Approximately 20 workers remained trapped the morning of Tuesday September 28 in Vale's Totten nickel mine in Sudbury, due to a blocked shaft and damaged passenger lift.An estimated 19 workers who were also trapped in the facility were rescued earlier Tuesday morning, the Brazilian company said. Workers were trapped in the mine after a scoop bucket became detached and blocked the mine shaft. It d...Read More
Seaborne cfr prices improved on Tuesday September 28 due to tight seaborne coking coal supply in the cfr spot market and active trading in China's ports, sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $597.06 per tonne, up $2.50 per tonneHard coking coal, cfr Jingtang: $538.65 per tonne, up $8.83 per tonnePremium hard coking coal, fob DBCT: $405.14 per tonne, d...Read More
Swedish special steel producer Ovako is to introduce a "climate surcharge" to support initiatives and new technology investments as its production goes carbon-neutral from January 2022, the producer announced on Tuesday September 28.The company says it has reduced carbon emissions significantly through efficient processes, the use of fossil-free electricity and dedicated investments such as conver...Read More
Aluminium and tin had risen the most on the London Metal Exchange by the close on Tuesday September 28, while nickel and copper were both under pressure.Aluminium's three-month price closed at $2,945 per tonne on Tuesday, up from its close on Monday of $2,883.50 per tonne, which was the lowest since September 21. The metal stayed above the 20-day moving average of $2,847 per tonne, a key tech...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 28 that are worth another look.The Brazilian steel and aluminium sectors are preparing for a period of short electricity supply in the coming months due to a persistent drought in a...Read More
Market participants are anticipating a very bearish demand outlook for the iron ore market and are doubtful of any form of price rebound until at least the first quarter of 2022.Weak demand for iron ore has been the primary driver of slumping seaborne cargo prices. This is largely due to ongoing steel-output curbs in several provinces in China, an impact that is likely to intensify with the latest...Read More
If any member was going to leave the London Metal Exchange ring trading floor, the exchange was probably hoping it wouldn't be Triland Metals Ltd.The company, a wholly owned subsidiary of Japanese conglomerate Mitsubishi, is one of the exchange's longest serving Category 1 members, having joined in 1972 after being founded in the prior year. Having a unit of Japan's largest trading company as a ri...Read More
Eight of the nine Category 1 members of the London Metal Exchange have indicated their support for continuing to trade official lunchtime prices in the open-outcry ring.Does this mean that one company does not support ring trading? And could one of the exchange's members be preparing to leave the trading floor?The exchange revealed on Monday August 9 that it had majority support for the ring, in a...Read More
Automotive manufacturer Ford Motor Co plans to spend $11.4 billion on new production sites in the United States for electric vehicles (EVs) and their batteries as part of its push to bring zero-emission auto production to the country.One site will be in Stanton, Tennessee, where the company will build electric versions of its F-Series pickup truck as well as advanced batteries. To be known as Blue...Read More
Copper concentrates shipment from MMG's Las Bambas mine in Peru will be delayed after operations were disrupted by a community blockade, the company said at a regulatory filing on Monday September 27.The Australian-Chinese miner said in a notice to Hong Kong Stock Exchange that its mining supply could not be transported due to community protests in...Read More
Chinese demand for steel billet imports has fallen away in recent days, amid mounting concerns over China's property market and the potential for power shortages across the country, sources told Fastmarkets on Tuesday September 28.Some market participants fear that the debt crisis engulfing major property developer Evergrande could have a wider knock-on effect on the Chinese construction sector, w...Read More
Aluminium premiums in Asia edged higher in the week ended Tuesday September 28, with the global market focused on fourth quarter and 2022 negotiations.Premiums across Asia rise amid ongoing fourth-quarter negotiations European premiums stabilize ahead of London Metal Exchange WeekUS Midwest premiums flat with eyes on Kitimat Japan, South Korean premiums edge higher Fastmarkets assessed...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key ferro-alloy forecast highlights:?EUR? Impressive advances in ore and alloy prices persisted in March, with most markets posting significant price gains. Strengthening demand from steelmakers along with supply shortages and depleted inventories in numerous markets, as well as freight and transportation...Read More
Swedish special steel producer Ovako is to introduce a "climate surcharge" to support initiatives and new technology investments as its production goes carbon-neutral from January 2022, the producer announced on Tuesday September 28.The company says it has reduced carbon emissions significantly through efficient processes, the use of fossil-free electricity and dedicated investments such as conver...Read More
Pessimistic buyers caused the downtrend in the export market for flat steel products from the Commonwealth of Independent States downtrend to continue in the week to Monday September 27.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $830-855 per tonne on Monday, down by $10 from $840-865 per tonne a week before."Buyers think that offers will go lower...Read More
Prices for export billet from the Commonwealth of Independent States (CIS) decreased on Tuesday September 28 after lower offers were heard in the market.Mills reduced asking prices from $610-620 per tonne to $600-610 per tonne fob week on week after the Chinese market, which was expected to support suppliers, started to weaken.Chinese demand for steel billet imports has fallen recently amid mounti...Read More
European steel companies must scale up their decarbonization technologies within the coming decade or risk exhausting their allocated emissions allowances early, according to a report released on Tuesday September 14.The report, "Steeling for Net Zero," by climate researcher Industry Tracker, found that selected European steel companies have less than 26% of their carbon budget remaining and must...Read More
The collapse of the iron ore market and market turbulence over Chinese property developer Evergrande Group are adding to the economic woes caused by the Delta variant of Covid-19 for much of this year.It is hard to find bright sparks in the months ahead for the ferrous supply chain, which has been buffeted repeatedly in a short span of few months, starting with Chinese Premier Li Keqiang's comment...Read More
Zinc producers in China's southwestern province of Yunnan should be able to fully resume their operations by mid-June, sources said.Yunnan will remove its power restrictions by the end of June that have stunted local zinc output, the provincial energy bureau said.A few zinc smelters in Yunnan have already resumed production, however, sources that spoke to Fastmarkets said.Production capa...Read More
Further reductions in Chinese steel mill operations due to ongoing power shortages are likely to hamper demand for imported semi-finished steel and steel scrap in the country, sources told Fastmarkets this week.Draconian restrictions on power supplies in China have led to a raft of electric arc furnace (EAF) steelmakers and re-rollers in key provinces such as Jiangsu, Yunnan and Zhejiang to either...Read More