Three-month base metals prices on the London Metal Exchange largely consolidated during morning trading on Thursday August 27, with thin turnover seeing price action largely unmoved, while continued weakness in the US dollar index failed to spur buying sentiment across metal markets ahead of this afternoon's Federal Reserve speech.Federal Reserve chair Jerome Powell is set to give a talk later on...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.US market under pressureUS prices for welded pipe products were under pressure because market participants, especially distributors, have started to take steps to generate cash and were moving material if they were able to do so, even if it meant selling at low prices.We expect more such "fire sales" in the coming months, bu...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.In the year 2020 to date in late August, the Fastmarkets 62% Fe iron ore benchmark has powered along and reached six-year highs, supported by Chinese demand, and despite the global economic uncertainty created by the Covid-19 pandemic. Iron ore demand has weakened almost everywhere except in China, where it has continued to...Read More
Aluminium producers have begun their negotiations for the fourth-quarter Japan aluminium benchmark premium, and participants told Fastmarkets they expect premiums to rise, albeit marginally. The benchmark quarterly main Japanese ports (MJP) premium has fallen each quarter this year from $83 per tonne in the first quarter, to $82 per tonne in the second and $75-79 per tonne in the third quarte...Read More
Italian re-rollers have failed to achieve price rises for heavy steel plate due to poor demand from main consuming segments, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe was unchanged over the week at ?,?440-470 ($520-555) per tonne on August 26, compared with ?,?450-470 per tonne a week earlier.Official offers for material hav...Read More
Tin producer Alphamin Resources will benefit from a new ruling by the Democratic Republic of Congo (DRC) that will allow it and other miners to export concentrate from the central African country, the International Tin Association (ITA) said on Tuesday August 25.Export restrictions applying not only to tin but to tungsten, tantalum concentrate, and cobalt hydroxide and carbonate, were removed by t...Read More
Three-month base metals prices on the London Metal Exchange largely consolidated during morning trading on Thursday August 27, with thin turnover seeing price action largely unmoved, while continued weakness in the US dollar index failed to spur buying sentiment across metal markets ahead of this afternoon's Federal Reserve speech.Federal Reserve chair Jerome Powell is set to give a talk later on...Read More
A producer has offered fourth-quarter 2020 supply of aluminium to main Japanese ports (MJP) at a premium of $95 per tonne over the London Metal Exchange cash price, according to market sources.The number is 23.4% higher than the cif MJP premium for the third quarter of 2020, which settled at $75-79 per tonne.Major producers - Rio Tinto, South32, Alcoa and Rusal - are involved in negotiating quarte...Read More
When Nick Popovic was formally announced in August as Glencore's new head of zinc and lead trading, the news came as little surprise to watchers of the company.A long-running senior executive in the division, with experience leading the key Kazzinc group of assets, the move to succeed Daniel Mate was seen by many as a natural fit."Nick's been in the company for many years, he's a good safe set of...Read More
Finished steel imports into the United States soared month on month in July due to a massive influx of blooms, billets and slabs from Brazil, according to data from the US Department of Commerce's Enforcement and Compliance division. The US imported 2,440,509 tonnes of steel products in July, up by 1,173,037 tonnes (92.5%) from 1,267,472 tonnes in June but down by 307,627 tonnes (11.2%) from...Read More
Domestic prices for hot-rolled coil in Northern Europe moved further up day on day on Thursday August 27, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was calculated at ?,?449.89 ($531.71) per tonne on Thursday August 27, up by ?,?2.02 per tonne from ?,?447.87 per tonne on Wednesday August 26. The index was also up by ?,?18.01 per tonn...Read More
Imported steel billet prices increased slightly in Egypt because of higher offer prices, sources told Fastmarkets on Thursday August 27.The reason demand was slow is because of weak construction activity, Egyptian sources said, amid the construction ban in the country - imposed on May 25 and due to last for six months.Although this...Read More
Turkish steel billet prices have been largely stable over the past week but could be pushed up by stronger scrap costs soon, sources said on Thursday August 27.Fastmarkets' weekly price assessment for steel billet, domestic, exw Turkey, was $420-425 per tonne ex-works on August 27, unchanged week on week."The mills had lowered their billet offers to as low as $417 per tonne ex-works earlier this w...Read More
Turkish domestic long steel prices increased further over the past seven days in line with the weakening of the country's lira against the US dollar, sources said on Thursday August 27.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was 3,860-3,870 lira ($523-524) per tonne on Thursday, up from the 3,790-3,810 lira per tonne of last week.The domestic r...Read More
Turkish export prices for steel rebar and wire rod have remained steady over the past week, but mills were trying for higher prices due to firmer costs for scrap raw material, sources said on Thursday August 27.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was $430-440 per tonne fob on Thursday, unchanged from last week.Rebar export offers we...Read More
The Turkish steel producers have taken a break from deep-sea scrap purchases after booking a number of cargoes earlier in the week, sources said on Thursday August 27.The mills in Turkey booked six deep-sea scrap cargoes from various destinations at slightly higher prices this week, totalling around 220,000 tonnes.The most recent bookings brought the HMS 1&2 (80:20) price to $287.50 per tonne cfr...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.In the year 2020 to date in late August, the Fastmarkets 62% Fe iron ore benchmark has powered along and reached six-year highs, supported by Chinese demand, and despite the global economic uncertainty created by the Covid-19 pandemic. Iron ore demand has weakened almost everywhere except in China, where it has continued to...Read More
Prices for bulk cargoes of scrap imported to Bangladesh moved up again over the last week with offer prices from key exporters on the rise, market participants told Fastmarkets.At least two mills have been shopping around the market for bulk cargoes this week, Fastmarkets understands, with offer prices from both Japan and the United States at higher levels than last week.Sellers in the US West Coa...Read More
Iron ore fines prices declined on Thursday August 27, with market sources saying that the further restrictions on sintering in the Tangshan area of northern China have depressed trading sentiment.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $122.22 per tonne, down $1.98 per tonne62% Fe low-alumina fines, cfr Qingdao: $121.69 per tonne, down $1.96 per tonne58% Fe fines high-grade premium...Read More
Seaborne coking coal prices were relatively flat across the board despite recent transactions done in the fob market, although market participants agreed that India alone cannot support the premium for mid-volatility hard coking coal prices for long. Fastmarkets indicesPremium hard coking coal, fob DBCT: $105.92 per tonne, up $0.01 per tonne Premium hard coking coal, cfr Jingtang: $114.70 per tonn...Read More