Flat steel import prices in the United Arab Emirates and Saudi Arabia fell this week, with buyers waiting to see prices hit bottom before placing orders, sources told Fastmarkets on Tuesday February 25.Some market participants expected prices to fall because of weak demand, while others said demand could soon improve because stocks are low.UAEChinese hot-rolled coil was on...Read More
Turkish steel producers maintained their silence in the deep-sea scrap import market, leaving prices unchanged, sources told Fastmarkets on Tuesday February 25.Steel producers in the country booked eight deep-sea cargoes at rising prices last week, totaling some 250,000 tonnes.With last week's bookings, Turkish imports of scrap so far this month have included 21 deep-sea cargoes adding up to&...Read More
Seaborne coking coal prices were largely unchanged on Tuesday February 25 due to a lack of trading activity in the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $159.20 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $167.13 per tonne, unchangedHard coking coal, fob DBCT: $142 per tonne, up by $0.37 per tonne ...Read More
Seaborne iron ore prices were down on Tuesday February 25 amid heightened concerns about the novel coronavirus (2019-nCov) outbreak outside China and the resulting risk averse attitude of traders. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $90.83 per tonne, down $1.05 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $91.84 per tonne, down $0.98 per tonne. 58% Fe fines high-premium, c...Read More
A Pakistani mill that recently made a rare purchase of a bulk cargo of ferrous scrap from the United States West Coast will now likely buy such shipments with greater frequency, according to sources Fastmarkets spoke to.The trade - involving 30,000 tonnes of shredded scrap priced at $306 per tonne cfr Port Qasim - only came to light on Monday February 24, against the background of global economic...Read More
High inventory levels weighted on China's domestic rebar market on Tuesday February 25 while concerns over overseas demand also led to a drop in export prices.Eastern China (Shanghai): 3,450-3,480 yuan ($491-495) per tonne, down 10 yuan per tonne Northern China (Beijing): 3,380-3,420 yuan per tonne, widened downward by 10 yuan per tonne A pile-up of finished steel due to weak demand and transporta...Read More
China's hot-rolled coil prices fell in the northern region on Wednesday February 25 despite relative stability in the east, though trading activity across the country fell amid complaints over a lack of cash.DomesticEastern China (Shanghai): 3,560-3,570 yuan ($506-508) per tonne, narrowing upward by 10 yuan per tonneNorthern China (Tangshan): 3,330-3,350 yuan per tonne, down 10-20 yuan per tonnePr...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
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade. Salesforce.com dropped $3.01 to $178.26 after reporting lower than consensus fourth quarter earnings. Canadian Imperial Bank of Commerce (CM $106.02) is expected to open higher after reporting higher than consensus fiscal first quarter earnings. The Bank also raised its dividend.Wendy's...Read More
(Updates with closing prices) By Eric Onstad LONDON, Feb 25 (Reuters) - Copper prices edged into the redon Tuesday as investors struggled to calculate whether anycoronavirus-related loss of metals demand would outweigh weakeroutput. Worries about the virus spreading outside of China hadpushed London Metal Exchange (LME) copper to a two-week low onMonday while zinc slid to its weakest since June 20...Read More
Here are five Fastmarkets stories you might have missed on Monday February 24 that are worth another look.Chinese rebar remained the most competitively priced of imports of the long steel product in Singapore over the past week, edging out Turkish products.The discount for copper scrap imported into China has fallen in February on a lower commodity price and a negative arbitrage, with the impact o...Read More
The three-month zinc price on the London Metal Exchange fell by more than 2% at the close of trading on Monday February 24, with downward moves taking it to its its lowest close since July 2016, while broad risk-off sentiment across the base-metals complex saw copper lose 1.2% of its outright price.Zinc's underlying price on the LME closed at $2,046 per tonne on Monday afternoon, falling from an i...Read More
The discount for copper scrap imported into China has fallen in February on a lower commodity price and a negative arbitrage, with the impact of virus-led delivery delays on the overseas scrap price being minimal in the Chinese market.Fastmarkets assessed the monthly discount of No 2 94-96% copper scrap, birch or cliff, at 31-34 cents per lb cif China on February 24, down from 33-37 cents per lb i...Read More
The price of UG2 chrome ore dropped in the week to Friday February 21 due to lower bids from alloy smelters after China's major stainless steel mills kept their February tender prices flat month on month. China's Tsingshan Group and Taiyuan Iron and Steel (Tisco) held their ferro-chrome tender prices for February delivery unchanged from January. The latest tender prices came as a shock to the mark...Read More
Key data from the pricing session in Europe and Asia for the week ended Friday February 21. Europe Key driversPrices for silicon grades 4-4-1 and 5-5-3 jumped again in Europe due to a lack of prompt shipments exacerbating already tight supply.The novel coronavirus (2019-nCoV) outbreak has caused disruptions to the flow of material from China.A number of European buyers reported difficulty...Read More
Key data from the pricing sessions in Asia and Europe in the week to Friday February 21. China Key drivers Some antimony suppliers lifted their offer prices again and were resistant to compromising on offers last week, citing limited available cargo, according to market sources. A number of producers and traders held off from offering in anticipation of higher prices in the coming week...Read More
Here are five Fastmarkets stories you might have missed on Monday February 24 that are worth another look.Chinese rebar remained the most competitively priced of imports of the long steel product in Singapore over the past week, edging out Turkish products.The discount for copper scrap imported into China has fallen in February on a lower commodity price and a negative arbitrage, with the impact o...Read More
The discount for copper scrap imported into China has fallen in February on a lower commodity price and a negative arbitrage, with the impact of virus-led delivery delays on the overseas scrap price being minimal in the Chinese market.Fastmarkets assessed the monthly discount of No 2 94-96% copper scrap, birch or cliff, at 31-34 cents per lb cif China on February 24, down from 33-37 cents per lb i...Read More
The Turkish deep-sea scrap import market went quiet at the beginning of the week, with no significant bookings heard, sources told Fastmarkets on Monday February 24.The Turkish steel producers booked eight deep-sea cargoes at rising prices last week, totaling some 250,000 tonnes.However, market participants believe prices have now stabilized, and no further changes are expected...Read More
Broader markets are seeing risk-off while they focus on the spread of the novel coronavirus (2019-nCoV) this morning, Monday February 24, after the number of cases and deaths escalated outside of China, especially in South Korea.China remains in a very difficult position as it needs to ramp-up the return to work, while at the same time the virus is not contained. China exported $60 billion of auto...Read More