Spot interest for Southeast Asian zinc ingot weakened in the week ended Tuesday September 7, while tight supply kept premiums in the United States and Europe elevated.The three-month price of zinc on the London Metal Exchange reached $3,058 per tonne, its highest price since early August.The Southeast Asian zinc premium retreated, with demand hit by Covid-19-led restrictions and high pricesThere w...Read More
China's import appetite for copper cathode dropped sharply following the closure of the arbitrage window between London and Shanghai, pulling premiums lower during the week to Tuesday September 7, while those in other regions were little moved.Shanghai premiums down from highs amid closed arbitrageFastmarkets assessed the benchmark copper grade A cathode premium, cif Shanghai at $75-90 p...Read More
The European Union is suggesting the US impose tariff-rate quotas on steel and aluminium imports in a bid to reach an agreement with the US on exempting the EU from its Section 232 measures, sources told Fastmarkets on Tuesday September 7.The US and EU are widely expected to reach an agreement by November 1 on an exemption from Section 232 for European steel and aluminium.The then-p...Read More
Base metals prices were mixed on the London Metal Exchange during morning trading on Wednesday September 8, with nickel leading the complex, up by 1.7%.The three-month nickel price rose to $19,380 per tonne at 9am on Wednesday, up from $19,506 per tonne at Tuesday's 5pm close. Some 1,650 tonnes of nickel were removed from LME warehouses overnight - mostly from warehouses in Kaohsing in Taiwan, Joh...Read More
Base metals prices on the London Metal Exchange and the Shanghai Futures Exchange were mixed on the morning of Wednesday September 8. Aluminium, nickel and zinc prices on the LME were holding up well, while copper, tin and lead look more vulnerable. Federal Open Market Committee member James Bullard said the Federal Reserve should start tapering, which has lifted US treasury yields and the dollar...Read More
Hot-rolled coil prices in the United States have consolidated around the $97-per-hundredweight ($1,940-per-short-ton) level, with some buyers choosing to meet their supply needs using imported material rather than pay the steep domestic prices.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $96.90 per cwt ($1,938 per ton) on Wednesday September 8, down by 9 cents (0.0...Read More
Domestic prices for hot-rolled coil were fairly stable across Europe on Wednesday September 8, with both buyers and sellers following a "wait-and-see" strategy, sources told Fastmarkets.Buyers have been avoiding purchases, anticipating domestic prices for coil to drop under pressure from competitive imports, lower demand from spot buyers and additional volumes that could become available for...Read More
Brazilian automotive production fell by 21.90% in August 2021 compared with the corresponding month last year due to partial or complete stoppages across the country because of the global semiconductor chip shortage, national manufacturers' association Anfavea said on Wednesday September 8.Output amounted to 164,027 units during August, down from 210,009 units a year before and the worst August nu...Read More
The price of steel H-beams in the European domestic market was unchanged in the week to Wednesday September 8 despite reduced buying interest, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe was ?,?1,050-1,080 ($1,245-1,281) per tonne on Wednesday, unchanged week on week.While sellers were comfortably booked for September, they con...Read More
The price of steel hollow sections in the European domestic market was unchanged amid slow trading in the week to Wednesday September 8, sources told Fastmarkets.Fastmarkets' price assessment for steel sections (medium) domestic delivered Northern Europe was ?,?1,400-1,430 ($1,660-1,696) per tonne on Wednesday, unchanged week on week. ...Read More
Steel rebar prices in Northern Europe were stable to slightly weaker over the past seven days, due to slow buying activity and the availability of cheaper imports, sources told Fastmarkets on Wednesday September 8.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, delivered Northern Europe was ?,?870-900 ($1,032-1,067) per tonne on Wednesday, widening down by ?,?10 pe...Read More
Domestic steel wire rod prices in Southern Europe slipped down in the week to Wednesday September 8, with buyers holding back from making deals, citing the availability of cheaper imports availability, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel wire rod (mesh quality) domestic, delivered southern Europe was ?,?820-845 ($973-1,002) per tonne on Wednesday, down by ?,?5-1...Read More
Domestic cut and shredded scrap prices in the export-dependent regions of the United States' ferrous scrap market could face further drops in October, pressured by an ongoing decline in US export markets.Plunging prices for US deep-sea cargo exports to Turkey, caused by weakening demand, are reportedly dictating the direction of prices in export-influenced domestic markets, such as Philadelph...Read More
The stainless steel scrap market in the United States seems to have cooled off slightly over this past week because demand for September was slightly weaker, but the bellwether Type 304 stainless solids price continued to increase."It feels like some of the processors are holding back on prices. It seems like there is one buyer every week chasing units [of 304 stainless scrap] and paying higher th...Read More
Turkish steelmakers went quiet in the deep-sea ferrous scrap markets once again after booking a number of cargoes for October shipment earlier this week, market participants said on Wednesday September 8.Three steel producers did book four deep-sea cargoes from various locations on Tuesday September 7. But weak demand for Turkish long steel products in the export markets has been keeping Turk...Read More
Selling prices for Japanese steel scrap remain more attractive in the Japanese local market than exporting overseas, despite a fresh price cut by Tokyo Steel, sources told Fastmarkets on Wednesday September 8.Tokyo Steel reduces scrap buy prices at key millTaiwan pays higher prices for containerized scrap amid rising logistics costs and lack of vesselsWide gaps between bids and offers persists in...Read More
The price of premium hard coking coal fob jumped on Wednesday September 8 with news of a fresh offer, while sources heard part of the tender result of Russian company Mechel.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $460.63 per tonne, up $2.82 per tonneHard coking coal, cfr Jingtang: $433.94 per tonne, up $2.52 per tonnePremium hard coking coal, fob DBCT: $300.87 per tonne, up $17...Read More
Seaborne iron ore prices decreased on Wednesday September 8 due to limited liquidity in the physical market, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $132.19 per tonne, down by $5.78 per tonne62% Fe low-alumina fines, cfr Qingdao: $133.29 per tonne, down by $4.81 per tonne58% Fe fines high-grade premium, cfr Qingdao: $106.66 per tonne, down by $4.03 per tonne...Read More
Domestic hot-rolled coil prices in China edged lower on Wednesday September 8; demand has not yet shown a significant improvement despite the advent of peak season.DomesticEastern China (Shanghai): 5,750-5,820 yuan ($890-901) per tonne, down by 30-50 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange climbed up after touching an intraday low of 5,674 yuan per tonne in over...Read More
The latest analysis from recent activity on the CME Group's cobalt metal futures contract, cash-settled against Fastmarkets' price assessment for cobalt, standard grade, in-whs Rotterdam.Key tradesJuly 22, 2021: 5 tonnes for August 2021 at $25 per lbJuly 23: 5 tonnes for September 2021 at $25.20 per lbJuly 28: 176 tonnes (88 tonnes for August at $25.04 per lb; 88 tonnes for December at $25.40 per...Read More