The import markets for shredded and HMS-grade ferrous scrap imported into India have fallen to new annual lows this week because of poor demand, sources told Fastmarkets on Friday August 9.Fastmarkets' weekly price assessment for steel scrap, shredded, index, import, cfr Nhava Sheva, India, was $305.17 per tonne on August 9, down from $308.75 per tonne on August 2. The index was at a 2019 year-to-...Read More
Three-month base metals prices on the London Metal Exchange were broadly lower during morning trading on Friday August 9, with turnover predominantly low across the complex while continued buying momentum in lead this week tightened nearby spreads. Despite a 0.4% downturn this morning, the three-month nickel price held onto gains made earlier in the week, coming down from a 16-month high of $16,69...Read More
Base metals prices on the Shanghai Futures Exchange were broadly up during morning trading on Friday August 9 as the Chinese yuan stabilized, with nickel continuing to push higher amid bullish sentiment. "The markets have regained some semblance of composure after the People's Bank of China's countercyclical efforts temporarily tamed the yuan beast, but this probably won't stop traders from p...Read More
Key data from the Friday August 9 pricing session in London:Key drivers Manganese flake down with lower offers accepted in Rotterdam; the loss in value of the yuan and macroeconomic uncertainty boosted China's exports at competitive prices, with some flake producers and traders in China rapidly offsetting their cargoes before material could lose value. Material for shipment has dropped sharply dow...Read More
Cobalt prices have moved up again on Friday August 9 following Glencore's decision to shut its Mutanda copper-cobalt mine and cut output at its Katanga cobalt facility.The resulting supply concerns have pushed both suppliers and consumers to accept higher prices toward the end of the week starting August 5. Fastmarkets' benchmark price for cobalt, standard grade, in whs Rotterdam rose by 4.4% to $...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The publication of Fastmarkets' alloy grade and standard grade cobalt price assessments for August 9 were delayed because of editorial issues stemming from the high volume of pricing inputs.The Fastmarkets price book and database have both since been updated.Fastmarkets assessed alloy grade and standard grade cobalt prices at $13.60-15.15 per lb and $13.05-14.30 per lb, in-warehouse, on Friday Aug...Read More
The following Fastmarkets minor metals prices changed on Friday August 9:Minor metalsChromium alumino-thermic 99% min, in-whs Rotterdam, $/tonne: $7,150-7,450 per tonne from $7,200-7,500Cobalt alloy grade, in-whs Rotterdam, $/lb: $13.60-15.15 per lb from $12.50-14.00Cobalt standard grade, in-whs Rotterdam, $/lb: $13.05-14.30 per lb from $12.25-13.95Cobalt 99.8%...Read More
An overview of the minor metals markets and the reasons for any price moves. Read More
Key data from the pricing sessions in China, Europe and the United States for the week ending Friday August 9. China UG2 chrome ore prices ticked down, breaking a four-week rally, after depreciation of the yuan against the dollar raised the cost of importing material. The charge chrome market was stable for the sixth consecutive week amid limited activity. ...Read More
Domestic European transaction prices for stainless-steel flat products were expected to increase in late August, when market activity revives after the seasonal slowdown, sources told Fastmarkets on Friday August 9.The price increase was expected to be driven by rising nickel prices. The price of nickel, 3 months, London Metal Exchange Daily Official, was $15,675-15,680 per tonne on August 9, up f...Read More
The three-month nickel price on the London Metal Exchange continued its uptrend at the close of trading on Thursday August 8, cooling from an intraday high of $16,690 per tonne to close just short of $16,000 per tonne, while lead's continued rise saw its outright price close at more than $2,000 per tonne.Nickel futures closed at $15,880 per tonne on Thursday afternoon, holding near their highest l...Read More
Scrap metal cargoes from Japan have been refused entry into South Korea over the past two weeks after the country's customs started asking for certificates to prove radiation levels, sources told Fastmarkets. South Korea has also stepped up radiation checks on Japanese ferrous scrap imports, with inspectors reportedly boarding "every single vessel transporting Japanese ferrous scrap... to carry ou...Read More
Shigemoto Toma joined Anglo American in Singapore last week as a senior base metals trader to expand the company's physical and financial trading book and help its shift towards being a miner-trader.Toma has joined the copper trading team, Anglo confirmed on Thursday August 8.Toma, who had been part of Macquarie's base metals trading team since February 2018, had mostly focused on aluminium...Read More
Shigemoto Toma joined Anglo American in Singapore last week as a senior base metals trader to expand the company's physical and financial trading book and help its shift towards being a miner-trader.Toma has joined the copper trading team, Anglo confirmed on Thursday August 8.Toma, who had been part of Macquarie's base metals trading team since February 2018, had mostly focused on aluminium...Read More
The meeting of battery materials market participants at Antaike's Battery Materials conference in Guiyang, China, came just as news broke of Glencore's plan to put one of its copper-cobalt mines on care and maintenance - Fastmarkets covers the Chinese market reaction and other topics of discussion at the conference on August 7-8. Cobalt sulfate trading pauses on big gap between offers, bids It was...Read More
The cobalt price will increase to more than $15 per lb in the near term following Glencore's announcement that it will shut its Mutanda operation by the end of the year, according to BMO Capital Markets managing director of commodities research Colin Hamilton. The cobalt market reacted swiftly to the announcement of the closure on Wednesday August 7 when the trader-miner said Mutanda would be...Read More
The Brazilian scrap market is facing a downturn in prices this year, despite the fact that material generation is currently at a low level, sources told Fastmarkets on Thursday August 8.Prices of ferrous scrap have fallen by around 40-45% from January to date, due to the weak performance of the long steel sector and high scrap inventories in mills, market participants said.In some mills in the sou...Read More
Scrap metal cargoes from Japan have been refused entry into South Korea over the past two weeks after the country's customs started asking for certificates to prove radiation levels, sources told Fastmarkets. South Korea has also stepped up radiation checks on Japanese ferrous scrap imports, with inspectors reportedly boarding "every single vessel transporting Japanese ferrous scrap... to carry ou...Read More
The Turkish deep-sea scrap markets went quiet again one day after the sale of a US-origin cargo because the mills were expecting lower prices, sources said on Thursday August 8.A steel mill in the Iskenderun region booked a US cargo of HMS 1&2 (90:10) and shredded at an average price of $294 per tonne cfr on August 7, which sent the daily indices down by almost $4 per tonne on the day.But the mill...Read More