Domestic steel rebar prices in Europe were unchanged this week due to a lack of both trading activity and demand, sources told Fastmarkets on Wednesday February 26.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was ?,?475-485 per tonne on Wednesday, unchanged week on week.The market was reported to be quiet this week because of public h...Read More
Industrial Metallurgical Holding (IMH) will start maintenance of a blast furnace (BF) at its Tulachermet facility early to reduce rebar supply in March from Tula Steel due to a weak market, the company told Fastmarkets on February 25.Tulachermet, which supplies Tula Steel with pig iron, will stop BF No3 for around a month from late March after previously planning to begin in April. BF No3 has capa...Read More
The mood in the European hot-rolled coil market has been bullish amid a lack of competitive import offers and domestic mills' good order books, sources told Fastmarkets on Wednesday February 26.Northern EuropeFastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe was at ?,?483.71 ($525.29) per tonne on Wednesday February 26, down by ?,?0.27 per tonne day on day from ?,?...Read More
The prices for hollow steel sections in Europe were unchanged this week with mills struggling to pass on higher feedstock costs to their customers, sources told Fastmarkets on Wednesday February 26.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?620-650 ($673-706) per tonne on Wednesday, unchanged week on week.Despite the rising cost of...Read More
Stainless steel scrap prices in the United States were relatively steady over the past week despite a decline in the nickel market."Prices have managed to hang in there despite the huge fall in [London Metal Exchange] nickel," one domestic dealer source said.The monthly average of the LME nickel cash price was at $5.82 per lb through February 25, down by 5.4% from January's average...Read More
The Turkish steel mills have continued to be largely silent in the deep-sea scrap markets to try to restrict the upward trend in prices, sources said on Wednesday February 26.The mills were very active in the deep-sea scrap markets in the period February 4-24, booking at least 22 cargoes totaling more than 700,000 tonnes. As a result, scrap import prices into Turkey have been climbing since the be...Read More
Seaborne coking coal prices remained firm on Wednesday February 26, but some Chinese participants expressed doubts over the longevity of the strength given increasing concerns about the health of the global economy and with prices having been on an upwards trend for several weeks.Fastmarkets indicesPremium hard coking coal, fob DBCT: $159.30 per tonne, up $0.10 per tonnePremium hard coking coal, c...Read More
Seaborne iron ore prices dropped on Wednesday February 26 amid burgeoning concerns over the spread of the novel coronavirus (2019-nCoV) outside China and its impact on the global economy. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $88.10 per tonne, down $2.73 per tonne.62% Fe low-alumina fines, cfr Qingdao: $89.16 per tonne, down $2.68 per tonne.58% Fe fines high-premium, cfr Qingdao:...Read More
Bulk cargoes are being increasingly favored by Asian ferrous scrap buyers in light of rising container freight costs caused by the novel coronavirus (2019-nCoV) outbreak.Buyers in key import markets Taiwan and Vietnam are focusing heavily on Japanese H2 or H1 & H2 (50:50) cargoes, eschewing containerized ferrous scrap cargoes from the United States' West Coast.Negotiations for bulk H1 & H2 (50:50)...Read More
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.Here are eight key effects of the outbreak has had on the Chinese steel industry, according to the China Iron & Steel Association...Read More
China's domestic rebar prices were flat on Wednesday February 26 despite declining futures, with strengthening end-user demand providing support to the market.Eastern China (Shanghai): 3,450-3,480 yuan ($490-495) per tonne, unchanged Northern China (Beijing): 3,380-3,420 yuan per tonne, unchanged With less logistical disruptions and more workers in the transportation sector back at work, demand fo...Read More
Thin trading in China's domestic hot-rolled coil market continued to put pressure on prices on Wednesday February 26, though exporters stuck to their high offers.DomesticEastern China (Shanghai): 3,560-3,570 yuan ($506-507) per tonne, unchangedNorthern China (Tangshan): 3,300-3,320 yuan per tonne, down 30 yuan per tonneTraders in Shanghai reported that buying slowed down further after the price mo...Read More
Base metals prices were for the most part weaker this morning, Wednesday February 26, weighed down by further weakness from global equity markets that have in recent days been shaken from their complacency.The latest retreat in equities was partly fueled by the US Centers for Disease Control and Prevention warning Americans to prepare for the spread of the novel coronavirus (2019-nCoV) in the Unit...Read More
The European ferro-silicon spot price has jumped by 13% so far in February amid firm fundamentals, and with reduced stock levels in Europe - where production levels have fallen after domestic cuts in recent months - and little available for spot sales, prices may be set to climb even further in the near term.Fastmarkets' price assessment for ferro-silicon lumpy basis 75% Si (scale pro rata), deliv...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday February 26.Key drivers: Quiet ferro-titanium business in late February has not encouraged cheaper offer prices, with European suppliers expecting renewed demand for quarterly settlements in March and keen to hold their sales prices until then. 40 tonnes of alloy business has been reported to...Read More
An overview of the minor metals markets and the reasons behind the latest price moves.Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 39 points in pre-opening trade. Traders are responding to news of a spread in the coronavirus. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 212,000 versus 211,000 last week. Actual was 219,000. Consensus for January Durable Goods Orde...Read More
Here are five Fastmarkets stories you might have missed on Tuesday February 25 that are worth another look.European steel producers, represented by regional steel association Eurofer, hope to achieve a further toughening of the region's existing safeguard measures on steel product imports, market sources told Fastmarkets on February 25.The US Midwest aluminium premium reversed a more than nine-mon...Read More
The three-month zinc price on the London Metal Exchange was lower at the close of trading on Tuesday February 25, with the price edging down by 0.3% in a broadly positive trading afternoon, while lead futures topped the base-metals complex.Zinc's outright price on the LME closed at $2,030 per tonne in the afternoon, failing to close in positive territory despite strong turnover throughout the day....Read More
The three-month nickel price on the London Metal Exchange outperformed its peers across morning trading on Tuesday February 25, with all base metals trading in positive territory, while complex-wide selling pressure that emerged on Monday afternoon continued to ease.Nickel's outright price on the LME was recently seen at $12,640 per tonne on Tuesday morning, up from Monday's closing price on $12,4...Read More