The sale of Freeport-McMoRan is not currently on the cards, particularly given the backdrop of its weaker share price, according to the chief executive officer of the US copper and gold producer. The mining company has been linked in recent months to a potential deal with Canada-based Barrick Gold, whose CEO Mark Bristow recently said he expects mergers and acquisitions activity in metals and mini...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 13 that are worth another look.China's Sichuan province is to implement an inspection regime to ensure steelmakers comply with the nationwide policy requiring the increased use of alloys to improve the quality of any rebar produced in the region.Glencore, Anglo American and Vale have been excluded from Norway's oil fund while...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
Key data from the Wednesday May 13 pricing session in Singapore.Key drivers Japanese buyers are relying heavily on China exports with the United States, Europe and other suppliers short of tonnages on offer. Chinese suppliers want to hold onto their cargoes due to an increase in domestic demand, with...Read More
Turkish steel producers continued to book deep-sea scrap cargoes for June shipment on Wednesday May 13, but prices started to show signs of a downturn due to the weak rebar market, sources told Fastmarkets. A steel mill in the Marmara region booked a US cargo, comprising 12,000 tonnes of HMS 1&2 (80:20) at $252 per tonne and 18,000-20,000 tonnes of shredded at $257 per tonne cfr.But another s...Read More
Japanese export steel scrap prices have jumped in the week to Wednesday May 13 following an active week of trading, market sources told Fastmarkets.Prices in the Japan market were buoyed firstly by a rise in the Kanto tender sales early on Tuesday and then again by much higher deals closed into South Korea later in the day.South Korean electric arc furnace (EAF) mills are seeing greater long steel...Read More
Uncertainty about how the lifting of lockdowns will pan out, with some clusters of Covid-19 infections being seen in countries where lockdowns have been lifted, is unsettling markets this morning, Wednesday May 13. As such, base metals prices along with equity markets have started to pull-back, or at least their rebounds are on hold.Business loans for long-term investments drop by 15% in Europe in...Read More
The sale of Freeport-McMoRan is not currently on the cards, particularly given the backdrop of its weaker share price, according to the chief executive officer of the US copper and gold producer. The mining company has been linked in recent months to a potential deal with Canada-based Barrick Gold, whose CEO Mark Bristow recently said he expects mergers and acquisitions activity in metals and mini...Read More
Key data from the pricing session in London on Wednesday May 13. Key drivers Market sources are indicating a slight uptick in inquiries for summer or fourth-quarter delivery, although the spot market remains relatively thinly traded. Weak demand is keeping...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 13 that are worth another look.China's Sichuan province is to implement an inspection regime to ensure steelmakers comply with the nationwide policy requiring the increased use of alloys to improve the quality of any rebar produced in the region.Glencore, Anglo American and Vale have been excluded from Norway's oil fund while...Read More
Europe's domestic prices for heavy steel plate have dropped again over the past week due to poor demand, sources told Fastmarkets on Wednesday May 13.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw northern Europe was ?,?470-490 ($509-531) per tonne on May 13, widening downward by ?,?10 per tonne from ?,?480-490 per tonne on May 6.The assessment is based on off...Read More
Domestic prices for cold-rolled coil in Europe have fallen further over the week despite limited trading activity, sources told Fastmarkets on Wednesday May 13.Fastmarkets' weekly price assessment for steel CRC, domestic, exw Northern Europe, was ?,?500-520 ($542-563) per tonne on May 13, compared with ?,?500-525 per tonne a week earlier. The assessment, however, was down by ?,?30-40 per tonne sin...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 13 that are worth another look.China's Sichuan province is to implement an inspection regime to ensure steelmakers comply with the nationwide policy requiring the increased use of alloys to improve the quality of any rebar produced in the region.Glencore, Anglo American and Vale have been excluded from Norway's oil fund while...Read More
Brazilian flat and long steel producer Companhia Sider??rgica Nacional (CSN) has started procedures to halt the No2 blast furnace at its Usina Presidente Vargas (UPV) unit amid low demand caused by the spread of the Covid-19 pandemic, Fastmarkets has learned.The local metalworkers' union, Sindmetal-SF, said that the company has begun to shut down the furnace and was planning to eliminate 2,000 job...Read More
The price for steel H-beams in Europe remained unchanged on Wednesday May 13, due to a lack of trading and despite continuing fluctuations in feedstock costs, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?525-560 ($569-607) per tonne on Wednesday, unchanged week on week.Some market participants reported a small uptick in...Read More
Glencore, Anglo American and Vale have been excluded from Norway's oil fund while BHP has been placed on an observation list as the $1.1 trillion fund tightens up its environmental, social and governance (ESG) requirements. Glencore and Anglo American have been removed due to the fund's product-based coal criteria, which were made stricter last year, while Vale has been barred due to environmental...Read More
Turkish steel producers continued to book deep-sea scrap cargoes for June shipment on Wednesday May 13, but prices started to show signs of a downturn due to the weak rebar market, sources told Fastmarkets. A steel mill in the Marmara region booked a US cargo, comprising 12,000 tonnes of HMS 1&2 (80:20) at $252 per tonne and 18,000-20,000 tonnes of shredded at $257 per tonne cfr.But another s...Read More
The seaborne iron ore market largely maintained current levels on Wednesday May 13, with good demand for steel and consumption of iron ore continuing to support prices. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $91.63 per tonne, down $0.04 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $94.36 per tonne, up $0.16 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $78.88 per t...Read More
Export prices for steel billet from Iran narrowed downward slightly over the week to Wednesday May 13 amid limited trading.Demand faded from Southeast Asian customers which had been actively booking material earlier in the month.One cargo of 20,000 tonnes was reported sold within the range of $335-340 per tonne fob, with the desitination presumed to be China.Some demand was seen among the Gulf Co-...Read More
Novolipetsk (NLMK) Lipetsk, the main production site of NLMK Group, has completed assembly of the main process equipment at its continuous casting machine No.9, the company told Fastmarkets on Tuesday May 12.Commissioning and start-up are currently in progress at the machine, which has a production capacity of 1.8 million tonnes per year of heavy slab.NLMK will produce heavy slab with increased ch...Read More