U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.U.S. equity indices are testing their all-time highs. All-time inter-day high for the S&P 500 Index is 2940.91. All-time inter-day high for the NASDAQ Composite Index is 8,133.30.Caterpillar slipped $2.21 to $139.82 despite reporting higher than consensus first quarter sales and earnings....Read More
The US copper market began trading in the red on Monday April 22, with market participants bearish despite a softer dollar and growing optimism of a breakthrough in American and Chinese trade talks.The copper price for May settlement on the Comex division of the New York Mercantile Exchange inched down by 1.8 cents to $2.902 per lb. "Risk sentiment has had a negative start despite reports Chi...Read More
Base metals stocks, barring those for lead, held in Shanghai Futures Exchange warehouses declined in the week ended Friday April 19.Copper stocks at SHFE-approved sheds fell by 3.4% or 8,444 tonnes last week to total 236,734 tonnes on April 19, marking the third consecutive weekly decline. Stocks had totaled 261,412 tonnes on March 29.The drawdown in red metal stocks follows the start of the secon...Read More
Base metals traded on the Shanghai Futures Exchange exhibited mixed moves during morning trading on Monday April 22, with volumes limited following the Easter holiday weekend.With a number of markets closed in observance of Easter Monday and the dollar index in relative high ground, the SHFE base metals complex could find no clear direction; copper, zinc and tin prices were weaker, while those for...Read More
Here are five Fastmarkets MB stories you might have missed on Monday April 22 that are worth another look.The US copper market began trading in the red on Monday April 22, with market participants bearish despite a softer dollar and growing optimism of a breakthrough in American and Chinese trade talks. Brazilian steelmaker and miner Usiminas maintained its production target of 7.5-8 mil...Read More
Tungsten concentrate and ammonium paratungstate (APT) prices in China inched down last week, while ferro-tungsten prices in Europe were unchanged in a quiet market. Tungsten concentrate suppliers in China cut offers due to the softening downstream market Chinese APT export price edged down againEuropean APT price rolled over due to Easter holiday Ferro-tungsten prices in Europe unchanged; materia...Read More
An overview of the minor metals markets and the reasons for any price moves.[Note: Minor metals prices in...Read More
Here are five Fastmarkets MB stories you might have missed on Monday April 22 that are worth another look.The US copper market began trading in the red on Monday April 22, with market participants bearish despite a softer dollar and growing optimism of a breakthrough in American and Chinese trade talks. Brazilian steelmaker and miner Usiminas maintained its production target of 7.5-8 mil...Read More
China's hot-rolled coil prices regained some strength on Monday April 22 on moderate trading activity amid stable demand.DomesticEastern China (Shanghai): 4,010-4,020 yuan ($598-600) per tonne, up 40-50 yuan per tonneNorthern China (Tianjin): 3,950-3,960 yuan per tonne, up 50 yuan per tonneTransaction prices gained traction during the day after mills raised their offers.Trading activity was descri...Read More
Indian secondary billet prices rose slightly in the week to Friday April 19, with supply remaining tight due to lower production.Fastmarkets MB's price assessment for domestic secondary billet was up by 100 rupees ($1) per tonne to 31,400-31,600 rupees per tonne ex-mill compared with the prior week's assessment of 31,300-31,500 rupees per...Read More
China has reached peak annual steel consumption of 850-900 million tonnes, according to the China Iron and Steel Association (Cisa).The country consumed 870 million tonnes of steel in 2018 and "such a level will last for several years" as the country's peak period of steel consumption, Cisa vice chairman Chi Jingdong said recently at the 17th International Steel Market and Trade Conference in Nanj...Read More
China's domestic rebar prices posted strong gains on Monday April 22 amid gains in the futures market, though concerns have emerged over an increase in supply.Domestic Eastern China (Shanghai): 4,120-4,150 yuan ($614-619) per tonne, up 60-70 yuan per tonne Northern China (Beijing): 4,050-4,080 yuan per tonne, up 40-50 yuan per tonneRising futures improved sentiment in the spot market during the da...Read More
Physical iron ore prices rebounded on Monday April 22 amid gains in the steel and futures markets, after declining over consecutive days last week.MB 62% Fe Iron Ore Index: $94.48 per tonne cfr Qingdao, up $2.39 per tonne. MB 62% Fe Pilbara Blend Fines Index: $93.26 per tonne cfr Qingdao, up $2.39 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $96.75 per tonne cfr Qingdao, up $2.73 per tonne. MB...Read More
Trading activity for iron ore pellets in the seaborne market appeared to pick up last week while that for concentrate remained relatively muted.PelletsThe weekly Fastmarkets MB 65% Fe Blast Furnace Pellet Index was at $128.08 per tonne cfr China last Thursday April 18, up $0.58 per tonne from the preceding week.A number of transactions involving 64% Fe Jindal pellets took place at $117-120 per ton...Read More
Import prices for steel slab in Southeast Asia and East Asia were down during the past week, with demand remaining muted in the key import market of Indonesia while market participants await the final results of its presidential election.Fastmarkets MB's weekly import price assessment for slab in Southeast Asia and East Asia was $470-480 per tonne cfr on Monday April 22, down from $490-495 a week...Read More
China's domestic rebar prices posted strong gains on Monday April 22 amid gains in the futures market, though concerns have emerged over an increase in supply.Domestic Eastern China (Shanghai): 4,120-4,150 yuan ($614-619) per tonne, up 60-70 yuan per tonne Northern China (Beijing): 4,050-4,080 yuan per tonne, up 40-50 yuan per tonneRising futures improved sentiment in the spot market during the da...Read More
Oman's Jindal Shadeed, part of India's Jindal Steel & Power (JSPL), has successfully commissioned a new billet caster with a capacity of 2 million tonnes per year at its mill in Sohar in northern Oman, equipment provider SMS Group said on Thursday April 18"[The new billet caster] is currently operating with six strands and produces rebar billets of 165 millimeters square section at a casting speed...Read More
Tibnor, the distribution arm of Swedish steelmaker SSAB, has increased its footprint in Denmark, following the completion of its acquisition of Sanist??l, Denmark's second largest steel distributor, it said on Thursday April 17.The acquisition, worth around 630 million Swedish krona ($68.15 million), includes Sanist??l's automated steel distribution center in Taulov, Denmark, four sales offices in...Read More
China's output of crude steel and finished steel in the first quarter of 2019 both increased significantly year on year on good demand and healthy profits.The country produced a total of 231.07 million tonnes of crude steel over the first three months of 2019, up 9.9% from a year earlier, the National Bureau of Statistics (NBS) said on Wednesday April 17. Chinese mills produced 269.07 million tonn...Read More
Import prices for steel slab in Southeast Asia and East Asia were down during the past week, with demand remaining muted in the key import market of Indonesia while market participants await the final results of its presidential election.Fastmarkets MB's weekly import price assessment for slab in Southeast Asia and East Asia was $470-480 per tonne cfr on Monday April 22, down from $490-495 a week...Read More