Vale's average selling price for nickel during the third quarter of 2018 showed the highest percentage difference over the benchmark price on the London Metal Exchange for the past 10 years, according to the Brazilian miner's latest earnings report, released on Wednesday October 24.The company's average nickel price was around $14,092 per tonne in the July-September quarter.This was 6.23% above th...Read More
Zinc and lead concentrates trader Edouard Penot has left Transamine after four years at the firm, Fastmarkets understands.Penot was working with Eduardo Grau in handling zinc...Read More
Vale, the world's largest producer of iron ore and nickel, believes that its base metals division will be completely different by 2020, senior executives said on Thursday October 25 during a third-quarter earnings call.One of the principal objectives, they said, was to improve nickel operations by reducing costs and improving productivity.VNC is the company's nickel operation in the Melanesian cou...Read More
Grupo Mexico, the largest Mexican miner, expects a surge in its production next year, mainly led by copper and zinc. The company is undertaking a huge expansion program that will raise its output of copper by almost 80% by 2025, to 1.8 million tonnes per year.The conglomerate owns assets in Mexico, Peru, Spain and the United States, and it produced 254,219 tonnes of copper in the third quarter of...Read More
Base metals prices on the London Metal Exchange were mixed during morning trading on Thursday October 25, with bearish third-quarter earnings reports prompting sharp sell-offs in the Asian and European equity markets, while global trade tensions deter commodity investment. Edging lower over the morning, the three-month copper price is trading below $6,200 per tonne, while total available LME stock...Read More
Apparent steel consumption in the EU is expected to grow in 2018-19, but "trade frictions with the US and cooling global demand" increase the uncertainty in the market and might lead to weaker prospects for European steel users, regional steel association Eurofer said on Thursday October 25.European apparent steel consumption will increase by 2.2% year-on-year to 163 million tonnes in the full yea...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transactions: billetBilletCIS, export, billet, traded at $480-490...Read More
The latest metal markets news and price moves to start the North American day on Thursday October 25.Base metals prices on the London Metal Exchange were mixed during morning trading on Thursday October 25, with bearish third-quarter earnings reports prompting sharp sell-offs in the Asian and European equity markets, while global trade tensions are deterring commodity investment.Edging lower over...Read More
Iranian export billet and slab prices continued to decline in the week ended Wednesday October 24, but customers showed little interest in the material.Some customers refrained from booking Iranian materiel due to the United States sanctions."Customers [in the UAE] were signing documents confirming they will not buy anymore sanctioned material," a UAE-based trading source told Fastmarkets."Buyers...Read More
Domestic prices for hot-dipped galvanized (HDG) coil have fallen in Southern Europe over the past week due to slow trading, sources told Fastmarkets MB. Buyers have been mainly holding back from making purchases in anticipation of a clearer market trend. Mills are expected to negotiate their next long-term contracts with big buyers in the automotive sector by the end of this month, and spot buyers...Read More
Import prices for steel billet in Southeast Asia edged down on Thursday October 25 amid lower offers and lackluster domestic sales for finished steel.Fastmarkets' daily price assessment for billet imported into Southeast Asia was $505-510 per tonne cfr Manila on Thursday, narrowing downward by $5 per tonne from $505-515 per tonne cfr on Wednesday.The assessment range declined from $510-515 per ton...Read More
China's export prices for hot-rolled coil weakened on Thursday October 25 even though the domestic market was largely stable, with participants expecting more downside for the product amid rising supply and weak demand.DomesticEastern China (Shanghai): 4,170-4,190 yuan ($601-604) per tonne, unchangedNorthern China (Tianjin): 4,080-4,100 yuan per tonne, unchangedMost transactions in Shanghai were c...Read More
The production cost of rebar will increase from November 1 with the implementation of China's revised rebar standard GB-T 1499.2-2018, but spot prices are not expected to rise accordingly.Production cost risesThe revised standards prohibits steel mills from using a water-quenching process in rebar production to meet the new yield and strength requirements. "This kind of rebar rusts easily and is n...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Thursday October 25.Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Thursday after the dollar strengthened once more, with only lead prices rising due to continued supply tightness in China.Check Fastmarket MB's live futures report here. The...Read More
Samarco, the iron ore pellet producer with 50:50 ownership by Vale and BHP, should restart operations in Brazil early in 2020, Vale said on Thursday October 25.The company was already building a new tailings dam and expected to request an operating permit before the end of 2019.Vale was now more confident that Samarco would be allowed to operate again, chief executive officer Fabio Schvartsman tol...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transactions: iron oreIron oreBHP, Global Ore, 90,000 tonnes of 62% Fe Newman fines, sold at $76.05 per tonne...Read More
Brazil-based miner Vale was planning small-scale acquisitions of assets connected to the company's existing businesses, chief executive officer Fabio Schvartsman said on Thursday October 25.The company was becoming interested once again in "bolt-on acquisitions," Schvartsman told analysts."[The acquisitions] will be of small assets, with high return rates and direct connection with assets we alrea...Read More
Tight supply of Australian iron ore continued to support the market for the steelmaking raw material on Thursday October 25, with the benchmark 62% Fe index rising above $76 per tonne cfr China.MB 62% Fe Iron Ore Index: $76.04 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.07 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $...Read More
A flurry of trades gave the seaborne coking coal spot market a boost on Thursday October 25.A joint shipment was sold to a buyer in Indonesia, with the portion consisting of 40,000 tonnes of a top Australian brand being priced around $240 per tonne cfr Indonesia, and the other comprising 35,000 tonnes of premium mid-vol hard coking coal, slightly above $235 per tonne cfr Indonesia, according to va...Read More
Fastmarkets MB proposes to discontinue the Indium Corp ingots min 99.97% $ per kg, fob price owing to an understanding that the existing specifications no longer serve the market.Fastmarkets MB is committed to the indium market and will continue to track its evolution, providing appropriate pricing mechanisms where needed.Metal Bulletin is now inviting...Read More