A summary of base metals premiums from across the globe for the week to Tuesday March 31.Please click...Read More
The closure of borders and reduced port operations across African countries have led to month-long delays of copper cargoes, while suppliers have raced to re-route goods over the past week. "We are now stressed out trying alternative routes. But the problem is even if the cargoes can depart from other ports, their port capacities are significantly lower. We are talking about delay in terms of mont...Read More
Here are five Fastmarkets stories you might have missed on Tuesday March 31 that are worth another look.The Spanish steel industry has demanded clarification from the government following a March 29 decree to shut down all non-essential production as part of the battle to contain the Covid-19 pandemic, Fastmarkets heard on March 31.The closure of borders and reduced port operations across African...Read More
The Covid-19 pandemic has opened up financing opportunities for metals and mining-focused investment firms. It's also created a problem. The one-two punch demand and supply shock that the virus has created is putting the mining sector under extreme pressure. With banks even more reluctant than before to provide capital to the mining sector amid the tumultuous global financial backdrop, corporates...Read More
Three-month base metals prices on the London Metal Exchange broadly closed up from values at the previous day's kerb on Tuesday March 31, buoyed by residual optimism following the release of positive manufacturing data from China earlier the same day.The Chinese purchasing managers' index (PMI) was up to 52 in March from 37.5 in February, considerably better than the 44.9 forecast for the period,...Read More
Imports of refined tin into China increased by more than 800% year on year during the country's imposed Covid-19 lockdown over the January-February period, recent customs data from the country shows. China's domestic economy was brought to a standstill at the start of the year after the outbreak of the coronavirus restricted domestic trade, stymied production and crippled industrial activity. Subs...Read More
The seaborne iron ore market stabilized on Tuesday March 31 after the prior day's loss of more than $3 per tonne, attributed to a rebound in China's official manufacturing purchasing managers' index (PMI) and a slight boost in trading volumes. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $83.32 per tonne, up $0.34 per tonne 62% Fe low-alumina fines, cfr Qingdao: $84.08 per tonne, up $0....Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Although China is slowly returning to pre-outbreak activity, the same cannot be said for the rest of the world, which is grappling with the Covid-19 outbreak, with a fifth of the global population and counting under lockdown. Average blast furnace activity in China is recovering but iron ore demand from outside China is expec...Read More
European domestic prices for hot-rolled coil were almost unchanged day on day in a slow market, sources told Fastmarkets on Tuesday March 31.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was fairly stable at ?,?472.86 ($522.84) per tonne on Tuesday, down by only ?,?0.27 per tonne day on day from ?,?473.13 per tonne on March 30.Tuesday's...Read More
Three-month base metals prices on the London Metal Exchange broadly closed up from values at the previous day's kerb on Tuesday March 31, buoyed by residual optimism following the release of positive manufacturing data from China earlier the same day.The Chinese purchasing managers' index (PMI) was up to 52 in March from 37.5 in February, considerably better than the 44.9 forecast for the period,...Read More
Imports of refined tin into China increased by more than 800% year on year during the country's imposed Covid-19 lockdown over the January-February period, recent customs data from the country shows. China's domestic economy was brought to a standstill at the start of the year after the outbreak of the coronavirus restricted domestic trade, stymied production and crippled industrial activity. Subs...Read More
Xin Guobin, Deputy Minister of Industry and Information Technology (MIIT), has urged regional officials to speed up the introduction of policies to boost automobile consumption. Speaking at a press conference during China's Manufacturing Industry Resumption Meeting on March 30, Xin said MIIT are "actively cooperating with relevant ministries and commissions to study policies and suggestions for st...Read More
The three-month zinc price on the London Metal Exchange was higher during morning trading on Tuesday March 31, with upward price action supported by an 8,825-tonne fresh cancelation, while strong Chinese purchasing managers' index (PMI) data bolstered the base metals complex. Zinc's underlying price on the LME was recently seen at $1,888.50 per tonne, while turnover was high at more than 2,000 lot...Read More
China's official manufacturing purchasing managers' index (PMI) rebounded to 52 in March, after 35.7 in February, which means 52% of purchasing managers reported conditions were "better" in March than they were a month earlier. This has provided some support to the base metals this morning, Tuesday March 31.Asian-Pacific equity indices and pre-market western futures were mixed. Japan's preliminary...Read More
Ukrainian steelmaker Metinvest may put a complete stop to slab production at its Azovstal facility in Mariupol if quarantine measures in Italy, where two of the company's rolling mills are located, are extended after April 3, the company said on Tuesday March 31."If measures are prolonged at Italian assets, and the European market remains unstable, Metinvest expects production cuts at its Ukrainia...Read More
Flat steel output in Turkey will decrease in April due to maintenance breaks by two major producers.Colakoglu's flat steel production division will shut down for maintenance from April 13 to 25. The company has capacity for 4.5 million tonnes per year of hot-rolled coil production.Iskenderun Iron and Steel (Isdemir), a company belonging to Erdemir Group,...Read More
Struggling Polish steel platemaker ISD Huta Czestochowa has been recommended for sale by tender, Fastmarkets learnt on Tuesday March 31.The board of creditors of the bankrupt steel mill recommended the plant's sale at the earliest possible opportunity, with bids invited at a starting price of 250 million Polish zloty ($61 million)."The [bankruptcy] trustee has filed a motion for [judicial] approva...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia have fallen by around $10-20 per tonne over the past week, with the market very slow because of concerns about the spread of the Covid-19 pandemic, sources told Fastmarkets on Tuesday March 31.Only one booking for hot-rolled coil was heard, with buyers saying that nobody wanted to place new orders because of the restrictive meas...Read More
The prices for steel rebar and billet in the United Arab Emirates have decreased sharply over the past week, with demand very weak amid concerns about the spread of the Covid-19 pandemic, market sources said on Tuesday March 31.Local rebar producers announced new domestic prices last week.Emirates Steel is now offering rebar at 1,690 dirhams ($460) per tonne ex-works, down from 1,853 dirhams per t...Read More
ArcelorMittal will temporarily stop production at its Romanian facility to combat the Covid-19 pandemic, Fastmarkets heard on Tuesday March 31.ArcelorMittal Hunedoara will stop production from April 1 until April 12 inclusive, a company spokesman said."Production will be stopped, for sure," the spokesman said. "We don't know yet if we are going...Read More