The Turkish steel mills have continued to book deep-sea scrap this week, with prices remaining little changed, sources said on Monday March 11.A steel mill in the Izmir region booked a UK cargo on Monday, comprising 25,000 tonnes of HMS 1&2 (80:20) at $320 per tonne cfr.As a result of...Read More
Scrap prices in Turkey's domestic market have shown mixed dynamics over the past week, sources told Fastmarkets on Monday March 11.Fastmarkets' weekly price assessment for domestic auto bundle (DKP-grade) scrap in Turkey was TRY1,700-1,820 ($312-334) per tonne delivered on Monday, narrowing upward from the TRY1,650-1,820 per tonne of last week.The slight change in the assessment came after a numbe...Read More
Iron ore prices continued to fall on Monday March 11, with buyers cautious amid retreats in the futures and swaps markets.MB 62% Fe Iron Ore Index: $83.79 per tonne cfr Qingdao, down $1.98 per tonne. MB 62% Fe Pilbara Blend Fines Index: $83.19 per tonne cfr Qingdao, down $1.98 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $85.66 per tonne cfr Qingdao, down $2.59 per tonne. MB 58% Fe Premium Ind...Read More
The CIS export billet market was rather quiet in the week ended Monday March 11. Producers preferred to stay back from the market and assess the situation, indicating offers within the range of $460-465 per tonne fob Black Sea.Meanwhile, customers showed little interest in imported billet because they considered the offer prices to be too high, and could not relay those costs to buyers of finished...Read More
China's domestic rebar prices were largely flat on Monday March 11 amid thin trading, with news of the Chinese government working on legislation related to a property tax having a dampening effect on sentiment in the market.Domestic Eastern China (Shanghai): 3,790-3,810 yuan ($564-567) per tonne, narrowing upward by 10 yuan per tonneNorthern China (Beijing): 3,750-3,800 yuan per tonne, unchangedA...Read More
Import prices for steel slab in Southeast Asia and East Asia increased during the past week on higher offers and bids, although trading remained sluggish due to the persistent bid-offer mismatch.Fastmarkets' weekly import price assessment for slab imports to Southeast Asia and East Asia was at $475-495 per tonne cfr on Monday March 11, up $15 per tonne from a week earlier.One cargo from the Common...Read More
Chrome prices were rising in China in the week ended Friday March 8 due to expectations of higher alloy tender prices for April and lingering concerns about power supplies. UG2 price jumps by $11 per tonne Turkish lumpy chrome ore price stirs Imported and domestic ferro-chrome prices rise in China Alloy prices rise in Japan, South Korea and Europe Alloy prices weaken in US.Chrome ore and ferro-chr...Read More
The Chinese domestic ferro-silicon price rebounded last week on short covering due to market worries about a fall in supply the week before, while the European price fell by ?,?10 ($11) per tonne after a recent tender for second-quarter delivery was settled below the spot market price. China market jumps more than 5%Supply worries grip the marketEurope price drops after Q2 settlementUS market drop...Read More
Strong demand for vanadium as a result of China's revised rebar standard is likely to boost vanadium price momentum again this year, industry speakers said at Fastmarkets' Asian Ferro-Alloys conference in Hong Kong taking place on March 10-11. Global vanadium production is estimated to reach 103,564 tonnes in 2019, up 14% from 90,500 tonnes in 2018, Mark Smith, chief executive officer of Largo Res...Read More
Import prices for steel slab in Southeast Asia and East Asia increased during the past week on higher offers and bids, although trading remained sluggish due to the persistent bid-offer mismatch.Fastmarkets' weekly import price assessment for slab imports to Southeast Asia and East Asia was at $475-495 per tonne cfr on Monday March 11, up $15 per tonne from a week earlier.One cargo from the Common...Read More
Chrome prices were rising in China in the week ended Friday March 8 due to expectations of higher alloy tender prices for April and lingering concerns about power supplies. UG2 price jumps by $11 per tonne Turkish lumpy chrome ore price stirs Imported and domestic ferro-chrome prices rise in China Alloy prices rise in Japan, South Korea and Europe Alloy prices weaken in US.Chrome ore and ferro-chr...Read More
The Chinese domestic ferro-silicon price rebounded last week on short covering due to market worries about a fall in supply the week before, while the European price fell by ?,?10 ($11) per tonne after a recent tender for second-quarter delivery was settled below the spot market price. China market jumps more than 5%Supply worries grip the marketEurope price drops after Q2 settlementUS market drop...Read More
The export market for flat steel exports from the Commonwealth of Independent States (CIS) has softened on lower bids from the key outlets, sources told Fastmarkets on Monday March 11.Fastmarkets' weekly price assessment for CIS-origin exports of hot-rolled coil (HRC) was $500-525 per tonne fob Black Sea on March 11, decreasing from $520-530 per tonne fob a week before."Turkish buyers are facing p...Read More
Shrinking demand from the downstream steel sector and the looming expansion of ferro-niobium capacity are likely to be headwinds to Chinese vanadium consumption, Morgan Wu, managing director of Chinese vanadium supplier Hangten Asia, said.A reduction in infrastructure spending in China in 2019 is likely to cause the vanadium market to slow, Wu said during a panel discussion at Fastmarkets' Asian F...Read More
Here are five Fastmarkets MB stories you might have missed on Monday March 11 that are worth another look.The London Metal Exchange and Fastmarkets launched three new cash-settled derivative contracts on Monday March 11 to provide effective risk management tools for the aluminium, alumina and cobalt markets. The LME is at the heart of yet another warehousing conundrum, with pressure mounting...Read More
The London Metal Exchange is at the heart of yet another warehousing conundrum, with pressure mounting for a ruling on why the linked load-in/load-out (LILO) rule was not activated at end of January despite a large queue of Glencore-owned aluminium appearing at Istim's warehouses in Malaysia.Glencore has lodged an official complaint to the LME to revert the situation and activate LILO as of Januar...Read More
Copper and zinc bucked the complex's downtrend to finish up 0.2% and 0.9% respectively at close of trade on Monday March 11. All other base metals traded on the London Metal Exchange consolidated down, failing to be buoyed by positive US retail data, choosing instead to follow the downward trajectory of weakening EU economies.Zinc or swim Zinc edges ever closer to the psychological $2,800 per tonn...Read More
Fastmarkets will host a free web seminar on Monday April 8 at 9.30am London time to introduce the new Fastmarkets-settled London Metal Exchange cash-settled cobalt contract. Learn how Fastmarkets assesses the cobalt market and how you can manage your risk with the new LME cash-settled contract. Click here to register for the webinar. Date Monday April 8, 2019 Time 9.30am London time Join us and th...Read More
The Comex copper price saw a modest increase in morning trading on Monday March 11 with the market remaining mainly rangebound until further news on the US-China trade talks is revealed. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 0.70 cents to $2.9005 per lb. "While the rally in copper prices since the start of the year is driven by stronge...Read More
Copper and zinc bucked the complex's downtrend to finish up 0.2% and 0.9% respectively at close of trade on Monday March 11. All other base metals traded on the London Metal Exchange consolidated down, failing to be buoyed by positive US retail data, choosing instead to follow the downward trajectory of weakening EU economies.Zinc or swim Zinc edges ever closer to the psychological $2,800 per tonn...Read More