Greece's state-owned ferro-nickel company Larco is to cut production by 20% as part of an agreement with the country's government to pay down debts and stay in operation. George Stathakis, Greece's Minister of the Environment and Energy, told Fastmarkets that the deal, reached this week, will also see Larco pay four million euros per month to the Public Power Company (PPC) for electricity consumpt...Read More
Steel producers in Egypt will benefit from higher steel demand and low rates of imports in 2019, George Matta, chief marketing officer of Ezz Steel, said at Fastmarkets' North Africa Steel Summit in Dubai in December.Egypt is the largest steel-consuming country in the North Africa region and, in the long term, the share of its steel consumption that is supplied by imported steel products may start...Read More
Prices for hollow steel sections in Europe remained flat on Wednesday January 9 while market participants digested the news about a revised import quota regime for the region.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe remained at ?,?635-650 ($727-744) per tonne delivered on Wednesday.Less than 5,000 tonnes remains to be allo...Read More
Domestic prices for steel beams in Europe remained unchanged again on Wednesday January 9, with the market slow to return to trading after the New Year break, sources told Fastmarkets.Fastmarkets MB's weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe was unchanged at ?,?620-645 ($710-739) per tonne on January 9.In December, mills had been pu...Read More
The price for rebar produced and delivered in Southern Europe remained stable on Wednesday January 9, with buyers still deterred from purchasing any material for now.The European Commission's recent import quota proposal has not yet convinced buyers that now is time to commit to volumes.Fastmarkets MB's weekly price assessment for domestic rebar in Southern Europe remained at ?,?520-540 ($595-618)...Read More
European prices for mesh-quality wire rod stayed flat across the continent on Wednesday January 9, with continuing doubts over imports even after the European Commission issued a proposal for its 2019 quotas late last week.Fastmarkets MB's weekly domestic price assessments for mesh-quality wire rod in both Southern and Northern Europe stayed at ?,?540-560 ($618-641) per tonne delivered on Wednesda...Read More
The price for rebar produced and delivered in Northern Europe stayed flat on Wednesday January 9, although the European Commission's recent proposal for 2019 steel import tariffs has removed some of the uncertainty in the market. Fastmarkets MB's weekly price assessment for domestic rebar in Northern Europe remained at $540-560 ($618-641) per tonne delivered on Wednesday, with no new deals reporte...Read More
Turkish steel mills were absent from the deep-sea market on Wednesday January 9, with no bookings recorded and no change in prices, sources told Fastmarkets. On January 8, three steel producers booked four deep-sea cargoes from the United States and Europe at steady prices and then started to watch the finished steel markets.A long steel producer in Izmir was said to be selling 50,000 tonnes...Read More
Physical iron ore markets weakened on Wednesday January 9 following downward corrections in futures and steel prices.MB 62% Fe Iron Ore Index: $73.90 per tonne cfr Qingdao, down $0.56 per tonne. MB 62% Fe Pilbara Blend Fines Index: $74.04 per tonne cfr Qingdao, down $0.56 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $75.68 per tonne cfr Qingdao, down $0.52 per tonne. MB 58% Fe Premium Index: $...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transactions: iron oreIron oreVale, Global Ore, 170,000 tonnes of 62% Fe Brazilian Blend fines, traded at the February average of the MB...Read More
The seaborne coking coal market remained in a slump on Wednesday January 9, sources told Fastmarkets.Some 25,000 tonnes of a mid-vol premium coking coal traded around $196-197 per tonne fob Australia.A southern Chinese mill source attributed the pessimism in the market to "poor car sales and weakness in the real estate sector"."For every transaction done, the next [trade] will be even lower like r...Read More
Demand for ferrous scrap in some Asia markets was higher mid-week because South Korea and Vietnam were actively seeking import cargoes from the United States and Japan.A major South Korean steel mill booked a 32,000-tonne scrap cargo from the United States on Monday January 7 based on a price of $311 per tonne cfr for heavy melting scrap 1. It paid $316 per tonne, or a $5 per tonne premium, for 29...Read More
China's ferrous futures largely rose during morning trading on Wednesday January 9, with only the iron ore contract dipping slightly.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,541 yuan ($516.50) per tonne, up 30 yuan per tonneMay hot-rolled coil: 3,442 yuan per tonne, up 24 yuan per tonneDalian Commodity Exchange May iron ore: 514.50 yuan per tonne, down 0.50 y...Read More
Base metals on the London Metal Exchange were higher across the board during morning trading on Wednesday January 9, following positive sentiment in Asian markets while US-China trade talks and a continued softening of the US dollar index support upward price action. Copper's three-month price was the best performer over the morning session, climbing 1.3% and reaching an intraday high of $6,007.50...Read More
The chairs of seven committees in the House of Representatives requested that the US Treasury Department delay the termination of sanctions against UC Rusal.In a letter written to Secretary of the Treasury Steven Mnuchin on Tuesday January 8, the Chairs said there are a number of additional questions to be answered surrounding the sanctions being removed and requested a meeting to discuss the issu...Read More
China's hot-rolled coil market was largely stable on Wednesday January 9 amid robust downstream demand, with some companies starting to restock ahead of the Chinese New Year in early February.DomesticEastern China (Shanghai): 3,660-3,670 yuan ($534-535) per tonne, narrowing downward by 10 yuan per tonneNorthern China (Tianjin): 3,620-3,630 yuan per tonne, narrowing downward by 20 yuan per tonnePri...Read More
China's domestic rebar prices dropped slightly on Wednesday January 9 on softening winter demand.Domestic Eastern China (Shanghai): 3,720-3,760 yuan ($543-548) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,640-3,680 yuan per tonne, widened down 10 yuan per tonneRebar traders cut prices slightly amid continued weakness in demand even though both billet and futures prices tick...Read More
Key data from the Wednesday January 9 pricing session in Europe.Key driversThe market has been quiet during the first week of the calendar year, with only a small drop in ferro-titanium prices, while the price of scrap was stable. Liquidity is expected to increase throughout January.Around 110 tonnes was reported traded between $4.30 per kg and...Read More
The following Fastmarkets minor metals prices changed on Wednesday January 9:Minor metalsCobalt MB free market alloy grade, $/lb: $24.50-26.25 per lb from $25.50-27.25Cobalt MB free market standard grade, $/lb: $24.75-26.25 per lb from $25.75-27.25Cobalt MB China domestic, yuan/tonne: 335,000-355,000 yuan per tonne...Read More
Fastmarkets will launch two new manganese ore China port indices on a free-on-truck (fot) basis on Friday January 11.The new indices will be based on ores with manganese ore content of 37% and 44%, respectively.Based on market feedback after a one-month consultation period, Fastmarkets will launch the new indices to better reflect conditions in the Chinese market. China is the world's biggest buye...Read More