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
Steel billet prices in Turkey have gone down over the past week amid soft demand, market participants told Fastmarkets on Thursday September 16.The suppliers in the Commonwealth of Independent States have reduced their billet offers to Turkish customers to $620-625 per tonne cfr.But Turkish buyers were bidding only $600-605 per tonne cfr, because domestic material was available at $620 per tonne e...Read More
Steel rebar and billet buyers in Egypt are waiting for prices to fall further before placing orders, sources told Fastmarkets.Global billet and rebar prices have recently been weakening; buyers in Egypt are waiting for prices to flatten before placing orders.Fastmarkets' weekly price assessment for steel billet import, cfr main port Turkey was $610-620 per tonne on September 16, falling from $620-...Read More
German steelmaker Salzgitter has settled a contract for the supply of green steel to the Europe's largest home appliance manufacturer BSH Hausger??te, the companies announced on Thursday September 16.In September, Salzgitter's flat steel subsidiary Salzgitter Flachstahl started to supply green steel products with a 66% reduced CO2 footprint to BSH Hausger??te.The low-CO2 steel will initially be us...Read More
Turkish rebar and wire rod export prices remained largely unchanged this week due to a lack of demand, market participants told Fastmarkets on Thursday September 16.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was stable week on week at $660-670 per tonne on Thursday.The country's steelmakers have been offering the material for export...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
The Russian government is considering a near-threefold rise in the minerals extraction tax (MET) on iron ore from 2022 in order to balance the federal budget, sources told Fastmarkets on Wednesday September 15.The current MET on conditioned ores of ferrous metals in Russia is applied at 16.8%. This is calculated from a fixed base rate of 4.8% multiplied by a coefficient, which is currently 3.5, ac...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
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
Global trade flows of cobalt metal have been frozen by logistics disruptions including high freight costs and a shortage of available containers, market participants have told Fastmarkets.Cobalt metal is a highly liquid commodity, with traders moving metals on their books around the globe depending on price differentials between Asia and Europe.But in the past 2-3 months, such trade flows have bee...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 alloy...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, $/lb...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
Steelmaker Arvedi is in the process of purchasing fellow Italian stainless steel producer Acciai Speciali Terni (AST) from Thyssenkrupp, the German steelmaker said on Thursday September 16.The sale, which is subject to approval by Thyssenkrupp's supervisory board and merger control clearance, also includes associated sales organizations in Germany, Italy and Turkey. The sale is expected to be comp...Read More