Iranian export billet and slab prices continued to decline in the week ended Wednesday October 24, but customers showed little interest in the material.Some customers refrained from booking Iranian materiel due to the United States sanctions."Customers [in the UAE] were signing documents confirming they will not buy anymore sanctioned material," a UAE-based trading source told Fastmarkets."Buyers...Read More
Domestic prices for hot-dipped galvanized (HDG) coil have fallen in Southern Europe over the past week due to slow trading, sources told Fastmarkets MB. Buyers have been mainly holding back from making purchases in anticipation of a clearer market trend. Mills are expected to negotiate their next long-term contracts with big buyers in the automotive sector by the end of this month, and spot buyers...Read More
Import prices for steel billet in Southeast Asia edged down on Thursday October 25 amid lower offers and lackluster domestic sales for finished steel.Fastmarkets' daily price assessment for billet imported into Southeast Asia was $505-510 per tonne cfr Manila on Thursday, narrowing downward by $5 per tonne from $505-515 per tonne cfr on Wednesday.The assessment range declined from $510-515 per ton...Read More
China's export prices for hot-rolled coil weakened on Thursday October 25 even though the domestic market was largely stable, with participants expecting more downside for the product amid rising supply and weak demand.DomesticEastern China (Shanghai): 4,170-4,190 yuan ($601-604) per tonne, unchangedNorthern China (Tianjin): 4,080-4,100 yuan per tonne, unchangedMost transactions in Shanghai were c...Read More
The production cost of rebar will increase from November 1 with the implementation of China's revised rebar standard GB-T 1499.2-2018, but spot prices are not expected to rise accordingly.Production cost risesThe revised standards prohibits steel mills from using a water-quenching process in rebar production to meet the new yield and strength requirements. "This kind of rebar rusts easily and is n...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Thursday October 25.Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Thursday after the dollar strengthened once more, with only lead prices rising due to continued supply tightness in China.Check Fastmarket MB's live futures report here. The...Read More
Samarco, the iron ore pellet producer with 50:50 ownership by Vale and BHP, should restart operations in Brazil early in 2020, Vale said on Thursday October 25.The company was already building a new tailings dam and expected to request an operating permit before the end of 2019.Vale was now more confident that Samarco would be allowed to operate again, chief executive officer Fabio Schvartsman tol...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 oreBHP, Global Ore, 90,000 tonnes of 62% Fe Newman fines, sold at $76.05 per tonne...Read More
Brazil-based miner Vale was planning small-scale acquisitions of assets connected to the company's existing businesses, chief executive officer Fabio Schvartsman said on Thursday October 25.The company was becoming interested once again in "bolt-on acquisitions," Schvartsman told analysts."[The acquisitions] will be of small assets, with high return rates and direct connection with assets we alrea...Read More
Tight supply of Australian iron ore continued to support the market for the steelmaking raw material on Thursday October 25, with the benchmark 62% Fe index rising above $76 per tonne cfr China.MB 62% Fe Iron Ore Index: $76.04 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.07 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $...Read More
A flurry of trades gave the seaborne coking coal spot market a boost on Thursday October 25.A joint shipment was sold to a buyer in Indonesia, with the portion consisting of 40,000 tonnes of a top Australian brand being priced around $240 per tonne cfr Indonesia, and the other comprising 35,000 tonnes of premium mid-vol hard coking coal, slightly above $235 per tonne cfr Indonesia, according to va...Read More
Fastmarkets MB proposes to discontinue the Indium Corp ingots min 99.97% $ per kg, fob price owing to an understanding that the existing specifications no longer serve the market.Fastmarkets MB is committed to the indium market and will continue to track its evolution, providing appropriate pricing mechanisms where needed.Metal Bulletin is now inviting...Read More
Three-month base metals prices on the London Metal Exchange were for the most part under pressure during morning trading on Thursday October 25, with the complex down by an average of 0.2%. Poor US new home sales data on Wednesday and weakness in equity markets are weighing on market sentiment.Copper leads the weakness with a decline of 0.8% as at 07:39am London time, with aluminium, zinc and tin...Read More
China's ferrous futures tanked in the early hours of morning trading on Thursday October 25 but regained some strength before the end of the session.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,207 yuan ($606) per tonne, up 42 yuan per tonneJanuary hot rolled coil: 3,940 yuan per tonne, up 27 yuan per tonneDalian Commodity Exchange January iron ore: 532.50 yu...Read More
China's domestic stainless steel prices maintained a downward trend over the past week with demand remaining soft.Fastmarkets MB's price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 15,500-15,800 yuan ($2,233-2,276) per tonne including VAT for the week ended Wednesday October 24, down 100 yuan per tonne from a week earlier.Demand remained weak and stagnan...Read More
Import prices for stainless steel in East Asia largely softened over the past week amid reduced offers from most exporters coupled with a lack of improvement in regional demand.Fastmarkets MB's import price assessment for 304 stainless 2mm trimmed cold-rolled coil was $2,060-2,140 per tonne cif East Asia for the week ended Wednesday October 24, narrowing from $2,050-2,150 per tonne cif a week earl...Read More
Konkola Copper Mines (KCM), Vedanta's Zambian copper operation, could cut its copper output by up to 150,000 tonnes next year due to rising procurement costs following a proposed import duty on copper concentrates, Fastmarkets has learned. KCM is looking to halve its Zambian primary smelting capacity- which now stands at 311,000 tonnes per year, a company source said on Wednesday October 24. To ga...Read More
Three-month base metals prices on the London Metal Exchange were down across the board by an average of 0.7% during morning trading on Friday October 26. Concerns about the broader markets and continuing uncertainty over trade and sanctions have capped the upside for those metals trying to move higher, while it has pushed the weaker metals prices lower. Nickel leads on the downside with...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 24 points in pre-opening trade. Index futures were recovered following release of the first estimate of third quarter real GDP. Consensus is growth at a 3.3% rate versus growth at a 4.2% rate in the second quarter. Actual was 3.5%.Amazon plunged $147.17 to $1635.00 after reporting lower than consensus third quarter re...Read More
Gold futures are trading marginally higher on the day, with the most active December Comex contract currently fixed at $1,234.50 after adding today's gain of $3.40. These gains are occurring in tandem with a higher dollar. The U.S. dollar index is currently up by 2/10% and fixed at 93.37 after the addition of today's 19-point gain. This rally began precisely two weeks ago today on Thursday, Octobe...Read More