserve continues to purchase assets at the rate of $120 billion the month.It is only now beginning to "talk about talking about" kinking the liquidity lines.That is, the Federal Reserve remains what professional men term… accommodative.And yet...Read More
The price of pig iron exported from the Commonwealth of Independent States dipped in the week to Thursday June 24 on reduced buying activity after key consumers restocked earlier in June and are now anticipating lower prices. Fastmarkets assessed the price of high-manganese pig iron, export, fob main port Black Sea, CIS at $610-635 per tonne on Thursday, widening downward from $625-635 per to...Read More
Sometimes new data can shed light on an uncertain situation, especially in financial markets. Other times it simply adds to the confusion. Such was the case with the most recent U.S. employment report released June 4 for the month of May.The analyst world was glued to their news feeds, anxiously awaiting the latest report. The result was - bafflement.The report showed job gains of 559,000. That's...Read More
Iron ore prices increased across the board on Friday June 25, boosted by an increase in downstream steel prices. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $216.45 per tonne, up $2.99 per tonne 62% Fe low-alumina fines, cfr Qingdao: $218.75 per tonne, up $1.67 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $187.16 per tonne, up $3.30 per tonne 65% Fe Brazil-origin fines, cfr...Read More