Domestic and imported rebar prices were stable in the United Arab Emirates during the week to Tuesday August 3, while imported billet prices increased because of globally strong billet prices, sources told Fastmarkets.Fastmarkets' weekly assessment for steel billet export, fob main port India was $645-650 per tonne fob on Friday July 30, rising from $630-635 per tonne on July 23.Domestic reb...Read More
ArcelorMittal Europe has launched new long steel products under its XCarb brand which are claimed to offer a reduced carbon footprint, with the intention of supporting the construction industry's efforts to meet environmental protection goals, the company announced on Friday July 30.ArcelorMittal Europe's Long Product division said that environmental production declarations (EPDs) were now availab...Read More
Iron ore prices edged up on Tuesday August 3, with market participants uncertain about the nature of steel production cuts in the rest of 2021, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $184.67 per tonne, up $0.25 per tonne62% Fe low-alumina fines, cfr Qingdao: $185.47 per tonne, up $0.39 per tonne58% Fe fines high-grade premium, cfr Qingdao: $149.00 per tonn...Read More
Here are five Fastmarkets stories you might have missed on Tuesday August 3 that are worth another look.Some overseas buyers have reneged on contracts for cold-rolled coil and hot-dipped galvanized coil exports from China after the recently announced cuts in value-added tax rebates for some steel products, industry sources told Fastmarkets.Nanshan Aluminum, which is...Read More
Nanshan Aluminum, which is listed on the Shanghai Stock Exchange, plans to expand its aluminium recycling business by creating a new joint company with Singapore's United New Material Technology Investment, it announced on the SSE website on Tuesday August 3.The new joint company will focus on aluminium scrap recycling and processing, with recycled material feeding a new aluminium alloy project wi...Read More
Turkish prices for flat steel products decreased during July and trading was limited due to holidays during the month, sources told Fastmarkets on Tuesday August 3.Global weakness in flat steel markets during the holidays - Democracy Day was on July 15 in Turkey, and the Ei al-Adha holidays took place from July 19-24 - sparked the decline in prices.Turkish hot-rolled coil producers are currently a...Read More
Here are five Fastmarkets stories you might have missed on Tuesday August 3 that are worth another look.Some overseas buyers have reneged on contracts for cold-rolled coil and hot-dipped galvanized coil exports from China after the recently announced cuts in value-added tax rebates for some steel products, industry sources told Fastmarkets.Nanshan Aluminum, which is...Read More
Aluminium premiums in the United States and Europe climbed further on Tuesday August 3 on tight supply in those regions, while premiums in Asia remained flat on muted demand.US Midwest premium jumps to fresh all-time highPremiums in Europe tick up on supply tightnessMain Japanese ports (MJP), South Korea premiums steady on thin liquidityUS Midwest premium shoots up by almost 10%Fastmarkets assesse...Read More
Turkish steel producers resumed their deep-sea scrap bookings after a short break, taking advantage of lower prices, market participants told Fastmarkets on Tuesday August 3.A steel mill in the Marmara region booked a US cargo comprising 29,000 tonnes of heavy melting scrap 1&2 (80:20) at $463 per tonne and 8,000 tonnes of shredded and 3,000 tonnes of plate and structural (P&S) at $478 per tonne c...Read More
Prices for steel scrap in the Mexican steelmaking regions of Bajio and Monterrey were stable or down in the week ended Friday July 30, with few consumers feeling confident enough to try to apply price cuts for some grades of obsolete material.Price cuts of 100-200 pesos ($5-10) per tonne were heard from at least one scrap buyer in Mexico, but the reduction was not widespread among the market. Mark...Read More
Some flat steel import prices to the United Arab Emirates and Saudi Arabia decreased during the week to Tuesday August 3, while demand was still weak in the UAE and Saudi Arabia, sources told Fastmarkets.Both countries were celebrating the Eid al-Adha holiday during July 20-23, and buying has still not improved, sources said.Saudi ArabiaIndia offered HRC at $980-990 per tonne cfr to Saudi Arabia,...Read More
Lower bids for Japanese steel scrap heard from key buyers, combined with the sharp drop in Chinese ferrous futures this week, have created a slide in sentiment across the major Asian steel scrap markets, sources told Fastmarkets on Tuesday August 3. Slide in Chinese futures market reduces cfr China scrap, billet prices Tokyo Steel drops scrap buy prices at Tahara works, except for Shindachi bushel...Read More
Base metals prices on the London Metal Exchange were mixed this morning, Wednesday August 4, and those on the Shanghai Futures Exchange were all weaker.While the metals have generally found good underlying support, overhead resistance does seem to be capping the upside, which is perhaps not surprising because we are in the middle of the summer lull.US equities focused on strong results, less on th...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade. Index futures moved slightly lower following release of the July ADP Non-farm Employment report at 8:15 AM EDT. Consensus was an increase of 653,000 versus an increase of 680,000 in June. Actual was an increase of 330,000Lyft advanced $0.62 to $56.00 after reporting higher than consensu...Read More
Fastmarkets yesterday launched a new index for the steel scrap import market in Turkey - the steel scrap, month-to-date deal-weighted average, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, $ per tonne.After a month-long consultation period, Fastmarkets launched the Turkey import steel scrap month-to-date deal-weighted average on Monday August 2 to provide a tonnage-weighted average price f...Read More
ArcelorMittal Europe has launched new long steel products under its XCarb brand which are claimed to offer a reduced carbon footprint, with the intention of supporting the construction industry's efforts to meet environmental protection goals, the company announced on Friday July 30.ArcelorMittal Europe's Long Product division said that environmental production declarations (EPDs) were now availab...Read More
Prices for hot- and cold-rolled steel sheet in Russia's Central Federal District around Moscow showed no change week on week in the seven days to Monday August 2, with a mood of pessimism among both mills and stockists, sources have told Fastmarkets.A pricing downtrend developed in the steel plate sector, and this was expected to reach other market sectors later in the month.Hot-rolled sheetNomina...Read More
Domestic steel rebar prices in Russia's Central Federal District declined during the week to Monday August 2 because an export duty came into force on August 1, directing more material into the local market.The Russian government has imposed an export tax on rebar for the period between August 1 and December 31, 2021. The base duty rate will be 15% but the duty will be no lower than $115 per tonne...Read More
Here are five Fastmarkets stories you might have missed on Tuesday August 3 that are worth another look.Some overseas buyers have reneged on contracts for cold-rolled coil and hot-dipped galvanized coil exports from China after the recently announced cuts in value-added tax rebates for some steel products, industry sources told Fastmarkets.Nanshan Aluminum, which is...Read More
Aluminium premiums in the United States and Europe climbed further on Tuesday August 3 on tight supply in those regions, while premiums in Asia remained flat on muted demand.US Midwest premium jumps to fresh all-time highPremiums in Europe tick up on supply tightnessMain Japanese ports (MJP), South Korea premiums steady on thin liquidityUS Midwest premium shoots up by almost 10%Fastmarkets assesse...Read More