Tsingshan Group has lowered its tender price for September-delivery ferro-chrome to 9,995 yuan ($1,543) per tonne, the Chinese stainless steelmaker said on Wednesday August 25.The tender price is 800 yuan per tonne (7.41%) lower than what the eastern Chinese mill - the country's largest ferro-chrome buyer - had sought for August-delivery material.While lower than the previous month's 13-year high,...Read More
Prices for containerized steel scrap imported into Taiwan remained flat on Wednesday August 25, but sources said the outlook in the market was shaky for the coming month.Taiwan buys containerized scrap at $440 per tonne in recent dealsWide bid-offer gap cfr China scrap persistsDeal at lower price heard for shredded scrap to IndiaTaiwanThere were transactions concluded at $440 per tonne cfr Taiwan...Read More
Slower spot activity prevented any changes to the US Midwest aluminium premium although deals were still concluded at high end of Fastmarkets' assessment range on Tuesday August 24.While a lack of market liquidity combined with slow demand kept European and Asian premiums static, Brazilian premiums rose slightly thanks to higher offers.US Midwest market flat after reaching record highPremiums in E...Read More
Participants in the seaborne alumina market have an increasingly bullish outlook for prices amid operational disruptions at the Jamalco refinery in Jamaica following a fire on Sunday August 22.The fire started at refinery's separate powerhouse, which produces the energy needed for the refining of alumina at the plant.Though a full assessment of the damage has yet to emerge, market participants are...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade.U.S. index futures were quiet prior to release of next estimate of second quarter annualized GDP at 8:30 AM EDT. Consensus is that the U.S. economy grew at a 6.6% rate versus a 6.5% rate in the first quarter. Salesforce.com advanced $6.78 to $267.63 after the company reported higher than...Read More
Here are five Fastmarkets stories you might have missed on Tuesday August 24 that are worth another look....Read More
Aluminium's three-month price on the London Metal Exchange, backed by a constrained physical market, was just $5.50 per tonne short of its latest year-to-date high on Tuesday August 24, with nickel and zinc also climbing back above key psychological levels while most commodities and equities ticked upward.Aluminium's futures contract showed an intraday high of $2,636.50 per tonne on Tuesday, just...Read More
As the world's media spotlight falls on Afghanistan, Fastmarkets looks at why reported claims of incoming Chinese mining deals are unlikely to be fulfilled soon.Mes Aynak, Afghanistan's most well-known copper project, means "small copper deposit" in Pashto. Indications suggest it is anything but.The deposit holds 240 million tonnes of 2.3% grade copper ore, according to the United States Geologica...Read More
An overview of the chrome ore and alloy markets in Asia, Europe and the United States on Tuesday August 24, and their latest price moves.ChinaThe UG2 chrome ore market was inactive; most participants waited for the release of September ferro-chrome tender prices from major stainless steel mills. Although ore consumption ramped up following improved power supply in Inner Mongolia, many smelters sti...Read More
As the world's media spotlight falls on Afghanistan, Fastmarkets looks at why reported claims of incoming Chinese mining deals are unlikely to be fulfilled soon.Mes Aynak, Afghanistan's most well-known copper project, means "small copper deposit" in Pashto. Indications suggest it is anything but.The deposit holds 240 million tonnes of 2.3% grade copper ore, according to the United States Geologica...Read More
A summary of China's base metals imports for July 2021, according to Chinese customs data released on Friday August 20.Copper ore and concentrateJuly total: 1.89 tonnes, up by 12.9% month on month, up by 5.1% year on yearYear to date: 13.39 million tonnes, down by 10% year on yearRefined copperJuly total: 270,054 tonnes, down by 2.6% month on month, down by 52.5% year on yearYear to date: 2.07 mil...Read More
Turkish steel mills continued to stay away from the deep-sea scrap import markets for the second working day of the week amid limited finished steel sales, market participants told Fastmarkets on Tuesday August 24.The most recent deep-sea trade was reported at the end of the week to August 20, when a steel mill in the Iskenderun region booked a United States cargo composed of 20,000 tonnes of HMS...Read More
A summary of the financial and performance results for China Molybdenum for the first half of 2021, published on Monday August 23.In briefRevenue from the company's mining and processing business totaled 84.82 billion yuan ($13.07 billion) in the first half of 2021, up by 81.45% year-on-year. Net profit was 2.41 billion...Read More
A summary of the financial and performance results for China Molybdenum for the first half of 2021, published on Monday August 23.In briefRevenue from the company's mining and processing business totaled 84.82 billion yuan ($13.07 billion) in the first half of 2021, up by 81.45% year-on-year. Net profit was 2.41 billion...Read More
Domestic prices for hot-rolled coil were fairly stable in Northern Europe and Italy on Tuesday August 24 with both buyers and sellers holding back from trading activity, sources told Fastmarkets.Buyers started to return to the market this week after a slow period earlier in August, but no deals have been heard yet because the buyers wanted to assess the market trend first.They believed that the de...Read More
Hot-rolled coil (HRC) import prices to Saudi Arabia increased during the week ending Tuesday August 24; the market in the United Arab Emirates (UAE) was stable, sources told Fastmarkets.The market was slow in the UAE due to the summer season as well as to a lack of new projects, sources said.Saudi ArabiaChina offered HRC at $1,020-1,040 per tonne cfr Saudi Arabia, unchanged since last week.India o...Read More
Prices for hot- and cold-rolled steel sheet and heavy plate in Russia's Central Federal District around Moscow continued to fall in the week ended Monday August 23, sources have told Fastmarkets.Hot-rolled sheet and heavy plate prices decreased by 3-5% week on week, while the drop for cold-rolled sheet prices was more pronounced at 10% week on week.Opinions varied about why this happened. One trad...Read More
Domestic rebar producers in the United Arab Emirates reduced their prices on Tuesday August 24 amid low demand, sources told Fastmarkets.Demand was low because of the summer slowdown and falling prices; buyers preferred to wait to determine how much further prices will fall.The country's biggest producer, Emirates Steel, offered rebar at 2,610 dirhams ($710.46) per tonne, down from 2,957 dirh...Read More
Domestic prices for steel rebar in Russia's Central Federal District widened downward by 3,500 roubles ($47) per tonne in the week to Monday August 23.Oversupply and an export duty were the main reasons for another round of price decline that began on July 19. The recent downward trend has been in line with market expectations, however, with market participants describing it as predictable and con...Read More
China's domestic rebar market continued to push upward on Tuesday August 24, but the higher prices are weighing on buying interest. DomesticEastern China (Shanghai): 5,200-5,230 yuan ($802-807) per tonne, up by 60-70 yuan per tonneSpot prices rode the surge in the rebar futures market during the day, though this resulted in a slight drop in demand, sources said.Trading companies that actively...Read More