Brazilian flat and long steel import volumes dropped year on year in March 2019, mainly due to reduced shipments from China, according to figures released this week by Brazil's foreign trade ministry, MDIC.Imports of flat steel products into the country declined by 5.05% year-on-year in March, to 121,515 tonnes, from 127,981 tonnes.China was the largest provider of flat steel to Brazil, with 93,91...Read More
Prices for domestic rebar and wire rod in Turkey were unchanged over the past seven days, with demand remaining weak, sources said on Thursday April 4. Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,200-3,250 ($615-625) per tonne ex-works, unchanged week on week. Mayoral elections were held across Turkey on March 31, and buyers waiting...Read More
Turkish steel producers remained silent in the scrap market for a third day on Thursday April 4, making no purchases of deep-sea cargoes while continuing to look for political clarity, sources told Fastmarkets.Mills continued to await official confirmation of the results of Turkey's countrywide mayoral elections, which were held on March 31.The main opposition Republican People's Party (CHP) has c...Read More
Fortescue Metals Group (FMG) plans to ship its first cargo of the high-grade iron ore concentrate product from its Iron Bridge Magnetite Project in Western Australia by mid-2022.The project will be able to produce iron ore at a rate of 22 million wet metric tonnes (wmt) per year or 20 million dry metric tonnes (dmt) per year once it reaches full capacity within the 12 months to mid-2023, the miner...Read More
Physical iron ore prices were range-bound on Thursday April 4 after spikes earlier in the week, with China entering a long weekend from Friday to Sunday for the Tomb Sweeping Festival.MB 62% Fe Iron Ore Index: $92.90 per tonne cfr Qingdao, down by $0.18 per tonne.MB 62% Fe Pilbara Blend Fines Index: $92.02 per tonne cfr Qingdao, down by $0.18 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $95.53...Read More
Seaborne coking coal prices were steady on Thursday April 4 ahead of a holiday in China.On the Global Coal trading platform, a May-laycan cargo of premium hard coking coal in the premium segment was offered at $205 per tonne fob Australia during the day, while bids were made at $195 per tonne fob. A day earlier, a similar cargo was traded at $198 per tonne fob Australia. Elsewhere, a...Read More
The official end of the winter heating season in China - the world's largest iron ore consumer - a few days ago has coincided with a pick-up in market interest in the price spreads between different grades of the steelmaking raw material.On Monday April 1, a total of 350 lots of the Singapore Exchange's (SGX) 65% Fe iron ore cfr China futures contract were cleared and traded. The following day, 2,...Read More
China's hot-rolled coil exporters maintained their offers amid domestic price gains on Thursday April 4, despite low demand among overseas buyers.DomesticEastern China (Shanghai): 3,890-3,900 yuan ($580-581) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,840-3,860 yuan per tonne, up 50 yuan per tonneDomestic prices continued to receive support from the strengthening iron ore market ups...Read More
Base metals prices on the London Metal Exchange edged lower during morning trading on Thursday April 4, hindered by poor risk appetite among European investors while a slump in German industrial production continues to indicate economic uncertainty. Over the March period, German industrial orders fell by 4.2% which is the sharpest fall since January 2017. Concerns over the health of the German eco...Read More
Zinc prices on the Shanghai Futures Exchange outperformed with an increase of 1.1% during morning trading on Thursday April 4 amid optimism over US-China trade talks and the metal's solid fundamentals.Hopes of an imminent trade deal between the United States and China had boosted sentiment across commodities markets, including those for the base metals, on Wednesday. "Sentiment in the base metal s...Read More
With the annual Minor Metals Trade Association (MMTA) conference kicking off on Tuesday April 9 in Edinburgh, Scotland, Fastmarkets looks at the price moves in the minor metals complex since last year's conference. There is a general bearish mood in the minor metals complex heading into the conference this year in contrast to last year's multi-year highs set in most of the markets. Most of the min...Read More
Cobalt market participants have been keeping an eye out for potential non-industrial buying, such as stockpiling from China's State Reserve Bureau (SRB), since global metal prices slid to two-year lows at the beginning of this year.A spotlight has been cast on the Chinese bureau ever since it carried out extensive research into major Chinese producers' products and output in the first quarter of t...Read More
Cobalt trade log including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per lb on an in-warehouse basis. Delivered prices are netted back. Fastmarkets prices Click here for Fastmarkets' price assessment for standard-grade cobalt, in-warehouse, $ per lb Click here for Fastmarkets' price assessment for alloy-grade cobalt, in-warehouse, $ per lb In light...Read More
Metals traders in Switzerland are feeling the brunt of a pullback from trade financing activities by banker Credit Suisse, after a 2018 deal turned sour and left the bank less keen to be exposed to the high-risk, low-margin commodities business.The Zurich-based bank is a principal supplier of financing to Switzerland's commodities trading community, from crude oil to copper concentrates to alumini...Read More
China's stainless steel sellers cut their prices over the past week following the reduction of the country's value-added tax rates. Fastmarkets MB's domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,400-14,800 yuan ($2,145-2,205) per tonne including VAT for the week ended Wednesday April 3, down 100 yuan per tonne from a week earlier.The VAT...Read More
Three-month base metals prices on the London Metal Exchange were mixed during morning trading on Friday April 5, while trading has been quiet due to a public holiday in China. Nickel and tin were both up by 0.2%, aluminium was down by 0.3% and the rest were either unchanged or either side of unchanged – with copper flat at $6,450 per tonne.Prices for the red metal are holding up relative...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade. Index futures moved higher following release of the March Employment Report at 8:30 AM EDT. Consensus for March Non-farm Payrolls is an increase to 170,000 from 20,000 in February. Actual was 196,000. Consensus for March Unemployment Rate is unchanged from February at 3.8%. Actual was unc...Read More
A crimp in London Metal Exchange zinc supply continues to fuel price action above $2,900 per tonne on Wednesday April 3, while a small contango in the copper nearby spread is contributing to increased buying. The three-month zinc price continues to trade near the $3,000 per tonne mark. The metal's cash/three-month spread was recently in a backwardation of $70 per tonne, with the current spread hea...Read More
The estimated arbitrage for shipping aluminium from warehouses in Asia to the United States narrowed in March following a large rise in US river barge prices and slightly softer aluminium premiums in the region. The cost to ship metal via barge from New Orleans up the Mississippi and Ohio rivers to Owensboro have increased around $5 per tonne to nearly $21.50 per tonne. "Spot barge rates are the s...Read More
Weak demand pushed European premiums down in the week ended Tuesday April 2 even though restored Indonesian supply is less than before; meanwhile, overseas firms sold aggressively into the United States bringing down the premiums there and China's tin market saw no change. European low-lead premium drops 10% week on week. Bargain tin was available in Baltimore after US suppliers were underc...Read More