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
Chinese buyers continued to buy pig iron imports at increasingly high prices over the past fortnight, market sources told Fastmarkets on Thursday September 23.Demand for pig iron in China has been bolstered ahead of the autumn and winter seasons, in which many Chinese mills must reduce sintering in line with pollution controls guidance from the country's Ministry of Ecology and Environment.A...Read More
Seaborne iron ore prices edged down on Thursday September 23, with concerns over demand growing due to China's steel production curbs, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $108.67 per tonne, down $0.03 per tonne62% Fe low-alumina fines, cfr Qingdao: $109.38 per tonne, down $1.27 per tonne58% Fe fines high-grade premium, cfr Qingdao: $79.54 per tonne, up $3.29 per ton...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
Coking coal prices in the cfr market retreated slightly on Thursday September 23; steel production cuts and winter production curbs led market participants to doubt the sustainability of strong seaborne cfr prices.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $600.82 per tonne, down $1.51 per tonneHard coking coal, cfr Jingtang: $550 per tonne, down $5.05 per tonnePremium hard coking...Read More
The impact of China's new "Two High" energy and emissions policy is likely to continue in the iron ore market into the first quarter of 2022, sources told Fastmarkets this week.Sentiment for the coming six months has turned increasingly bearish since the guidelines, coupled with winter production restrictions, were announced in September. New guidance on 'Two-High' projectsThe "Two-High" poli...Read More
Domestic prices for hot-rolled coil in China were largely stable on Thursday September 23, while futures retreated in response to the spread of escalated production curbs to downstream users.DomesticEastern China (Shanghai): 5,720-5,780 yuan ($886-895) per tonne, narrowing downward by 20 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange slipped to a three-week low of 5,58...Read More
China's domestic rebar prices held steady on Thursday September 23 after surging a day earlier, with demand among stockists dropping during the day. Domestic Eastern China (Shanghai): 5,800-5,840 yuan ($897-903) per tonne, unchanged Stockists held off from restocking further during the day amid losses in the futures market. They are not expecting prices to experience much upside in the near term.O...Read More
China's domestic stainless steel prices surged rose sharply over the week to Wednesday September 23 amid tight supply and steady demand.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 21,800-22,500 ($3,370-3,478) per tonne, up by 2,800 yuan per tonne from a week earlier Prices have risen to their highest since September 2011.Jiangsu province, a major stainless steel product...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday September 22.Key drivers The price of manganese found support among consumers in Europe, who were looking for available units and fearing a material shortage in China, aggravated by power cuts and environmental checks in the "manganese triangle" comprising Chongqing, Guangxi and Guizhou. The recent shortage of other minor metals tha...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...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
Australian mining and exploration company Sandfire Resources will buy Spain's Minas de Aguas Te??idas (Matsa) for $1.87 billion from Trafigura and the Mubadala Investment Co, the company said on Thursday September 23.The deal is expected to be completed in the first quarter of 2022. As part of the transaction, Trafigura will retain the life-of-mine 100% offtake agreement for copper concentrates fr...Read More
A summary of China's battery raw materials exports for August 2021, according to the latest Chinese customs data.In briefChina's cobalt metal exports rose in August to their highest so far in 2021 amid improved overseas demand among European buyers.Exports of cobalt tetroxide fell both on a month-on-month and a year-on-year...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 23 points in pre-opening trade. Investors are expected to listen closely to comments on U.S. monetary policy likely to be released by Federal Reserve chairman Jerome Powell this morning.Nike slipped $3.33 to $156.25 after reporting lower than consensus quarterly revenues.Costco added $3.23 to $456.01 after reporting h...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 22 that are worth another look.A group including Anglo American, BHP, Rio Tinto and Trafigura has called on governments to work together with the private sector to deliver the policies and investments needed...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday September 22.Please click...Read More
Copper's three-month price was steadily above $9,000 per tonne, and tin was up by 3.4% with most prices on the London Metal Exchange rebounding above their psychological levels amid dip-buying and a softer dollar on the afternoon of Wednesday September 22. Copper's closing price on Wednesday was at $9,286 per tonne, a 3.5% increase on Tuesday's price. The red metal had touched $8,810 per tonne on...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 22 that are worth another look.A group including Anglo American, BHP, Rio Tinto and Trafigura has called on governments to work together with the private sector to deliver the policies and investments needed...Read More
In China, ferro-chrome output was slow with continuing electricity outages in Inner Mongolia as well as energy-related production curbs in the southern regions.Production disruptions have resulted in many smelters' failure to fulfill their long-term contracts, a couple of whom began to look for material in the spot market, sources told Fastmarkets. "Electricity limitations in September proved to b...Read More