Extended lead times at mills in the United States and expectations that scrap prices will rise in March have continued to drive gains in domestic hot-rolled coil pricing, and also sparked a fresh round of mill hikes.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $29.47 per hundredweight ($598.4 per short ton) on Thursday February 27, up by 0.3% from $29.38 per c...Read More
A summary of Mexican long-steel producer Grupo Simec's financial performance in the fourth quarter and full year 2019.In brief Lower shipments and average steel prices per tonne in the fourth quarter reduced full-year net sales for Grupo Simec, despite higher revenues reported overseas in 2019 as a whole, the company's quarterly reported showed on Wednesday February 26. According to the company, d...Read More
The Turkish long steel export markets have been silent over the past week with limited demand in the major markets, sources said on Thursday February 27.The steel mills in Turkey continued to offer rebar for export at $440-450 per tonne fob on an actual weight basis, while bids for material were heard around $430 per tonne.There were...Read More
Prices for imported steel billet and domestic rebar in Egypt increased in the week ended Thursday February 27, but demand was still weak, sources told Fastmarkets.Some Egyptian rebar producers increased their prices on Wednesday February 26.Egyptian rebar producers were offering rebar at E ?9,600-10,100 per tonne ex-works including 14% value-added tax, up from last...Read More
Turkish steel mills have continued to stay away from the deep-sea scrap markets to try to keep pressure on prices, sources said on Thursday February 27.After a buying spree in the past three weeks, the mills stopped their deep-sea purchases at the beginning of this week.The mills were very active in the deep-sea scrap markets in the period from February 4-24, booking at least 22 cargoes totaling m...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
Japanese ferrous scrap export transaction prices were unchanged over the week to February 26 despite a rise in offer prices from most sellers, market sources told Fastmarkets.A rise in container freights - amid a shortage of containers - increased demand for unusual bulk scrap bookings over the week in Asian countries including India and Pakistan, while a similar pattern emerged in Taiwan, with gr...Read More
Two major steelmakers in eastern China lowered their purchase prices for steel scrap on Thursday February 27 due to weak downstream demand, their first revision after the Chinese New Year holiday.Shagang's new purchase price for heavy scrap (6mm thickness) is 2,670 yuan ($379) per tonne delivered, including value-added tax. This is down by 30 yuan per tonne from its last price set in early January...Read More
China's hot-rolled coil prices dropped on Thursday February 27 after trading thinned further, with high inventories dampening market sentiment.DomesticEastern China (Shanghai): 3,520-3,530 yuan ($500-501) per tonne, down 40 yuan per tonneNorthern China (Tangshan): 3,280-3,300 yuan per tonne, down 20 yuan per tonneSeveral Shanghai-based traders said trading activity on Thursday was even lower than...Read More
China's domestic rebar prices dropped on Thursday February 27 on surging inventories despite a gradual improvement in the country's logistic sector.Eastern China (Shanghai): 3,420-3,450 yuan ($487-492) per tonne, down 30 yuan per tonne Northern China (Beijing): 3,370-3,410 yuan per tonne, down 10 yuan per tonneMost transportation restrictions that had been imposed in various part of the country to...Read More
Key data from the February 27 pricing session in London. Key drivers: Spot market reportedly tight, especially for alloy-grade units, with material held in tight hands. Spot activity has been reasonably thin while market awaits greater clarity on the economic and demand impact of...Read More
Cobalt hydroxide payables have stabilized over the past week, with buyers taking a more hesitant approach to restocking against an uncertain backdrop for cobalt consumption and prices in the coming months. Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China was unchanged at 67-69.5% of the standard-grade cobalt price (low-end) on February 26. Payables had been rising steadily si...Read More
Deliveries of battery raw materials from Chinese producers to consumers in South Korea and Japan are continuing as usual despite a recent surge in the number of people infected by the novel coronavirus (2019-nCoV) in the latter two countries, Fastmarkets understands. Major exporters of battery precursor materials in China told Fastmarkets this week that they have not been requested by their custom...Read More
The Chinese cobalt sulfate price softened in Fastmarkets' midweek assessment after some suppliers cut their offers to lock in profits amid concerns of a waning market in March.Fastmarkets assessed the price for cobalt sulfate 20.5% Co basis, exw China at 56,000-58,000 yuan ($7,953-8,238) per tonne on Wednesday February 26, widening downward by 1,000 yuan per tonne from 57,000-58,000 yuan per tonne...Read More
Growing fears in recent days that the novel coronavirus (2019-nCoV) epidemic is becoming a pandemic have given global equity markets a reality check and base metals that had initially reacted more than equities are now down less than equities, so may have some catching up to do.The Dow Jones Industrial Average in pre-market trading on Friday February 28, is indicated at 25,190, which means it is d...Read More
U.S. equity index futures were lower again this morning. S&P 500 futures were down 32 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for January Personal Income was an increase of 0.3% versus a gain of 0.1% in December. Actual was an increase of 0.6%. Consensus for January Personal Spending was an increase of 0.3...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 26 that are worth another look.China's steel industry has faced difficulties in production and sales since the first working day after the Lunar New Year holiday due to the novel coronavirus (2019-nCoV) outbreak, which has led to some 78,000 infections and close to 2,700 deaths in the country so far.Metal and ferro-alloy...Read More
Chinese nickel premiums increased in the week to Tuesday February 25, along with one in the United States, but European premiums remained flat, near a perceived bottom, sources told Fastmarkets.China's nickel premiums rise on falling arbitrage loss between Shanghai and London exchanges The floor lifts slightly for US nickel briquette premiums European nickel premiums stay low, reflecting...Read More
Global tin premiums were steady in the week to Tuesday February 25, despite poor demand and with rising stock volatility turning the focus on delivery incentives amid a large inflow into LME warehouses in Los Angeles. European market questions LA inflows US sentiment improves Asia demand in question Fresh inflows puzzle European tin market; premiums steadyIn Europe, Fastmarkets assessed the tin 99...Read More