China's domestic hot-rolled coil prices surged on Monday May 18 on production cuts in the country's steelmaking hub of Tangshan, which motivated exporters to raise their offers.DomesticEastern China (Shanghai): 3,520-3,550 yuan ($496-500) per tonne, up 90-100 yuan per tonneNorthern China (Tangshan): 3,520 yuan per tonne, up 100 yuan per tonneSellers in Shanghai offered cargoes at 3,520 yuan per to...Read More
U.S. equity index futures were higher this morning. S&P 500 futures advanced 75 points in pre-opening trade. Index futures responded to encouraging comments last night by Federal Reserve Chairman Jerome Powell about a recovery in the U.S. economy in the second half of 2020.NVIDIA advanced $12.37 to $352.00 after BMO Capital upgraded the stock from Market Perform to Outperform. Target was raise...Read More
Brazilian steel and iron ore producer Companhia Sider??rgica Nacional (CSN) expects to ship 32 million tonnes of iron ore in 2020, chief financial officer Marcelo Ribeiro said on Friday May 15.The company aims to increase its output rate through the remainder of the year, after heavy rainfall cut production in the first quarter. CSN changed its 2020 output guidance to include third-party purchases...Read More
The deep-sea scrap import market in Turkey was quiet and prices stable on Monday May 18, with the country's major cities under lockdown due to the Covid-19 pandemic until Tuesday night, May 19, sources said.Overall demand for deep-sea scrap is slow because of both the pandemic and the Islamic holy month of Ramadan, when steel trade traditionally slows in Muslim countries. "Turkish steel mills are...Read More
Turkish domestic auto bundle scrap prices inched up over the past week following slightly better market demand, sources said on Monday May 18.Several steel mills in the Izmir region increased their buy prices for auto bundle scrap, while some mills have been resuming or increasing production after a break because of the Covid-19 outbreak, which also increased demand for scrap.Long steel mills IDC...Read More
Brazil-based miner Vale has resumed operations at its Teluk Rubiah Maritime Terminal (TRMT), a distribution center in Malaysia, with maintenance work complete and health protocols being enforced to prevent the Covid-19 infection from spreading among workers.The action will not affect Vale's iron ore production guidance for 2020, currently at 310-330 million tonnes, the company said on Monday May 1...Read More
Seaborne iron ore prices continued to gain ground on Monday May 18, after a rise in steel prices over the preceding weekend.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $96.84 per tonne, up by $3.19 per tonne.62% Fe low-alumina fines, cfr Qingdao: $99.53 per tonne, up by $3.20 per tonne.58% Fe fines high-grade premium, cfr Qingdao: $82.56 per tonne, up by $2.93 per tonne.65% Fe Brazil-or...Read More
Seaborne coking coal prices rose slightly on Monday May 18, though most market participants maintained that premium hard coking coal prices would be stable, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $116.31 per tonne, up $0.62 per tonne Premium hard coking coal, cfr Jingtang: $124.10 per tonne, up $0.85 per tonneHard coking coal, fob DBCT: $89.68 per tonne, up $1.12 per t...Read More
Turkish producers continued to book scrap cargoes despite weakening steel demand in the country, while Asian markets registered modest gains over the working week ended Friday May 15.Turkish mills book seven scrap cargoesUS scrap export market expecting dip in Turkish marketVietnam enters market for Japanese and US scrap Taiwanese prices remain rangebound Indian sentiment improves slightly on retu...Read More
Cobalt hydroxide payables rose slightly late last week, with sellers receiving more inquiries, although a stand-off in negotiations saw limited spot trades concluded in the second half of the week. Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China, edged up to 62-64.5% of the standard-grade cobalt price on Friday May 15, compared with 62-64% at the midweek assessment. Some Chi...Read More
Key data from the pricing sessions in the United States, Europe and Asia for the week ended Friday May 15.China A firm domestic price, despite sluggish overseas demand, is supporting the price increase as well as higher offers in the market. The domestic supply of silicon grade-553 is very tight. Hoshine's silicon plant in Xinjiang is only operating at one third of its capacity. Many plants...Read More
Donna Vareha-Walsh, director of sales and global supply chain for Indium Corp, has been elected to serve as vice chair of the Minor Metals Trade Association (MMTA) and take over as chair in April 2021.As vice chair, Vareha-Walsh will work closely with current chairman Simon Boon, and assume his position in April 2021 following the MMTA annual conference in Charleston, United States.Boon has been i...Read More
Key data from Fastmarkets' pricing session in Europe in the week to Friday May 15.Key drivers Antimony prices continue to fall on sluggish demand and limited inquiries, with some traders in Rotterdam cutting offers to secure sales. Major producer Shan Twinkling Star's production suspension had fueled recent gains...Read More
The Indian silico-manganese export price range fell 6% last week after export sales have been declining since the start of May when suppliers pushed prices higher, in line with stronger manganese ore prices and after manganese alloys production was slashed in India, Fastmarkets heard. In Europe, high-carbon ferro-manganese and silico-manganese market prices also eased amid quiet spot activity and...Read More
Ferro-silicon prices fell by almost 9% in Europe over the past week, with suppliers cutting their offer prices and doing deals well below the previous market range, sources said.Steelmakers were already rolling over quarterly settlements into the third quarter from the current quarter, suggesting quieter demand and further downward pressure on spot prices in the coming months, trade sources said.F...Read More
In April, Longview Power filed for bankruptcy. The company's main asset is its 700 megawatt (MW) coal-fired power plant in West Virginia, which produces enough electricity to continuously power more than 500,000 homes.The company said the decision was taken "as a result of substantially lessened demand for electricity due to long term power-pricing pressure caused by cheap natural gas, an unseason...Read More
The S&P/TSX Venture Composite Index rose 3.32% to 508.99 and gold continued to make gains, rising US$39.30 per oz., or 2.26%, to close at US$1,742.20 per ounce.Abitibi Royalties saw its share price jump $1.01 to $22.00 with news of an updated resource estimate for their New Alger royalty. The company has a 1% net smelter return (NSR) royalty at the property, which is owned by Renforth Resources. T...Read More
As decisions about reopening businesses continued to vary from state to state in the U.S., the Dow Jones Industrial Average fell 2.73% to 23,685.42, while the S&P 500 dropped 2.31% to 2863.70. Meanwhile, gold maintained its lustre amid the COVID-19 pandemic as it continued to rise, ending the week at US$1,742.20 per oz., a gain of US$39.30 per oz., or 2.26%.Franco-Nevada continued to gain market v...Read More
After starting the May 11-15 trading week with some gains, the S&P/TSX Composite Index closed down 2.24% to 14,638.90. Spot gold continued to rise, ending the week at US$1,742.20 per oz., a gain of US$39.30 per oz., or 2.26%, and the S&P/TSX Global Gold Index advanced 4.86% to 370.32. The S&P/TSX Global Base Metals Index fell 3.57% to 75.88, while the S&P/TSX Global Mining Index increased 2.84% to...Read More
Market focus is on the annual sittings of the National People's Congress of the People's Republic of China and the Chinese People's Political Consultative Conference, or "twin sessions", later this week, with the fate of ferrous supply chain prices depending on its aftermath. The annual gatherings of China's national legislature and top political advisory board are the major risk events market par...Read More