London Metal Exchange base-metals prices were mostly lower at the 5pm close of trading on Thursday September 16, with a rise in the US dollar and the intended release of more metal from China's reserves weighing on the complex.The US Dollar Index reached its highest on Thursday since August 27, with an intraday high of 92.97. The index was well bid, with investors expecting a hawkish view from the...Read More
Brazilian aluminium producer Companhia Brasileira de Alum?-nio (CBA) has decided to join a federal government initiative to reduce power demand in the country, the company said on Thursday September 16.Adhering to this program will not affect production, however, CBA said. It will adjust consumption hours during the day to a schedule yet to be defined by the country's national electric system oper...Read More
Austria Metall AG (AMAG) has committed to carbon neutrality by 2040 and has called for politicians to create a framework for the stable supply of green energy at competitive prices in good time.The company laid out its strategy to achieve net-zero carbon emissions, which will focus on increased recycling, energy efficiency and the replacement of fossil fuels.Like its peers in the metals and mining...Read More
Service Center Metals (SCM) will invest $101.7 million on the largest expansion in its almost 20-year history, the Richmond, Virginia-based aluminium extrusion maker said on Tuesday September 14.The state of Virginia additionally will contribute $1.25 million in grants for SCM's expansion in Prince George County, a company spokesperson confirmed to Fastmarkets.The company will construct an alumini...Read More
Domestic prices for steel wire rod in Italy have widened downward over the past seven days amid sluggish buying, a decline in scrap prices and the availability of cheap imports, Fastmarkets heard on Wednesday September 15.Fastmarkets' weekly price assessment for steel wire rod (mesh quality), domestic, delivered southern Europe, was ?,?800-845 ($945-998) per tonne on Wednesday, widening downward b...Read More
Increasing steel production rates in Japan are making Japanese yards increasingly reluctant to offer cargoes to China, market sources told Fastmarkets this week. Better margins to be found in Japan's domestic marketTaiwan continues to chase containerized cargoesContainer scrap offers to Bangladesh fall amid sluggish demandChinaA slowdown in downstream demand has continued to weight on spot demand...Read More
The hard coking coal cfr price rose on Thursday September 16 after Wednesday's surge in the premium hard coking coal cfr price, while offer prices for US-origin coking coal rose further, with market participants in China reluctant to procure material.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $560.76 per tonne, up $0.76 per tonneHard coking coal, cfr Jingtang: $486.93 per tonne, up...Read More
Seaborne iron ore prices continued to fall on Thursday September 16 amid sustained demand weakness, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $107.21 per tonne, down $9.44 per tonne62% Fe low-alumina fines, cfr Qingdao: $108.16 per tonne, down $9.64 per tonne58% Fe fines high-grade premium, cfr Qingdao: $79.65 per tonne, down $8.88 per tonne65% Fe...Read More
Australian miner Whitehaven Coal's Vickery Extension Project has been approved by the federal government, it said on Thursday September 16.The project comprises an open-cut coal mine and other infrastructure about 25km north of Gunnedah town in New South Wales. It will produce mainly coking coal for steelmaking, with the rest being high-quality thermal coal for export.The mine...Read More
Domestic hot-rolled coil prices in China rose on Thursday September 16, with the latest industry data pointing to continued declines in both output and inventories.DomesticEastern China (Shanghai): 5,780-5,830 yuan ($897-904) per tonne, up by 50-70 yuan per tonneThe China Iron and Steel Association (Cisa) said on Thursday morning that daily output of crude steel from its member mills averaged 2.04...Read More
Sales of passenger cars in the European Union recorded double-digit falls in both July and August 2021, the European Automotive Manufacturers Association (ACEA) said on Thursday September 16.The decrease followed a continuous rise in car registrations in March-June 2021.Car registrations in the EU decreased by 23.20% year on year to 823,949 units in July 2021 and by 19.05% year on year to 622,993...Read More
Iran posted a notable fall in steel product output in the first five months of the current Persian year (March 21-August 22, 2021), compared with the same period last year according to the Iranian Steel Producers Association (ISPA).Local producers made 10.8 million tonnes of semi-finished products over the period, down 12% year on year, ISPA data shows.The decline in production came as steel mills...Read More
China's Yunnan province might reconsider its energy consumption curbs, it stated in a notice on Saturday September 11.In a notice that was issued by the Yunnan provincial Development and Reform Commission and seen by Fastmarkets, the province highlighted the operational curbs of a few industries with high energy consumption.The province stepped up restrictions of both ferrous and non-ferrous indus...Read More
Turkish steel mills withdrew from the deep-sea scrap markets after booking several cargoes for October shipment, sources told Fastmarkets on Thursday September 16.Turkish steelmakers have booked at least five deep-sea cargoes so far in the reported week from the United States, Canada and Baltic Sea. Market participants generally agree that most steelmakers in the country have replenished their sto...Read More
Tata Steel will adopt hydrogen technology at its steelworks at IJmuiden in the Netherlands as part of its sustainability process, the company announced on Wednesday September 15.The company already has a goal for the works to reduce its CO2 emissions by 5 million tonnes per year by 2030, and it has been exploring technological options to achieve this, including the capture and storage of CO2 or a...Read More
Open Mineral has raised $33 million in a series C investment round that saw Mubadala Investment Co, Statkraft and Lingfeng Capital take stakes in the company.Founded in 2017 by former Glencore asset managers Boris Eykher and Ilya Chernilovskiy, Switzerland-based Open Mineral aims to apply digital tools and transparency to the world of metal concentrates trading.Having started with an online platfo...Read More
Trading activity remained slow in the European hot-rolled coil market on Thursday September 16 because buyers held back from deals while they wait for a clearer price trend, sources told Fastmarkets.Buyers are waiting for the new quota period, which will start on October 1. Market sources said that large volumes of steel products are sitting in European Union ports awaiting customs clearance at th...Read More
Chilean state-owned copper producer Codelco has signed a labor agreement to last until 2024 with the No6 Benito Tapia Tapia trade union, which represents workers at its Salvador division, the company said on Wednesday September 15.The new agreement will be valid for 36 months. According to Codelco, 61% of the union's members voted in favor of taking no wage rise but having a settlement bonus of 4,...Read More
Domestic rebar prices in China recovered from two days of decreases on Thursday September 16 on a pick-up in demand with improved weather. DomesticEastern China (Shanghai): 5,580-5,620 yuan ($867-873) per tonne, up by 100 yuan per tonneWith Typhoon Chanthu moving away from China after landing in Zhejiang province late last week, the weather in most parts of the...Read More
Deliveries of stainless steel in China have been disrupted by an outbreak of Covid-19 in the major production hub of Fujian, but the resultant tightened supply failed to support stainless steel prices in the week ended Wednesday September 15.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 19,000-19,700 ($2,949-3,057) per tonne, down by 300-500 yuan per tonne from a week ear...Read More