Iranian exporters sold significant quantities of steel billet and slab via tender in the week to Wednesday October 13, achieving small, but firm price increases on the deals, sources told Fastmarkets.Fastmarkets' price assessment for steel billet, export, fob ports Iran increased to $640.00-642.50 per tonne fob on October 13, up by $2.50-5.00 per tonne from $635-640 per tonne fob a week earlier.On...Read More
Seaborne iron ore prices rose on Thursday October 14 amid active trading activity in the spot market and at Chinese ports because of a slight increase in buying interest, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $125.91 per tonne, up by $1.74 per tonne62% Fe low-alumina fines, cfr Qingdao: $127.60 per tonne, up by $2.51 per tonne58% Fe fines high-grade premiu...Read More
Rio Tinto will test the use of biomass in place of coking coal in the steelmaking process in a small-scale pilot plant, in an attempt to cut the industry's carbon emissions through the use of innovative technologies, it announced on Thursday October 14.Over the past decade, the company has developed a laboratory-proven process that combines the use of raw, sustainable biomass with microwave techno...Read More
Offer prices for deep-sea cargoes in Bangladesh jumped in the week ended October 14 amid bullish sentiment from United States sellers and good scrap demand in competing Asian import nations, sources told Fastmarkets.Bangladeshi mills hit by strong offer pricesSouth Korean mill issues scrap import tenderTaiwanese containerized prices continue to increaseElectricity rationing sours sentiment in Chin...Read More
Turkish long steel export prices increased sharply on rising imported scrap costs, sources told Fastmarkets on Thursday October 14.Turkish deep-sea scrap import prices have been increasing in the reported week due to limited supply and firm demand. The most recent deep-sea scrap import deal was reported on Wednesday, when a steel mill in the Izmir region paid $480 per tonne cfr for 35,000 tonnes o...Read More
Here are five Fastmarkets stories you might have missed on Thursday October 14 that are worth another look.Rio Tinto will test the use of biomass in place of coking coal in the steelmaking process in a small-scale pilot plant, in an attempt to cut the industry's carbon emissions through the use of...Read More
The European Commission (EC) has extended anti-dumping duties on imports of wire rod from China until 2026, the Official Journal of the European Union said on October 13.The EC concluded that dumping would likely recur if the current measures were allowed to lapse. This followed an expiry review lodged by the European steel association, Eurofer, in July 2020 on behalf of...Read More
Here are five Fastmarkets stories you might have missed on Thursday October 14 that are worth another look.Rio Tinto will test the use of biomass in place of coking coal in the steelmaking process in a small-scale pilot plant, in an attempt to cut the industry's carbon emissions through the use of...Read More
Base metals prices on the London Metal Exchange were up at the 5pm close of trading on Thursday October 14 on a weaker US Dollar Index, and continuing power supply issues that were squeezing metal supply."Chinese factory-gate pricing in September may have grown at its fastest pace in 26 years, adding to the 'stagflation' growth threats moving down the line. But in the here and now, power and suppl...Read More
Brazil-based multi-metal producer Nexa Resources has received an operating license for its Aripuan?? zinc-lead-copper project in Brazil, with commercial output scheduled to start next year, the company said on Wednesday October 13.According to Nexa, the license was granted by the Mato Grosso state environmental secretariat, Sema, on October 7. Mato Grosso is a state in the Brazilian midwestern reg...Read More
Demand for imported steel scrap in South Korea has continued to rise despite the closure of an electric-arc furnace (EAF) in the country and a sharp jump in prices from key supplier markets, sources said on Thursday October 14.An EAF owned by a medium-sized South Korean steelmaker has been closed due to an accident at the plant, Fastmarkets first heard on October 5. Sources told Fastmarkets that...Read More
Domestic prices for hot-rolled coil in Northern Europe and Italy remained fairly stable on Thursday October 14 due to limited trading activity, sources have told Fastmarkets.European mills have been trading reduced volumes of coil and mainly holding back from making big deals. Prices have been under downward pressure from weak automotive sector demand, high stock levels at distributors and substan...Read More
Diversified miner South32 is to buy a 45% interest in the Sierra Gorda copper mine in Chile from Sumitomo Metal Mining, the Australian company said on Thursday October 14.The acquisition is consistent with its strategy to reshape South32's portfolio for a low-carbon future, it said, producing materials critical for global decarbonization and the energy transition.Sierra Gorda, located in the Antof...Read More
There was a mixed outcome in settlement negotiations for domestic steel scrap deliveries to UK steelmakers in October, with suppliers resisting downward pressure from consumers because of firm export markets, trade sources said on Thursday October 14.Scrap suppliers won increases across the board for low residual and clean grades of scrap, with rollovers agreed in contracts for other grades assess...Read More
Seaborne coking coal prices in the cfr China market increased on Thursday October 14 due to necessary restocking activities from Chinese steel mills; fob prices remained largely flat, market sources said.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $610.15 per tonne, up $1.30 per tonneHard coking coal, cfr Jingtang: $562.53 per tonne, up $3.07 per tonnePremium hard coking coal, fob D...Read More
There was a mixed outcome in settlement negotiations for domestic steel scrap deliveries to UK steelmakers in October, with suppliers resisting downward pressure from consumers because of firm export markets, trade sources said on Thursday October 14.Scrap suppliers won increases across the board for low residual and clean grades of scrap, with rollovers agreed in contracts for other grades assess...Read More
Spot prices for hot-rolled coil in China narrowed on Thursday October 14, while futures prices edged higher on expectations that production curbs in north China could extend into early 2022.DomesticEastern China (Shanghai): 5,740-5,790 yuan ($892-900) per tonne, narrowing by 40-90 yuan per tonneOn Wednesday, China's industry and environment ministries released the plan for steel production curbs i...Read More
Mexican integrated steelmaker Altos Hornos de M?(C)xico (Ahmsa) has announced measures intended to reduce its consumption of natural gas after an increase in global prices.The company did not say whether the measure would affect its steel production, but it planned to gradually replace natural gas with gas generated in the steelmaking process.Ahmsa is a major steel producer and ferrous scrap consu...Read More
Brazil-based multi-metal producer Nexa Resources has received an operating license for its Aripuan?? zinc-lead-copper project in Brazil, with commercial output scheduled to start next year, the company said on Wednesday October 13.According to Nexa, the license was granted by the Mato Grosso state environmental secretariat, Sema, on October 7. Mato Grosso is a state in the Brazilian midwestern reg...Read More
European distributors of flat steel products reported a minor year-on-year increase in shipment volumes for August 2021, regional steel industry association Eurometal said on October 13.Growth in shipment volumes slowed to 0.5% in August from a rise of 3.4% in July and of 24.3% in June.In the first eight months of 2021, flat steel shipments in the European Union and the United Kingdom increased by...Read More