Fastmarkets has changed the names of its benchmark in-warehouse Rotterdam cobalt price assessments on January 2, 2019. The name 'standard-grade' has replaced the name 'low-grade'. The name 'alloy-grade' has replaced the name 'high-grade'. These changes follow a market consultation on Fastmarkets MB's international cobalt price specifications completed in April 2018. All historical data relating to...Read More
Some flat steel import prices in Saudi Arabia and the United Arab Emirates have gone down over the past week on lower offers, sources said on Wednesday January 2.Demand was subdued because stock levels in the UAE were already high and the market wanted to see how the steel market would move early in 2019, sources told Fastmarkets.UAEChinese offers of hot-rolled coil (HRC) into the UAE were priced...Read More
China's hot-rolled coil prices fell on Wednesday January 2, the first working day of the year, following the release of statistics pointing to a contraction in manufacturing activity last month.DomesticEastern China (Shanghai): 3,650-3,660 yuan ($531-532) per tonne, down 30-40 yuan per tonneNorthern China (Tianjin): 3,560-3,570 yuan per tonne, down 70-80 yuan per tonneTrading was thin in the entir...Read More
China's ferrous futures dropped across the board on Wednesday January 2, the first day of work after the New Year holiday following the release of data pointing to a contraction in the country's manufacturing activity last month.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,377 yuan ($491) per tonne, down 24 yuan per tonneMay hot-rolled coil: 3,288 yuan per tonne,...Read More
Prices for mesh-quality wire rod were unchanged across Europe on Wednesday January 2, with market activity subdued by the year-end and the possible expiration of the European Commission's import quota scheme. Fastmarkets' weekly domestic price assessments for mesh-quality wire rod in both Southern Europe and Northern Europe stayed at ?,?540-560 ($619-642) per tonne delivered on Wednesday.The...Read More
The price for rebar produced and delivered in Southern Europe stayed flat on Wednesday January 2, with no new deals reported over the first two days of 2019. Fastmarkets MB's weekly price assessment for domestic rebar in Southern Europe remained at ?,?520-540 ($596-619) per tonne delivered on Wednesday, with very little activity over the New Year break and ahead of the February renewal of the...Read More
The price for rebar produced and delivered in Northern Europe was unchanged on Wednesday January 2 due to a lack of new business, while the European Commission's import quota continued to run down over the year-end break. Fastmarkets MB's weekly price assessment for domestic rebar in Northern Europe remained at $540-560 ($619-642) per tonne delivered on Wednesday, with many people still out&n...Read More
The Turkish scrap import market was quiet on Wednesday January 2 with most market participants still on holiday, while demand for finished steel products was sluggish.After news broke of a Baltic Sea cargo being sold at $283 per tonne cfr for HMS 1&2 (80:20) on December 29, the daily scrap indices went down by around $6 per tonne...Read More
Physical iron ore prices were largely rangebound on Wednesday January 2 amid mixed signals after the New Year long weekend in China.MB 62% Fe Iron Ore Index: $72.07 per tonne cfr Qingdao, down $0.66 per tonne. MB 62% Fe Pilbara Blend Fines Index: $71.90 per tonne cfr Qingdao, down $0.66 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $74 per tonne cfr Qingdao, down $0.12 per tonne. MB 58% Fe Prem...Read More
Erus Metals USA LLC has withdrawn from London Metal Exchange warehouse services, the exchange said on Tuesday January 1.Erus Metals USA is a subsidiary of Erus Metals Limited, the USA branch only had one warehouse left, in Panama City, Florida, which will now be delisted from the LME. According to exchange data in November, it held no LME stock.In...Read More
Import and domestic prices for rebar and billet in the United Arab Emirates were stable this week, with demand remaining poor, sources told Fastmarkets on Wednesday January 2.Domestic rebarLocal rebar producers had announced on December 20 that there would be reduced prices for material to be shipped in January. These prices came into effect at the time of the announcement.The country's largest pr...Read More
China's domestic rebar prices fell on Wednesday January 2 after the billet market weakened over the New Year holiday. Domestic Eastern China (Shanghai): 3,700-3,750 yuan ($538-545) per tonne, down 50-60 yuan per tonneNorthern China (Beijing): 3,600-3,650 yuan per tonne, down 20-30 yuan per tonneThe price of billet dropped sharply over the past few days due to weak demand, resulting in bearish sent...Read More
Hollow steel sections prices in Europe were unchanged in the first week of 2019, with many market participants still on holiday and a resulting lack of trading on Wednesday January 2.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe remained at ?,?635-650 ($728-745) per tonne delivered on Wednesday.Many traders in Europe would not...Read More
Domestic prices for steel beams in Europe were unchanged this week, with the majority of market participants not yet returning to work, sources said on Wednesday January 2.Fastmarkets MB's weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe was flat at ?,?620-645 ($711-730) per tonne on January 2.The market was quiet this week with many market participa...Read More
The Section 232 tariffs implemented in the United States in 2018 led to a sharp increase in domestic steel prices, driving the hot-rolled coil index to a nearly 10-year peak in July. But how did the tariffs impact the rest of the global supply chain? Fastmarkets' regional experts gave us answers.ChinaChina has exported less hot-rolled coil since the Section 232 tariffs took effect, but soft domest...Read More
BHP has suspended operations at the Saraji coking coal mine in Queensland, Australia following a fatal accident on New Year's Eve."The site incident management team has been activated, and the emergency services including police are attending the scene. BHP Mitsubishi Alliance (BMA) is working closely with the...Read More
Major Chinese steel mills' daily crude steel output dropped in mid-December, with their finished steel inventory levels decreasing slightly.Members of the China Iron & Steel Association (Cisa) produced crude steel at an average rate of 1.84 million tonnes per day during the second 10 days of December, down 1% from...Read More
The Section 232 tariffs implemented in the United States in 2018 led to a sharp increase in domestic steel prices, driving the hot-rolled coil index to a nearly 10-year peak in July. But how did the tariffs impact the rest of the global supply chain? Fastmarkets' regional experts gave us answers.ChinaChina has exported less hot-rolled coil since the Section 232 tariffs took effect, but soft domest...Read More
Refining charges (RCs) for blister copper have decreased for 2019 contracts on a cif China basis because of growing concerns about supplies.The majority of contractual RCs were settled within the range of $155-175 per tonne for next year, Fastmarkets has assessed. That compared with $165-180 per tonne for 2018 contracts.In December, contractual talks between Jiangxi Copper and Chambishi, which pro...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Wednesday January 2, under pressure from upward momentum in the United States dollar index although a marginal downturn in US equity markets hindered buying sentiment.In afternoon trading, the three-month price of lead fell by more than 3% to reach an intraday low of $1,942 per tonne. It had spent most of...Read More