The latest forecasts from Fastmarkets' team of analysts are ready to view.In the iron ore market, supply issues including heavy rains at the start of the year, followed by staffing problems during the Covid-19 pandemic, have affected exports from Brazil. This has helped Australia gain a larger market share, but since June, Brazilian export volumes have returned to levels last seen before the...Read More
Stainless steel prices continue to register new highs around the end of the first half of 2021 and steelmakers continue to enjoy outsized margins.They have responded in recent months by increasing their output, which has now pushed above pre-pandemic levels and will eventually restore balance to the market.For now, though, supply gaps are still being filled and buyers find themselves competing aga...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Recent weeks have brought two key developments with regard to trade policy on stainless steel products that will be to the detriment of consumers.In China, the country's stainless steelmakers no longer enjoy a 13% export rebate as of May 1, reducing greatly their incentive to export and instead leading them to focus on supply...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Stainless steel prices and margins for stainless steel producers have risen notably over the past few months in both Europe and the United States, but there are now signs that the rally is petering out.A clear reason for the halt to rising prices comes from the near 20% drop in nickel prices seen in late February/early March,...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.With nickel prices down by almost 20% over the space of around ten days during late February and early March, one might have been expecting us to be reporting sharply-lower prices of stainless steel, at least for the most common nickel-containing grades of stainless steel.This is not the case, at least in Europe and the Unite...Read More
The mood in the European hot-rolled coil market was downbeat in the week ended Friday September 10 due to the lower demand from the automotive sector and competitive import offers.The automotive sector in Europe was reported to be working at reduced rates because of the global shortage of semiconductor chips for onboard electronics. Consequently, market sources expected the industry to consume les...Read More
Base metals prices on the London Metal Exchange were lower across the board at 5pm on Monday September 13, after coal prices continued to trade downward and strength was seen in the US dollar.The US Dollar Index reached a high of 92.89 on Monday, the highest level seen for more than two weeks and shoring up the current weakness across the base metals complex.The three-month nickel price came under...Read More
Fourth quarter negotiations for aluminium into Main Japanese Ports (MJP) between producers and market participants have been extended for another week, with negotiations now expected to conclude on Friday September 17.This marks the second postponement for the fourth-quarter negotiations, after the first postponement to September 10 failed to reach a conclusion.Market players had already expe...Read More
China's production and sales of automobiles continued to decline on both a monthly and an annual basis in August 2021, after Covid-19 outbreaks choked the supply chain and cost pressure ramped up, the China Association of Automobile Manufacturers (CAAM) said in its monthly report published on Friday September 10.For the same month, overall car exports, output and sales figures for new energy vehic...Read More
The total amount of metal held outside the London Metal Exchange's warehouses showed an increase in July 2021 for the first time in fourth months, according to the exchange's latest report.The LME's latest off-warrant stock report showed a rise by 50,785 tonnes in July to a total of 964,610 tonnes, following declines of 338,158 tonnes in June and 140,246 tonnes in May.Copper's off-warrant stocks s...Read More
Chilean copper miner Codelco's management and the Sindicato de Uni??n Plantas (Suplant) trade union reached a new collective wage agreement on Friday September 10, which should end a strike that has lasted for three-and-a-half weeks.The Suplant union, which represents employees at the company's Andina concentrator plant, rejected the last offer that came within the standard negotiation period and...Read More
China's leading copper producer, Jiangxi Copper, will develop the Mes Aynak copper mine in Afghanistan with Metallurgical Corp of China (MCC) when conditions allow, the company said.Due to the unstable situation in Afghanistan, there has not yet been any substantial construction at the mine, but the two companies are monitoring the situation and will push forward with the project when they...Read More
China's nickel sulfate prices softened in the week to Friday September 10 amid an increase in the supply of mixed hydroxide precipitate (MHP), though strong nickel prices on both the London Metal Exchange and Shanghai Futures Exchange kept the spot market quiet.Fastmarkets assessed prices for nickel sulfate min 21%, max 22.5%; cobalt 10ppm max, exw China at 36,500-38,000 yuan ($5,663-5,896) per to...Read More
Hot-rolled coil prices in the United States reached a new record on Monday September 13, while market participants remained split regarding the direction that spot pricing will take in the immediate future.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $97.50 per hundredweight ($1,950 per short ton) on Monday, up by 0.69% from $96.83 per cwt on Friday September 10 an...Read More
Carbon steel plate prices in the United States remained at an all-time high on Friday September 10, and market chatter suggests the current lull in market activity is widespread but temporary.Fastmarkets' weekly assessment for steel cut-to-length plate carbon grade, fob mill US was at $87 per hundredweight ($1,740 per short ton) on Friday, unchanged since August 27.Fob mill assessments ranged from...Read More
Prices in the Commonwealth of Independent States export slab market declined during the week to Monday September 13 due to bookings made at lower levels.Mills cut prices to attract customers, while the latter showed modest interest in imported material on expectations that prices will decrease further in the coming weeks.Weaker finished flat steel prices, both in the CIS region as well as in the m...Read More
Turkish deep-sea scrap import prices fell sharply on the news of a fresh booking for October shipment, market participants told Fastmarkets on Monday September 13.A steel mill in the Marmara region booked a US cargo, comprising 32,000 tonnes of HMS 1&2 (80:20) at $436 per tonne and 8,000 tonnes of shredded at $451.50 per tonne cfr late on Friday September 10.Earlier on Friday, a booking from the B...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points in pre-opening trade.WTI crude oil added $0.42 to $70.14 per barrel after Tropical Storm Nicholas entered oil producing areas in the Gulf of Mexico.Amazon slipped $15.01 to $3469.15 despite a target price increase by Goldman Sachs to $4200Apple added $0.98 to $149.95 prior to expected launch of its iPhone 13...Read More
Here are five Fastmarkets stories you might have missed on Friday September 10 that are worth another look.The International Rebar Producers & Exporters Association (Irepas) continues to believe that prospects for the global long steel-products market remain satisfactory for the rest of 2021.Secondary aluminium ingot prices in...Read More
Here are five Fastmarkets stories you might have missed on Friday September 10 that are worth another look.The International Rebar Producers & Exporters Association (Irepas) continues to believe that prospects for the global long steel-products market remain satisfactory for the rest of 2021.Secondary aluminium ingot prices in...Read More