Here are five Fastmarkets stories you might have missed on Tuesday February 18 that are worth another look.Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil fell during the week to February 18 amid a slowdown in domestic trading while downstream sectors gradually return to work.Increasing aluminium inventories pressured China's aluminium price amid, generally, uninterrupted...Read More
London Metal Exchange three-month base metals prices, with the exception of lead, traded down at the close on Tuesday February 18, with any residual optimism capped by negative movements in global equities markets and restrictions in Chinese markets due to the novel coronavirus (2019-nCoV) outbreak.LME nickel futures were the worst hit, trading down 2.2% to close at $12,815 per tonne on the previo...Read More
News of Australian miner Rio Tinto's production cuts amid continued bearish sentiment among Chinese buyers on downstream demand prevented any significant movement in seaborne iron ore prices on Tuesday February 18.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90.18 per tonne, down $0.30 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $89.51 per tonne, down $0.30 per tonne.62% Fe low-a...Read More
Seaborne coking coal prices were up on Tuesday February 18 with tight seaborne supply driving sentiment, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $155.43 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $164.58 per tonne, up $3.30 per tonneHard coking coal, fob DBCT: $127.01 per tonne, unchangedHard coking coal, cfr Jingtang: $146.95 per tonne, up $4.35 per...Read More
CIS producers of steel billet remained bullish in the week to Tuesday February 18 because of the continuing rise in scrap import prices into Turkey, despite the lack of trading activity.Offers of billet from Ukrainian and Russian mills were mainly heard within the range of $400-405 per tonne fob Black Sea at the beginning of this week, against $395-400 per tonne fob late last week.Meanwhile, offer...Read More
London Metal Exchange three-month base metals prices, with the exception of lead, traded down at the close on Tuesday February 18, with any residual optimism capped by negative movements in global equities markets and restrictions in Chinese markets due to the novel coronavirus (2019-nCoV) outbreak.LME nickel futures were the worst hit, trading down 2.2% to close at $12,815 per tonne on the previo...Read More
Peking Founder, owner of Chinese trader Founder Commodities, has been ordered to restructure just shortly before its bond due date this coming Friday, February 21.The conglomerate said on Tuesday February 18 that one of its creditors, Bank of Beijing, had filed a request to the Beijing No1 Intermediate People's Court for an asset restructure.The bank cited in its application the inability of Pekin...Read More
Indonesia will reduce its nickel ore production by 52% year on year to 25 million wet metric tonnes (wmt) in 2020, according to the Indonesian Nickel Mining Association, while introducing four new domestic smelters to produce ferro-nickel and nickel pig iron (NPI) ahead of the domestic mineral ore export ban this year.Indonesian authorities expect four new smelters to come into production in 2020...Read More
Increasing aluminium inventories pressured China's aluminium price amid, generally, uninterrupted production from aluminium smelters and declining downstream demand as a result of the novel coronavirus (2019-nCoV) outbreak, several sources told Fastmarkets on Monday February 17.The aluminium price on the Shanghai Futures Exchange fell to 13,570 yuan ($1,943) per tonne on Monday February 17, down b...Read More
The three-month tin price on the London Metal Exchange was little moved during morning trading on Tuesday February 18, with the largest single inflow in two months having a muted effect on price action, while nickel futures slipped below $13,000 per tonne. The underlying tin price on the LME was recently seen at $16,595 per tonne, while turnover was high at some 215 lots traded as of 9:15am London...Read More
Broader markets, mainly equity indices, have been fairly complacent about the potential negative economic impacts of the coronavirus (2019-nCov). But this morning, Tuesday February 18, that may be changing with Asian equities down across the board as more companies and countries get jittery.Apple warns it will miss its sales target, South Korea warns it is in an emergency situation and calls for "...Read More
Special bar quality (SBQ) steel spot prices in the United States have been weighed down by declining ferrous scrap costs, with demand across most major end markets flat to slightly weak, market participants said.On the hot-rolled side of the market, Fastmarkets' monthly price assessment for steel bar hot-rolled special bar quality (SBQ) 1-inch round 1000 series (carbon), fob mill US was at $34.50...Read More
Demand for passenger cars in the EU dropped by 7.50% year-on-year in January 2020, following four consecutive months of recovery.New car sales in Europe totalled 956,779 vehicles in Janaury 2020, compared with 1,034,407 units sold in the corresponding month of 2019, the European Automotive Manufacturers Association (ACEA) said on Tuesday February 18.The...Read More
Ukraine's largest producer of long steel, ArcelorMittal Kryvyi Rih (AMKR), is currently bringing its new continuous casting machine No3 (CCM No3) to designed capacity, the company announced on Monday February 17."We already produce 150mm billet at CCM No3 and will start production of 130mm billet soon, " a company source told Fastmarkets.The equipment addition is part of a company project to repla...Read More
Uncertainty in the global flat steel market caused by falling prices for exports from China has been affecting demand and putting pressure on the market for exports from the Commonwealth of Independent States (CIS), sources told Fastmarkets on Monday February 17.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS, was $460-480 per tonne on Monday, down from $...Read More
Domestic prices for hot-rolled coil have been fairly stable day on day in the north of Europe and sentiment remains positive, sources told Fastmarkets on Tuesday February 18.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?480.31 ($520.51) per tonne on Tuesday February 18, up by ?,?0.31 per tonne from ?,?480.00 per tonne on February 17.The index was calcul...Read More
Turkish steel producers made more bookings of deep-sea scrap for March shipment, with prices strengthening further on firm demand, sources told Fastmarkets on Tuesday February 18.A steel mill in the Iskenderun region booked a US cargo comprising 20,000 tonnes of HMS 1&2 (90:10) at $282.50 per tonne, 5,000 tonnes of shredded at $285 per tonne and 5,000 tonnes of bonus at $290 per tonne cfr.This com...Read More
News of Australian miner Rio Tinto's production cuts amid continued bearish sentiment among Chinese buyers on downstream demand prevented any significant movement in seaborne iron ore prices on Tuesday February 18.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90.18 per tonne, down $0.30 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $89.51 per tonne, down $0.30 per tonne.62% Fe low-a...Read More
Seaborne coking coal prices were up on Tuesday February 18 with tight seaborne supply driving sentiment, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $155.43 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $164.58 per tonne, up $3.30 per tonneHard coking coal, fob DBCT: $127.01 per tonne, unchangedHard coking coal, cfr Jingtang: $146.95 per tonne, up $4.35 per...Read More
China's domestic hot-rolled coil prices were largely steady on Tuesday February 18 amid thin trading, though some mills lowered their export offers in an attempt to reduce their inventories.DomesticEastern China (Shanghai): 3,470-3,490 yuan ($497-500) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,230 yuan per tonne, unchangedSellers in Shanghai tried to shore up the market by issuing...Read More