Chinese importers could be able to buy United States' copper and aluminium scrap without the current 25% tariffs from July, China's Ministry of Finance Customs Department said in a notice on Tuesday February 18.Copper and aluminium scrap are among 696 products listed by the ministry that can have tariffs exempted. Importers can apply for exemptions starting from March 2, 2020.As part of a tit-for-...Read More
Nickel premiums in all regions continued to hold firm in the week to Tuesday February 18, after slack demand for nickel tempered spot market liquidity.United States' nickel spot trade slowed having enlivened in previous weeks while appetites wane over the first quarterNovel coronavirus (nCoV-2019) shutdowns continue to hamper spot deals in China, with arbitrage losses further muting tradeEuropean...Read More
One of China's largest copper smelters has locked in a major deal for supply at a time of reduced demand due to a virus-led logistics lockdown in the country.China Copper, owner of Yunnan Copper's Ningde and Chifeng smelter, bought 120,000 tonnes of clean copper concentrates for the first half of this year from a major trading house at a treatment charge (TC) of more than $70 per tonne, a source w...Read More
Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama fell 2.8% month on month at the end of January 2020, according to data released by major Japanese trading house Marubeni Corp. Total aluminium stocks at the three ports totaled 305,200 tonnes on January 31, down by 8,800 tonnes or 2.8% from the end of December, figures released on Tuesday February 18 show...Read More
Hot-rolled coil prices in the United States have remained relatively stable over the past week, although longer lead times are likely not driven by increased demand. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $28.93 per hundredweight ($578.60 per short ton) on Wednesday February 19, almost unchanged from the previous day's $28.98...Read More
Wire rod prices in the United States are stable after February's scrap decline halted the upward trajectory recorded over the past three months, but extended lead times and increased demand have sparked optimism among market participants. Fastmarkets' price assessment for steel wire rod (low carbon) industrial quality, fob mill US was at $31-32 per hundredweight ($620-640 per short ton) on Tuesday...Read More
Despite poor performance in most flat-rolled steel products, prices for Galvalume products continued to move up steadily because of strong demand, extended lead times at domestic mills and expectations that ferrous scrap prices may rise in the next month, sources said."We think Galvalume is the strongest product of all flat-rolled products right now," one Gulf Coast steel buyer source said. "The [...Read More
Latin American steel group Ternium showed a decline in its earnings before interest, taxes, depreciation and amortization (Ebitda) of 49% year-on-year in the fourth quarter of 2019, amid a reduction in steel prices in North America in the second half of the year.Ebitda came to $263 million in October-December 2019, down from $513 million in the corresponding period a year before, Ternium said late...Read More
The price of steel mesh-quality wire rod in the European domestic markets was unchanged this week with most market participants focusing on trading steel rebar instead, sources told Fastmarkets on Wednesday February 19.In addition, the influence on wire rod prices exerted by prices for ferrous scrap, the feedstock material, was unclear because lower monthly European scrap prices contrasted with ri...Read More
Domestic steel rebar prices in Europe were largely unchanged this week, with participants saying on Wednesday February 19 that the market was caught between lower monthly European scrap costs but rising daily Turkish scrap prices.The differing scrap price trajectories had led to confusion over where rebar prices would move, sources said. The monthly European scrap prices represent the price of mil...Read More
The United States' ferrous scrap export market to Turkey was quiet on Wednesday February 19, but signs from other countries suggest more upside ahead in cargo sales.A Baltic sale concluded to Turkey on February 19 included an 80:20 mix of No1 and No2 heavy melting scrap (HMS) at $279 per tonne. The Baltic material sells at a $5-per-tonne discount to that from the US.Based on th...Read More
The stainless steel scrap market in the United States is flatlining, with few signs that it will gain strength anytime soon."There is no question that scrap supply is thinner than 2019, and depending on how short processors are on material scrap dealers continue to have some leverage," one US scrap dealer source said.Fastmarkets assessed the 316 solids, clips, broker buying price, delivered to pro...Read More
The Turkish steel mills have continued to book deep-sea scrap for March shipments at slightly higher prices, sources said on Wednesday February 19.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 9,000 tonnes of HMS 1&2 (80:20) at $279 per tonne, 15,000 tonnes of shredded at $284 per tonne and 6,000 tonnes of bonus at $289 per tonne cfr.The same mill booked a second Baltic...Read More
The International Chamber of Commerce has ordered the government of Sierra Leone to withdraw its restrictions on the mining of iron ore at the Marampa project by SL Mining, the company said in a press release dated Tuesday February 18.The ICC's Arbitral Tribunal issued a peremptory order on the mining project on February 13, SL Mining said. The order gave country's government eight days to comply....Read More
Japanese ferrous scrap export prices have risen over the past week amid tightening supplies and healthy demand from Vietnamese buyers, sources in Japan told Fastmarkets.Fastmarkets' inaugural price assessment for steel scrap H2 export, fob main port Japan was ?24,000-24,500 ($219-223) per tonne fob Tokyo Bay on February 19, up by around ?500-1,000 per tonne from prices heard last week. In t...Read More
Seaborne iron ore prices were rangebound on Wednesday February 19 amid a murky short-term outlook for demand.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90 per tonne, down $0.18 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $89.33 per tonne, down $0.18 per tonne.62% Fe low-alumina fines, cfr Qingdao: $91.16 per tonne, down $0.04 per tonne.58% Fe fines high-premium, cfr Qingdao: $7...Read More
Domestic prices for ferrous scrap in Italy have declined over the past month in line with the fall in international scrap prices, sources told Fastmarkets.Fastmarkets' monthly price assessment for steel scrap, No E3 (old thick scrap), domestic, delivered mill Italy was ?,?235-250 ($254-270) per tonne on February 18, down by ?,?20 per tonne from ?,?255-270 per tonne on January 20.Read More
Seaborne coking coal prices climbed again on Wednesday February 19, with market participants in China citing tight supply as the key driver of the upward movements.Fastmarkets indicesPremium hard coking coal, fob DBCT: $158.29 per tonne, up $2.86 per tonnePremium hard coking coal, cfr Jingtang: $166.94 per tonne, up $2.36 per tonneHard coking coal, fob DBCT: $133.50 per tonne, up $6.49 per tonneHa...Read More
The London Metal Exchange base metals, except tin, were subject to stock moves in the morning session on Wednesday February 19, with LME three-month prices demonstrating mixed consolidation.The LME three-month lead price was trading down 0.6% from the previous day's close at around $1,885 per tonne, capped by a 5,725-tonne re-warranting of material in Kaohsiung, South Korea, with a widening cash/t...Read More
Exporters of Chinese hot-rolled coil lowered their offers further to stimulate sales amid high inventory levels despite a relatively stable domestic market on Wednesday February 19.DomesticEastern China (Shanghai): 3,480-3,490 yuan ($497-499) per tonne, narrowing upward by 10 yuan per tonneNorthern China (Tangshan): 3,230 yuan per tonne, unchangedA Shanghai-based trader said prices in the city nar...Read More