Iron ore prices fell on Wednesday August 18 amid growing concerns about supply outweighing demand and weaker steel prices, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $153.39 per tonne, down $7.36 per tonne62% Fe low-alumina fines, cfr Qingdao: $154.07 per tonne, down $7.58 per tonne58% Fe fines high-grade premium, cfr Qingdao: $123.48 per tonne, down $6.06 per tonne65% Fe...Read More
Export prices for CIS-origin steel billet from the Black Sea basin continued to decrease in the week to Wednesday August 18 amid bearish sentiment in the major outlet markets.After concluding several sales to customers in Latin America late last week, mills in the Commonwealth of Independent States had covered the demand in this market, which appeared to be the highest-paying at the moment.Other m...Read More
A six-week price rally in the UG2 chrome ore market since late June was reversed in the week to Tuesday August 17, mainly due to falling demand for material from both the seaborne and portside markets.Fastmarkets' calculation of the chrome ore, South Africa UG2 concentrates index, basis 42%, cif China, nudged down by $2 per tonne to $182 per tonne on August 17, from $184 per tonne one week earlier...Read More
Here are five Fastmarkets stories you might have missed on Wednesday August 18 that are worth another look.The chief executive officer of steel group Techint, Paolo Rocca, was acquitted of all charges in the "notebooks case," an investigation in Argentina into alleged payments made by the company to government officials in 2008.Read More
The prices of steel hollow sections in Europe remained unchanged on Wednesday August 18 with the market still going through its seasonal slow spell, sources have told Fastmarkets.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?1,400-1,430 ($1,644-1,679) per tonne on Wednesday, unchanged week on week.There was almost no trading in the market wh...Read More
European steel H-beam prices remain unchanged on Wednesday August 18 while the market considers its post-summer strategy, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe was ?,?1,050-1,080 ($1,233-1,268) per tonne on Wednesday, unchanged week on week.Following the seasonal summer slowdown in July and August, the reopening of t...Read More
Swedish steelmaker SSAB has produced and delivered the world's first fossil-free steel, it said on Wednesday August 18.At a ceremony at SSAB Oxel??sund, the company announced that it has produced what it says is steel made with iron produced using HYBRIT technology, meaning the iron is reduced by 100% hydrogen instead of coal and coke.The technology was developed through a partnership between SSAB...Read More
China's domestic rebar prices decreased on Wednesday August 18 amid sharp losses in the futures market and subdued restocking demand. DomesticEastern China (Shanghai): 5,140-5,170 yuan ($793-798) per tonne, down by 50 yuan per tonneRebar futures plunged during the day on market participants' pessimistic outlook for demand in the next few months. Housing investments in the first seven...Read More
Swedish steelmaker SSAB has produced and delivered the world's first fossil-free steel, it said on Wednesday August 18.At a ceremony at SSAB Oxel??sund, the company announced that it has produced what it says is steel made with iron produced using HYBRIT technology, meaning the iron is reduced by 100% hydrogen instead of coal and coke.The technology was developed through a partnership between SSAB...Read More
July imports of steel scrap to South Korea increased both on a month-on-month and year-on-year basis following another strong month in June, according to data from the Korea International Trade Association.Steel scrap imports were 462,729 tonnes in July, up 11.9% month on month from June's 413,567 tonnes and up by 49% year on year from 310,620 tonnes in July 2020.But a comparatively sluggish start...Read More
Madagascan nickel and cobalt producer Ambatovy has signed a three-year deal with London-based Stratton Metals for the marketing of its cobalt briquettes production, a spokesperson for Stratton told Fastmarkets on Wednesday August 18.The agreement is for the sale of Ambatovy cobalt briquettes in Europe and the United States and is set to start on January 1, 2022, the source confirmed."Volumes will...Read More
Here are five Fastmarkets stories you might have missed on Wednesday August 18 that are worth another look.The chief executive officer of steel group Techint, Paolo Rocca, was acquitted of all charges in the "notebooks case," an investigation in Argentina into alleged payments made by the company to government officials in 2008.Read More
Short supply of nickel products in the United States pushed the cut cathode premium up by more than that for briquette in the week to Tuesday August 17, while trade was still subdued in other regions, Fastmarkets has heard.US 4x4 cut cathode premium up by 11.1%Continued arbitrage losses, Covid-19 problems worry Chinese tradersEuropean premiums flat in summer holiday lull.Both US premiums rise in b...Read More
Turkish steel mills continued their deep-sea scrap purchases for September shipments at slightly lower prices, market participants told Fastmarkets on Wednesday August 18.A steel producer in northern Turkey booked a European cargo comprising 25,000 tonnes of HMS 1&2 (80:20), 7,500 tonnes of shredded and 7,500 tonnes of bonus at an average price of $451 per tonne cfr on Wednesday. Market participan...Read More
Swedish steelmaker SSAB has produced and delivered the world's first fossil-free steel, it said on Wednesday August 18.At a ceremony at SSAB Oxel??sund, the company announced that it has produced what it says is steel made with iron produced using HYBRIT technology, meaning the iron is reduced by 100% hydrogen instead of coal and coke.The technology was developed through a partnership between SSAB...Read More
Here are five Fastmarkets stories you might have missed on Wednesday August 18 that are worth another look.The chief executive officer of steel group Techint, Paolo Rocca, was acquitted of all charges in the "notebooks case," an investigation in Argentina into alleged payments made by the company to government officials in 2008.Read More
If any member was going to leave the London Metal Exchange ring trading floor, the exchange was probably hoping it wouldn't be Triland Metals Ltd.The company, a wholly owned subsidiary of Japanese conglomerate Mitsubishi, is one of the exchange's longest serving Category 1 members, having joined in 1972 after being founded in the prior year. Having a unit of Japan's largest trading company as a ri...Read More
Eight of the nine Category 1 members of the London Metal Exchange have indicated their support for continuing to trade official lunchtime prices in the open-outcry ring.Does this mean that one company does not support ring trading? And could one of the exchange's members be preparing to leave the trading floor?The exchange revealed on Monday August 9 that it had majority support for the ring, in a...Read More
Copper's price fell to its lowest level since June 21 during trading on Wednesday August 18, pushing all metals on the London Metal Exchange to a decline and causing some to drop below their support levels, while backwardations spread across the complex on cash-to-three month spreads. Risk-off sentiment prevailed on the LME during trading, in part due to a United States dollar index of 93.26 on We...Read More
Iron ore prices fell on Wednesday August 18 amid growing concerns about supply outweighing demand and weaker steel prices, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $153.39 per tonne, down $7.36 per tonne62% Fe low-alumina fines, cfr Qingdao: $154.07 per tonne, down $7.58 per tonne58% Fe fines high-grade premium, cfr Qingdao: $123.48 per tonne, down $6.06 per tonne65% Fe...Read More