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
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
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
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
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
Poor sentiment persisted in the European hot-rolled coil market on Tuesday September 28 due to reduced demand from automakers, sufficient distributor stocks and high import volumes in ports, sources told Fastmarkets.Spot buyers have been refraining from making new deals; they anticipate that domestic prices will continue to decrease. Buyer stocks remain sufficient, allowing them to pause purchases...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
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
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
Export prices for Chinese cold-rolled and hot-dipped galvanized steel coil edged lower over the past week, while poor demand kept trading liquidity thin.Uncompetitive prices and lingering concerns over the possible introduction of export duties continued to subdue the appeal of Chinese material."Inquires have been reduced further," a Shanghai-based trader said on Tuesday September 28."Bu...Read More
Consumers of ferrous scrap in the main Mexican markets of Monterrey and Bajio have applied a series of price cuts, effectively avoiding higher offers and extending the industry downtrend.A large steelmaker near the northeastern Monterrey city was said to have lowered prices by around 1,000 pesos ($50) per tonne, depending on the grade, several market participants said.Other buyers in both regions...Read More
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