Myanmar's JFE Meranti has begun operating its color-coating line at Thilawa Special Economic Zone, according to a joint announcement from the company's shareholders.The Japanese-backed company said its hot-dipped galvanizing plant - at the same location...Read More
The novel coronavirus (2019-nCoV) outbreak in South Korea, the largest export market for Chinese stainless steel, is likely to apply additional pressure on stainless steel prices in Asia, sources told Fastmarkets this week. Although the actual impact will be determined by the severity of the measures that the South Korean government undertakes, buyers are likely to exercise more caution while they...Read More
Here are five Fastmarkets stories you might have missed on Thursday February 27 that are worth another look.A vessel contracted by Brazil-based miner Vale is grounded off the coast of the country's north-eastern Maranh??o state, having suffered damage after leaving the Ponta da Madeira Maritime Terminal earlier this week.Growing Chinese copper output and an imbalance in trade terms between China a...Read More
The London Metal Exchange three-month zinc price trended lower over the course of Thursday February 27, briefly touching an intraday high of $2,057 per tonne before falling to a closing price of $2,012 per tonne amid a turnover of fewer than 10,000 lots.The forward spreads remained favorable for holding onto the galvanizing metal, with the benchmark cash-to-three-month spread recently trading in a...Read More
A vessel contracted by Brazil-based miner Vale is grounded off the coast of the country's north-eastern Maranh??o state, having suffered damage after leaving the Ponta da Madeira Maritime Terminal earlier this week.Vale's shipments from Ponta da Madeira were not affected by the incident, the miner said late on Wednesday February 26.The ship, a very large ore carrier (VLOC) called MV Stellar Banner...Read More
Domestic prices for hot-rolled coil in Northern Europe inched up day on day on Thursday February 27, supported by long delivery times for domestic material and a lack of import offers, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?484.38 ($526.85) per tonne on February 27, up by ?,?0.67 per tonne day on day from ?,?483.71 per to...Read More
Here are five Fastmarkets stories you might have missed on Thursday February 27 that are worth another look.A vessel contracted by Brazil-based miner Vale is grounded off the coast of the country's north-eastern Maranh??o state, having suffered damage after leaving the Ponta da Madeira Maritime Terminal earlier this week.Growing Chinese copper output and an imbalance in trade terms between China a...Read More
The Chinese domestic price for silico-manganese has drifted downward significantly in recent assessments because some alloy smelters reduced their offer prices to attract buying interest and generate cash amid the sluggish demand circumstances created by the outbreak of the 2019-nCoV coronavirus, market participants have told Fastmarkets.Fastmarkets' latest assessment of the price of silico-mangan...Read More
The novel coronavirus (2019-nCoV) outbreak in South Korea, the largest export market for Chinese stainless steel, is likely to apply additional pressure on stainless steel prices in Asia, sources told Fastmarkets this week. Although the actual impact will be determined by the severity of the measures that the South Korean government undertakes, buyers are likely to exercise more caution while they...Read More
The London Metal Exchange three-month zinc price trended lower over the course of Thursday February 27, briefly touching an intraday high of $2,057 per tonne before falling to a closing price of $2,012 per tonne amid a turnover of fewer than 10,000 lots.The forward spreads remained favorable for holding onto the galvanizing metal, with the benchmark cash-to-three-month spread recently trading in a...Read More
Seaborne coking coal prices moved up on Thursday February 27, although buyers in China expected prices to show a correction following a drop in domestic metallurgical coke prices.Fastmarkets indicesPremium hard coking coal, fob DBCT: $162.05 per tonne, up by $2.75 per tonnePremium hard coking coal, cfr Jingtang: $169.01 per tonne, up by $0.67 per tonneHard coking coal, fob DBCT: $144.50 per tonne,...Read More
Seaborne iron ore prices retreated further on Thursday February 27, with many Chinese market participants concerned that the spread of the novel coronavirus (2019-nCoV) outside China and its impact on the ferrous sector within the country remain the biggest factors weighing on prices. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $85.72 per tonne, down $2.38 per tonne.62% Fe low-alum...Read More
Turkish steel billet prices have remained stable over the past week on steady imported scrap costs, sources said on Thursday February 27.The suppliers in the Commonwealth of Independent States (CIS) region were still offering material at $405-415 per tonne cfr this week, but no significant bookings were heard at those prices.Some sources believed that bids from Turkish customers would be heard at....Read More
Turkish rebar and wire rod prices have continued higher over the past week due to a weakening lira against the dollar, while demand for the materials has also been improving, sources said.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey was 3,180-3,230 lira ($517-525) per tonne on Thursday February 27, up from the 3,150-3,190 lira per tonne last week.The...Read More
The discounts for brass mill No1 copper and for brass ingot makers' light copper scrap tightened in the week to Wednesday February 26, moving in tandem with the falling Comex copper price, but increased export demand supported most brass scrap tags.Some copper scrap discounts tightened as the Comex copper price softened in the wake of the novel coronavirus (2019-nCoV) spreading outside China.The m...Read More
Growing Chinese copper output and an imbalance in trade terms between China and the west have led to a rising need for the European copper industry to guard its interests, panelists at Fastmarkets' International Copper Conference in Amsterdam said on Thursday February 27."It's difficult to say [European copper market participants] don't have to worry," chief metal officer Marco Calamia from one of...Read More
Base metals prices on the London Metal Exchange were down across the board during morning trading on Thursday February 27 due to continued lackluster demand.The novel coronavirus infection (2019-nCoV) continues to impact demand for base metals. The virus has now spread to Europe, with Italy being hit hardest. There have now been more than 400 cases in the Southern European country, affecting truck...Read More
The Italian government could step in to support industrial companies including copper fabricators if the novel coronavirus situation in the country worsens, KME's chief metal officer told delegates at Fastmarkets' International Copper Conference in Amsterdam on Thursday February 27. Marco Calamia joined the conference's opening panel via video conference after the KME grounded staff members follow...Read More
The novel coronavirus (2019-nCoV) outbreak in South Korea, the largest export market for Chinese stainless steel, is likely to apply additional pressure on stainless steel prices in Asia, sources told Fastmarkets this week. Although the actual impact will be determined by the severity of the measures that the South Korean government undertakes, buyers are likely to exercise more caution while they...Read More
The majority of base metals prices on the Shanghai Futures Exchange were down at the close of morning trading on Thursday February 27, with the complex still pressured by lingering concerns of the rapid spread of the novel coronavirus (2019-nCoV) outside of China.Investors remain focused on the spread of the virus, which causes the disease Covid-19, while the number of infected continues to grow a...Read More