Base metals prices were down across the board on both the London Metal Exchange and Shanghai Futures Exchange this morning, Wednesday October 20, with relatively high volume being seen on the LME.After the upward spikes in LME cash prices, ahead of the October prime data, it is perhaps not surprising a reality check is underway......but once again let us see how far the pullback goes.Broader marke...Read More
Nickel premiums were stable globally on Tuesday October 19, supported by tight inventories.Strong fundamentals continue to keep US premiums firm.Supply remains supportive of Asia premiums, but there is low liquidity with the arbitrage window closed.Europe premium is flat with liquidity still low post-LME Week.US premiums braced against headwinds, tailwindsNickel premiums were unchanged in the Unit...Read More
Steel rebar producers in Egypt increased their prices by around E ?400-600 ($25-38) per tonne with effect from Wednesday October 20, Fastmarkets has heard.The country's biggest producer, Ezz Steel, was now offering rebar at E ?15,000 ($952) per tonne ex-works including 14% VAT, rising from the previous E ?14,600 per tonne. The price was previously unchanged since May 17.Rebar producers in Egypt...Read More
Steel rebar producers in Egypt increased their prices by around E ?400-600 ($25-38) per tonne with effect from Wednesday October 20, Fastmarkets has heard.The country's biggest producer, Ezz Steel, was now offering rebar at E ?15,000 ($952) per tonne ex-works including 14% VAT, rising from the previous E ?14,600 per tonne. The price was previously unchanged since May 17.Rebar producers in Egypt...Read More
Domestic and imported steel reinforcing bar prices in the United States were sideways on Wednesday October 20, but sources noted growing uncertainty around what the rest of the quarter may look like.Fastmarkets' assessment for steel reinforcing bar (rebar), fob mill US was $49.25 per hundredweight ($985 per short ton) on October 20, unchanged since August 11 at its highest since late 2008. Notably...Read More
Vietnam's Hoa Phat Steel is close to obtaining certification from the United Kingdom Certification Authority for Reinforcing Steels (Cares), which would allow it to sell its rebar to the key markets of Singapore and Hong Kong, sources told Fastmarkets this week.Obtaining the certification means that a mill is able to produce construction steel to certain standards. For instance, in Singapore, reba...Read More
Suppliers in China's domestic spot ferro-chrome market lowered their offer prices during the week to Tuesday October 19, while trading remained light due to very limited supply, Fastmarkets heard.Fastmarkets' assessment of ferro-chrome, spot, 6-8% C, basis 50% Cr, ddp China fell by 4.8% to 10,700-11,300 yuan ($1,673-1,767) per tonne on Tuesday, from 11,100-12,000 yuan per tonne one week earlier.Th...Read More
Russian steel mills increased their prices for November deliveries of hot-rolled (HR) and cold-rolled (CR) steel sheet in the country's Central District around Moscow on Monday October 18, despite buying interest being cooler with the end of the construction season, Fastmarkets has heard.The good demand and active purchasing by stockists at the end of September, for October deliveries, were now sl...Read More
The three-month copper contract is trading near record highs on the London Metal Exchange, cash prices are rising even faster, and inventories are descending toward zero. Try running a hedge book in those conditions.It's been a very real quandary facing the physical trade and industry, which awoke on Tuesday October 19 to find copper's cash to November spread had flared to a backwardation of more...Read More
Base metals prices were down across the board on both the London Metal Exchange and Shanghai Futures Exchange this morning, Wednesday October 20, with relatively high volume being seen on the LME.After the upward spikes in LME cash prices, ahead of the October prime data, it is perhaps not surprising a reality check is underway......but once again let us see how far the pullback goes.Broader marke...Read More
Turkish steelmakers continued to pay higher prices for deep-sea ferrous scrap cargoes scheduled for shipment in December, market sources told Fastmarkets on Wednesday October 20.A steel mill in the Iskenderun region booked a Baltic Sea cargo, comprising 32,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap at $502 per tonne and 3,000 tonnes of bonus-grade scrap at $522 per tonne cfr.Pre...Read More
China's domestic rebar prices decreased on Wednesday October 20 amid weak demand following a sharp decrease in coal futures. Domestic Eastern China (Shanghai): 5,700-5,740 yuan ($891-897) per tonne, down by 30 yuan per tonneChina's National Development & Reform Commission (NDRC) plans to address the issue of high coal prices to ensure sufficient supply of the material ahead of the country's heatin...Read More
The Cobalt sulfate 20.5% Co basis, exw China, yuan/tonne trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed...Read More
The 300-series stainless steel scrap prices in the United States continued to rise this week on the heels of the London Metal Exchange cash nickel price climbing well over the $9-per-lb mark.The big question, according to many processors and dealers, is: "Just where is this market really going?"While volatility in the nickel contract has been the main driver of recent scrap price moves, scarcity o...Read More
Seaborne iron ore prices movements were rangebound on Wednesday October 20 amid easing coking coal prices in China, which might have prompted some demand for low-mid grade iron ore fines, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $124.07 per tonne, up $0.03 per tonne62% Fe low-alumina fines, cfr Qingdao: $125.21 per tonne, down $0.22 per tonne58% Fe fines high...Read More
Spot prices for hot-rolled coil in China fell on Wednesday October 20, after futures tumbled to a one-week low amid a broad-based decline led by coal-related products.DomesticEastern China (Shanghai): 5,700-5,780 yuan ($892-904) per tonne, down by 20-80 yuan per tonneThe most-traded January HRC contract on the Shanghai Futures Exchange shed 186 yuan per tonne (3.24%) from the previous day's closin...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade, in-whs Rotterdam, $/lb at 26.60-27.35 on Wednesday October 20, 2021....Read More
Japanese local and export buyers have been locked in a fight for steel scrap in the week to Wednesday October 20, pushing up prices across the board, sources told Fastmarkets.Major electric arc furnace (EAF) mill Tokyo Steel on Wednesday announced it would raise its scrap buy prices by ?500-1,000 ($4.38-8.75) per tonne at some of its works starting Thursday October 21. This marks the second price...Read More
Here are five Fastmarkets stories you might have missed on Wednesday October 20 that are worth another look.Workers at steelmaker ArcelorMittal's plant in Ghent, Belgium, might go on strike from Thursday next week in a dispute over salaries, Fastmarkets heard on October 20.Trafigura has been drawing...Read More
A summary of Brazilian miner Vale's iron ore results for the third quarter of 2021, as stated in its latest production and sales report published on Tuesday October 19.In brief?EUR? Vale produced 89.4 million tonnes of iron ore fines in July-September, up by 0.8% year on year and 18.1% higher compared with April-June. ?EUR? It attributed the increases to high production at its Serra Norte and S11D...Read More