Commonwealth of Independent States (CIS) steel slab exporters turned to the Chinese market for sales in mid-May because customers in this market accepted higher prices than any in other destinations, Fastmarkets heard.Fastmarkets' weekly price assessment for steel slab, export, fob Black Sea, CIS was $335-340 per tonne on May 12, up from $325-335 per tonne fob a week earlier.Over 100,000 tonnes of...Read More
A summary of German steelmaker Thyssenkrupp's financial results for the first half and second quarter of its 2019/2020 financial year up to March 31, 2020. In brief Thyssenkrupp's performance was significantly affected by the initial effects of the coronavirus pandemic. It cites the weak automotive market as well as price and volume losses in the materials businesses. Its steel Eur...Read More
The price of steel rebar in Russia's Central Federal District around Moscow was unchanged week on week on Tuesday May 12, while buying remained slow due to Covid-19-related restrictions and public holidays, sources told Fastmrkets.Market participants said that construction activity, the key rebar consuming sector, remained limited last week."[Most] construction sites have been closed sin...Read More
Exporters of steel billet from the CIS have managed to secure deals at higher prices outside China, where trading activity has been concentrated recently.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $347 per tonne on Tuesday May 12, up by $2 from May 7.A 10,000-tonne cargo of Ukraine-origin billet was reported sold to Italy at $350 per tonne fob Black Sea.And...Read More
Advanced Metallurgical Group (AMG) has reported a 56% decrease in earnings before interest, taxes, depreciation and amortization (Ebitda) for the first quarter of 2020 amid a decline in metal prices across its entire portfolio and depressed market conditions resulting from the Covid-19 pandemic.The Amsterdam-listed group generated Ebitda of $22.3 million in January-March, a drop from $50.4 million...Read More
Turkish steel producers have continued to book deep-sea market scrap for late-June shipments at steady prices, sources said on Tuesday May 12.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 15,000 tonnes of HMS 1&2 (80:20) at $251 per tonne, 6,000 tonnes of shredded at $256 per tonne and 6,000 tonnes of bonus at $261 per tonne cfr. ...Read More
The seaborne iron ore market remained resilient on Tuesday May 12, with the prices for Brazilian fines rising significantly due to concerns over supply. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $91.67 per tonne, up $3.06 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $94.20 per tonne, up $3.02 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $78.38 per tonne, up $1.97 per...Read More
Seaborne premium hard coking coal prices went up slightly on Tuesday May 12, following a rebound the previous day, when there was active trading.Fastmarkets indicesPremium hard coking coal, fob DBCT: $115.06 per tonne, up by $1.09 per tonne.Premium hard coking coal, cfr Jingtang: $121.01 per tonne, up by $0.14 per tonne.Hard coking coal, fob DBCT: $87.16 per tonne, down by $0.90 per tonne.Hard cok...Read More
Mining major BHP and China's Baowu Steel Group are exploring new approaches of conducting iron ore transactions, including the adoption of payments in renminbi and blockchain technology.BHP expects to be able to complete its first blockchain iron ore transaction with the Chinese steel group's subsidiary, Baosteel, soon, the Melbourne-headquartered miner said on Tuesday May 12.This follows the comp...Read More
Over the past four weeks, a large amount of copper inventory has left London Metal Exchange warehouses in the two Asian cities to enter China to tap arbitrage profits, industry sources told Fastmarkets.Combined LME copper stock at South Korea's Busan and Taiwan's Kaohsiung dropped by 28% or 31,750 tonnes from April 14 to May 12. During the period, LME copper inventory in Busan and Kaohsiung shrank...Read More
The London Metal Exchange three-month nickel price was lower during morning trading on Tuesday May 12, with selling pressure mounting across Asian trading hours, while fresh outflows did little to bolster a weaker LME copper price. LME nickel's outright price was recently at $12,255 per tonne, slipping by more than 1.2% from Monday's closing price of $12,354 per tonne, while turnover was minimal a...Read More
China's domestic rebar prices were flat on Tuesday May 12 with most market participants taking a wait-and-see approach.Domestic Eastern China (Shanghai): 3,480-3,510 yuan ($491-495) per tonne, unchangedMonday's price drop after last week's increases led many market participants to suspend trading to wait for further cues to emerge.The lower trading activity kept spot prices steady despite a streng...Read More
Broader markets were generally weaker this morning, Tuesday May 12, amid concerns about clusters of new Covid-19 infections in the Chinese city of Wuhan and in South Korea, while China's consumer price index (CPI) and producer price index (PPI) data releases were weaker than expected. Asian-Pacific and pre-market major western equity indices were mainly weaker this morning. Base metals Three-month...Read More
Zambia has temporarily closed its border crossing with Tanzania at Nakonde to all but essential goods in an effort to curb an increase in Covid-19 cases in the area, according to a notice from the Zambia Revenue Authority.The crossing forms part of a key trucking route for copper and cobalt being shipped out of Dar es Salaam in Tanzania, much more so recently since the lockdown in South Afric...Read More
The production of cobalt may need to increase by 460% from 2018 levels over the next three decades to meet the growing demand for clean energy technologies, according to a report by the World Bank. Cobalt demand in clean energy technologies is seen rising from 140,000 tonnes to 644,000 tonnes by 2050, the report estimated. This is based on the wind, solar and geothermal power, as well as energy st...Read More
Canada-based ferro-titanium producer Metalliage has restarted ferro-titanium production at its Quebec-based plant, almost seven weeks after it shut operations due to the Covid-19 pandemic. The company is reopening after local authorities in the Canadian province on April 5 extended its original shutdown of all non-essential businesses to May 4. The plant has been shut since the provincial governme...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...Read More
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U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points in pre-opening trade. Index futures are responding to news that the Democrat controlled House of Representatives has proposed an additional stimulus bill valued at over $3 trillion.Index futures were virtually unchanged following release of the April Producer Price Index at 8:30 AM EDT. Consensus is that the...Read More
Here are five Fastmarkets stories you might have missed on Monday May 11 that are worth another look.A second wave of Covid-19 infections will hit the global commodities markets even harder than the initial outbreak, market sources told Fastmarkets on May 11.The London Metal Exchange will not rush back into trading on the open outcry ring and is happy with the effectiveness of the current ele...Read More