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
Trade disputes and geopolitical uncertainties had already made the prospects for global economic growth uncertain. A coronavirus has now added to the challenges facing financial markets.The epicenter of the virus is Wuhan, an important commercial hub in China that is home to 11.9 million people, including the country's largest student population. It is also a manufacturing hub, with around 500 fac...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
Seaborne iron ore prices were largely steady on Monday February 24 following an upward trend last week, with market participants contemplating the direction of prices for this week.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $91.88 per tonne, down $0.37 per tonne.62% Fe low-alumina fines, cfr Qingdao: $92.82 per tonne, down $0.34 per tonne.58% Fe fines high-premium, cfr Qingdao: $79.72...Read More
Seaborne coking coal prices were flat on Monday February 24, with market participants waiting for new drivers to emerge in China.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: $141.63 per tonne, unchangedHard coking coal, cfr Jingtang: $149.44 per tonne, unchangedA co...Read More
Domestic prices for hot-rolled coil in Northern Europe were stable day on day on Monday February 24, but producers remained bullish, sources told Fastmakets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?484.02 ($524.91) per tonne on Monday, almost unchanged from ?,?483.99 per tonne on February 21.The index was calculated based on deals and "workable" pr...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 three-month zinc price on the London Metal Exchange was lower during morning trading on Monday February 24, with price action down by 2.4% and trading at its lowest level since July 2016, while copper futures also fell through nearby support levels. Zinc's outright price on the LME recently traded at $2,059 per tonne on Monday morning, falling from an intra-morning high of $2,101 per tonne, wh...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
Base metals traded on the Shanghai Futures Exchange were broadly down at the close of the morning trading session on Monday February 24, with sentiment hit by a spike in novel coronavirus (2019-nCoV) cases over the weekend.Currently, China has reported a total of 77,345 confirmed cases of the virus and 2,592 deaths so far, according to figures from the country's National Health Commission. But it...Read More
Cold-heading quality (CHQ) wire rod prices have fallen following February's lower ferrous scrap settlement, while the cost of high-carbon rod is stable, sources told Fastmarkets. Fastmarkets' assessment for steel wire rod cold-heading quality (CHQ), ddp was at $37.50 per hundredweight ($750 per short ton) on Friday February 21, down by 1.3% from $38 per cwt last month. The cost of Chicago No1...Read More
Prices for hot-rolled coil in the United States have again risen above $29 per hundredweight ($580 per short ton), and sources told Fastmarkets they believe prices will be rangebound in the near term.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $29.09 per cwt ($581.80 per ton) on Monday February 24, up by 1.4% from $28.70 per cwt on Friday February 21 and...Read More
Steel plate prices in the United States have held steady, with mills floating the idea of issuing price increases in an effort to kick-start forward buying. Market participants reported that some plate producers have discussed the idea of issuing hikes but may hold off and let sheet mills attempt a foray first. Others said the economic impact of the novel coronavirus (2019-nCoV) outbreak woul...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
Turkish domestic scrap prices have continued to increase over the past week in response to rising imported scrap values, market sources said on Monday February 24.Prices for imported scrap have been climbing in recent weeks on demand from Turkish steel producers. Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $284.04 per tonne on February 21, up from $274...Read More
Rising imported ferrous scrap prices in Turkey provided upward momentum to global scrap prices during the working week ended Friday February 21, with prices in most major import destinations surging due to the boost in demand.Turkish import scrap prices rise on buying spreeUS export scrap prices push upward on fresh Turkish dealsTaiwan import scrap prices surge on higher freight costs, Vietnam pri...Read More
Seaborne iron ore prices were largely steady on Monday February 24 following an upward trend last week, with market participants contemplating the direction of prices for this week.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $91.88 per tonne, down $0.37 per tonne.62% Fe low-alumina fines, cfr Qingdao: $92.82 per tonne, down $0.34 per tonne.58% Fe fines high-premium, cfr Qingdao: $79.72...Read More
Seaborne coking coal prices were flat on Monday February 24, with market participants waiting for new drivers to emerge in China.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: $141.63 per tonne, unchangedHard coking coal, cfr Jingtang: $149.44 per tonne, unchangedA co...Read More
Anglo American has revised its metallurgical coal production guidance for 2020 to 19-21 million tonnes, down by 2 million tonnes from an earlier guidance of 21-23 million tonnes, the miner said late last week.The lower guidance is due to a roof collapse at its Moranbah North mine in Queensland,...Read More