Arbitrage for copper, aluminium, zinc and nickel imported into China on Tuesday December 11* Copper -$96.63 (-668.44 yuan) Aluminium -$440.06 (-3,043.98 yuan) Zinc -$107.90 (-746.36 yuan) Nickel $392.60 (2,715.73 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
Market pessimism weighed on China's rebar prices in both the domestic and the export market on Tuesday December 11. Domestic Eastern China (Shanghai): 3,770-3,800 yuan ($546-550) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 3,470-3,500 yuan per tonne, down 30 yuan per tonneBuyers kept procurement rates low amid bad weather, with work suspended at many construction sites in no...Read More
Three-month base metals prices on the London Metal Exchange were for the most part firmer this morning, Tuesday December 11, with average gains of 0.2%. This after they again tested support levels on Monday, when support held to varying degrees.Copper led on the upside this morning with a 0.6% gain to $6,133 per tonne, while aluminium dipped 0.1% to $1,945 per tonne. Volume across the complex has...Read More
Thin spot activity in the European antimony market pressured prices lower still in the region while an improvement in Chinese sentiment enabled prices there to stabilize. Chinese market steadyFastmarkets MB assessed the price of MMTA standard grade-II antimony, delivered duty-paid, in China at 49,500-50,000 yuan per tonne on Wednesday December 5, unchanged from the previous week. Sellers proved re...Read More
Key data from the pricing sessions in London and Shanghai on Friday December 7.China The Chinese grade-553 silicon price range narrowed upward by $10 per tonne to $1,580-1,650 per tonne last week from the previous week.Japanese traders continued to buy cargoes for delivery in the first quarter of 2019, prompting the slight rebound in the price.Europe Grade-441 and grade-553 silicon prices in Europ...Read More
Comex copper prices softened on Monday morning in the United States amid weak Chinese data and continued equity market weakness.The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped 2.25 cents to $2.7370 per lb."We expect copper prices to strengthen in the coming days," Fastmarkets analyst Boris Mikanikrezai said. "Although there is plenty of uncert...Read More
South African state transport operator Transnet has reopened the railway transportation route for iron ore and manganese deliveries to Saldanha port earlier than expected, the company announced on Monday December 10.Transnet had to declare force majeure on deliveries when a railway bridge on the route was damaged on November 28 due to a collision. This prompted leading manganese ore miners to decl...Read More
Base metals continue to face headwinds from the continuing trade dispute between the United States and China, but also from tension over the arrest of Huawei's chief financial officer, Brexit, social unrest in France and stuttering equity markets.Three-month base metals prices on the London Metal Exchange were down across the board on Monday December 10, with average losses of 0.5%, ranged between...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Monday December 10.All base metals prices, barring that of aluminium, on the Shanghai Futures Exchange fell during Asian morning trading on Monday December 10 amid disappointing economic data out of China.Check Fastmarkets MB's live futures report here.The US Treasury Department's Office of Fo...Read More
Stainless steel prices in the United States have mostly declined in December, extending a downward trend largely stemming from a decrease in alloy surcharges that have weighed on transaction prices, market participants said.Fastmarkets' assessment for Type 304 and Type 304L stainless steel cold-rolled sheet stood at $1.25 and $1.28 per lb respectively on Monday December 10, down by $0.04 and...Read More
Turkish steel mills started the trading week without any deep-sea bookings because of uncertainty prevalent across Asian markets, sources told Fastmarkets MB.The mills were mostly watching the situation in Chinese steel market for clues to market direction, sources said on Monday December 10."The phone did not ring... Everybody is watching China and is not willing to buy scrap until the situation...Read More
Turkish domestic scrap prices have gone down over the past week in line with falling finished steel values, sources said on Monday December 10.Fastmarkets' weekly price assessment for domestic auto bundle (DKP grade) ferrous scrap was TRY1,590-1,710 ($300-323) per tonne delivered on December 10, narrowing down from TRY1,590-1,780 per tonne on December 3.The change in the assessment came after some...Read More
Negotiations over the 2019 blister copper refining charge (RC) terms are still ongoing three weeks after Asia Copper Week in Shanghai, with parties holding divergent views over Zambian government directives and scrap availability underlying the supply-demand dynamics in the coming year. In November, major blister copper suppliers and buyers, including First Quantum and Jiangxi Copper, agreed to tr...Read More
Three-month base metals prices on the London Metal Exchange were for the most part firmer this morning, Wednesday December 12, with average gains of 0.3%. This after the complex climbed by an average of 0.4% on Tuesday, which followed Monday’s test of support levels – that held. This morning’s gains were fairly tightly bunched with prices rising between 0.2% for aluminium and 0...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 23 points in pre-opening trade.Index futures were virtually unchanged following release of the November Consumer Price Index at 8:30 AM EST. Consensus was unchanged versus an increase of 0.3% in October. Actual was unchanged. Excluding food and energy, consensus for the November Consumer Price Index was an increase of...Read More
RAPAPORT... Brian Land has left his position as executive director ofthe Canadian Jewellers Association (CJA) after completing an 18-month contractwith the trade group. The CJA hired Land on a temporary basis in August 2017 tomanage its merger with Jewellers Vigilance Canada, which took effect in Octoberof last year. Carla Adams, a manager at CJA, will serve as interim directoruntil the orga...Read More
RAPAPORT... Fossil Group has appointed former Pandora chiefmerchandising officer Beth Moeri as executive vice president of portfoliobrands. Moeri, who was an executive at the Danish charm jeweler for morethan six years, will be responsible for Fossil's portfolio of licensed watchand jewelry brands, including Armani Exchange, Emporio Armani, Diesel, KateSpade New York, Michael Kors and T...Read More
RAPAPORT... India increased its dominance in the cutting and polishingsector in 2017 due to relatively low costs that gave it a competitive advantageover China, according to Bain & Company. The Indian diamond-manufacturing industry grew 11% in 2017,outpacing the Chinese market, which increased 2%, Bain reported. That leftIndia with more than 90% of the market, versus China's low-single-di...Read More
RAPAPORT... De Beers has increased its production forecasts for 2018 and the coming years, as the miner anticipates solid consumer demand. The diamond company expects output for the current year to reach 35 million to 36 million carats, the highest level since 2008, whereas it recovered 33.5 million carats in 2017, parent company Anglo American said Tuesday. Recovery levels will dip to betwee...Read More
(IDEX Online) - De Beers has raised its forecast for output for this year to 35 million to 36 million carats, the highest level in a decade since demand was battered by the global financial crisis of 2008. The figure was revised upwards from 34 million to 36 million carats. The updated figure compares with production of 33.5 million carats in 2017, according to a press statement from Anglo...Read More