Turkish export rebar and wire rod prices have soared in the first week of February following the surge in import scrap costs in the country.The price for imported scrap increased on tight supply, low stocks and high collection costs because of the winter weather.The Fastmarkets MB daily ferrous scrap HMS 1&2 (80:20) index for material in North...Read More
Steel billet export prices from Iran continued to climb in the first week of February supported by an uptrend in the global market after a sharp rise in raw materials prices.Fastmarkets' weekly price assessment for Iranian billet exports was $370 per tonne fob on Wednesday February 6, against $360-370 per tonne fob last week.Iranian billet producers and traders selling material to f...Read More
Turkish steel billet prices have shown a notable increase in the first week of February, supported by customers in both the domestic and export markets, Fastmarkets heard on Thursday February 7.Scrap prices have increased with Turkish buyers replenishing their stocks after thin buying in recent months, and because of the higher collection costs resulting from the winter weather.Fastmarkets' daily...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 7 that are worth another look.A group of lawmakers in the United States introduced legislation that would require the US Department of Defense to justify the national security basis for new tariffs under Section 232 and increase congressional oversight of that process. Producer Norsk Hydro's underlying operat...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday February 6 that are worth another look.Brazilian miner Vale has declared force majeure on a number of iron ore and pellet contracts with customers following the halt of its Brucutu mine in the state of Minas Gerais, the company said on Tuesday February 5. Ghana Manganese has been ordered to cease operations by Ghana'...Read More
Base metals prices on the London Metal Exchange were collectively lower at the close of trading on Thursday February 7, with low volumes and limited buying interest due to the Lunar New Year public holiday in China, while the strength of the US dollar deterred investment.Aluminium futures continued to trade against positive fundamentals in the day's trading, falling below the support level of $1,9...Read More
Comex copper prices rallied for the third straight session on Thursday February 7 with the market growing more optimistic on the red metal's prospects through the first quarter. The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.05 cents to $2.8470 per lb. Market activity remains stunted with Chinese participants sidelined due to the Lunar New...Read More
Seaborne iron ore prices remained flat on Thursday February 7 on continued muted trading amid a week-long public holiday in China. MB 62% Fe Iron Ore Index: $85.53 per tonne cfr Qingdao, unchanged. MB 62% Fe Pilbara Blend Fines Index: $86.37 per tonne cfr Qingdao, unchanged. MB 62% Fe Iron Ore Index-Low Alumina: $87.32 per tonne cfr Qingdao, unchanged. MB 58% Fe Premium Index: $78.74 per tonne cfr...Read More
The daily indices of prices for Turkish deep-sea scrap imports went down by $1 per tonne on Thursday February 7 after another cargo was booked from the United States, sources have told Fastmarkets.The recent trend remains positive, however, after a $9 per tonne jump earlier in the week, boosted by strong sales of billet and rebar in Turkey.In the latest deal, a steel mill in the Samsun region book...Read More
Comex copper prices rallied for the third straight session on Thursday February 7 with the market growing more optimistic on the red metal's prospects through the first quarter. The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.05 cents to $2.8470 per lb. Market activity remains stunted with Chinese participants sidelined due to the Lunar New...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 7 that are worth another look.A group of lawmakers in the United States introduced legislation that would require the US Department of Defense to justify the national security basis for new tariffs under Section 232 and increase congressional oversight of that process. Producer Norsk Hydro's underlying operat...Read More
Fastmarkets is proposing to amend its weekly London Metal Exchange warrant premiums coverage across the entire base metals asset class. As part of the proposal, Fastmarkets intends to move the publication date for its LME warrant premiums to Wednesday 3-4pm London time from Tuesdays 3-4pm currently. In addition, Fastmarkets proposes to publish a new LME warrant premiums table separate from the mai...Read More
Producer Norsk Hydro's underlying operating profit dropped almost 85% in the fourth quarter due to the effects of its production curtailment at its Brazilian alumina refinery, Alunorte. In its biggest quarterly loss since 2015, the company's underlying earnings before financial items and tax (Ebit) decreased to NOK 534 million ($62.32 million) in the fourth quarter, down from NOK 3,555 million ($4...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Thursday February 7, with nickel, zinc and lead futures continuing their broad correction amid a strong US dollar index and dwindling risk appetite. In addition, more than 50,000 tonnes of aluminium was booked for removal from LME-listed warehouses in Port Klang as part of a continued trend of cancelations...Read More
Import prices for stainless steel in East Asia continued to edge up over the past week, with mills raising their offers further amid costlier nickel, although trading activity was still thin due to the Lunar New Year holidays.Fastmarkets MB's weekly import price assessment for 304 stainless 2mm trimmed cold-rolled coil in East Asia was $1,940-2,030 per tonne cif on Thursday February 7, up $20 per...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday February 6 that are worth another look.Brazilian miner Vale has declared force majeure on a number of iron ore and pellet contracts with customers following the halt of its Brucutu mine in the state of Minas Gerais, the company said on Tuesday February 5. Ghana Manganese has been ordered to cease operations by Ghana'...Read More
Apparent steel consumption in Brazil is expected to grow by 3.50-4.50% during 2019, ArcelorMittal said in its earnings report for the fourth quarter of 2018, published on Thursday February 7. This rate compared with a 7.30% increase reported in 2018.The company, which is the largest steelmaker in the world, believes that the country's automotive and machinery industries will show slower growth dur...Read More
Domestic prices for cold-rolled coil (CRC) in Europe have been stable over the past week, sources told Fastmarkets.Prices are expected to increase later this month following the rise in official offers, market participants said.Some European steelmakers, including ArcelorMittal, increased their official offers which pushed offers for flat steel products up by ?,?30 ($34) per tonne at the...Read More
Global steelmaker ArcelorMittal reported an 8.9% year-on-year decrease in its worldwide earnings in the fourth quarter of 2018 on Thursday February 7.The company's quarterly earnings before interest, taxes, depreciation and amortization (Ebitda) dropped to $1.95 billion in October-December 2018, down from $2.14 billion in the corresponding period of 2017. The decrease was driven by reduced shipmen...Read More
Steel billet import prices in Egypt increased this week with deals being agreed at higher levels, sources told Fastmarkets on Thursday February 7.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $460-470 per tonne cfr on Thursday, rising from $450-455 per tonne cfr last week.Billet producers in the CIS were offering material to Egypt at $470-480 per tonne cfr. This com...Read More