Seaborne coking coal spot market quietened down on Thursday December 6 amid an absence of bids."The bid that had been increasing in the past one-and-a-half weeks - from $205 per tonne fob Australia to $235 per tonne fob Australia - is now gone following the emergence of a counter offer," a Chinese trading source said.The source was referring to the bid made for a branded January-loading shipment o...Read More
Iron ore producer Vale will use a 65% Fe iron ore index to price its pellets next year, moving away from using a 62% Fe iron ore index as the base price for such cargoes, executive director Peter Poppinga said this week.Speaking at the company's investor day at the New York Stock Exchange on Tuesday December 4, Poppinga said the decision made sense as the 65% Fe iron ore and pellet [pric...Read More
China's ferrous futures mostly weakened during morning trading on Thursday December 6, with the exception of the coking coal contract, which inched up.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,395 yuan ($495) per tonne, down 23 yuan per tonneMay hot-rolled coil: 3,319 yuan per tonne, down 4 yuan per tonneDalian Commodity Exchange May iron ore: 470.50 yuan per...Read More
China's domestic hot-rolled coil prices were mixed on Thursday December 6 due to differing levels of demand between the major markets, while a shipment that was sold at an unexpectedly low range weighed on the export segment.DomesticEastern China (Shanghai): 3,750-3,780 yuan ($547-551) per tonne, up 10-20 yuan per tonneNorthern China (Tianjin): 3,610-3,620 yuan per tonne, down 20-30 yuan per tonne...Read More
China's domestic and export prices for rebar fell further on Thursday December 6, with a pessimistic outlook for supply and demand emerging in the market.Domestic Eastern China (Shanghai): 3,880-3,920 yuan ($566-571) per tonne, down 20 yuan per tonneNorthern China (Beijing): 3,560-3,590 yuan per tonne, down 30-40 yuan per tonneRebar futures tumbled during the day, which weighed on spot prices. Buy...Read More
The latest selenium transactions, bids, offers and assessments in Europe reported to Fastmarkets MB.Unless otherwise stated, all prices are per lb on an in-warehouse Rotterdam basis. Delivered prices are netted back.To view the latest price quotation, click here.To see all Fastmarkets pricing methodology and specification documents go to: https://www.metalbulletin.com/prices/pricing-methodology.ht...Read More
Base metals prices, bar those for zinc, on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Thursday December 6, with lingering concerns surrounding the trade tensions between the United States and China causing prices to soften.Despite positive trade headlines on Wednesday, an uptick in tensions overnight and lingering fears that the ongoing trade war between the t...Read More
Trade log for cobalt sulfate in China including transactions, bids and offers reported to Fastmarkets MB.Unless otherwise stated, all prices are yuan per tonne on an ex-works basis. In addition, the cobalt sulfate, Co 20.5% min, China ex-works, adjustment to the low-grade cobalt low-end price at Co 20.5% basis is on a $ per lb basis. Fastmarkets MB prices Click here for Fastmarket MB's price asses...Read More
China's domestic stainless steel market picked up some strength over the past week after a 90-day truce was called to the trade war between the country and the United States.Fastmarkets MB's price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,300-15,000 yuan ($2,085-2,187) per tonne including VAT for the week ended Wednesday December 5, narrowing upward...Read More
Import prices for stainless steel in East Asia inched up over the past week following a months-long slump, with support coming from a rebound in the nickel market and an increase in local Chinese prices which came after the United States gave a 90-day reprieve on potential new tariffs against China.But regional buying interest for stainless steel remained thin, which dampened trading activity and...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade. Index futures moved higher following release of the U.S. November Employment Report at 8:30 AM EST. Consensus for November Non-farm Payrolls was 209,000 versus 250,000 in October. Actual was 155,000. Consensus for November Unemployment Rate was an increase to 3.8% from 3.7% in October. Ac...Read More
Nickel premiums in Europe and Asia have fallen over the week ending Wednesday December 5, with the start of the seasonal end-of-year slowdowns, while the US market remained quiet. Nickel briquette premiums fell, with market participants liquidating stock before the end of the calendar year. Seasonal year-end pressure pushed nickel premiums lower in China. Premiums in the United States were unchang...Read More
Base metals prices on the London Metal Exchange were mixed at the close of trading on Wednesday December 5, with most of the three-month prices trading in narrow ranges while impervious to broad strength in the US dollar.Zinc's three-month price was the best performer over the afternoon, reaching an intraday high of $2,617.50 per tonne and closing at its highest price since November 16. Promp...Read More
Sumitomo Metal Mining Co and Sumitomo Corp have agreed to buy a 30% indirect stake in the company that owns the Quebrada Blanca Phase 2 (QB2) copper project in northern Chile, according to its majority owner Teck Resources Ltd. The Teck board has also approved the QB2 project for full construction, with first production targeted for the second half of 2021. Teck will receive $1.2 billion for the s...Read More
Lithium-focused Wealth Minerals has signed letters of intent to acquire stakes in two Chilean copper projects, which will be held by newly formed subsidiary Wealth Copper.Canada-registered Wealth intends to spin-out Wealth Copper to shareholders of Wealth, with the intention of listing the new unit on the TSX Venture Exchange in Toronto. Wealth itself will continue to focus on its Chilean lithium...Read More
Indian ferro-chrome producers will continue to target the European market in 2019 and beyond despite a recent softening in prices, according to an Indian exporter who is establishing trading connections to European destinations. "We are looking into setting up [delivered duty-paid ferro-chrome] delivery into Europe and how to make that profitable," said the source, who anticipated starting exports...Read More
Brazilian miner Vale will invest an additional $500 million in its Vale New Caledonia (VNC) nickel operations in the South Pacific due to expectations of increased demand from rising electric vehicle (EV) output, chief executive officer Fabio Schvartsman said on Tuesday December 4."We will need all of the capacity of VNC to meet this demand," Schvartsman said.In two years, nickel output from VNC w...Read More
Rio Tinto has reached another milestone in the development of its Amrun project in Queensland, Australia, shipping its first bauxite cargo six weeks ahead of schedule, the company announced on Monday December 3.Rio Tinto estimated the shipment of over 80,000 tonnes of bauxite will arrive at the company's Yarwun alumina refinery in Gladstone next week.The US$1.9 billion-invested Amrun project was p...Read More
China Molybdenum Co will take direct control of metals trader IXM in a $495-million buyout of a fund it set up to originally purchase the firm from Louis Dreyfus, according to a notice issued on the Hong Kong Stock Exchange on Tuesday December 4.The deal exceeds the $466 million paid by the China Molybdenum-backed NCCL Natural Resources Investment Fund in May after initial agreements were signed l...Read More
Fastmarkets MB proposes to launch two new manganese ore China port indices on a free-on-truck (fot) basis.The two new indices will be based on ores with manganese ore content of 37% and of 44%. China is the world's biggest consumer of manganese ores, accounting for 60-70% of all seaborne trades. Demand for manganese ores has been steadily growing over recent years due to anticipated new projects i...Read More