Most flat steel prices decreased in Turkey during the week to Friday September 24, with demand weak because buyers wanted to see prices hit a market bottom, sources told Fastmarkets.In addition to the falling prices, low demand from the automotive sector because of the semiconductor chip shortage also affected buying in Turkey. Several carmakers in the country were undergoing temporary shutdowns d...Read More
Spot prices for hot-rolled coil in China dropped on Friday September 24 after futures prices fell for a second day on growing demand concerns, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,680-5,720 yuan ($879-885) per tonne, down by 40-60 yuan per tonneNorthern China (Tangshan) weekly assessment: 5,670-5,740 yuan per tonne, widening downward by 30 yuan per tonneThe most-t...Read More
Demand for steel, especially for flat products, in China could be hit by power supply constraints caused by the drive to reduce energy consumption and sustained coal shortages.Concerns among steel market participants have increased after reports by a major local information provider suggesting that some pipe mills in Hebei province's Tangshan and Tianjin have been required to suspend operations fo...Read More
Domestic prices for hot-rolled coil dropped in Northern Europe and Italy on Friday September 24 on limited trading, sources told Fastmarkets.Buyers have mostly been taking a "wait-and-see" strategy in anticipation of further price falls. In addition, market participants said most buyers already have sufficient stocks to last until the end of the year.Lower demand for steel from the automotive indu...Read More
Prices moved up in several major Asian import scrap markets in the week to Friday September 24, reflecting moves to replenish stocks at mills in Taiwan and Vietnam as well as fresh domestic scrap price increases in Japan.Turkey stays largely quiet following last week's bookingsUS exporters struggle to source shredded materialVietnam returns for Japan-origin scrap amid demand uptickChina import scr...Read More
The market for pig iron exports from the south of Brazil has softened because demand has been reported only in China in the week to Friday September 24.Fastmarkets' price assessment of pig iron, export, fob port of Vitoria/Rio, Brazil was $480 per tonne on Friday compared with $480-500 per tonne a week earlier.A cargo of pig iron...Read More
Indian steel mills kept their prices for domestic cold-rolled coil and galvanized coil steady in the week to Friday September 24, even with traders selling such downstream flat steel products at significant discounts in the local markets, Fastmarkets has learnt.The price of steel hot-dipped galvanized coil, domestic, ex-whse India, was assessed at 80,500-81,500 rupees ($1,091-1,104) per tonne on F...Read More
September has been a very eventful month so far for the Chinese silico-manganese and ferro-silicon markets. In the first three weeks, the futures prices for both products kept rising to new heights against market expectations.Market participants have grown antsy in the absence of any indication of a slowdown in this upward momentum. They believe the unprecedented price rally has gone far beyond ma...Read More
Aluminium scrap prices in the United States nudged higher week on week amid healthy domestic and overseas demand and a continued upward trend in futures prices on the London Metal Exchange. Solid demand in the non-automotive side of the sector, such as consumer products, has helped to mitigate some of the impact from sluggish volumes into automotive suppliers, who continue to face disruptions driv...Read More
Key data from Fastmarkets' pricing sessions in Europe, China and the United States on Friday September 24.China The ferro-silicon price in China became very bullish following the news that Fugu, a ferro-silicon production hub in Shaanxi province, issued instructions for broad cuts in the production of ferroalloys, magnesium and semi-coke starting from September 19, to meet the dual control targets...Read More
Bangladesh has returned to the deep-sea import market with another deal over the past week, market sources told Fastmarkets on Thursday September 23.Bangladeshi mill returns to buy bulk cargoes, sources sayChina's scrap import volumes dropped by over 50% in AugustTaiwanese buyers continue purchasing at higher prices after electricity rationing endsBangladeshAt least one deal for United States-orig...Read More
Major zinc and lead smelters across China received orders from provincial governments on Wednesday September 22 to lower their power consumption, sources told Fastmarkets. One major zinc smelter source in Guangxi was informed by the government to cut their electricity by 20%.'We are not told when power consumption could resume [to] normal at all. Some peers were even instructed to halve electricit...Read More
A summary of China's ores and alloys imports for August 2021In brief Chrome ore imports climbed following an uptick in buying appetite primarily from buyers in the south following the continued ferro-chrome price rally throughout June and July. August imports of ferro-chrome dropped with reduced inflow of cargoes from...Read More
Major zinc and lead smelters across China received orders from provincial governments on Wednesday September 22 to lower their power consumption, sources told Fastmarkets. One major zinc smelter source in Guangxi was informed by the government to cut their electricity by 20%.'We are not told when power consumption could resume [to] normal at all. Some peers were even instructed to halve electricit...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 23 that are worth another look.General Motors will double production in two of its Brazilian plants by introducing a second work shift, despite an ongoing global semiconductor chip shortage, the United States-based company's local branch said on Wednesday...Read More
Peruvian miner Buenaventura's Uchucchacua zinc, lead and silver mine in the center of the country has been put under blockade by members of the local community, halting all mining and logistics activity at the site.Access to the mine has been blocked by members of the Oy??n province community since September 13, with only essential operations still being carried out, Buenaventura said on Wednesday...Read More
Prices for ferrous scrap into Turkey were steady on Thursday September 23, with mills remaining absent from the deep-sea scrap market and making no purchases for a fourth day, market participants told Fastmarkets.Sources were in agreement that the market was nearly silent throughout the week and that prices were unchanged.The stability was supported by equally flat finished-steel prices during the...Read More
Fastmarkets proposes to amend the publishing time of the weekly India HMS assessment on Friday, from 4:30pm London time to 4:00pm London time, to align better with the publishing time of the India and Pakistan ferrous scrap indices.The shredded indices for India and Pakistan are both published at 4pm London time on a Friday, and the India HMS assessment will be brought in line with this, to offer...Read More
Base metals prices on the London Metal Exchange were largely up on Thursday September 23; the market continued to cautiously anticipate the outcome for Chinese real estate giant Evergrande while the debt deadline edges closer. "Equity markets have made a steady start so far on Thursday," James Moore, analyst at Fastmarkets said, "even after the United States Federal Reserve signaled that it will s...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 23 that are worth another look.General Motors will double production in two of its Brazilian plants by introducing a second work shift, despite an ongoing global semiconductor chip shortage, the United States-based company's local branch said on Wednesday...Read More