The steel scrap sector in the United States still depends on exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London.This dependence persists despite the changes in the international markets created by the US' imposition of its Section 232 tariffs on imports of steel products, metals analyst Le...Read More
Seaborne pig iron has become relatively competitive versus ferrous scrap over the past year in most regions, and China is no exception. As the first chart below illustrates, the gap between the MBR's proxy for imported pig iron price in China and the Metal Bulletin's Chinese domestic heavy melt scrap price assessment had shrunk by late 2017. The premium averaged $17 per tonne this year to date, co...Read More
The closure of some induction furnaces in China in 2016 followed by the government's crackdown on all unlicensed IFs in mid-2017 freed up some scrap volumes, albeit arguably of low-quality material. Chinese domestic scrap prices came under pressure from the increased supply, which prevented them from keeping pace with the rise in steel and other raw material markets in the fourth quarter of 2016;...Read More
Some domestic rebar producers in Egypt have reduced prices, however, steel billet import prices have remained stable in the past week, sources said on Thursday December 20.Fastmarkets MB's weekly price assessment for steel billet imported into Egypt was at $440-445 per tonne cfr on Thursday, unchanged from the previous assessment.Billet producers in the Commonwealth of Independent States (CIS) wer...Read More
Rebar producers in the United Arab Emirates have decreased their prices for January shipping, effective from Thursday December 20.The country's biggest producer Emirates Steel is now offering rebar at 1,899 dirhams ($517) per tonne ex-works, down from the previous 2,016...Read More
The latest news and price moves to start the Asian day on Friday December 21.Base metal prices on the London Metal Exchange were mixed at the close of trading on Thursday December 20, with a continued retreat in the United States dollar index failing to spur upward price action amid broadly moderate volumes. Read more in our live futures report.Here are how prices looked at the close of trading:It...Read More
It's been nine months since the United States announced Section 232 tariffs, and over six months since a 10% tax was applied to imports of aluminium from Canada, Mexico and the European Union. There's been a huge debate over how successful the tariffs - imposed on the grounds of national security and also applied at a 25% rate to steel - have been. Much depends on who you talk to, and what their s...Read More
Expectations of further recovery in Brazilian aluminium demand are prompting investments that will increase production capacity in the country, while companies try to strengthen competition with imports.Novelis and Companhia Brasileira de Alum?-nio (CBA) are expanding at their sites in the southeastern state of S??o Paulo on estimates that consumption from packaging, transportation and constructio...Read More
The Comex copper price failed to maintain momentum after the US Federal Reserve increased interest rates and signalled a hawkish monetary policy strategy for 2019.The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped 2.00 cents to $2.69 per lb."Both the Fed's policy statement and Jay Powell's news conference came across as more hawkish than...Read More
The London Metal Exchange has initiated a process of market feedback following the US Department of the Treasury's Office of Foreign Assets Control (OFAC) intention to remove sanctions against UC Rusal and En+ Group, issuing both a member note and press statement on Wednesday December 19. In accordance with OFAC's decision to notify Congress of its plans to terminate sanctions - inclusive of...Read More
Daily PDFs will be downloadable until Monday December 24. After that, because of public holidays, the next daily PDF will be downloadable on Thursday January 3, 2019.Read More
Weak demand for finished long steel products in both the domestic and the export markets together with bearish sentiment for import scrap forced Turkish consumers to seek lower import billet prices. Fastmarkets MB's weekly price assessment for billet imports into Turkey was at $420-440 per tonne cfr on Thursday December 20, down from last week's range of $435-445 per tonne cfr. Market partici...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transaction: billetBillet CIS, export, billet,...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transactions: rebar, wire rodRebar Egypt, domestic (Ezz Steel), rebar, offered at E ?11,850 ($660) per tonne ex-works, including 14% VAT. Egypt, domestic (El...Read More
The European Commission (EC) extended the deadline for a final decision over safeguards for a number of steel products imports, to February 1, 2019, the EC said.The EC started an investigation into safeguards for a number of steel products on March 26, 2018 to prevent steel shipments being redirected to the EU, after Section 232 import tariffs imposed by the United States.The initial deadline for...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 transaction: iron oreIron oreRio Tinto, tender, 170,000 tonnes of 61% Fe Pilbara Blend fines, sold at $70.93 per tonne cfr China, laycan January 3-12.Vale, Global Ore, 100,000 tonnes of 65% Fe Iron Ore Carajas, traded at $87...Read More
Steelmaker Tosyali Algeria has announced the completion of a 'state-of-the-art' direct reduced iron-making (DRI) plant with a nameplate capacity of 2.5 million tonnes per year. In a press release this week, Suhat Korkmaz, chief executive officer of Tosyali Holdings, the Turkey-headquartered parent company of Tosyali Algeria, said the plant, "provides Tosyali Algeria with greater flexibility to pro...Read More
Singapore Exchange's 65% Fe iron ore derivative contract continues to lend transparency to the high-grade segment, with trades registered for August-December 2019 months on Thursday December 20 and physical prices up amid active trading.MB 62% Fe Iron Ore Index: $72.26 per tonne cfr Qingdao, up $3.11 per tonne. MB 62% Fe Pilbara Blend Fines Index: $72.09 per tonne cfr Qingdao, up $3.14 per tonne....Read More
The seaborne coking coal market remained in a stalemate on Thursday December 20 with offers made at prevailing levels failing to pique the interest of buyers."I was offered three cargoes of premium low-vol hard coking coal at around $210-212 per tonne cfr China during the day. Though sellers said there is room for negotiation, I'm not ready to commit yet," a northeastern Chinese mill source said.A...Read More
Ferrous futures in China fell during morning trading on Thursday December 20, apart from the iron ore contract which posted small gains during the session.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,433 yuan ($498) per tonne, down 13 yuan per tonneMay hot-rolled coil: 3,438 yuan per tonne, down 22 yuan per tonne Dalian Commodity Exchange May iron ore: 490.50 yua...Read More