Turkish steel mills continued to book deep-sea scrap on the second working day of the week, market participants told Fastmarkets on Tuesday September 28.A steel mill in the Marmara region booked a European cargo at $426 per tonne cfr for HMS 1&2 (80:20). And a steel producer in the same region booked a Venezuelan cargo at $434 per tonne cfr also on HMS 1&2 (80:20) basis - although this deal...Read More
Import prices for containerized ferrous scrap in Taiwan were supported by limited supply due to vessel congestion and high demand amid restocking activity from buyers, sources said on Tuesday September 28.Taiwan import containerized scrap prices rise on restocking needsVessel congestion remains high off Los Angeles/Long Beach portsJapanese sellers offer heavy scrap at higher prices to ChinaTaiwanS...Read More
Seaborne iron ore prices fell on Tuesday September 28; market participants have almost finished pre-holiday restocking and more provinces in China have places further limits on electricity consumption and steelmaking production, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $112.06 per tonne, down $7.25 per tonne62% Fe low-alumina fines, cfr Qingdao: $113.45 per tonne, down $...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
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
Spot prices for hot-rolled coil in China gained some strength on Tuesday September 28, with futures rising for a second day amid a drop in production due to a power crunch in the country.DomesticEastern China (Shanghai): 5,720-5,750 yuan ($886-890) per tonne, narrowed upward by 20 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange rose for a second day, recovering some of...Read More
The three-month nickel contract on the London Metal Exchange had the biggest fall on the morning of Tuesday September 28, while most other base metals moved slightly from their closing prices on Monday. Nickel was at $18,550 per tonne at 9am on Tuesday, compared with $18,946 per tonne at 5pm on Monday. Tuesday's morning intraday low of $18,450 per tonne is the lowest since September 21. Compared w...Read More
China's domestic rebar demand - and prices - picked up slightly on Tuesday September 28, with concerns over how electricity supply restrictions would affect the market appearing to die down.Domestic Eastern China (Shanghai): 5,790-5,830 yuan ($897-904) per tonne, up by 10 yuan per tonneThe construction sector appears to be spared by the power supply restrictions being implemented across many parts...Read More
Base metals prices were mainly lower across both the London Metal Exchange and the Shanghai Futures Exchange on Tuesday September 28, the exception was LME copper. Oil prices extend gains; spot Brent crude approaching $80 per barrel. US 10-year treasuries yields push through 1.5%.Base metalsThe three-month copper price on the LME was up by 0.3% at $9,376.50 per tonne and seemed buoyant this morni...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade, in-whs Rotterdam,...Read More
Serious congestion at ports across the world is unlikely to ease in the immediate future, shipping line Maersk said in a market update."Ports in Asia Pacific continue to be severely congested. With continued high yard density and weather disruptions since July, operational challenges remain in port operations," the company said.Vessels calling at major ports in Busan, Shanghai, Ningbo, Yantian and...Read More
Fastmarkets proposes to liberalize the criteria for deals to be included in the calculations for the steel scrap month-to-date deal weighted average price, cfr Turkey.Currently, Fastmarkets' steel scrap, HMS 1&2 (80:20 mix), month-to-date deal-weighted average, North Europe origin, cfr Turkey only includes deals that are classified as confirmed, which means that at least the buyer or the sell...Read More
Base metals prices were mixed on the morning of Wednesday September 29 while they consolidated against a backdrop of numerous headwinds.Uncertainty has picked up regarding how high US treasury yields and the dollar will go and what will the fallout be if China’s Evergrande starts defaulting on foreign-owned debt.China’s power rationing set to hit metal production and manufacturing, and i...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points in pre-opening trade.Dollar Tree added $0.64 to $86.92 after announcing an additional $1.05 billion share buyback program.NetApp advanced $3.19 to $95.00 after JP Morgan raised its target price from $95 to $108.HP Inc slipped $0.23 to $28.35 after JP Morgan downgraded the stock from Overweight to Neutral. Tar...Read More
(Updates number of rescued workers) Sept 28 (Reuters) - Vale SA said on Tuesday that35 of its employees who were trapped in a Canadian mine hadreturned to the surface and four more were on their way out.On Monday, the Brazilian miner said 39 mine workers had beentrapped underground since Sunday at its Totten mine in Sudbury,Canada. Vale said earlier on Tuesday it expected all employees tosurface b...Read More
Here are five Fastmarkets stories you might have missed on Monday September 27 that are worth another look.Brazil's Usiminas is halting its No2 blast furnace at Ipatinga for another 90-150 days after an incident on Friday, the flat steel producer said on Monday September 27.For aluminium market participants...Read More
For aluminium market participants globally, the global energy shortage is one of the many shortages producers of the light metal are facing.Market participants say the energy crunch, caused by a lack of incentive to produce additional supply when energy prices hit lows in 2020, will particularly be felt by producers who have large exposures to the spot energy markets, although many say that most s...Read More
Tin's futures contract fell by 3.9% on Monday September 27, and most other London Metal Exchange prices were also lower on the day, with somewhat bearish sentiment still holding in the complex.Tin's three-month price was at $35,100 per tonne on Monday at 5pm in London, decreasing from $36,539 per tonne at the same time on Friday.Amid concerns surrounding the supply of the metal given ongoing...Read More
Here are five Fastmarkets stories you might have missed on Monday September 27 that are worth another look.Brazil's Usiminas is halting its No2 blast furnace at Ipatinga for another 90-150 days after an incident on Friday, the flat steel producer said on Monday September 27.For aluminium market participants...Read More