Stainless steel prices in the United States edged up in July on higher surcharges, although the uptrend was partially offset by some service centers obtaining lower prices on larger purchases from mills said to be unloading inventory. Demand also rose modestly, with some service centers reporting strong surges in demand that began at the end of June.Fastmarkets' price assessments for stainless ste...Read More
Asian-Pacific equities and the base metals trading on the London Metal Exchange were weaker this morning, Tuesday July 14, with profit-taking emerging in the face of increased Covid-19 cases and earnings uncertainty. * China’s imports and exports climbed in June, a sure sign of improved economic conditions, albeit after months of hardship.* United States President Donald Trump said last week...Read More
Analog Devices (ADI), a NASDAQ 100 stock moved below $115.07 completing a double top pattern.Automatic Data Processing (ADP), a NASDAQ 100 stock moved below 142.44 setting an intermediate downtrend. Pre-opening Comments for Tuesday July 14thU.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.Index futures moved slightly lower following...Read More
Here are five Fastmarkets stories you might have missed on Friday July 10 that are worth another look.The United Steelworkers union in Canada has warned that certain steel products from the nation, along with aluminium, could again be hit with Section 232 tariffs by President Donald Trump's administration.Aluminium has an opportunity to play a key role in the government-led rebuilding of economies...Read More
Here are five Fastmarkets stories you might have missed on Friday July 10 that are worth another look.The United Steelworkers union in Canada has warned that certain steel products from the nation, along with aluminium, could again be hit with Section 232 tariffs by President Donald Trump's administration.Aluminium has an opportunity to play a key role in the government-led rebuilding of economies...Read More
Here are five Fastmarkets stories you might have missed on Friday July 10 that are worth another look.The United Steelworkers union in Canada has warned that certain steel products from the nation, along with aluminium, could again be hit with Section 232 tariffs by President Donald Trump's administration.Aluminium has an opportunity to play a key role in the government-led rebuilding of economies...Read More
Here are five Fastmarkets stories you might have missed on Friday July 10 that are worth another look.The United Steelworkers union in Canada has warned that certain steel products from the nation, along with aluminium, could again be hit with Section 232 tariffs by President Donald Trump's administration.Aluminium has an opportunity to play a key role in the government-led rebuilding of economies...Read More
Here are five Fastmarkets stories you might have missed on Friday July 10 that are worth another look.The United Steelworkers union in Canada has warned that certain steel products from the nation, along with aluminium, could again be hit with Section 232 tariffs by President Donald Trump's administration.Aluminium has an opportunity to play a key role in the government-led rebuilding of economies...Read More
Here are five Fastmarkets stories you might have missed on Friday July 10 that are worth another look.The United Steelworkers union in Canada has warned that certain steel products from the nation, along with aluminium, could again be hit with Section 232 tariffs by President Donald Trump's administration.Aluminium has an opportunity to play a key role in the government-led rebuilding of economies...Read More
Here are five Fastmarkets stories you might have missed on Friday July 10 that are worth another look.The United Steelworkers union in Canada has warned that certain steel products from the nation, along with aluminium, could again be hit with Section 232 tariffs by President Donald Trump's administration.Aluminium has an opportunity to play a key role in the government-led rebuilding of economies...Read More
Here are five Fastmarkets stories you might have missed on Friday July 10 that are worth another look.The United Steelworkers union in Canada has warned that certain steel products from the nation, along with aluminium, could again be hit with Section 232 tariffs by President Donald Trump's administration.Aluminium has an opportunity to play a key role in the government-led rebuilding of economies...Read More
Broader markets were upbeat this morning, Monday July 13, with Covid-19, weather-related supply disruptions and the threat of a labor strike at the Zaldivar copper mine in Chile driving sentiment.* US earnings seasons starts this week, so expect a pick-up in volatility...* ...expectations are for bad results, but the market's reaction will depend on how bad they are. Base metals Three-month base m...Read More
Silver equities and related ETFs (SIL) continue moving higher. First Majestic Silver (FR) moved above $14.72 Cdn. extending an intermediate uptrend. Equal Weight Global Metals ETF (ZMT) moved above $35.86 Cdn. extending an intermediate uptrend.Auto ETF (CARZ) moved above $34.23 extending an intermediate uptrend. Check Point (CHKP), a NASDAQ 100 stock moved above $119.67 extending an intermediate u...Read More
Brazilian steel slab export prices narrowed downward in the week ended Friday July 10 because the country's quota for steel imports into the United States has approached its limit.Fastmarkets' weekly price assessment for steel slab, export, fob main port Brazil, narrowed downward by $10 for the second consecutive week on Friday, to $375-380 per tonne, from $375-390 per tonne a week earlier.Past of...Read More
European steel association Eurofer is urging the Global Forum on Steel Excess Capacity (GFSEC) to intensify efforts to tackle global steel overcapacity. The forum, comprising the G20 group of developed nations and the Organisation for Economic Cooperation & Development (OECD), held its most recent meeting on July 8-9, with steel stakeholders meeting earlier this week, on July 7. Eurofer has called...Read More
Market participants in the US ferrous supply chain attending aFastmarkets webinar on June 30 expected prices to be largely stable in the coming months, but benchmark indicators continue to track downward as an uneven reopening of the United States economy clouds the outlook. About 62% of respondents to a poll held during the webinar - titled "Sunny days ahead?" - expected hot-rolled coil...Read More
In light of the recent turmoil in the oil market, the Fastmarkets research team has closely examined the correlations between the price of oil and the prices for ferrous scrap and finished steel products, to discover nuanced relationships and their changes over time.It is common for steel market participants to refer to high correlations between oil prices and the prices for scrap and steel. Among...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Price uptrend stumbles, but expected to resumeAs we expected, Chinese export and domestic steel prices moved upward in June, settling within the 2% range of our forecasts. Rebar prices trended downward in the second half of the month while heavy rains and floods in parts of the country meant that some construction sites had...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.In a webinar we conducted on Asian ferro alloys, our research team discussed the Chinese authorities' announcing some major infrastructure investments that will increase demand for steel and steel raw materials, including iron ore. Our research shows that the recent infrastructure investment announcements are equal to about...Read More
The US primary foundry alloy premium inched up on Friday July 10 even as spot activity remained muted, supported by improving sentiment as automotive supply chains in the US normalize. Premiums in Europe were unchanged.US premium rises, but market quietFastmarkets assessed the aluminium wheel alloy silicon 7 ingot/T-bar premium, dlvd dup over P1020A Midwest US at 6-9 cents per lb on July 10, up fr...Read More